Personally I don't think this method of valuation has much relavence to ZEN. If the operating costs are low in the 1-2K per ton range and the selling price is $10k, then this is worth much more than 5 or 10% of the RE. I believe this is where a DCF model such as has been done by Takenotes makes much more sense. The buyer will still make piles of cash under such a valuation model.

http://agoracom.com/ir/Zenyatta/forums/discussion/topics/615092-zenyatta-dcf-model/messages/1928055#message

In this case the value is more like $2 to $3 billion which implies a share price of $36-$50. But this is just my opinion and I would be ecstatic with anything above $10 per share.