future dividends, page-54

Ventracor (VCR) are 20c because they made a loss of 25M on sales of 17M. Where is the profit going to come from? It is easy to see why the music has stopped - current losses and a lack of visibility of future profitability. You aren't really comparing like with like.

CMR is a better comparison, in that is a miner, but how different is its model. It has required a huge capex for the oxide project, which MAK is going to avoid.

You need to compare like with like, for example some other very low capex, open pit mining project near road or rail infrastructure.