ramu 1 billion for development

The Chinese are spending around $1 billion for the development of the Ramu project in Papua New Guinea.
It's smaller and not as rich a project as RMI's WoWo (Nickel-Cobalt).....Now, assuming one would want to develop the larger (world class) Wowo project, they would have to spend around $1 billion as is the case for the RAmu project....
If the project costs around $1billion for its development...How much is the company who owns it outright (RMI) is worth?........Say $1 billion (conservatively, since the in ground value of the WoWo is in excess of $50 billion)....
Well, $1billion (and without the Iron Ore Argyle project), gives RMI shares (conservatively) a present value of more than $2 per share.

Cheers;))

The above calculations-assumptions are entirely my calculations-assumptions. Please do your own research prior to any purchasing-selling decision....