IMO the only think that could possibly justify the current SP is...

IMO the only think that could possibly justify the current SP is if the reserves in the open pit are downgraded in the annual resource statement that should be out soon. If reserves remain inline with guidance, as expected, there is no reason why PH will not return to production rates of +100Ktpa at lower costs.
Accounting for cash and SFR, the current market cap values PH and Big C at less than 500M, SFR will probably launch a takeover bid soon!