seams like a mongolian dream, page-3

AKM has 100% project ownership
XAM has 40% project ownership
CEO has 75% project ownershp

therefore, if we wish to compare the market caps to AKM, we must divide the market cap by ownership percentage

AKM = $400m (787,658,325 x 53.5 cents = $421,397,204 less $12m for options cash and $15m cash in bank)

excluding the low rank thermal coal, XAM = $215m (206,229,835 x 0.49 less $28m cash less $9m options cash)

CEO = $98m (772,334,215 x 0.105 less $12m in options & cap raising cash)

best to leaving the accounting to the accountants and dreaming to the dreamers

regards