"Sooner or later its going to have to face the market on its fundamentals - which are?"
Let me start by mentioning an interesting article "The Copper Conundrum" in Mining Magazine (November 2011) that highlights 10%-14% of companies are mining head grade at least double their ore reserve grade. So if Wayne and his team are to be believed we move from:
JORC 1.7% Cu eq = PE of sub 4
To
At 3% Cu eq = PE of sub 1.5
Can't see M&G's metallurgist & geo, OW and now Apex technical experts all being bamboozled by the in-house data can you?
Out of interest do you recall what market cap FMG and PDN go to pre-production? Not sure we can replicate this type of run but it makes me think it's now possible.
p.s. CDU received mention into today GSJBW Afternoon report. They must also be wondering how on earth they managed to arrange such a deal at a premium in the current environment when everyone else is begging for funds at a 30% discount.
CDU Price at posting:
$4.17 Sentiment: LT Buy Disclosure: Held
