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January 17, 2008 Dear Friend, Please save Thursday, March 27, 2008 on your calendar four our first industry conference under the JTVIR, LLC banner to be held at the New York Helmsley, 212 East 42nd Street. We had to move our date forward from our prior April 1-2 date to avoid conflict with TeckCominco's March 31-April 4 tours of its Andocollo, Quebrada Blanca and Antamina copper mines in Chile and Peru and could not move back owing to the CESCO and CRU copper conferences in Santiago, Chile April 6-10 and subsequent earnings reporting blackouts. We intend to limit the program to a maximum of 20 companies, with an eclectic mix of "large deposit" pre-revenue and mature producing companies. Reconfirmed companies to the new date include Mercator Minerals, Taseko Mines, Northern Dynasty and Duluth Metals. Companies originally confirmed for April 1-2 that we intend to contact today include Agnico-Eagle Mines, Virginia Mines, Selkirk Minerals, Quaterra Resources, Polymet and Franconia Minerals. There are more companies we intend to invite. Companies that participated in our 2007 Prudential program that we intend to reinvite include U.S. Steel, Worthington Industries, Steel Dynamics, TeckCominco, Vale, SeverCorr, FCX, Barrick Gold, Cleveland-Cliffs, Pan-American Silver and the former Alcan and Northern Peru Copper will no longer trade publicly. One-on-one meetings will be allocated to our Full Service Clients first and our Limited Service Clients second, as management availability permits. We expect the one-day format to be a longer day, perhaps including dinner. Of course, there will be no charge to the institutional investor attendees, and we will ask each participating company to absorb its pro rata probably $1,000-$2,000 each cost of administering the program. We estimate Alcan sold for over $10,000 per tonne, Noranda Aluminum $3,150 per tonne and Vlissingen, Netherlands $446-$669 per tonne of smelting capacity. We agreed to speak on aluminum industry merger and acquisition trends to the Platt's aluminum conference on Tuesday, January 22, 2008 in Marco Island, FL. We have attached a copy of our speech for your convenience, as well as our recent report for comparison on copper transactions and the "anti-value essay" we published in July 2007 also for perspective. Faithfully yours, John C. Tumazos |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
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