RE:RE:RE:RE:RE:This should be a spectacular year for IVNCorrect. If you will excuse the omission, LUN bought 24%, which would put the project value at 4% of in-situ metal, albeit at a more advanced stage than Kamoa, and near the top of the market. It appears to be a reasonable comp. Las Bambas recently went for 10% in-situ, I believe, but again was quite advanced and in a reliable jurisdiction. So there is clearly a country discount here. However, Tenke cash flowed roughly USD700mm last year and GAAP earned USD400mm. Put a 5-handle on the CF or a 10-handle on the earnings (cf. FCX, who hold another 56%) and you could come up with a similar figure again. Still, one cannot completely ignore the political discount, as well as the capital and the time which will be required to bring it to production. The grade makes it Tier 1. And solid management give at least a fighting chance of realising value.