hawsons is the superior project, page-28

5H!

I don't know too much about IRD, but I thought CAP's Hawson project CAP only get $25m from BMG (due 2012) then BMG will fund BFS (about $20m). So CAP only get 4mtpa & 20% of 1.4Bt (280mt) free-carry. CAP is still very undervalued, but your table compare CAP vs IRD may be a bit unfair, because CAP does not own the Hawson project. This free-carry only depends on if BMG can develop the project.

Nevertheless, I think both CAP & IRD are undervalued.