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March 31, 2008 Dear Friend, Attached is our regular Spot Market Review, in which we discuss slowing demand for base metals, whether to selectively prune certain metals as seasonal peak or cyclical peaks pass and rising inventories of nickel, zinc and aluminum. We reaffirm copper, gold and other precious metals. Attached is a report raising our price target for FCX to $150 from $125 per share owing to higher metals prices, despite our removing Tenke Fungurume from output spreadsheets. Please mark September 25, 2008 and March 25, 2009 as similar "each six months" metals conferences at the same New York Helmsley, 212 East 42nd Street, NY, NY 10017. We will begin at 8 am with steel, aluminum, diversified mining, other mines and "geologists over beer" concluding between 6 and 10 pm with up to 20 companies webcast. We are asking our corporate friends to select one of the two dates, and there are enough companies to rotate 30 to 40 each year. I will be in Peru and Chile visiting eight mines from this afternoon to the evening of April 10th, but my cell phone 732 740 3574 and blackberry john@veryindependentresearch.com should work about half of the time. Joseph Reagor (joe@veryindependentresearech.com) or Alicia Aydin in my office may assist you at 732 444 1083. Faithfully yours, John C. Tumazos |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
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