here's how i see it, page-11

Using 490m issued shares, in ground values of a very reasonable 50c to 60c a tonne (remember Anglo paid 67c a tonne this week for a share in a coking coal project in Mozambique THIS WEEK) for our current JORC resource gives a share price of around 33c to 40c. In my view, It could be reasonably argued that this should be around where we should be trading RIGHT NOW.

But enough of in ground valuations for now. With production only a year or so away, when will the market start valuing us on an earnings basis? My guess it will be once construction starts, which is hopefully only months from now.