zinc, page-9

Based on the scoping study one might make following calculation:

Lifetime of the Mine: 14 Year
Produced Copper p.a.: 55 to 75'000 ton
Cash Cost approx.: 3200 ton
Copper price today roughly: 8000 US$/ton

= net profit of roughly A$ 400-600m per year.

I assume that the will need 400-500m for the start up. I guess they would opt for a JV 50/50 with for example Glencore (very probably).

That means 200-500m of net profit for BTR. Calculated with a conservative PE of 5 the market cap might then be around 1 to 1.5bn or 6 to 9 A$ per share (under the assumption of no further dilution).

Not considered: longer life time of the mine, higher P/E (more favourable stock market environment), higher copper price, higher production rate.

I guess one might flip the story around but at the end the result is more or less the same. BTR in a few years might be worth 1 to 1.5bn (or more).

Ressources update from Kitumba due Q1 2013 will give the next indication in which direction the SP will move. Pre-Feasibility and so on will then accelerate the movement...and not to forget...further good or excellent drilling results will also have an impact on the overall picture !

My favourite scenario is still the same: a really se.xy NPV at the end of the process combined with higher copper prices and recoverd economies around the world and we have a good chance to see a substantial offer from Glencore to take over everything. Probably it will not be 40 A$ per share....but 10 would be also fine (for me).

Obviously before this will happen, a lot of if and whens will have impact on the share price.