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Gold/Mining/Energy : Trump's 12 Diamond Picks, Discussions Limited
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To: Tomato who wrote (1412)10/21/1998 5:00:00 PM
From: maintenance  Read Replies (2) of 2251
 
Analysis of major differences:

Hainey used cost US$35, I used C$66 (Aber 3/6/98,).
Hainey used 38.8MM Shares O/S, I used 48027883 FD (Aber5/7/98).
Hainey used lower production but higher grade, and varied the grade.
Hainey included on going capital costs, I did not.
Hainey factored in 98% recovery, I ignored it.

I made an error in C$ vs US$. Hainey didn't!

Corrected NPV using the same numbers I used before but with consistent currencies, C$13.13 for 22 yrs, and C$17.88 for 16 yrs. Again at 10%. I checked, with Winspear I was consistent in using C$.

Hainey did not include any value outside the Diavik project, Neither did I.

Thanks for questioning the results, As long as someone challenges the numbers, we'll get the right. So my revised conclusion, based on Diavik alone Aber is under priced unless I have made another mistake.

Cheers
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