valuing nickel companies

Help me with the valuation dynamics if you can.....

Let me get this straight - LIM shareholders getting ripped off? OR getting the deal of a lifetime?

IF the full potential of the contained nickel is around 1,729,000t then Xstrata is paying just under $3,000 per tonne on nickel - for their Resource.

But if you exclude the massive Honeywell etc then the are paying a touch under $17,000t - for their Reserves.

If management are confident about honeywell, jericho and waterloo (last 2 may have upto 40,000t on Ni) how can they sell out at $3000t Ni?

If it is a good deal to sell out at $3000 per tonne (Reserves)

Also does this mean that MRE is undervalued?
Resources: $2000 per t Ni (EV/Res)
Reserves: $400t per t Ni (EV/Res)

Does this mean MRE is cheap and could be subject to a takeover?

TheGimp