Takeover, page-19

Evolon asks what the NTA of WDR might be. Here is a simple calculation. Assume WDR has 15Mt of DSO - the current ore reserve. Debt is now in the order of $100M - $80M from Macquarie, $11M from leasing and $5M from Hamerroo (BM). We also don't know how much is owed to suppliers - was $40+M at end of December. So lets say WDR owes $120M. There are currently 620M shares on issue.

If WDR can make a profit of $20/t of ore then the calculation is 15M x 20 =$300M - $120M = $180M/620M = 29c per share. This assumes no value for the other iron ore reserves at Roper Bar.

DYOR