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April 30, 2009 Dear Friend, Enclosed are updated research reports on Overweight-rated Plum Creek and Rio Tinto. Each has made some noteworthy progress in the past months. PCL repurchased shares at $26 and avoided net losses from core operations despite the hibernating housing market. Rio Tinto issued bonds on favorable terms, cut costs and enjoyed better than expected revenues in some product lines as well as pursuing the Chinalco transaction to reliquify. We are studying a research trip in late May to Colombia to visit coal, gold or other mineral properties. We will let you know our itinerary in the event any of our clients have an interest. Faithfully, John C. Tumazos |
Copyright © 2008 John Tumazos Very Independent Research,
LLC
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