I agree with you. I would estimate that when MM is completed at current metal prices the NPV of all three mines is around $12 per share. As metal prices will keep going up it should be way over $12 per share.
I personally think the fact that TC operates in Canada and the US is a major plus. There is great uncertainty about nationalization in developing markets, and I feel the worse the economy gets, the great the uncertainty, as these governments will get desperate for cash. I expect some market crash and major metal price drop, but by the time TC starts producing with MM metal prices should have relatively recovered and TC will be able to start reducing their debt quickly.
Until then though, expect some potential pain in TC's stock price, it's not for the faint of heart. Maybe a visit to $2 if there's a market meltdown. Anyway I'm in @ $3 and will wait it out until 2014.