RE:RE:RE:Again, I just want to point out the FANTASTIC CASH FLOWTA,
CF multiple x tax shield x ownership x tonne/lb x grade x throughput x AISC margin / (float x CAD/USD)
20 x (1 - 0.35) x 0.4 x 2204 x 0.057 x 12M x (3.07 - 1.5) / (791.4M x 0.77) = CAD 20/share.
It's a little more complicated because of recoveries, export taxes, and debt repayment. You also have to dilute this a little for the equity financing, prehaps not a lot, depending how they finance it. In any case you could arrive at 15+.
I used the current copper price of 3.07 and a cost of 1.50/lb, to be conserviate, since costs are always higher than expected. Under this scenario, you would have to wait 9 years for ramp-up. But I doubt it would take that long to price in, especially in a copper bull.
Use 1.14 if you like, and/or a higher copper price, and you get a higher number. Higher throughput is possible, but it takes time.
Plus Kipushi, plus Platreef