THE NUMBERS (1.2 MTA) @0.45%WO3 average grade = 5400 tons WO3
current APT price $437
APT(ammonium paratungstate) is priced in $/MTU. MTU is Metric Ton Unit. 1 MTU=10kg. 10 kg equals 22 pounds /short ton unit stu=20 lbs
1000 kilograms in a ton = 5400000 kg / 10kg per MTU = 540000 MTU
(540000 MTU) X 90% recovery = 486000 MTU
(486000 MTU) X current tungsten price of $437= $212,382,000 per year before taxes, labour, other maintenance expenses
$212,382,000 divided by 330 million shares = 0.64 cents per share (P/E ratio =1)
The industry average according to RBC fundamental analysist is (P/E 17)
so 0.64 cents times 17 = $10.88 per share
The mining equipment woulfe is planning on assembling will be easily scaled up to 2.4 MTA if the market shows strong support for the tungsten supply.
Chinese tungsten comparables:
https://www.google.ca/finance?q=SHE%3A002378&hl=en#
https://www.google.ca/finance?q=SHA%3A600549&hl=en#
https://www.google.ca/finance?q=SHE%3A000657&hl=en#