One striking difference between the Avoca & Shaw research...

One striking difference between the Avoca & Shaw research reports is the treatment of the importance of the Netietsu Link. Avoca takes it more seriously and this intuits:

• that Avoca will be prepared to pay a higher price for their JV interest.
• that financing will be available the Japanese at a better rate.

I rate that the more correct approach because:

• RXM went into the agreement with them after an extensive search for partners.
• The decision was made knowing that this would likely mean RXm would have to raise equity ( with match)a t 17-18c to give the deal tie to execute.
• The Avoca equity price is likely to give some credit for the proven and probably ore in stage 2.
• The Japanese yen is very weak and reflects the low interest rate. That being the case japan needs hard currency ($US) and getting that via a copper and gold income stream will be more important to them than others in fact it's really just a way to arbritage Cu & Au futures currency & prices to bolster the Japanese yen. China is doing the same thing to combat capital flight and bolster the Yuan but on a much larger scale.

In nutshell, I favour a 90c target price for RXM when all the relevant elements play out.

All IMVHO.