Q: As I understand Golden Valley (gzz.v) owns 45%, or 5.6 million shares, of Abitibi Royalties (rzz.v). Abitibi has a market cap of c$275 million. That puts Golden Valley's share of Abitibi alone at c$123 million market value. But Golden Valley's market cap is only c$72 million. CEO of Golden Valley is chairman of both boards. Same CFOs. Abitibi is buying back/reducing share count aggressively. What am I missing in these valuations?
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