total revenue for rocklands $us17.8 billion, page-4

Revenue is irrelevant - it is the cash that the operation produces that is key. If investment decisions were made on revenue basis alone, then Olympic Dam open pit would be in development as we speak.

Just some stats - and I knocked these up quickly, and will no doubt contain some errors. I think that the closest comparables for CDU are now Hillgrove (HGO) and OZ Minerals (OZL) both operating open pit Cu mines in Australia and ASX listed

Calculated on an enterprise value per tonne/contained copper equivalent (copper/gold/silver)[at spot prices with no account taken for metallurgical recovery and net smelter return factors]

HGO and OZL both based on reserves only

HGO - A$717/t Cu eqv. (HGO have significant debt loading)
OZL - A$322/t Cu eqv. (ignores Carrapateena - and lumps PH open pit and UG together)
CDU - A$1001/t Cu eqv. (based on measured & indicated only, and ignores the rights issue).

Based on this back of the fag packet calculation, CDU IMHO looks still overvalued, and a equity issue is just going to increase the ratio.