$5m / (37m * 0.8% * 2200) = $0.0075 or three quarters of one cent. (2200 is the factor to convert tons to pounds)
Incredibly cheap. Given the cut-off was at much lower metals price and the cap-ex for White Range would be low, one could argue that 10c per pound is still cheap in a take-over scenario. Not even taking into account the by-products, that would value White Range at a minimum of $70m.
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patience please, page-63
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