Fair enough and I did forget that we only own 75%. I thought we...

Fair enough and I did forget that we only own 75%. I thought we had the option to acquire 100% but would have to recheck that. I did originally have a 7 cent SP as you calculated and a PE, as you say, is applied after tax but I'm no accountant, do not know the tax rate in Argentina and do not know the provisions there for expenditure that the company can write off. It would be significant. So to be fair knock 25% off my calculations and add a higher PE of 10 as you said and there we go. Its all plucking numbers and as I stated my figures are as of today's prices and currency exchange. The fact that we are not trading at 7 cents and have been as high as 54 cents says it all. The market will dictate the price. I remember being in PLS about as far out from production as AGY is currently and it had a MC of 2.2 B$ and had yet to throw the switch on the plant. A plant that took years to bring up to nameplate. CXO, LKE, LTR all yet to turn a dollar with B$ valuations. Why should AGY be any different?