I think npv is more accurate measure of sp valuation than near...

I think npv is more accurate measure of sp valuation than near term shareholder equity

of course, npv is going to be affected by:
- long term commodity forecast
- discount rate
- any risk weighting the analyst might give to the project

for me (and my simple npv's)

so assuming
- long term commodity forecast = at current spot
- discount rate = 12.5%
- risk weighting = 100% ie both projects executed
- Macraes/Reefton = 7yrs mine life
- Didipio = 16yrs mine life

Macraes/Reefton npv = $965m
Didipio npv = $665m

combined value = $1,630m (less $200m debt) gives about $5.40 per share

250 seems crazy then? yup. but it was all based on no value or very little value for Dipidio. As Didipio project progresses it will be refelected in sp. until it's 100% reflected

(same logic gets current value for RRL, KCN, PRU, MML, BDR within 10-15%)