EQN's capacity is 170k t Cu, though based on there past 6 months...

EQN's capacity is 170k t Cu, though based on there past 6 months production they've got a long way to travel. Perhaps EQN trades at a slight premium to the likelihood of a takeover from First Quantum and the uranium credits potential.

Interesting you discount PNA, IMO this trades at a signifcant discount to OZL,

2009 target production of Cu 65,000t, at a cash cost of 80c. Current market cap at 32.5c (post placement and rights issue) is 952mil AUD.

Shorter life than OZL and considerably shorter than EQN.

Considering they've got a nice little gold mine to come into production ~ 2011. And a smaller copper mine after that in Puthep. Verse OZL market cap of $2.73 bil (net cash 925m), (PNA net cash post rights and placement will be close to 0).

As you say, EQN and PNA must be discounted due to their higher country risks.

Anyway keep up the good chat dudes.