You have companies out there / Mitsubishi, willing to pay 900 million for 18% of Peruvian deposits with water issues and no Feasibility study.

And majors in general have been punished for overpaying for assets, just trying to add to reserves and ignoring profitability. "Not all ounces are created equal". I agree with the majority of everything else you said - but using "past performance" as an indicator of "future results" is something I'd diverge on. I think it's a different climate. Sure there's the argument of TCK having A and B shares... but I'm not so sure they'll be paying those sort of values you've cited earlier.