Valueman,
excellent post.
The nature of the announcement is entirely misleading/incorrect-never heard of anyone trying to do a PE on a Net Present Value before.
Then if you take the 25%plus minus to conceptual costs even assuming a positive outcome to a Feas Study, you could still finish up with nothing!(The indicative capex was us$83.5m plus us$11.45m in working capital).
If this is how the directors do their financial calculations I don't think the market will give it any support for too much longer.
Cheers,TAS
valuation 16cps at best?, page-9
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