straits going places, page-24

The assets that metalco will own after demerger are:

1) Cash
2) Listed investments (Goldminco, Finders, Venturex)
3) Tritton copper mine
4) Mt. Muro gold mine
5) Hillgrove gold mine
6) Torrens JV
7) Canbelego JV
8) Magontec

Given the difficulties of accurate valuing the mines, the easiest assets to value are the cash and listed investments. Cash @ 30 Sept 2010 was $218.1 mil and current value of listed investments is $37.8 mil which gives a total of $271 mil.

The number of shares on issue assuming conversion of standard chartered private equity convertible note and exercise of all outstanding options will give a total of 304.9 mil shares.

Therefore, the cash and listed investments indicate a value of $0.89 per share. Cash itself is $0.72 per share.
So at the current share price of $2.10, you get all the mines, JVs, magontec and some cash for free. A very nice margin of safety in my opinion.

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The above opinion should not be construed as financial advice as I do not have the qualifications to do so.