The Australian, page-9

BigFella,

I think you have your exchange rate a little off. The AUD amount is more like $1.28B.

You're assuming 100% ownership of BH at production, that's probably a little unrealistic. There will be either an equity partner, or some dilution, which will essentially reduce the ownership percentage of existing share holders. I think it's fair to take an estimate of 80% ownership.

You are also assuming BH at 12mtpa, which for now looks like if it's going to happen will take until 2024 (which pushes the numbers much further into the future than the other production numbers).

Finally you are doing a simple PE ratio. I'm not sure that's justified, unless you want to factor growth into the equation. I'd be more comfortable at least taking debt out of the final number.

If you do all of this (keeping BH at 12mtpa), the numbers come down to around $35 and $65. Disappointing, I know . But remember there is potentially a third project on the cards soon and potentially continued growth to justify a straight PE calculation.