BMN's capex is 500 million more than PEN's so BMN is at least $400million overvaulued v PEN at the moment. Not to mention the cash a fully diluted PEN will have and the far lower cash cost. Plus PEN will actually be a producer while Bannerman maybe sometime? Is this how we work it out binbin? Pen 400mill undervauled v BMN. Perhaps the trade is short BMN buy PEN?
