John Stephenson Inmet Mining IMN-T SELL Jan 15, 2013

He can’t find another good quality pure copper Canadian producer. This company is hinging its future success on a large mine in Panama and hopefully they will have it completed by 2016-2017. Thinks the market will be short of copper supply next year. Feels it has an NAV of about $80 a share and doesn’t know why it can’t trade at that amount.

(Market Call Minute.) Base metal producer. Good time to get in. Production in Spain, Finland and Panama and fully financed.

Doesn’t know if there will be a higher offer. With copper over $3/lb, this is worth $85 a share. He is not a seller because knows there is a lot more value in it. The mine in Panama that will come on line will be the biggest one to come on in the next 10 years. There are no permitting problems.

Big operating copper company with mines in Spain, Finland, Greece and Panama. First Quantum (FM-T) has just made an offer. He believes that there will be other bids as well and should go for at least $80 a share and possibly $85.

Hold on until the last minute because there could be a deal done anyway. Just stay in.

Subject of a takeover bid, valued at $72 a share consisting of half stock and half cash. Risk of this stock going much below $67-$68 is pretty small. Company is actively soliciting votes against the takeover. Thinks it is worth more than $72 a share.

Has an offer on the table from First Quantum (FM-T). He has not tendered his shares nor does he intend to on their 1^st offer which he feels is highly undervalued. Inmet’s Panama mine is one of the premier copper mines and will be on stream in the 2^nd half of the decade.

First Quantum (FM-T) has made an offer for this company. Feels this company should take the offer. There are probably better names in the copper space. The whole mining industry needs to consolidate.

(A Top Pick March 13/12. Up 14.87%.) Acquired by First Quantum (FM-T).