Li3Energy
KCL+LCE
Salar de Maricunga	price KCL	425	US$/ton
Cash flow (USDm) - 100%	price LCE	5.6	US$/kg

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	Total
Production KCL ton		90,000	90,000	90,000	90,000	90,000	90,000	90,000	90,000	90,000	90,000	90,000	90,000						1,080,000
Production LCE ton		25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	25,000	425,000
Revenues KCL		38.25	38.25	38.25	38.25	38.25	38.25	38.25	38.25	38.25	38.25	38.25	38.25	0	0	0	0	0	459
Revenues LCE		140	140	140	140	140	140	140	140	140	140	140	140	140	140	140	140	140	2,380
Total revenues		178.25	178.25	178.25	178.25	178.25	178.25	178.25	178.25	178.25	178.25	178.25	178.25	140	140	140	140	140	2,839
unit cost KCL inc transport cost US$/ton		150	150	150	150	150	150	150	150	150	150	150	150	150	150	150	150	150	2,550
unit cost LCE  US$/kg		2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	2	34
Opex KCL		13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	0	0	0	0	0	162
Opex LCE		50	50	50	50	50	50	50	50	50	50	50	50	50	50	50	50	50	850
Total opex		63.5	63.5	63.5	63.5	63.5	63.5	63.5	63.5	63.5	63.5	63.5	63.5	50	50	50	50	50	1,012
G&A		3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	3	51
gross income KCl		24.75	24.75	24.75	24.75	24.75	24.75	24.75	24.75	24.75	24.75	24.75	24.75	0	0	0	0	0	297
Gross income LCE		90	90	90	90	90	90	90	90	90	90	90	90	90	90	90	90	90	1,530
Total gross income		111.75	111.75	111.75	111.75	111.75	111.75	111.75	111.75	111.75	111.75	111.75	111.75	87	87	87	87	87	1,776
D&A KCl		9	9	9	9	9	9	9	9	9	9								90
D&A LCE		10	10	10	10	10	10	10	10	10	10								100
Interest		0	0	0	0	0	0												0
PBT		92.75	92.75	92.75	92.75	92.75	92.75	92.75	92.75	92.75	92.75	111.75	111.75	87	87	87	87	87	1,586
Taxes		18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6	18.6	22.4	22.4	17.4	17.4	17.4	17.4	17.4	317
Profit after taxes		74.2	74.2	74.2	74.2	74.2	74.2	74.2	74.2	74.2	74.2	89.4	89.4	69.6	69.6	69.6	69.6	69.6	1,269
Capex KCl	-90																		-90
Capex LCE	-100																		-100
Total capex	-190																		-190
Maintenance capex KCl											3	3	3	3	3				15
Maintenance capex LCE											2	2	2	2	2				10
Loan	0																		0
Loan repayment			0	0	0	0	0												0
Cash flow	-190	93.2	93.2	93.2	93.2	93.2	93.2	93.2	93.2	93.2	88.2	84.4	84.4	64.6	64.6	69.6	69.6	69.6	1,244

NPV  (8%)	$ 610
IRR	49%

preparado por Campos Mineral- Enero 2013

Li3Energy
Potash project 100%
Salar de Maricunga		Potash price	425	US$/ton
Cashflow	US$ millions

	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15	16	17	18	Total
Production KCL ton		90,000	90,000	90,000	90,000	90,000	90,000	90,000	90,000	90,000	90,000	90,000	90,000						1,080,000
Total revenue		38.25	38.25	38.25	38.25	38.25	38.25	38.25	38.25	38.25	38.25	38.25	38.25	0	0	0	0	0	459
Unit cost KCl (inc. Transport cost) $/ton		150	150	150	150	150	150	150	150	150	150	150	150	150	150	150	150	150	2,550
Operating cost		13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	13.5	0	0	0	0	0	162
Gross income		24.75	24.75	24.75	24.75	24.75	24.75	24.75	24.75	24.75	24.75	24.75	24.75	0	0	0	0	0	297
Administrative expenses		2	2	2	2	2	2	2	2	2	2	2	2						24
EBITDA		22.75	22.75	22.75	22.75	22.75	22.75	22.75	22.75	22.75	22.75	22.75	22.75	0	0	0	0	0	273
Depreciation		9	9	9	9	9	9	9	9	9	9								90
Interest		0	0	0	0	0	0												0
Profit before taxes		13.75	13.75	13.75	13.75	13.75	13.75	13.75	13.75	13.75	13.75	22.75	22.75	0	0	0	0	0	183
Taxes		2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	4.6	4.6	0.0	0.0	0.0	0.0	0.0	37
Net income		11.0	11.0	11.0	11.0	11.0	11.0	11.0	11.0	11.0	11.0	18.2	18.2	0.0	0.0	0.0	0.0	0.0	146
Capex	-90																		-90
Cash flow	-90	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	18.2	18.2	0.0	0.0	0.0	0.0	0.0	236.4

NPV (8%)	$ 59
IRR	19.50%

IRR sensitivity to price		NPV sensitivity to price
Price	IRR	Price	NPV
	19.50%		$ 59
330	9.64%	330	8
350	11.87%	350	19
370	14.00%	370	29
390	16.05%	390	40
410	18.04%	410	51
430	19.98%	430	62
450	21.88%	450	73
470	23.73%	470	84
490	25.56%	490	95
510	27.36%	510	105
530	29.14%	530	116
550	30.89%	550	127
570	32.63%	570	138

Resumen evaluación alternativas cifras en US$millones

Producir solo KCL	74	28	14	400	150	5.6	2
Producir solo LCE	145	383	41	400	150	5.6	2