market cap absurd, page-9

woteva,
here is a little extract from salient details in annual reports

Plant $ year Resource t grade g/t resource oz
208,716,801 2008 23,000,000 14 10,000,000
182,635,103 2007 23,000,000 14 10,000,000
162,736,390 2006 23,000,000 14 10,000,000
113,924,328 2005 23,000,000 14 10,000,000
55,307,659 2004 3,700,000 8.4 1,000,000
49,499,255 2003 3,700,000 8.4 1,000,000
48,924,285 2002 3,320,000 9.4 1,000,000
41,993,666 2001 3,324,000 9.4 1,003,000
43,347,027 2000 2,700,000 9.6 850,000
33,075,888 1999

you will notice that plant asset values, which include all infrastructure take a tumultuous leap in value around the time the resource takes a somewhat tenfold leap also.
I am not sure if this is creative accounting or florid accounting.
Can you please explain?
The actual plant, which by the way, was bought at a knock down price, from Mt Hogan, has always been included in this valuation since pre 1999.
The valuation of underground excavations depends on their use and as such are usually amortised against production as a capital asset.

I await your imparting of wisdom like the watchman for daybreak. It may be a long night.....

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