80cents imo is current fair value.
Anyway for discussion purposes here is my broad brush calcs;
-6mtpa at AUD$102/t and cost of $65/t
-factoring in admin/depreciation and 15% discount
-assuming an additional 400mil shares dilution for future cap raising (total shares on issue c580mil)
-AUD $0.96
-Tax 35% (30%+5% est Mining Tax)
-JV 49%
EPS would equate to approx 26.3cents per share, Assign a mere PE of 8 would offer a SP of $2.10
Happy to hear any opinions or contrary views.
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