Jesse I'm sure you are right and that mgt will not say this. How...

Jesse I'm sure you are right and that mgt will not say this. How much do you think they will make? Cliffs were mining 1.5 m tonnes a year, which is what we will be able to mine also. So how much money will we make? You work it out....750,000 tonnes x spot price in AUD less costs. Its pretty easy to get a figure.

As for NPAT, I have no idea and nor would mgt probably. We will be spending plenty of extra dollars drilling out the underground, spending money (I have no idea how much) on Irvine, the DFS on Irvine, the mining plan for the underground and that's before we even pay Tony's exhorbitant salary! Some of these costs will be borne by the JV as a whole and some will be borne by PLV.

For P.E.'s and the like, one off costs can be stripped out to get a fair valuation on the stock while ongoing costs are left in. The Underground drilling, Irvine EPA data collection, DFS, BFS etc can be stripped out while, sadly for us but happily for Tony, salaries etc are to remain and are therefore legitimate costs.

It's just an exercise to see what sort of numbers are possible, not a financial model.