Q2 2011: Resource update including rare earth elements H2 2011: Conversion of pilot plant, Feasibility & permitting 2012: Commercial production of high purity alumina 2014: Commercial production of metallurgical alumina.
Our preliminary modeling attempts to establish a valuation range based on a metallurgical plant producing 2.5M tonnes per year excluding rare-earth elements, a high purity plant producing 1,000 tonnes per year and technology licensing revenues from a metallurgical plant producing 1M tonnes per year. This resulted in an initial valuation of $2.2 Billion or $14.09 per share with a potential blue-sky of $7.1 Billion. or $45.47 per share.