I have done some very basic calculations and I think MWE's...

I have done some very basic calculations and I think MWE's market cap is below its potential revenue this year? There needs to be a premium for an asset in the DRC, but surely not this much? Here are my calculations below (all on the conservative side):

Production = 20,000 tonnes = 44,800,000lb of copper
Copper price (14/02/13) = $3.73 US
Cost price = $0.35 US
Revenue = 44,800,000 x (3.73-0.35) = $151,424,000 USD

USD:CAD = 1 (approximately). With a market cap of $120m approximately, the company will earn more this year than they are worth?

I reckon this should be trading at about 3x earnings for this year. Production could be higher and cash costs could be lower. But being conservative, market cap should be about $450 million, and with 168 million shares outstanding that would be a stock price of $2.67.

Any thoughts?