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August 3, 2008 Dear Friend, The attached pdf files were damaged in our message at 10:24 pm last night. Our Verizon Wireless card is not powerful enough to send pdfs, which we were using after an electrical storm surge disabled a fuse, surge protector and our internet over the weekend. We follow Alumina Ltd, Alcoa's 40% partner, to better understand Alcoa, raw materials markets and Alumina Ltd. We estimate it omits its dividend and negotiates a dilution to 35% of Alcoa World Alumina Corp. (AWAC) to cope with AWAC's $3.7 blllion Brazilian overrun. We will cut our nickel price estimate to $10.75 from $12.50 for 2008 when revising our Vale earnings estimates after Vale reports this week. We had cut our gold estimate to $925 from $950 in revising gold estimates as well. Virtually all nonferrous commodities exchange inventories rose last week suggesting slow demand. This morning I biked 43.6 miles around Red Bank, Rumson, Sandy Hook and the coast for the first time since forming this business. Saturday evening I took delivery of a "new" aluminum-framed bike replacing my cracked carbon fiber frame. The brakes, pedals, wheels, seat, seat post, water bottle cages and handlebars came from the 1996 bike that saw 69 races and 10-12,000 miles. Will sleep well tonight. Faithfully, John C. Tumazos |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
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