if you look at the broker report on the Brockman...

if you look at the broker report on the Brockman website

http://www.brockman.com.au/documents/Patersons_BRM_240108.pdf

"the market is valuing Marillana at EV:Resources Metrics of A$1.69/tonne (versus junior peer average of A$8.16/t)"

if UMC's EV is approximately $120m and we get the JORC'ed resource 100m tonnes in the next 6 months (alright it's not quite a given) we are looking at $1.20/tonne and this is for the high grade stuff.....then when questions over transport are answered we could be looking more towards $10/tonne, say EV closer to $1 bn. I don't think that is unreasonable if the JORC is 100m tonnes. MGX and MMX are above $20/t but they're in full swing so fair enough but it's food for thought.

Plus we have plenty more juicy targets and the alumium JV. I am looking forward to the rest of 2008.