Based on my calcs, taking into account Chaketma Phosphate and Bir El Alfou Phosphate Projects, I think we will get valuation about 250p bottom level and 520 top level based following assumptions.
Chaketma Phosphate Exploration Permit
Celamin is in a joint venture with Tunisian Mining Services at Chaketma, which is contained within a 56 square kilometre area, and carries conceptual targets with potential to host 150 to 200 million tonnes of P2O5 at grades of 17 to 22%.
The exploration target at Bir El Afou is 80-120 million tonnes at 17-22% phosphate (P2O5). The stage 1 production target is 1.5 Mtpa of +32% P2O5 (+70% BPL). The stage 1 Resource target potential is 23-27Mt of 17-22% P2O5 ROM.
Valuation per share comes to 90p-200p only based on Bir El Afou, whose results due soon.
I calculated these based on broker's valuations for other potash explorers, kind of peer comparison. Can anyone confirm or tell me what numbers you come up with?
CNL Price at posting:
31.0¢ Sentiment: ST Buy Disclosure: Held
