Goldikova, I agree comparison with First Quantum (FM) is not...

Goldikova, I agree comparison with First Quantum (FM) is not valid as it is an established producer and diversified into nickel as well as copper. But Tiger (TGS), and to a lesser extent Mawson West (MWE), are also in start-up mode and where re-rating would be expected but the share price is heading the other way.

Terry McCrann's article on the weekend (along with other commentators) identified the end of QE2 as the main cause of the flight from risk that we are seeing at the moment:

"The US has been basking - very uneasily - in the stimulus of the Fed's QE2 (a second bout of quantitative easing, more basically just printing money). But now QE2 is ending. We could see the stock market fall sharply; and if so, ironically, a strengthening US dollar, despite the fact that it's inherently unattractive."

http://www.heraldsun.com.au/business/terry-mccranns-column/budget-over-now-its-back-to-the-real-world/story-e6frfig6-1226056059119

So I agree it's something we need to be patient with, and that the cause is external to AVM. The comparison was to support this point.

Appreciate the NPV calculation though.