Does anyone know how a mineral mine is valued based on reserve size and grade of ore? For example, if a mine has a reserve of 10 million tons of ore X, and ore X goes for $50.00 per ton for this particular grade. So the market value for this ore reserve is $50 x 10 million = $500M. Based on that info, what fraction of market value of this ore reserve ($500M) will this mine be priced at? 10%? 20%? What this fraction be for gold, platinum, titanium, iron, copper, etc? I think this info is useful for estimating the value of some small mining companies that have big reserves but not yet big revenues.