Placer/Barrick merger Valuations:Placer produced close to 4...

Placer/Barrick merger Valuations:
Placer produced close to 4 million ounces of gold equivalent in 2004, and the bid of US$9.2 billion places a value above:
US$2000 on each annual ounce of gold produced (2000 /.736 = A$2717
US$100 per ounce of reserves. (100/.736 = A$135)

NCM: (@$17.70) Market Cap/oz Resource $95
Market Cap/oz Production $5000
Hedge Position 6 million oz
(or nearly 6 years production)
Cash Cost are reported @ $212/oz. This is a doubtful figure which is not reflected in the bottom line.
I find it hard to see value in NCM.
The market says I’m wrong – but it is interesting.