Enoch, sorry for delay in response to you query . I reckon we should get $2.5 billion for PH, and not a penny less. It is an absolute jewel in the crown - brilliant cash flow potential, long life, high grade, much more resouces yet to be defined - mnassive profit potential for many years as Cu prices rise when the recession ends. The market cap of OZ is presently less than $2 billion, but if PH is worth $2.5 billion, and one throws in the value of Sepon (huge upside) and GG - and then applies a discount for the ex-ZFX zinc and nickel assets (which someone like BHP would hate to get because they are unwanted problems that will have to be disposed of) - we would be worth something like $6 to $7 billion in today's depressed market. That means something like $1.60 per share as an opening, low-ball bid in my opinion.
OZL Price at posting:
$5.50 Sentiment: Buy Disclosure: Held
