CBA will sell....they have been selling IBR all of this year (about 800k- most recently on the 8th may)....probably as much as they could without upsetting the price too much....so it would be a big turnaround in their thinking not to sell...
having followed tmr for a while now, one thing I'm impressed with is hugh and the coys ability to get on with the small boring stuff, like getting it out of the ground. there is a growing list of positive announcements over the last six months (which boil down to doing what they say they are going to do) -
1. increased mill throughput to 1250 tpd - they are achieving more - 3000tpd dec 07
2. increased reserves
3. debt facility organised - not coming back to us!
4. decreasing unit costs etc
they are even putting there own money where there mouths are.
read hugh's agm report - he's quite specific "sulphides production running at 26-28m pd of copper at costs trending towards $1US" - there was no real need to put an actual number on it yet, unless you were so confident.
Market cap $250m - its undervalued regardless of IBR
so all in all not only are they getting on with the big picture (IBR diversification = less risk = larger PE values) they are getting on with the small stuff.
Latest example - Whats hugh doing at the moment? hes on a air drill dismantling the gold mill (Rishton) to ship to one of IBR's gold prospects....to do the boring stuff....getting it out of the ground!...I bet we start seeing IBR gold in 2008
TMR will be a $billion mining company in 18 months
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