Don't know enough to really make a call but this thought came to...

Don't know enough to really make a call but this thought came to my mind when I compared URL with HGO.

HGO operating costs: 70c/lb copper
URL operating costs: 114c/lb copper

HGO's lower operating costs possibly reflecting higher Cu grade?

HGO capital costs: $80m
URL capital costs: $330m

HGO's lower capital costs perhaps reflecting the presence of existing infrastructure left behind from when the mine was last open.

HGO: brownfield/ reopening old mine)
URL: greenfield/ new operation

Initial production: Both around late 2008

HGO has a lower mine life but also has other assets such as stake in largest CBM gas deposit in oz, and a world class garnet resource alongside the copper resource

Market cap of both companies: 39m

From an amateur's point of view it does look like HGO is the better play.