value once in production, compared to equinox

Just comparing the Equinox Minerals take-over price compared to DML (once it is in production). DML will make about one-third of EQN's copper concentrate, but is some-what comparable, both African Cu companies just beginning to go into production.

Haven't taken into account: Tax, debt, mine life, cost of electricity etc. This is a very rough comparison only! You're welcome to improve it.

EQN
~~~
Production: 140,000 t/y
Cu Price (March 2011): 4.00
Market Cap (take-over): C$7.32B


DML
~~~
Production: 34,400 t/y
Cu Price (May 2012): 3.70

So, using EQN as a guide, DML is worth (with a take-over premium):

Market Cap: 1.66B
Share price: $3.75

**this is not advice**