the asx is a joke, page-12

DML is another victim ... came out of a trading halt on Monday and promptly fell 50% to 17c. This company rejected a recent takeover offer of $1.76 if you can believe that.

The common theme here is debt ... massive debt !!

IVA has NO debt and lots of assets.

Obviously the uncertainty around future project financing, costs, copper prices and AUD are a big factor in the current negative sentiment but that's the nature of mining.

The fact remains ... IVA is debt free and has a lot more assets than liabilities.

Here's another fact ... if IVA was worth 11c (or less) as a going concern, the company would be snapped-up in a heart beat if only to be shut down and it's assets stripped for a 200m profit, but that's never going to happen.

It's trading at 11c because RIO want to sell and that has most likely prompted others to go, so we have a very distressed seller(s) and the market knows it ... 11c is all the market is prepared to pay for that distress, nothing to do with the real and rational valuation of IVA.

Does anyone really think RIO will sell its 57% for 11c ?