At the risk of being unpopular, PNA is a billion dollar promise...

At the risk of being unpopular, PNA is a billion dollar promise that has generally been trading against the direction of the copper price since Cu fell from it's highs in May. You can get any value for a stock (especially for those not producing) by employing any commodity price assumption that lasts forever, but it's interesting to see that EQN, SRL, KZL,TMR all copper producers trading opposite to PNA. The higher this gets ramped, the further and faster it will fall when something goes wrong. The copper price itself looks vulnerable as strike related production interruptions are resolved, also look out for the FOMC decision on rates this thursday.

For what it's worth at a long term copper price of US$1.20/lb, PNA is worth circa 20cps. don't be surprised if it falls through 60c