Plough My take on those numbers is a bit different. The step...

Plough

My take on those numbers is a bit different.

The step change in copper price would have that sort of effect on profit but, given that in October 17 the valuer forcast copper prices of $8172 in Oct 17 falling to $8108 in June 20 I think you have the book upside down.

At $9000 we can expect twice the profit that we were expecting if nothing else changes on the expense side.

Given that cash cost, taking out deferred mining and D&A, is running at $5720 jumping up to $9000 would increase the NPV of the cash flow that is emerging by a healthy 34%

Again with the caveat on the expenses side could the 15.5 cents be looking more like 20.8 cents.

Given the throw away line in the dispatches that mining is getting more difficult given the tight working area they might be softening us up for an increase in costs.

If Mr Munro is onto it he might keep buying.