based on your numbers, it is: 370,000 x US$540/t less $280/t...

based on your numbers, it is:

370,000 x US$540/t less $280/t less $10M in depreciation less $6M royalty less $3M interest less 30% tax = AUS$72M NPAT per year

CAPEX = AUS$350 at best (probably more) at 75 cent exchange rate

assuming 65% debt financing: 35% equity financing; 35% of CAPEX at 60 cent per share would result in around 350M shares on issue

the EPS (earnings per share) would be 20 cents

likely dividend would be 15 cents

..........

so what are you missing?

1. depreciation
2. interest
3. royalties
4. tax
5. SHARES GIVEN TO ABORIGINAL CORPORATION
6. shares issued for working capital & CAPEX