Yes it's not good - you can only invest in companies that are...

Yes it's not good - you can only invest in companies that are already producers or have the funding to get into production.
We then have to trust that China remains healthy so the copper price remains healthy.
And then do the calculations on what AVM should be earning in 2010 - 80kt(176mil lbs) of copper gives you revenue of $US530mil @ $3/lb with a profit margin of 50% & a tax rate of 30% leaves you with NPAT of $US185mil which puts us on a forward PE of 3 based on 95mil shares(current market cap $US530mil).
But market sentiment can still take us lower especially as we still have some hurdles to jump before 2010.
Some confidence might return once the Mining review is over and we have Gertler's money by the end of next month.