1. "in situ" valuations (metal in the ground) are a worthless...

1. "in situ" valuations (metal in the ground) are a worthless approach - as you have to apply capital, operating, G&A and realisation costs, plus also take account of recoveries, payables etc - to get a true value (i.e. build a cashflow model to generate an NPV)
2. Mill is basically worth scrap/breakage value unless you are operating it - and if you don't operate it (as some posters have said, CSD can truck the King Vol ore to Mt Garnet), then you have to pay the care & maintenance costs, the environmental monitoring costs for the mill - no free ride here!
3. There are no environmental bonds (financial assurance) - if you refer to clause b(ii) on pg34 of the acquisition announcement, CSD has to replace the current financial assurance which was a bank guarantee provided by Macquarie for Auctus. So this is an additional cost to CSD, not a gain