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July 28, 2008 Dear Friend, We cut our 2008 earnings estimate for Mercator Minerals to $0.47 from $0.70 owing to the yet to arrive pair of "ball mill heads," which may slow first output to Septmeber and concentrate sales to October. We continue to rate the stock Overweight with a $30 target based on its $8.83 stock price and a $3.30 per share 2010 estimate at $3.25 copper and $25 molybdenum. We cut our price target for Overweight-rated Newmont Mining to $65 from $78 and cut earnings estimates at performance of its Batu Hijau mine deteriorated and depreciation, "other expenses," research and exploration costs grow. Plum Creek continues to buy some parcels of land, sell others at much higher values and buy back common stock, and we rate it Overweight with a $70 target. Faithfully, John C. Tumazos |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
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