what is going on, page-10

Ether,
Actually the grade of moly has dropped off a little so this calc using 1lb of moly = 3.86 lb copper would be more accurate: (.5 Mt Moly = 1.925 Mt Cu)

(9.4 Mt of Cu + 1.925 Mt Cu eq) x 2204.6 = 24,967 M lbs of Cu
24,967 M lbs x .06 cents = $1,498 M or $1.5 Billion
Divide by number of shares (1.7495 B ?) = 85.6 cents/share

Current value:
Market cap divided by lbs of copper:
$332.4 m / 24,967 lbs = 1.33 cents/lb

Hopefully directors can find an undeveloped copper miner with similar grades of copper that has sold recently at a figure around 3 - 4 cents per lb and argue that LC being a huge deposit (and the only huge deposit available for the big players to buy!) will be far more cost effective to mine. Close proximity to port will also assist to squeeze the price up. If two or more parties become interested in LC 6 cents per lb would not appear to be out of the question. I was doing some research recently where I read in ground copper prices back in 1998 ranged from 1c to 7c per lb, so 6c in 2012 is not unreasonable.