You have proven my point that we are paying way too much....

You have proven my point that we are paying way too much.
Joelstar you calculations are way off. Parroting company documents does not value assets, it only illustrates earning capacity which although effects a companies valuation is not how resources are valued.

Several factors
1. What are we paying
2 What are we losing from dilution of RMS profits
3 What are we losing from dilution of the take over target profits.
4 What is the holding cost from the investment
5 What are we losing from issue of capital

Cost of the Acquisition.
2.2 billion.

Holding Cost
SPR cost 2.2 billion for the asset
less return on investment of 2.2 billion (220 million annually for 13 years)
Holding cost.
2.6 billion paper loss.

Dilution of shareholding profits 35%
7 billion return x.35
2.5 billion dilution loss.

Dilution of RMS existing return on investment.
Profits spread over a larger pool of shares from dilution.
Assume 700 million profit a year less .35% 245 million a year for 13 years.
3.5 billion loss on exiting returns to shareholders.

Inflation loss
2.2 billion less 3% compounded over 13 years
1 billion paper loss.

.After dilution profit is more like 4.5 billion .
Technically we are paying 12.7 billion over 13 years to make 4.5 billion.
Assets are never valued based on their return because there is no upside. If you are going to mine something and gain 7 billion profit you don't 7 billion.