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November 6, 2008 Dear Friend, Attached are updated detailed reports on Louisiana-Pacific and Antofagasta PLC, and we lowered our price targets for each owing to end market conditions. Antofagasta currently holds about $2 billion in cash and has almost no debt. It is completing its Esperanza mine in Chile, but in the current economic climate there would seem to be a lesser "rush" for its 37.5% net interest in Reko Diq in Baluchistan. Fortunately Antofagasta PLC appears very liquid and well-financed "as the music stops." It could seize an opportunity. We continue to prepare for our November 12, 2008 conference next week as well. Faithfully, John C. Tumazos |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
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