very positive brr, page-11

= $A600/t FOB.

And this is for 2009 contracts.

As far as MAK is concerned at 2mtpa and opex $A150/t this would give a cash margin of $A450/t, less 20% royalties, say $10M admin and 30% tax, say NPAT $A500M.

@PE4 = MC $2B/say 120M FPO's = $16.66/share.

Even if you half that and say $8/share......

I just hope that the $USD price of RP goes up to match the expected tanking of the $USD sometime soon, to maintain the $AUD price of RP.

The lack of required CAPEX is just what the doctor ordered in this current risk-averse global financial climate.