io benchmark price, page-8

Rich08, what was the in ground value of UMC 111mt JORC at the top of a boom when SP hit $2.80?

$2.80 x 154,612,330 shares = $432,914,524 Market cap

$432,914,524 market cap / 111,000,000 JORC = $3.90 in ground value per tonne - in a boom

So Rich, given the recession, what would the market value UMC at on a per tonne basis. Assuming $1 share price

$154,612,330 market cap / 122,000,000 JORC = $1.27 in ground value per tonne.