thanks for that pigheadsorry it may be hard to read. i dont know...

thanks for that pighead
sorry it may be hard to read. i dont know how to paste it in its original form.
revised once again for those prices you mentioned.
the best i can get is $1.9billion NPV @ 10% discount guys.
that $5billion MUST be using the 46 year mine life.
either way i didnt really think this was THAT attractive.
but then again we are using pretty low nickel/cobalt prices.



Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
Ore treated ('000s t) 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000 4000
Grade (NICKEL) 1.32% 1.32% 1.23% 1.23% 1.23% 1.09% 1.09% 1.09% 1.09% 1.09% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03% 1.03%
STANDARD GRADE 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Concentrate recovery 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91% 91%
Metal ('000s t) 48.048 48.048 44.772 44.772 44.772 39.676 39.676 39.676 39.676 39.676 37.492 37.492 37.492 37.492 37.492 37.492 37.492 37.492 37.492 37.492
Price US$tonne 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000 20000
Grade (COBALT) 0.13% 0.13% 0.11% 0.11% 0.11% 0.08% 0.08% 0.08% 0.08% 0.08% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07% 0.07%
STANDARD GRADE 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Concentrate recovery 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87% 87%
Metal ('000s t) 4.50 4.50 3.81 3.81 3.81 2.77 2.77 2.77 2.77 2.77 2.42 2.42 2.42 2.42 2.42 2.42 2.42 2.42 2.42 2.42
Price US$tonne 33000 33000 33000 33000 33000 33000 33000 33000 33000 33000 33000 33000 33000 33000 33000 33000 33000 33000 33000 33000

Inflation 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
Exchange Rate $A/$US 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9 0.9
Smelter charge US$/T N/A
($ million unless otherwise shown)
Metal Price A$/t 0 22222.22222 22222.22222 22222.22222 22222.22222 22222.22222 22222.22222 22222.22222 22222.22222 22222.22222 22222.22222 22222.22222 22222.22222 22222.22222 22222.22222 22222.22222 22222.22222 22222.22222 22222.22222 22222.22222 22222.22222
Metal Revenue 1067.733333 1067.733333 994.9333333 994.9333333 994.9333333 881.6888889 881.6888889 881.6888889 881.6888889 881.6888889 833.1555556 833.1555556 833.1555556 833.1555556 833.1555556 833.1555556 833.1555556 833.1555556 833.1555556 833.1555556
Metal Price A$/t 36666.66667 36666.66667 36666.66667 36666.66667 36666.66667 36666.66667 36666.66667 36666.66667 36666.66667 36666.66667 36666.66667 36666.66667 36666.66667 36666.66667 36666.66667 36666.66667 36666.66667 36666.66667 36666.66667 36666.66667
Metal Revenue 164.9266667 164.9266667 139.5533333 139.5533333 139.5533333 101.4933333 101.4933333 101.4933333 101.4933333 101.4933333 88.80666667 88.80666667 88.80666667 88.80666667 88.80666667 88.80666667 88.80666667 88.80666667 88.80666667 88.80666667

Less TCIRC 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Sales Revenue 1232.66 1232.66 1134.486667 1134.486667 1134.486667 983.1822222 983.1822222 983.1822222 983.1822222 983.1822222 921.9622222 921.9622222 921.9622222 921.9622222 921.9622222 921.9622222 921.9622222 921.9622222 921.9622222 921.9622222
Admin 1.23266 1.23266 1.134486667 1.134486667 1.134486667 0.983182222 0.983182222 0.983182222 0.983182222 0.983182222 0.921962222 0.921962222 0.921962222 0.921962222 0.921962222 0.921962222 0.921962222 0.921962222 0.921962222 0.921962222
Net Revenue 1231.42734 1231.42734 1133.35218 1133.35218 1133.35218 982.19904 982.19904 982.19904 982.19904 982.19904 921.04026 921.04026 921.04026 921.04026 921.04026 921.04026 921.04026 921.04026 921.04026 921.04026
Less
Operating cost/t 480.48 480.48 447.72 447.72 447.72 396.76 396.76 396.76 396.76 396.76 374.92 374.92 374.92 374.92 374.92 374.92 374.92 374.92 374.92 374.92

EBITDA 750.94734 750.94734 685.63218 685.63218 685.63218 585.43904 585.43904 585.43904 585.43904 585.43904 546.12026 546.12026 546.12026 546.12026 546.12026 546.12026 546.12026 546.12026 546.12026 546.12026
Year 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20
CAPITAL EXPENDITURE 1444.444444 26 26 19.5 19.5 13 13 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5 6.5
Debt Repayment 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5 32.5
Debt Outstanding 650 617.5 585 552.5 520 487.5 455 422.5 390 357.5 325 292.5 260 227.5 195 162.5 130 97.5 65 32.5 0
Interest Cost 61.75 58.5 55.25 52 48.75 45.5 42.25 39 35.75 32.5 29.25 26 22.75 19.5 16.25 13 9.75 6.5 3.25 0
EBTDA 689.19734 692.44734 630.38218 633.63218 636.88218 539.93904 543.18904 546.43904 549.68904 552.93904 516.87026 520.12026 523.37026 526.62026 529.87026 533.12026 536.37026 539.62026 542.87026 546.12026
Taxation Depreciation 65 65 65 65 65 65 65 65 65 65 65 65 65 65 65 65 65 65 65 65
Depreciation carried fwd 1300 1235 1170 1105 1040 975 910 845 780 715 650 585 520 455 390 325 260 195 130 65 0
Exploration carried 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Pre-tax income (EBT) 624.19734 627.44734 565.38218 568.63218 571.88218 474.93904 478.18904 481.43904 484.68904 487.93904 451.87026 455.12026 458.37026 461.62026 464.87026 468.12026 471.37026 474.62026 477.87026 481.12026
Tax @ 30% 187.259202 188.234202 169.614654 170.589654 171.564654 142.481712 143.456712 144.431712 145.406712 146.381712 135.561078 136.536078 137.511078 138.486078 139.461078 140.436078 141.411078 142.386078 143.361078 144.336078
Project Profit 436.938138 439.213138 395.767526 398.042526 400.317526 332.457328 334.732328 337.007328 339.282328 341.557328 316.309182 318.584182 320.859182 323.134182 325.409182 327.684182 329.959182 332.234182 334.509182 336.784182
Cashflow project -1444.444444 475.938138 478.213138 441.267526 443.542526 452.317526 384.457328 393.232328 395.507328 397.782328 400.057328 374.809182 377.084182 379.359182 381.634182 383.909182 386.184182 388.459182 390.734182 393.009182 395.284182
THE BOTTOM LINE
NPV @ 5% $3,523.92 NPV/SHARE FD 1.1340042
NPV @ 10% $1,939.11 NPV/SHARE FD 0.624010961
NPV @ 15% $1,069.09 NPV/SHARE FD 0.344034777
NPV @ 20% $555.01 NPV/SHARE FD 0.178602345
CAPEX 1300
Debt 0.5 650
Equity 0.5 650 Mine Life 20
Interest rate on debt 10.00%
Assumed raising S.P 0.4
Depreciation p.a 65
Dilution 1625
# of current shares 1200