why would fmg pay over the odds for fdl, page-5

OK, here's my 2 penneth worth. Taking all of your assumptions as being correct:

Say 350 million tonnes @ $100 per tonne = $35 billion

FDL receive say 7 per cent royalty = $2.45 billion

or approx $2.45 per FDL share.

If a scrip only offer, therefore 1 FMG share for 3 FDL shares.

JC