Superhard it seems obvious to me with the data published that...

Superhard it seems obvious to me with the data published that both projects are going to be very profitable. It would require some major catastrophic change in world economics for the price of copper to fall below $1 a pound and with by product credits Tampakan cost of production is under 50 cents and Frieda under 25 cents. A realistic future copper price to budget on is probably over $2/lb. Similarly budgeted costs shouldnt change dramatically and if they did those costs would in most instances affect other mines and lead to higher prices for copper. Am I missing something?

Melua, " Tampakan is A grade and Frieda is struggling to get a spot on the bench in reserve grade" To me both are on the bench ie niether is playing or in production. Tampakan might be further advanced but it sounds like niether mine will open before 2016. Tampakan is bigger, Tier 1 but when you own a share it is not the size but the quality that counts. According to the data Freidas cost of production is half Tampakan. It could be argued with out economies of scale big enterprises are less valuable than medium operations.

Regardless of this I still think Indophil is a better investment that Highland in the short to medium term.

Melua I see you believe in IAU what makes it better than alternatives like HIG ? (is it apropriate for me to ask this on IRNs thread? if not please ignore.)