The real question about Ivanhoe
For me is what is going to be done with the cash flow from the 3 projects when in three years they are up and positively puking out cash. These 3 projects are all very rich in grade and economic to mine. The timing on the commodities these mines produce seem to be very fortunate. Will IVN hold onto the mine for a number of years and use the proceeds for other development projects. Will there be a dividend? Stock buyback? The cash has to go somewhere. Holding it on the balance sheet if the interest rate world has not changed dramatically is not an option.
In my mind any valuation the market puts onto a business with no cash flow is always vulnerable to huge swings in market sentiment. The real valuation will be in 3-5 years when the cash is flowing in.