NPV 8% for Kamoa-Kakula $13.50 share CADThis assumes a 12 Mtpa mine at $3.25 USD copper. According to the November 28, news release, Table 10, page 19, NPV 8 for $3.00 copper is $7.179 billion, and NPV 8 for $3.50 copper is $9.808 billion. Taking the average, which although not exact can serve as a reasonable approximation:
($7.179 billion USD + $9.808 billion USD) / 2 = $8.493.5 USD
$8.493.5 billion USD / 787.3 million shares outstanding = $10.79 share USD.
At a conversion rate 80 cents CAD per USD this is $13.50 share CAD.
Note that this does not include the upcoming resource update for Kakula, which will certainly propel these values even higher. NPV 8% above also doesn't include Kipushi nor Platreef. With zinc now approaching $1.50 USD, this is literally off the charts. Kipushi does not envision anything higher than $1.40 zinc in any of it's models. Platreef is now approaching many of the price assumptions for it's base case model, although values for Pt and Pd have reversed.
Even for a dedicated skeptic such as myself, where scenario planning assumes negative events, the overall picture taking shape is hard to deny. Relatively small changes in commodity prices, for example copper moving from $2.50 to $3.25 has a huge impact on the bottom line, since costs remain similar, if not exactly the same. This has been the major change in the last six months. Metals prices have consolidated their gains.