merrill lynch valuation at 9.80, page-27

my valuation is as follows:

If Mitsubishi have 50% for 3 billion then MMX's 50% must also be worth 3 billion. mmx have issued 390 million shares and options.

mmx Value = 3,000,000,000 / 390,000,000 = $7.69

But it must be more than that because Mitsubishi are not investing to just get their money back.

Alternatively
assuming the whole operation can make 1 billion profit per year [$40 x 25 milion tonnes] or to put it another way $2.56 profit / share THEN the real value should be WHAT??? [10 TIMES THAT PROFIT / SHARE??]

Has anyone got any sort of idea how the value can be assessed assuming the Mitsubishi deal is ok?