Doug, the value is a good question. Since production has only...

Doug, the value is a good question. Since production has only just begun the cash costs are difficult to calculate. On top of that, I am yet to see any analysis of the ore so again difficult to say.

A simple calculation is to multiply the ore reserve by about 70% of the price of copper for revenues. I would use the average copper price for the last five years. Work in tonnes because it is easier.

For costs take a mine of similar annual forecast output.

Deduct for gross profit.

Take out interest expense, 30% for tax and then multiply by 10 for mine life. Then divide the end result my the number of shares on issue and you will get an idea.

I am starting to work on something a bit more advanced than that but the number of variable inputs is astonishing.