1%If it's 1% I'd be curious to see a company who was taken over for 1% of inst. metal value in the ground in the past 3 months with soaring commodity prices. If you can provide an example of a company in Canada that can remotely compare to CUU's Shaft Creek and was taken out at that low a margin then be my guest but any M&A activity I've seen since the summer hasn't resembled anywhere near 1% for inst. metal value in the ground. It's fine to say the industry average is 1% but without proven examples of resource companies actually taking ACCEPTING bids of 1% your argument is meaningless. If your assessment is true I'm surprised we haven't seen any takeovers yet for OSK at $600 million dollars for their Malartic with 12 Moz project about to go in production, would that ever be a steal...
If takeovers were actually based on 1% in Canada then Goldcorp wouldn't even bother with exploration and would have gobbled up 2/3 of the junior-intermediate gold plays in Quebec by this point. Why even bother trying to replenish reserves when you could walk in and grab 50 million ounces of gold for $650 million?
Even compared to DNT - Candente Copper your assumption is out of whack.
$260 million dollar market cap - 10 B pounds of copper equivalent so $45 billion in the ground.
Do you really think they'd let go of their deposit for $450 million or 1% of inst. value in the ground?
Norsemont sold 3.9 billion pounds of copper for $420 million in Peru.
You're telling me with better copper prices Candente would let go of their deposit in the same mining jurisdiction with 10 B of copper for 30 million dollars more?
That's valuing their 6.1 billion pounds of copper they have on Norsemont at 30 million, so $27.5 billion pounds of copper they're just going to let go of for a measly $30 million?
Get real.