value comparison

Just a quick comparison for comment and your thoughts.

FMG CY13 shipped 100mt. This is about 5 times more than planned by FMS.

FMG market cap is about $16,939m.

OK, so FMS has a few years until production starts. Then it "should" run as an organisation about 1/5th the size of FMG in CY13. If it does them you could assume a market cap around 1/5th of current FMG. 1/5th $16,939 is $3,388m! Clearly a big number and big difference. Even if the market cap was 1/100th of FMG then the MC would be $169m. More than 3 times the current MC of around $58m!

So, what am I missing? Anyone with any accounting skills like to give a view. What should the MC be now? What should it be when rail and port and shipments commence. Assume the sake of the exercise that the A$ and IO price are as of now.

Thanks. PS