It's an explanation. Don't know that it works for me though. From today's statement...
"Land lease(s) 1,401,265"
and...
"Mineral reserves 47,550,000"
From the July 7 PR....
"Dr. Gordon P. Boutwell, Jr., PhD, PE, Senior Consultant for Soil Testing Engineers, Inc. (STE, Inc.) has provided documentation valuing mineral deposits of Murphy Sand and Gravel at $189,600,000 minimum and in excess of $300,000,000 maximum."
and...
"The land lease for Murphy Sand & Gravel is carried at acquisition cost. Should a revaluation of this asset occur a new valuation could be considerably higher than what is currently indicated."
Today's financial statement clearly differentiates between "land leases" and "mineral reserves". The July 7 PR doesn't put a dollar value on the Murphy property lease unless the 47 million figure is the actual cost of the lease (which I seriously doubt) but if that's the case, the land lease figure in today's statement should be much higher.
Lotta room for interpretation!
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