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Unloved offshore miners with tonnes of potential - part 2
Trevor Hoey, August 20 2007

Last week we looked at several offshore mining companies that are in various stages of exploration and production, each with certain features that make them worthy of consideration. This is the second part in that series.

Tamaya Resources

Tamaya Resources (TMR), an Australian company that is involved in exploration and production activities in South America, recently doubled its copper resources in Chile through the acquisition of Latin American Copper.

Tamaya has several assets in Chile with highly promising resource estimates that could sustain long term production. But in the near term the most important news is that the company has commenced production from its Punitaqui project.

Tamaya achieved earnings of $10.7 million in the half year to June 2007, and this is expected to increase substantially in the next twelve months as the company ramps up production at Punitaqui. The mill capacity has been expanded to 3000 tonnes per day, allowing Tamaya to double production.

Tamaya provided an update on its exploration at Cinabrio, an identified resource that could be combined with the Punitaqui operation, effectively extending the mine life without the impact of set up costs. A potential inferred resource of 300,000 tonnes of copper oxide and copper sulphide has been delineated. Further exploration results from Cinabrio as well as Tamaya’s progression from explorer to a profitable producer should provide medium term share price momentum.