RE:Hmm, .30 cents maybe down to .20 at tax loss selling Lets look at sum of the part value: Open pit & Underground development. Open pit has 10-20 years of reserves at 200mlbs copper production/year with considerable gold/others byproduct. Suppose you only owned the open pit operations on a debt-free basis (Separate UG operations were sold/separated along with all debt and cash related to its development) How much would you be willing to pay for open pit operations, giving no value to UG? PV (200m earnings/year) x 15 years at 20% discount rate is approx 1.1B vs market cap of 1.6B. 0.5B is a very reasonable price to pay for the Underground development potential. Of course, I would prefer getting it for free... I dont think they are going to default as long as they are commited to completing the project. Rio certainly has the ability to raise capital required, also rio could be interested in a right offering, where they would be able to increase their holding, buying shares for those who opt not to take their's.