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May 2, 2008 Dear Friend, We compare herein the $0.236 per pound price Marubeni Corp. paid on April 24th for 30% of Antofagasta PLC's Tesoro adn Esperanza mines, the $0.14 per pound or $303 mm Antofagasta PLC paid two years ago to buy back 39% of Tesoro, the $0.096 per pound Teck Cominco agreed to pay on April 14th for Global Copper's Relincho property and our database of 24 copper transactions since 2005. My colleague Joseph Reagor travelled this Tuesday and Wednesday to the former Tennessee zinc division of Asarco at the invitation of Donna Yoshimatsu, a former spokesperson and long-time friend from Franco-Nevada and Euro-Nevada. We attach Joe's field notes and discussion of Strategic Resource Acquisition Corporation in which FNX Mining, which we regularly cover, owns almost 9%. We continue to attempt to travel on every mine or plant visit to which we are invited, including Coeur D'Alene and Apex Silver's Bolivian silver mines on May 20-23rd, Smurfit Kappa's Bordeaux containerboard mill later in May and hopefully Rio Tinto's June 15-20th Australian mine tours if it allocates one of the 30 slots to us. I took the Bolivian trip away from Joe because I already had yellow fever vaccination and "high altitude" medical certification, and gave Joe the Bordeaux, France containerboard trip as a sort of "plumb". It is my policy to treat my employees like "guests" and give them every consideration. We value and encourage loyalty when a busy industry event occurs when yours truly is at a mine on another continent or my manager Alicia works late four days in one week to produce our March 27th conference. Faithfully yours, John C. Tumazos |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
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