They're selling for cash and cash equivalents (the hedge book).
longterm.blogspot.com
"They have net working capital of $76M (all amounts in AUD) and total cash and receivables of $111M. With about 200M shares outstanding they have a net cash value of 37c. They are debt free. When you add in the value of their hedge book (estimated at about $39M) then that rises to about 56c per share."
Your point about the mines is correct but the price is discounting no earnings ever again from any mine. The price isn't necessarily going to be lower regardless of news. However in this market you're more likely to be right than wrong.
MCR Price at posting:
52.0¢ Sentiment: Buy Disclosure: Held
