valuation, page-7

Admiralty (ADY) (Post demerger / consolidation):
My figures are based on the following assumptions :
Iron Ore Bench Mark Price - $81.85 1/4/08
ADY Port at Punta Alcade – reduce OPEX (Transport Costs)
OPEX = US $28.00 per tonne or 0.333 (1/3)

2010 Santa Barbara Operations with Cia Minera :

7.2m tonnes x US $81.85 = $589,320,000 US
60% ADY = US $353,592,000
less OPEX = US $117,852,214
EBIT = US $235,739,786
NPAT = US $165,017,850 (tax 30%)

AUD $1 = 90c US

NPAT = AUD $183,353,166
Shares = 280,000,000

EPS = AUD $0.65
PE 8 = AUD $5.24

You could go alot more conservative with the OPEX and still be happy.

Just hope they stick to the timeline.

Please DYOR, my calculations only.