Nose! Yes, SRK has sovereign risk so marked down sharply,...

Nose! Yes, SRK has sovereign risk so marked down sharply, because investors are saying these projects will NOT developed any time soon.

While SDL needs to build railway across 3 African countries & carry even greater sovereign risk than SRK, but SDL worth billions. SDL also has Chinese as biggest shareholder after bought Talbot's stake.

My point is if investors don't think the project will never developed the company will be marked down & looks "cheap". 5H compared IRD with CAP, I could easily compare CAP with DMA, DMA will look "cheaper". PDY will look even cheaper, but PDY needs MMX's railway.

While WDR (the example I gave a few post ago), CAPEX only $190m (yes $0.19B) most like will be fully funded & their stock looks "expensive" compare with DMA, CAP, MMX, etc.

I do wish BMG can get project funded or at least pay $25m to CAP, because I have some shares in CAP (bought recently).