If the company fixes a price for each of the split entities, and it's the same price, then you have a valid concern.
If the market determines what value to place on each entity, then there's no concern. For example, assuming today's MLX share price is "fair value" at $1.75, then we may have, say, a demerged gold company trading at $1.20, and a demerged base metals company trading at $0.55. The market will have taken the balance sheet, cashflows, asset life, cap ex requirements, commodity prices, sentiment etc. into consideration in setting the price. It doesn't matter how one company stacks up against the other - neither is going to take away anything from the other's intrinsic value.
To my knowledge, nowhere has the company said it will assign equal value to the two companies. That MLX shareholders will have equal ownership in each company is a different thing entirely.
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