asf,
These are just my initial thoughts from a very quick scan of an MNC presentation. A couple of things strike me. The grade at 0.4% Cu is very poor (when compared to RXM and SFR). The low grade will mean that for the mine to be viable, everything will need to be big. This translates into a significant up front capital cost. When you combine the CAPEX and the grade, it may not be viable (as PNA is finding with it's S American mine - it was not financially viable and they need to redo the study).
I would suspect that the low share price for MNC is the same reason as the low share price for RXM. Investors have worked out that the companies alone do not have the bal sheet strength to progress the projects. They will each have to do either an 80% or 90% JV (with the other party with the majority) who will bring the capital. RXM and MNC will get no value from discovery - all the value is in bringing the mine to market.
If I was OZL, I would go for RXM over MNC. RXM is in SA, there would be synergies for OZL. e.g. haul trucks used currently for the cut back of the wall at P Hill finish in 2014 - they could then be move to Hillside to start the overburden removal. Reusing the haul trucks is just one potential synergy I can think of. The RXM grade is better. RXM is close to established infrastructure (road and port). RXM already has a published PFS which allows OZL to be aware of the costs and risks. The risk of buying MNC is the unknowns are much greater and potentially bigger in $ terms.
Sorry to be a wet blanket, but I hope you can understand my reasoning.
HT1
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