i dont understand, page-6

Based on the current valuation by Huntleys and JP Morgan, I would agree with their stance that the share price is about right at current levels based on market cap.

However, there is something that should be noted. Ban Hauxai, Puthep, Inca de Ora all are not included in broker valuations. The likely hood of these projects coming to nothing is very slim, so they will eventually add to over all value. Also, the copper price is predicted by many to increase by another 20% this year alone... Proportional value adding is significant.