Can anyone give me a good reason why MDL is not a good buy at...

Can anyone give me a good reason why MDL is not a good buy at these prices.

Sure the joint venture has a pile of debt but that seems to be neutralised until Sept 2017.

And all the ducks are now lined up to deliver name plate performance.

The French partners whilst struggling with the present commodity prices seem in spite of this to be a balance sheet powerhouse that is supporting the operation including MDL's share of any calls for cash.

The JV agreement that allows Eramet to increase their shareholding based on underlying assets values if MDL can't pay them back has to be a huge plus for MDL shareholders in regard to neutralising concerns re excessive dilution.

Before they set out on the journey of putting all this together people were throwing $6 a share at them to fund the project.

Based on product price assumptions in Dec 15 ( which granted are certainly not what they used to be) and cost assumptions at the same time the directors valuations are telling us that the discounted nett present value of the future cash flows is $3.58 a share.

How come no one is rushing to buy that at 26c. seems like a no brainer. Sure the assumptions could be a bit rubbery but there is a huge margin between 26c and $3.58

I know that debt can bring things tumbling down ( been there in a big way with AGO ,ARI and RFE,) but big brother ERAMET seems to be standing in the wings and would only emerge with about 70% of the enterprise if it paid out the debt leaving MDL with 30% and still $3.50 a share of future cash flow.