Indophil Resources (IRN) 12.5c
THE perennially unpopular Philippines copper developer has plumbed new record share lows, implying a $153m valuation compared with cash backing of $215m-$220m.
This is despite its minority-owned Tampakan mine being well clear of Typhoon Alley.
One of Indophil's issues is that Glencore Xstrata, the 62 per cent-owner of Tampakan, has stated aversion to greenfields projects, while in a regulatory and community vein the project hasn't been butterflies and daisies.
Still, at 2.94 billion tonnes Tampakan is one of the world's biggest undeveloped copper resources and the deep discount lures us to a spec buy call.
http://www.theaustralian.com.au/business/opinion/not-the-reit-timing-for-apn-spin-off/story-e6frg9lo-1226774549086#
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