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Gold/Mining/Energy : Taseko Mines Ltd. (TGB)
TGB 7.620-11.4%Jan 30 9:30 AM EST
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To: Jim Cunningham who wrote (389)9/23/1998 12:08:00 PM
From: Michael July  Read Replies (1) of 572
 
BI Research continues to like this property. He has pumped this story up for over 5 years....saying a deal could be done within the year. Five years later, nada. Whenever I have called the company I'm always told how there are a number of companies (usually around half a dozen) who are really interested in the company and doing their due diligence. I've been hearing that for 4 years. My opinion is they could have done a deal for Taseko a long time ago at much higher prices if they wanted but I got the feeling management felt they could get much more for it.

According to the latest BI Research letter, at $325 gold and $.85 to $.90 copper (which the analysts are using for the long term prices), the pre-tax return is around 15%, down from I think 20+% at higher metal prices. Not sure exactly what kind of return companies need to make a deal feasible. Anyone out there have an idea? 18% comes to my mind. Well gold is certainly not at $325 so the return is not 15%. The only hope for Taseko is to have enough cash to stay open and much higher metal prices.....and soon. Management has stated if they can't do a deal they will do the project on their own. But in order to do that they will need financing and it is very hard to get that with the metals so low. Even if they did get the needed financing we would be looking at further dilution and a number of years before the mine came on line.
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