@RDL I want to just stay with the raw facts. Each person can...

@RDL

I want to just stay with the raw facts. Each person can change the market cap or resource number and recalc how they want. Agree but do not want to lead people on Hotcopper just provide a way of viewing companies how the banks and other companies view each other.

@Nikec your questions:

Valuation: When resource companies view each other from an M&A perspective or the end game they want to know that each $ they spend is better than spending a $ on themselves. So if I am worth $2 / ton on a valuation standpoint and you are worth $1 / ton then if I buy you the market will give me a bonus $1 / ton for buying you out. The market is undervaluing you relative to me. Assuming everything else is equal. From my experience in resources this is typically what happens.

: They sold the farm and now only hold 14%. They could obtain more value if they find new projects. Based on the resource in ground they have left they look overvalued. At this stage I can not make a prediction as they need to find a quality asset now that they have sold their asset off. It is positive that they have done it once before which means hopefully they can do it again. If I was NMT and considering their cash balance I would buy out or .

Cash: Good comment @Nikec but as resource companies can be quite flexible between opex or capexing items I find it a more conservative approach to just look at it in gross. I am being super conservative at people on could say that the last quarter cashflow represented capex for finishing the mine. The only problem is that usually it is not finished. So until a quarterly cashflow report shows me otherwise I like to be conservative.

@tbecker101 your comment:

Comment: convenient that u forgot to mention tianqi group is also a processor and an industrial stock.. Super Ninja - so what. I made mention in my post I did not consider a lot of things like debt ratios / multiple asset or geography exposures like etc. I am looking at companies from a EV/Resource perspective and their relative values. I find that this is how analysts at big banks value because ... I was once of them and it is how we all did it. oh... I used to get around 60 million people watching me on CNBC also agreeing.... happy for you to be the "special case".

Hope this answers Questions,
Super Ninja