It depends on who is calculating and what information is availible to you. Recent drilling results after 18 months of drillng will be very handy.
With recent price at USD7.8 market cap of Lundin Mining is 3.1 billion. Tenke Fungurume reported almost 500 mln t of 2.6% Cu and 0.2% Co (lowest in inferred category splited almost 50%/50%). It was mentioned once that mineralised material is in the region of 1.5 billion t. If it could happen that resources will be reported at 1 billion t with 2.6% Cu and 0.2% Co it means 57 bil Lb Cu and 4.4 bil Lb Co with price for Cu in the ground of 0.1USD and Co 1.5USD rock value of Tenke Fungurume is 12.3 bil USD. Lundin Mining share is 24.75% (now before DRC resolution) it is 3.0 bil USD. So if this calculation could be true Lundin Mining now is worth only its Tenke Share.
Who will be the best to know whether there is really 1 billion t of 2.65 Cu and 0.2 Co?
Move of Freeport-McMoRan after DRC resolution will be very interesting.
You can put any discount here, slice it and dice it - the price will be determend by those who are ready to pay.
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