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July 30, 2008 Dear Friend, Enclosed are reports estimating accretion of Teck Cominco's coal acquisition with a table 7 estimating future values of its exploration/development assets at $57 billion, an increase of our price target for Temple-Inland to $19 from $17 and the first two of an up to a seven part analysis of BHP Billtion. Part 1 analyzes BHP Petroleum and Part 2 Overview updates our earnings estimates to 2016 and price target. Sean Heberling, CFA joined us in June 2008 with ten years of experience. Previously he was in the equities area at the former Sailfish Capital, whose bond dept. lost over $2 billion last summer. Sean has visited the Endako and Thompson Creek mines of Thompson Creek, the Gibraltar mine of Taseko, Shell's 60%-owned Muskeg oil sands mine, UTS Energy, Fording Coal and attended an oil sands conference already. Sean will specifically support our research for the "Big Six" diversified mines like BHP Billiton, Rio Tinto, etc. He will also support our research on aluminum and other mining. He wrote our Alumina Ltd initiation last March as a consultant. Sean may support money management operations at a later stage. We find it difficult to keep up with developments inside the complex "supermajor" diversifieds, and Sean's ability to "focus" helps complete these important tasks. Many clients request more work on BHP Billiton and Rio Tinto as some large brokerage firms have "banking blackouts." Joe Reagor, who took CFA Level 1 in June, specifically supports our gold, steel and forest products research. Joe serves numerous "chief operating officer functions," performs all IT, acts as our webmaster, manages benefits and payroll and is a "glue" vital to our company. Last September and October my written report production more than doubled as he joined us. This past July our report production roughly matches the 27 we wrote last October, which reflects Sean and Joe's fine efforts. Our team has gone abroad for research 14 times in our 13 months of operations. We continue to seek improvements as our enterprise grows. Faithfully, John C. Tumazos |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
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