cheap as chips, page-33

For $3 in 2 years…..mmmmm…..what would we need for a $3 billion coy?

If it’s still in a growth phase with a nice project pipeline in 2 years say a PE of 20….= profits of $150m….

What have we got?

2008
TMR - (Calendar year) profits of between 30-40m (copper $3.00, 3000tpd production)
IBR - Patersons forecast 30m in 2009 financial year (based upon 77koz in Armenia) – say the Hugh factor brings this production forward 6 months so all in 2008 cy

Total 60-70m

2009
TMR – 40-50m
IBR – Armenia 150koz, Portugal 80koz 90m-100m
Total 130-150m

TMR then becomes the hunted…chomp….$4.50 on takeover

Hughs got to walk the walk……… but it does look possible