Thanks for posting your spreadsheet which as you know has been very well received.
I have a question relating to Row 5 of your spreadsheet - the yearly sales profile. The sales profile you have used is heavily weighted to the earlier years; $700m year 1 reducing to $88m year 15. So income in the final year is a mere 1/8th of the first year. I understand the imperative to access the higher grades early to improve the IRR, but it does seem excessively front loaded. What methodology have you used to reach this profile? Or have a misunderstood something?
Is one of the tools used to encourage holders to sell & create a bargain price well below the NAV of in this case, the mine. Then amazingly one day a rise of hundreds of percent due to the under valuation & the prospects of forthcoming news. It's the way AIM stocks & many others are traded or should I say played.
"Rumour has it over here we have at least another 3 years in the doldrums before we hit some sort of equilibrium."
Excess inventory courtesy of China's ghost stocks, excess capacity courtesy of China's rapid expansion and now state subsidy to keep unprofitable mines/processing plant open, this time courtesy of the French.
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