have we reached the bottom yet, page-12

Valuation of a company is tough in this environment, BHP is probably cheap considering we are in a boom commodities cycle.

Copper price has been suprisingly resilient as the many pros continually talk it down with their softer economic data and reduced demand from China and Eutopia but it pushes on regardless topping US$4 lb as I type.

So what price Tamaya?

The May investor update points at targeted revenue of US$88 million based on recoveries of 80% and grades of 1.4% Cu and copper price of US$3.50 lb.

At the current copper price of US$4 lb this gives us around US$100 million revenue from July 08 - June 09 or EBIT of around $40 million or EBIT of 3c per share

With further reductions in C1 cash costs, a solid copper price, open pit mining, and increase to 4000 tpd, $160+ million asset base and $30 million fresh capital then the
upside is probably better than the downside.

So what price Tamaya? $0.081c