Just saw the news that the recent purchase by the chinese has been given approval by the minister. Whether this is the same as getting foriegn investment board approval is yet to be seen (as they are supposed to be independent of the minister). Anyway just looking over the future EPS, it is predicted to be around 34.3 for 2009. Current share price is $3. Would a 40% takeover premium be justified? ie. $4.2. The EPS for 2010 is 54.2. Using a PE of 10, for its relatively short mine life, the share is still worth $5.4. The chinese seem to have gotten a real good bargin out of this deal.
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