mlx agm merger would be bad news for agm, page-3

Vayama...a good post and one well worth reading. For once I agree with the dip-stick Ghastly and say that I am dubious about a merger with AGM but who knows?
Now, some of your numbers are a little on the low side I believe as I'm not sure you're including expected production from Collingwood. My understanding is that, if all goes acccording to plan, combined production from those 2 sources are estimated to be over 6000t in 2008, around 12,000t in 2009 and 12,700 in 2009. Rentails is not included in these numbers and they are not even at the BFS stage yet. However, if the project works as anticipated, the feed would improve the overall recovery from Renison, improving the economics immensely. As you know, Renison will be reliant on feed from Mt Bischoff to enable the concentrator to run at full capacity, (the inability to do so being one of the contributing factors behind the closure in 2005.)
I agree with you that it is extremely hard to value Wingellina at anywhere near 70c, in fact a valuation of half that number would be generous. Nevertheless, if funded and developed, as it surely will be, that valuation will rise dramatically.
As far as applying eps valuations to coys which are not yet in production, I think that's a pretty risky thing. It's better by far, I believe, to attempt to apply a valuation to the existing assets...I reckon I could easily come up with a valuation north of 70c right now for MLX.
Finally, just to enjoy the squeals from Ghastly, I haven't done any work on AGM as I don't rate the management. I truly hope the merger talk is just that...talk!