Katanga Mining Ltd Ord KATFF

RE:KAT Earning Estimates for 2019, 2020 and 2021

[Gws0623]

Thanks for your estimates.  I hope you're right!
One area I question is the P/E assumption.  10-12x is very rich for a DRC, single mine operation.  Compare it with Norilsk Nickel in Russia that currently trades at a P/E of 8-9x and has a current dividend yield of 11-12%.  5-6x for KAT might be more appropriate.  
On the other hand, you have definitely been conservative using $2 billion of opex.  In KAT's 2018 43-101 on Sedar they estimated opex (mining, processing, techinical services, engineering, admin) at $750-800m per year from 2019 - 2021.  Adding in the royalties takes it to about $1.0 - 1.1bn/year.