IBG clearly overvalued....do you math, page-36

qausar,

I think what you really need to do it look at the deposits themselves to make an accurate comparison.

If you want to compare Perkoa and Citronen you need to compare a number of areas:

Geology:
- Deposit size
- Grades
- Metal tenor
- Associated metals

Which will ultimately impact on:
- Strip ratios
- Milling costs
- Recoveries
- Throughput
- Mining costs

And also need to consider geopolitical risk of country operating in, proximity to infrastructure.

There are so many more variables that you haven't considered than simply comparing 27% of Perkoa purchased for 12 million.

One other point to consider, is that perhaps Glencore actually got a really good buy, and if they wanted to make that same purchase in todays market it would cost them a lot more.