our long term financial destiny, whether you are TMR or still IBR, hinges heavily on the IBR potential to become a reality....
TMR - In the 2008 calendar year TMR operations should provide (using 2.93 price for copper) an EBIT of somewhere between 30m-40m AUD
IBR - this is little more difficult to determine.....the merger document says 40k oz gold for the year to 30 June 2008....@$300 margin (say) might give us 12m
after allowing for MINORITY INTERESTS...about 10m possible for TMR giving it overall earnings potential of 40m-50m EBIT for 2008
At a market Cap of 250m its clearly undervalued
The upside potential is how quickly hugh can get Lichkvaz upto its stated (by IBR) potential for 100-150k oz pa (perhaps $30-45m pa for this one project-they seem to have some others)
This could explain the 2 instos and others hanging on for dear life
Is this where the Rishton plant comes in?
Any IBR ers with some earnings comments?
TMR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
