copper still holding , page-50

Segura,
market cap for OZL has 950M of cash in the number, so I would discount the OZL number from 3.42B to 2.47B gives a number of 6.41.

Personally, I would not alter the market caps of the others for the cash / debt as the impact is insignificant.

For PNA, the issue will be "where will the cash come from for expansion"

So PNA is the best on your calcs, but the difference of 5.49 to 6.41 is not that much different.

HT1