Antamina Excel

DISCOUNT RATE PARAMETERS
Variable
Annual Risk-free Rate
Long-term Inflation
Tax Rate
Nominal Cost of Debt
Risk Premium
7.02%
2.60%
30.00%
7.65%
7.50%
Debt
Debt (millions)
MV of Firm (millions)
Tax Rate
Cost of Debt
Firm Value
WACC CALCULATION
Equity
7.65% Risk Free Rate
2205 Beta
15535 Risk Premium
30% Cost of Equity
5.36%
17740
7.02%
0.53
7.50%
11%
WACC:
10.29%
Mine life
Payable copper
payable zinc
operating costs
copper treatment charge
zinc treatment charge
14
339
168
138
0.28
0.22
capital cost
1988
1999
2000
55
255
292
1996
1997
6
18
45
30%
1.5%
25%
20%
Feasibility study
Closure costs
tax rate
Sustaining capex
working capital
capital allowances
Revenues
Amount of copper (Millions lbs)
Price of copper (USD/lb)
Revenues from copper (Millions USD)
Amount of zinc (Millions lbs)
Price of zinc (USD/lb)
Revenues from Zinc (Millions USD)
Total Gross Revenues
Treatment Costs
Copper treatment costs (Millions USD)
Zinc treatment costs (Millions USD)
Total Net Revenues
Annual Operating Costs (Millions USD)
Pretax Profits (Millions USD)
Capital Expenditures
Feasibility (Millions USD)
Capital expenditures (Millions USD)
Depreciation
EBIAT
Taxes
PAT
Adjustments:
Depreciation
Total working capital
Change in working capital
Capital expenditures
Closure costs
Free Cash Flow (Millions USD)
NPV (million$)
Years
Millions of lbs
Millions of lbs
1996$ p.a.
$/lb payable cu
$/lb payable zinc
Inflation
1996 millions
1996 millions
1996 millions
1996 millions
1996 millions
1996 millions
p.a. of initial capex
of net revenue (gross revenue - treatment charges)
straight line for all capital
1996
1997
18.47
1998
1999
57.90
275.41
6.00
18.47
57.90
275.41
-6.00
-18.47
-57.90
-275.41
393
2.60%
2000
323.57
1
2001
2
2002
3
2003
4
2004
5
2005
339
###
339
###
339
0.74
250
0.77
260
0.80
271
0.83
282
0.87
294
168
168
168
168
168
0.46
78
328
0.50
85
345
0.55
92
363
0.60
100
383
0.65
109
403
107.92
42.02
177.67
110.72
43.11
191.09
113.60
44.23
205.44
116.56
45.38
220.81
119.59
46.56
237.26
156.90
170.71
160.98
183.95
165.16
198.12
169.46
213.30
173.86
229.55
9.85
133.35
37.37
10.11
135.37
48.58
10.37
137.44
60.68
10.64
139.57
73.72
10.92
141.76
87.80
11.21
26.16
14.57
34.01
18.20
42.47
22.12
51.61
26.34
61.46
323.57
133.35
44.42
44.42
9.85
135.37
47.77
3.35
10.11
137.44
51.36
3.59
10.37
139.57
55.20
3.84
10.64
141.76
59.32
4.11
10.92
-323.57
105.23
155.91
165.96
176.69
188.18
6
2006
7
2007
8
2008
9
2009
10
2010
11
2011
339
###
339
###
339
###
0.90
307
0.94
319
0.98
333
1.02
347
1.07
361
1.11
376
168
168
168
168
168
168
0.71
119
425
0.77
129
449
0.84
141
473
0.91
153
500
0.99
167
528
1.08
181
558
122.70
47.78
254.88
125.89
49.02
273.74
129.16
50.29
293.96
132.52
51.60
315.61
135.96
52.94
338.83
139.50
54.32
363.71
178.38
246.97
183.02
265.63
187.78
285.63
192.66
307.07
197.67
330.06
202.81
354.72
11.20
10.65
236.32
11.49
10.93
254.70
11.79
11.21
274.42
12.10
11.50
295.57
12.41
11.80
318.26
12.74
12.11
342.61
70.90
165.42
76.41
178.29
82.33
192.09
88.67
206.90
95.48
222.78
102.78
239.83
10.65
63.72
4.40
11.20
10.93
68.44
4.72
11.49
11.21
73.49
5.05
11.79
11.50
78.90
5.41
12.10
11.80
84.71
5.80
12.41
12.11
90.93
6.22
12.74
160.46
173.01
186.46
200.89
216.37
232.98
12
2012
13
2013
14
2014
339
###
339
1.16
392
1.20
408
1.26
426
168
168
168
1.17
197
589
1.28
215
623
1.39
234
659
143.13
55.73
390.40
146.85
57.18
419.02
150.66
58.67
449.72
208.08
381.17
213.49
409.55
219.04
440.01
13.07
12.42
368.75
13.41
12.74
396.80
13.76
13.01
427.00
110.62
258.12
119.04
277.76
128.10
298.90
12.42
97.60
6.67
13.07
12.74
104.75
7.16
13.41
13.01
112.43
7.68
13.76
250.80
269.94
290.48
Opening Balance
Additions
Total
Dep
Dep1
Dep2
Dep3
Dep4
Dep5
Dep6
Dep7
Dep8
Dep9
Dep10
Dep11
Dep12
Dep13
Dep14
1
656.88
9.85
10.11
10.37
10.64
131.3764 131.3764 131.3764 131.3764

1.970645 1.970645 1.970645 1.970645
2.021882 2.021882 2.021882
2.07
2.07
2.13
133.347 135.3689 137.4433 139.5717
10
11
12
10.92
11.20
11.49
11.79
12.10
12.41
12.74
13.07
131.3764
1.970645
2.021882 2.021882
2.07
2.07
2.13
2.13
2.18
2.18
2.24
2.07
2.13
2.18
2.24
2.30
2.13
2.18
2.24
2.30
2.36
2.18
2.24
2.30
2.36
2.42
2.24
2.30
2.36
2.42
2.48
2.30
2.36
2.42
2.48
2.55
2.36
2.42
2.48
2.55
2.61
141.7555 10.64895 10.92582 11.20989 11.50135 11.80038 12.10719 12.42198
13
14
13.41
13.76
2.42
2.48
2.55
2.61
2.68
12.74495
2.48
2.55
2.61
2.68
2.68
13.0066
Opening Balance
Additions
Total
Dep
Dep1
Dep2
Dep3
Dep4
Dep5
Dep6
Dep7
Dep8
Dep9
Dep10
Dep11
Dep12
Dep13
Dep14
Dep15
Dep16
Dep17
Dep18
1
678.79
10.18
10.45
10.72
135.7583 135.7583 135.7583

2.036375 2.036375 2.036375
2.089321 2.089321
2.14
137.7947
139.884 142.0277
10
11
11.00
11.28
11.58
11.88
12.19
12.50
12.83
13.16
135.7583 135.7583
2.036375 2.036375
2.089321 2.089321 2.089321
2.14
2.14
2.14
2.20
2.20
2.20
2.26
2.26
2.32
2.14
2.20
2.26
2.32
2.38
2.20
2.26
2.32
2.38
2.44
2.26
2.32
2.38
2.44
2.50
2.32
2.38
2.44
2.50
2.57
2.38
2.44
2.50
2.57
2.63
144.227 146.4836 11.00413 11.29024 11.58379 11.88497 12.19398 12.51102
12
13
14
15
16
17
18
13.50
13.85
14.21
14.58
14.96
15.35
15.75
2.44
2.50
2.57
2.63
2.70
2.50
2.57
2.63
2.70
2.77
2.57
2.63
2.70
2.77
2.84
12.83631 13.17005 13.51247
2.63
2.70
2.77
2.84
2.92
2.70
2.77
2.84
2.92
2.99
2.77
2.84
2.92
2.99
3.07
2.84
2.92
2.99
3.07
3.15
13.8638 14.22425 14.59408 14.97353
Mine life
Payable copper
payable zinc
operating costs
12
313
155
131
0.28
0.22
capital cost
1988
1999
2000
55
246
281
1996
1997
6
18
45
30%
1.5%
25%
20%
Feasibility study
Closure costs
tax rate
Sustaining capex
working capital
capital allowances
Revenues
Treatment Costs
Total Net Revenues
Depreciation
EBIAT
Taxes
PAT
Adjustments:
Depreciation
Closure costs
NPV (million$)
Years
Millions of lbs
Millions of lbs
1996$ p.a.
$/lb payable cu
$/lb payable zinc
Inflation
1996 millions
1996 millions
1996 millions
1996 millions
1996 millions
1996 millions
p.a. of initial capex
of net revenue (gross revenue - treatment charges)
straight line for all capital
1996
1997
18.47
1998
1999
57.90
265.69
6.00
18.47
57.90
265.69
-6.00
-18.47
-57.90
-265.69
236
2.60%
2000
311.38
1
2001
2
2002
3
2003
4
2004
5
2005
313
###
313
###
313
0.74
231
0.77
240
0.80
250
0.83
261
0.87
272
155
155
155
155
155
0.46
72
302
0.50
78
318
0.55
85
335
0.60
93
353
0.65
101
372
99.64
38.77
164.02
102.23
39.78
176.40
104.89
40.81
189.65
107.62
41.87
203.84
110.42
42.96
219.02
148.94
153.49
152.81
165.60
156.78
178.57
160.86
192.47
165.04
207.35
9.52
128.90
24.59
9.77
130.85
34.75
10.03
132.86
45.71
10.29
134.92
57.55
10.55
137.03
70.33
7.38
17.22
10.42
24.32
13.71
32.00
17.26
40.28
21.10
49.23
311.38
128.90
41.01
41.01
9.52
130.85
44.10
3.10
9.77
132.86
47.41
3.31
10.03
134.92
50.96
3.55
10.29
137.03
54.76
3.80
10.55
-311.38
95.58
142.31
151.52
161.37
171.91
6
2006
7
2007
8
2008
9
2009
10
2010
11
2011
313
###
313
###
313
###
0.90
283
0.94
295
0.98
307
1.02
320
1.07
333
1.11
347
155
155
155
155
155
155
0.71
110
393
0.77
119
414
0.84
130
437
0.91
141
461
0.99
154
487
1.08
167
515
113.29
44.08
235.28
116.23
45.22
252.69
119.25
46.40
271.35
122.35
47.61
291.34
125.54
48.84
312.76
128.80
50.11
335.73
169.33
223.31
173.74
240.41
178.25
258.75
182.89
278.41
187.64
299.50
192.52
322.12
10.83
10.29
213.02
11.11
10.56
229.85
11.40
10.84
247.91
11.70
11.12
267.29
12.00
11.41
288.09
12.31
11.70
310.42
63.90
149.11
68.96
160.90
74.37
173.54
80.19
187.10
86.43
201.66
93.13
217.29
10.29
58.82
4.06
10.83
10.56
63.17
4.35
11.11
10.84
67.84
4.66
11.40
11.12
72.83
5.00
11.70
11.41
78.19
5.36
12.00
11.70
83.93
5.74
12.31
144.51
155.99
168.31
181.53
195.71
210.94
12
2012
313
1.16
362
155
1.17
182
544
132.15
51.42
360.36
197.53
346.39
12.63
12.01
334.39
100.32
234.07
12.01
90.09
6.16
12.63
227.29
Opening Balance
Additions
Total
Dep
Dep1
Dep2
Dep3
Dep4
Dep5
Dep6
Dep7
Dep8
Dep9
Dep10
Dep11
Dep12
1
634.97
9.52
9.77
10.03
10.29
126.9944 126.9944 126.9944 126.9944

1.904916 1.904916 1.904916 1.904916
1.954444 1.954444 1.954444
2.01
2.01
2.06
128.8993 130.8538
132.859 134.9164
10
11
12
10.55
10.83
11.11
11.40
11.70
12.00
12.31
12.63
126.9944
1.904916
1.954444 1.954444
2.01
2.01
2.06
2.06
2.11
2.11
2.17
137.0273 10.29376
2.01
2.06
2.11
2.17
2.22
2.06
2.11
2.17
2.22
2.28
2.11
2.17
2.22
2.28
2.34
2.17
2.22
2.28
2.34
2.40
2.22
2.28
2.34
2.40
2.46
2.28
2.34
2.40
2.46
2.53
10.5614 10.83599 11.11773 11.40679 11.70337 12.00765
Mine life
Payable copper
payable zinc
operating costs
18 Years
365 Millions of lbs
181 Millions of lbs
145 1996$ p.a.
0.28 $/lb payable cu
0.22 $/lb payable zinc
capital cost
1988
1999
2000
55 1996 millions
264 1996 millions
303 1996 millions
Feasibility study
1996
1997
Closure costs
tax rate
Sustaining capex
working capital
capital allowances
6 1996 millions
18 1996 millions
45 1996 millions
30%
1.5% p.a. of initial capex
25% of net revenue (gross revenue - treatment charges)
20% straight line for all capital
1996
Revenues
Treatment Costs
Total Net Revenues
Depreciation
EBIAT
Taxes
PAT
Adjustments:
Depreciation
Closure costs
NPV (million$)
6.00
-6.00
584
Inflation
2.60%
ment charges)
1997
1998
1999
2000
1
2001
2
2002
3
2003
4
2004
5
2005
365
###
365
###
365
0.74
269
0.77
280
0.80
292
0.83
304
0.87
317
181
###
181
###
181
0.46
84
353
0.50
91
371
0.55
99
391
0.60
108
412
0.65
118
434
116.20 119.22 122.32 125.50 128.76

45.27
46.45
47.66
48.90
50.17
191.32 205.77 221.23 237.78 255.50
164.86 169.14 173.54 178.05 182.68
187.94 202.30 217.67 234.12 251.75
18.47
57.90
285.13
335.76
10.18
137.79
50.14
15.04
35.10
10.45
139.88
62.41
18.72
43.69
10.72
142.03
75.64
22.69
52.95
11.00
11.28
144.23 146.48
89.90 105.26
26.97
31.58
62.93
73.68
18.47
57.90
-18.47 -57.90
335.76
137.79
47.83
47.83
10.18
139.88
51.44
3.61
10.45
142.03
55.31
3.87
10.72
144.23
59.45
4.14
11.00
146.48
63.88
4.43
11.28
-285.13 -335.76
114.88
169.51
180.39
192.02
204.46
285.13
6
2006
7
2007
8
2008
9
2009
10
2010
11
2011
12
2012
13
2013
14
2014
365
###
365
365
365
365
365
365
###
0.90
330
0.94
344
0.98
358
1.02
373
1.07
389
1.11
405
1.16
422
1.20
440
1.26
458
181
###
181
181
181
181
181
181
###
0.71
128
458
0.77
139
483
0.84
152
510
0.91
165
538
0.99
179
568
1.08
195
600
1.17
212
635
1.28
231
671
1.39
252
710
132.11 135.54 139.07 142.68 146.39 150.20

51.47
52.81
54.18
55.59
57.04
58.52
274.47 294.79 316.56 339.89 364.89 391.69
154.10
60.04
420.43
158.11 162.22
61.60
63.21
451.26 484.33
187.43 192.30 197.30 202.43 207.70 213.10

270.62 290.84 312.51 335.73 360.62 387.31
218.64
415.94
224.32 230.16
446.65 479.60
11.58
11.88
12.19
12.50
12.83
13.16
11.00
11.29
11.58
11.88
12.19
12.51
259.62 279.55 300.92 323.84 348.43 374.80
77.89
83.87
90.28
97.15 104.53 112.44
181.73 195.69 210.65 226.69 243.90 262.36
13.50
12.84
403.10
120.93
282.17
13.85
14.21
13.17
13.51
433.48 466.09
130.04 139.83
303.44 326.26
11.00
68.62
4.74
11.58
11.29
73.70
5.08
11.88
11.58
79.14
5.44
12.19
11.88
84.97
5.83
12.50
12.19
91.22
6.25
12.83
12.51
97.92
6.70
13.16
12.84
105.11
7.19
13.50
176.42
190.02
204.60
220.24
237.02
255.01
274.32
13.17
13.51
112.82 121.08
7.71
8.27
13.85
14.21
295.05
317.29
15
2015
16
2016
17
2017
18
2018
365
###
365
365
1.32
482
1.34
489
1.37
500
1.40
511
181
###
181
181
1.47
266
748
1.52
275
764
1.57
284
784
1.63
295
806
166.44 170.76
64.85
66.53
516.58 526.92
175.20
68.26
540.75
179.76
70.04
556.23
236.14 242.28
511.73 521.94
248.58
535.64
255.04
550.99
14.58
14.96
13.86
14.22
497.87 507.72
149.36 152.32
348.51 355.40
15.35
14.59
521.05
156.31
364.73
15.75
14.97
536.02
160.80
375.21
13.86
14.22
129.15 131.73
8.06
2.58
14.58
14.96
339.72
352.08
14.59
135.19
3.46
15.35
14.97
139.06
3.87
15.75
360.52
370.56
NPV of Project (Section A)

No option to abandon
Project NPV at year 0 (discounted at WACC)
404.33
Amount of Investment
Initial Investment
Total Bid
404.33
17.5
###
Scenario
Low
NPV
236
Expected
High
393
584
DISCOUNT RATE PARAMETERS

Variable
Annual Risk-free Rate
Long-term Inflation
Tax Rate
Risk Premium
Debt
Debt (millions)
MV of Firm (millions)
Tax Rate
Cost of Debt
Firm Value
7.02%
2.60%
30.00%
7.65%
7.50%
WACC CALCULATION
Equity
7.65% Risk Free Rate
2205 Beta
15535 Risk Premium
30% Cost of Equity
5.36%
17740
WACC:
7.02%
0.53
7.50%
11%
10.29%

Antamina Excel

Transféré par

Informations du document

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

Antamina Excel

Transféré par

Droits d'auteur :

Formats disponibles

DISCOUNT RATE PARAMETERS

131.3764 131.3764 131.3764 131.3764

133.347 135.3689 137.4433 139.5717

141.7555 10.64895 10.92582 11.20989 11.50135 11.80038 12.10719 12.42198

135.7583 135.7583 135.7583

144.227 146.4836 11.00413 11.29024 11.58379 11.88497 12.19398 12.51102

12.83631 13.17005 13.51247

13.8638 14.22425 14.59408 14.97353

126.9944 126.9944 126.9944 126.9944

116.20 119.22 122.32 125.50 128.76

132.11 135.54 139.07 142.68 146.39 150.20

187.43 192.30 197.30 202.43 207.70 213.10

NPV of Project (Section A)

DISCOUNT RATE PARAMETERS

Vous aimerez peut-être aussi