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No for several reasons: - Firstly the NPV is the return on the development cost, which is approx £100m. The capital cost is being funded largely by equity as opposed to debt, which will remove a large proportion of the interest charges in the earlier NPV calculations, thus increasing the NPV substantially. Secondly the NPV is based on the cureent reserve base, with the company already planning to extend the mine life by increasing the pit area and going underground, all of which requires little work to the main capital expenditure - the mill, so there is potentially significant value to bee added there and that is before the company acquires other projects. Remember RioTinto started with one mine......
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