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Gold/Mining/Energy : Precious and Base Metal Investing

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To: juniorgoldman who wrote (8630)	3/12/2003 12:16:52 PM
From: russwinter	Read Replies (2) of 39344

You're not that far off. He must be envisioning say 2.5m Au equiv. @ $125/oz with Cu credtis or something along those lines. So cash flow would be 600-650m a year. An operation there might be 500m capex (?), and hopefully he does it as debt, because the payback would be in about a year. We will use today's market cap, plus add another 50m, for pre-construction expenses and other exploration above what he now has: or 500m starting point mkt cap. You might want to check to see how the market values FCX to get a comparable CF multiple, just guessing maybe 10-x. So just for TH, we might see 5 B US mkt cap, or $30 per share when it's operating. BUT, important BUT, you also have all the other strings on the pearl. MNG to 1.1% of GOD port, bought more a moment ago @ .94 US. Loaded up on CHK to 2.6% of GOD port. Rest bought today at 7.74. You can get right now under 7.60. Covered RDN short at 30.41.

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