A gold mine is to be established, with capital injection of 180 million dollars now, and 150 million dollars a year later and 100million dollars two years later, whose life is 5 years with a total ore reserves of 7.7million tonnes. The hurdle rate has been calculated to be 13%. A royalty of 1.25% of the gross sales is to be paid.

	Project Year	0	1	2	3	4	5	6	7
Capital injection	millions	180	150	100
Tonnes Milled	mil t				1.3	1.5	1.8	1.8	1.3
Mill Head Grade	g/t				3.2	3.5	3.5	4.0	4.0
Milling Recovery	%				75%	78%	80%	85%	85%
Variable costs	millions				780	975	1 260	1 359	1 059
Fixed costs	millions				25	27	29.20	31.50	34
Royalties	%				1.25	1.25	1.25	1.25

Model a deterministic cash-flow for mineral economics. [Using excel]