Not sure if this has been covered before, but I would like...

Not sure if this has been covered before, but I would like comments on the value per share of the SARCO IPO to ORD.

My rough calculations are:
* Value of SARCO post IPO $600m (assumes 70% debt funding)
* Attributable to ORD: 16.25% (mid range of DFS assumption) x $600m = $97.5m
* Value per ORD share = $97.5m/473m = $0.21

So the market has still not sunstantially derisked the SARCO IPO, and little to no value has been placed on ORD's gold, copper and coal projects.

Let's face it, CNF can fund SARCO themselves, so equity should not be an issue. As for the other projects Caledon is already producing, while Copper Flats, Suplejack and West Wyalong are all showing promise.

ORD's relationship with a number of well funded Chinese companies is also of note.

Looks like a substantially undervalued company, which is why I bought today.