long time, page-72

Hi lockstock,

Also...

Jokes aside, those "blue-sky" Chinese valuations in Tonkoili ($6)B, Simandou ($7.2B), Hanxing/Luzhong Mining ($1.7B) and from inference of Wologisi India-china showdown ($3B+)...(if it's a part of the Chinese plan to condition the market for the price paid for her eventual victory - as opposed to china's premature jumping-the-gun hanlong daylight robbery - or just firing a few shots across the bow of rivals bidding for SDL) are actually very sensible...

Based on recent real world commercial transactions and sales/marketing campaigns of resources (where little or no competitive tension exist) we see valuations in Jimblebar ($10B) and IOC ($6B).

Of course, they are never apples to apples. Some are low grade, tier-2, high cost operations already with existing infrastructure where their owners don't really want to hang onto.

Others are greenfield high-grade, ultra-low cost, long-life assets while others ADDITIONALLY have value of regional consolidation synergy and low-capex that can be recouped in just 18 months or so. While some have monster $20B capex and no prospect of ready-to-go anytime soon as MINORITY OWNERSHIP has NO say.

There is certainly a huge disconnect in the SDL sp and what can be seen in the real-world. Eventually something has to give.

Either Sundance will be re-rated massively (given the massive disconnect - e.g $2.5B paid for a mere 40% of a sputtering high-cost china-only magnetite mine no one else bothers with) or Sundance really has "no interests" and nobody is really doing anything as the clock is ticking before the Africans want their licenses back.

Only one can be right.

And I could be wrong. He He...