Would you rather have an ounce of gold for $20 or a pound of veal for $22? That last piece of data was what I noticed in the supermarket recently.

Seriously, I repeat my previous comment that the only possible explanation is that "The Market" does not believe Tyhee will build a mine AND does not believe it will get purchased at a profit to shareholders. That is not my view. I view TDC as an infinitely long-dated call option on either of those eventualities.