valuations

Hi,

Running the numbers of TGS- can someone please confirm if they are right? I am particularly unsure of whether Tiger's 60% stake is included or not included in the 40000 tpa production, thanks.

40000 tpa concentrate (for 3 years)
0.6 Tiger- 24000
= 53,000,000 pounds
Cash cost/pound ~ 0.5 (conservative)
Price received ~ 3.50 (conservative)= 3.10 operating margin

3* 53000000= ~160 million free cashflow, which will payback current market cap in 2 years?