1600t cathode copper at end of quarter is not recorded, page-21

TGS is undervalued here , why?

-predicted cash outflow for production of around 26 Mio$ is for 100% of the project , not not 60% ....revenue will be over 40 million$ (for cathodes alone) + unsold cathodes from Q3 production + 17000 tonnes of concentrate

- 16 million$ developement costs are mostly for the 30 MW transformator ... costs will fall significantly in Q2 2015 with power from grid

-costs will fall due higher grades , lower prices for diesel , optimazion works

-the upgrade to 50000 tonnes copper/year means TGS will be a 300 million$+ (at today prices) revenue company with profits near 100 million$ p.a. for minimum 10 years ... Luputo + exploration will add minelife ....marketcap of 230 million$ looks too low in relation to the numbers

- TGS is a takeover- target now with simplyfied coorperate structure