sp a$5.03 in interims report ?, page-7

(night shift)

Interim Report of WNI
p.7 Condensed Consolidated Balance Sheet (per 31/12/11)
Intangible assets HK$5,717,292,000 (Note 14)
p.35 Note 14 INTANGIBLE ASSETS
Acquisition of subsidiaries (note 24) HK$5,955,062,000

24 (a) (ii) refers to p.44 (fair value of previously held interest in Brockman)
in 24 (c) it clearly says
Note:
“Intangible assets, being mineral assets comprising the exploration projects in Australia, including the Marillana project and other explorations projects undertaken by Brockman, were valued as of the date of acquisition with reference to the advice obtained from an independent valuer.”
There are no other references made to the nature of these intangible assets – I read this as BRM and Luchan Xingtai mine being the only assets here included.

Ok, I made the mistake of taking all shares of BRM instead of only 73,12% (48,766,028+31,347,405+25,915,687=106,029,120/ announcement re the BRM Takeover Offer by WNI on 09/03/12).
If you make any allowance for the Luchan Xingtai mine as an mineral asset lets say A$128,818,300.32 (© kiwi upgraded by me) you get the amount of A$600,000,000 book value for their 73,12% BRM shares.

That means a fair value share price of A$5.66.

If you only take the opening share price as at that date of $3.65 © Bigpete for one BRM share (total A$387,006,288) there remain an impressive A$341,812,012 not defined intangible assets – meaning (being mineral assets) the Luchan Xingtai mine is nearly worth as much as BRM.

They are kidding (Luchan Xingtai return on investment 2011: loss before amortisation and impairment of mining rights was app. HK$2.7mill).