Yes, but the share price hasn't swung as much as say the copper...

Yes, but the share price hasn't swung as much as say the copper or gold miners.
Addtionally it's much close to it's higfhs han many oif the latter. Ten bucks is a large call. Say you get the mine up an running end of 2013. Discount that by 6 months and you get to maybe $8.50. Then add the go ahead for the second slag smelting line.

You would need to have a better market sentiment than the present to get to $10 otherwise 3 years. My case is that it's a lot more stable and lower risk than almost any other mine fighting to get into production.