If copper trades in the range $3.50 to $4 (as it did during the...

If copper trades in the range $3.50 to $4 (as it did during the boom years) then CMMC is well undervalued. If copper trades below $3 then it will struggle. That's the double-edged sword of leverage.

Personally I think $3.50 will be the new normal within a few years. Demand is growing while head grades at the "big ten" copper mines are dropping and there are no new major deposits to come online. Oyu Tolgoi underground is the best of them and it's not at all comparable to a Grasberg or Escondida.

In that sort of price environment both the Canadian mine and Cloncurry will be cash cows.