value, page-3

I was using life of mine figures (grades, recoveries, ect)which they have published...and based on 3000tpd ramping up to 4000tpd by end 09. They may go higher to 5000tpd say by 2011, but did not factor that in.

the way I see it, even if my calc is 30% too high for the copper production, the current market cap puts negative value on their other assets, which seems strange in this environment.

Maybe there is a discount for management, but despite the delayed production profile, they seem to have done an excellent job in Chile operation, and appear to be over the hump.