http://www.theaustralian.com.au/business/analyst-lowers-rating-of...

http://www.theaustralian.com.au/business/analyst-lowers-rating-of-murchison-metals/story-e6frg8zx-1226090156952

UBS's "see-through" valuation of Murchison is about $2 a share, but Mr Lawcock said this was a "moot point" without funding for its projects.

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Okay, UBS said $3 bucks just a while ago. Don't know how they came up with $2. Thought the BFS came in somewhat within range of what UBS based the $3 recommendation earlier.

But, in selling MMX / OPR to Sino in entirety, the value of OPR (assumption if MMX could fund - i.e. "see through") and Crossland is around $2 - $3.

The simple reason is the whole OPR/JHEP question mark (attached to MMX) is completely de-risked the moment Sino takes ownership. The overall equation is that
"see through" is achieved (now transferred across to Sino). They can now get their cheap loans from Chinese banks and using Yilgram's blue print. It's an accounting issue.

The 75 cents assumes Weld Range is bulldozed, the Chinese packing up and never return to Australia and MMX is stuck with Mitsuboshi to build a project it doesn't have the cash to build.

Knock knock !