End of year trading, page-57

Copper is going to recover to a reasonable level. The share price will appreciate before it gets to a reasonable level.

" agreed a terms sheet" and "First drawdown under the Facility, subject to financing commitment, is targeted for December 2015." look fairly bright for the finance side.

Copper price is at 'extraordinary lows IMO. With several actual producers being unprofitable at current prices TGS is profitable at current prices. removing "about 20 percent of mined copper worldwide is unprofitable at current prices." may see copper price increase once the mountain stored gets sold. Another quote from that article "The lower the price of copper, the more developing economies must produce and export to get the same number of dollars to service their foreign debts. And the more they export, the more the downward pressure on copper prices. That forces them to produce and export even more, in a self-reinforcing downward spiral."

How long how low. One bright notes is TGS is one of the lowest cost producers and has significant upside immediately when prices increase. Explorers do not have this immediate income and still have to spend $$$$ to get anything out of the ground.

Glencore rollercoaster is linked to copper. They have shut production.

While the effect on copper has not show up yet the longer the price is down the more unprofitable high cost resources go off line. Economics of oversupply are easy to understand. The Economics of falling supply will take a while but when it occurs I will be happy I held my TGS shares.

Sorry if you have taken a big hit as that hurts. If you Liked tiger at a higher price both the issues you raised might be positive for TGS not a wait and see before dipping your toes back in?