$?Bill in a ? Life mine, page-364

I had a think about it and it makes sense not to include the cost price of production as HCH will simply hold the asset (leaving most production for another company) and sell it for the highest bid (i'm assuming this is their value maximizing goal?). I think it will be at a small discount to the in-situ value as like you said there will be commodity price risk and they want production to be economic (however, maybe the DCF method is better for sensitivity analysis of prices?). So I suppose companies could compete at a small discount with the lowest cost producer likely to come out on top. To me that seems like a realistic scenario if their aim is for another company to acquire it, but hey, i'm pretty new to the mining stocks so I could be way off the mark.