It is my understanding that the share price (and hence the MC) are forward looking and not determinants of an "As-Is" situation. This explains the worldwide divergence of companies' SPs, PEs and MCs and their trailing financial performance and deteriorating current economics (DOW for example).
As such the comparison you make between MGV and RXL leads me to believe shareholders consider MGV to have significantly better future fundamentals e.g lower AISC, higher grades, better infrastructure from mine to processing plant or point of sale than RXL. As such it is an interesting example that you have made and if i was to own RXL shares then I would be quite disappointed in the comparison rather than using the explanation that MGV is over valued.
Let the market decide!!!
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