COD - TRN arbitrage has disappeared during the course of the day on the basis of a 75:25 JV split.
$1.15 COD = $105 M fully diluted
$0.305 TRN = $39 M fully diluted -> 27% of combined market caps.
Carrapateena & Prominent Hill minimum ~$2 bill NPVs each at current Cu / Au prices. So upside is there but a lot of things have to go right before then. Still, enjoying the ride!
GLTAH
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