are we a bargain?, page-18

fluffy,

I don't see it that way!

They have highly prospective Cloncurry area tenements of some 2,400 sq. kms ready to roll (compared to CuDeco's ~35 sq. kms);

They have White Dam JV (75%) which is producing some ~$40m per year to Exco;

They have the royalties on the copper should the Xstrata deal go ahead;

... and they have $120m in cash.

The CCP is a major asset sure, but I don't see it as THE major asset. I just think they are leveraging their position.

I really like the Management of this Company also.