I can't agree with your valuation, this is the way I read the figures, 200k ounces at cash cost of 600 per ounce less 20% for tax and royalties is about 160 million, that equates to earnings of 21 cents per share.
Looking around other companies, PRU for example, forcast earnings of 23 cps for 2013, share price 1.95. SLR forcast earnings of 27cps for 2013, share price 2.65. So its obvious that these companies are in the p/e of 10 range, this wounld put BDR at 2 dollars min.
BDR Price at posting:
89.7¢ Sentiment: LT Buy Disclosure: Held
