Having a go at what might be. Firstly we'll assume that Faboliden is up and running from 1stJan,2021.
Sweden operations(Faboliden mine/Svartliden processing):
Revenue from sale of 25,000 ozs @ US$1800 = $A64.3mil
Less: Cost of Sales-
Mining cost of $US17/t of ore on 300kt of ore = $A7.3mil
Processing(inc Transport) of $US37/t as above = $A15.9mil
Other processing costs = $A2.0mil
Depreciation & amortisation on 7yr openpit life = $A4.1mil
TOTAL Cost of Sales = $A29.3mil
Profit before tax = $A35mil
Income tax expense(20.6%) = 0(accumulated tax losses at Dec20 of ~$A35mil)
Profit after tax = $A35mil
Finland operations(Jokisivu/Cable mines & Vammala processing):
Revenue from sale of 24,000 ozs @ US$1800 = $A61.7mil
Less: Refining & Treatment charges(20%) to process concentrate into metal = $A12.4mil
NET SALES REVENUE = $A49.3mil
Less: Cost of sales-
Mining cost of E44/t of ore on 300kt of ore = $A21.6mil
Processing(Milling) cost of E14/t as above = $A6.9mil
Other production costs = $A1.3mil
Depreciation & amortisation on 4yr mine life = $A7.0mil
TOTAL Cost of Sales = $A36.8mil
Profit before tax = $A12.5mil
Income tax expense(20%) = $A2.5mil
Profit after tax = $A10mil
SUMMARY
Sweden NPAT = $A35mil
Finland NPAT = $A10mil
Corporate costs = $A(5)mil
COMPANY NPAT = $A40mil (EPS on 138.8mil shares = 28.8c)
It might be more realistic to assume Faboliden won't commence until 1Apr21, so the figures would be:
SUMMARY
Sweden NPAT = $A25mil(being 75% of $A35mil less operational loss of $A1.25mil Jan to Mar after treating Finland concentrate)
Finland NPAT = $A10mil
Corporate costs = $A(5)mil
COMPANY NPAT = $A30mil (EPS on 138.8mil shares = 21.6c)
DRA Price at posting:
19.5¢ Sentiment: Buy Disclosure: Held
