RE:My 5 year outlook@LittleMoney's post just now prompted me to look back at this one.
I like the production numbers but less at KK and more or on the verge of more at WF so 560K tonnes is good though consider it may be rising from there if Kitoko combines with Makoko and Kakula West and grows into a KK Phase 3 equivalent beast. Imagine an eventual 600K tonnes of production at %80 ownership rather than %40.
Cu price should be higher and cost could be lower but I like these solid conservative estimates.
What about taxation? I always take off %35 for the DRC cut. And I use 12.5 multiple just to be extra conservative and I still get $34/share just for the DRC copper operation which I'd bump up to the low 40s with Platreef and Kipushi included at today's metals prices. $50 potential depending on the price of copper and PGMs.
Consider also a dividend is very likely by that time.