David, yes that may be possible for Kangala's 1.5mtpa domestic low margin mine. However, to get the others online, capital will have to be raised as the $7pt margin x 1.5mtpa = $10.5m pa. This is nowhere near enough to pay for the planned development of Roodekop & Brakfontein in 2012. I would expect there to be at least twice as many shares on issue by 2012. Just look at the issues that CCC has done to get to where they are. This is why I alway prefer to buy into a stock after the bulk of capital raisings have been completed.
UNV Price at posting:
46.0¢ Sentiment: Buy Disclosure: Held
