Recently, both Kasbah Resources and Elementos used a paltry 8% as the discount rate to value still unfunded tin projects without any customers in feasibility studies. Smaller mining companies habitually pitch for equity funds valuing projects using debt market capital costs. Directors wonder why equity investors do not share their sense of value when they mistakenly use this one size fits all approach to attracting investors. When properly measured against the cost of equity capital, after debt has been repaid and after taking account of the market capitalisation of the companies housing the projects, many projects look far less enticing to portfolio equity investors. This is the subject of my latest Mining Journal weekly column available at (VIEW LINK).