Poet, to put the Global valuation into perspective, look at the value ascribed to Pedra Branca then add double that value for Pantera. The grade has gone up approximately 50% at the contact zone which would have earned a substantial increase as well.
I also agree with your comment about AN results last quarter (which seriously impacted the AISC for the year) not being terribly relevant to any valuation process. We all know that even if not this quarter (they may well be removing even more waste in prep for the hard run to follow) the ore body at AN will produce very good margins shortly. Even in the original mine plan AVB were soon to enter a period of increasing annual returns.
I'm working on some valuations to share.
a couple of links to keep people amused while they ponder their options.
