church support for large scale mining, page-44

Nope, I still haven't bought, but I'm not going to be a sour puss over a little spilt milk. In fact I had a Cheshire-like-grin when I noticed Indophiles were having a good day.

Regarding takeover valuations - I still think Ajax's suggestion of Intrepid's Tujuh Bukit is a good comparison in the scenario that project risk of that and Tampakan is equal. Going off the top of my head, I think both IAU and IRN are backed by about the same of ore at similar grade. IAU gets a discount because the overall deposit is smaller, but then remakes that up because it probably still has a fair bit of exploration upside. So if I make an assumption that they are apples and apples, and IAU is about $800m today, add a premium of 50% for takeover, and throw in a little more for Tampakan's approvals and BFS, then the IRN equiv price per share is about ...... wait for it .......... $1.28. Now where were we 3 years ago?

I haven't added anything for IRN's cash, because IMO that will all be needed to limit the political risk to allow construction and therefore a genuine (i.e. non-wishful)takeover.

Good luck with some continued upward momentum.