When in doubt re do the numbers!
Beltana coming on line, on the last quarterly there was 16300t of zinc stock piled ready for Dec qtr shipment.
also they produced a further 1934t of zinc, with marketing looking at opportunities to sell.
$111.7mil in cash as at 30.09.07.
PE of under 6! (CBH is at 9) Forward EPS of 60cents. This is cheap!
Got put options over approx 50% of forecast lead sales to june09
Minimum achieveable gross price
of A$3316/t on 30221t for FY08 (current spot 3305)
of A$2666/t on 38701t for FY09
Zinc forward contracts
of A$2466/t on 18000t for FY08 (current spot 2544)
of A$3768/t on 16246t for FY09
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