Just looking back to the Canaccord Genuity report from 29 Nov 2012 which argued that DML was worth $1.94 per share, a premium to the CF offer price. Hard to believe this is 4 months ago.
One of the reasons they stated:
Boseto also has a value due to the scarcity of similar projects. Boseto is one of a few developing copper projects where the average grade is above 1.2% Cu.
Many other copper projects are based on large, low-grade deposits, which require large tonnage throughputs and hence large capital expenditure. A copper project with relatively low capital expenditure requirements, with copper grade averaging above 1.2% and located in a reasonably stable government environment has a scarcity value.
Infact with silver credits the comparable grade is closer to 1.5%, rampup issues aside.
Given this what's the appetite amongst the major global resource company's to take a piece of Boseto, say 40% for maybe only $350-400 million. This cash could be applied to further expansion and thwart predators who just want to take control of assets well below fair value.
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