Your ananlysis is plausible, but it does not take into account the politics and the bidding process.

For example, I learned just recently that the Chinese are running 24/7 train shipments for copper out of a mine in Idaho. the transportation costs are exhorbitant but they are desparate for copper.

The GRZ play is a also very rich in copper. If we talk about a hostile take over, that does not take into account a bidding war. The Chinese are desperate for copper and they have already put up $6 billion for steel in Vz. While the Rusoro scenario is possible, it is not done yet. The Chinese may have much more leverage than the Russians.

Whatever happens it looks like the shareholders would make out better than current levels. Gil