John Embry
Intrepid Minerals Corporation
IAU-T
BUY
Nov 30, 2006
Acquired New Star in Australia. Paulsens mine which came with the acquisition and is not running a smoothly as they would like. Earnings where a little disappointing. Had to do an issue. Still likes the Australian production and South American exploration upside combination. Oversold and is cheap.
Intrepid is merging with Nustar in Australia on July 1st. Nustar produces 80,000 ounces a year. They also have an ore body which will soon a mine. Also have a terrific exploration play in El Salvador.
Bane of his existence. Had the right backing, great exploration play and a resource in Argentina. Then acquired a producing mine in Australia that has been nothing but a headache. Making it worse, they have a hedge, which consumes cash. It has now reached a level where it is clearly in buying range.
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