There's an article on p27 of the AFR today titled 'Mining sector...

There's an article on p27 of the AFR today titled 'Mining sector ripe for M&A'. It discusses current deals on the table, suggests activity is likely to increase and highlights the recent acquisition by OZL of a stake in Sandfire. The most interesting part for PNA shareholders was the following quote:

"Credit Suisse says the transaction values 100 per cent of Sandfire at $526 million, compared with Sandfire's market cap of $416 million before the deal. the broker says the transaction is at around $1000 per copper equivalent tonne, compared with OZ Minerals currently trading at $470 a tonne, Equinox Minerals at $660 a tonne and PanAust at $345 a tonne".

Take what you will from that, but with PNA's portfolio and organic growth prospects, on this measure we are significantly under valued compared to our peers. Clearly this is not the only thing to consider, but I had never seen this comparison before and thought it interesting.