Avalon Minerals. 520,000t of copper, 25M market cap. This values their copper at 4.2c per pound. Clearly AVI needs to sue Hartleys for not telling the market AVI should have a 3.86 billion market cap.
Altona Minerals, 650Kt copper at Roseby. Market cap 25M. Again, 4c a pound or thereabouts, but this with a feasibility study under its belt.
Sandfire Resources, roughly 600kt of copper in ground (and at very high grade and not even finished drilling), market cap of $662M, copper valued at 50c per pound.
Discovery Metals. Something like 312,000t copper in ground, in Reserves. Market cap $250M. Copper valued at 40c per pound.
What the hell does Wayne McCrae have to complain about? His is the lowest grade resource, without even a prefeasibility study, has suffered a major downgrade in contained metal from his notional 100Mt @ 2% target (2Mt contained Cu down to <1M), will be higher cost than everything except Roseby (AOH) and is valued higher per pound than Avalon or Altona anyway.
CDU, valued at 4.2c per pound, would be worth less. And its not Sandfire, and it doesn't have Reserves, so whatever crack CuDeCo is smoking, I want some.
This is ridiculous. Yes, Fosters should have put their analyst's name on it (or maybe he didn't want his name associated with it). Yes, they can use the above reasoning to justify their target. No, you won't be suing Fosters to get your losses back.
CDU Price at posting:
$2.04 Sentiment: Sell Disclosure: Not Held
