Inmet Mining (IMN.TO) Buy, Sell or Hold

Inmet Mining (IMN.TO)

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BUY

One of the only pure copper plays on the TSX. Feels they have the best copper assets globally. Continue to have issues with their Spanish mine. Copper markets have rebounded.

COMMENT

Inmet Mining (IMN-T) or Teck Resources (TCK.B-T)? Not a resource person but would suggest Teck because it is more diversified, bigger and leveraged to metallurgical coal.

BUY ON WEAKNESS

Reasonable buy at these levels. Expect markets will grind sideways for the next couple of months so accumulate on weakness. Have their Spanish mine coming on next year, which should increase their production. Have a significantly larger mine coming on in 2015-2016 in Panama. Accumulate on weakness.

TOP PICK

This is a story about China. He doesn’t see copper supply meeting China demand. There are not a lot of long term copper plays left. He could see a take-over happening shortly.

DON'T BUY

It will under perform the group, now that the merger is not going through. Their biggest project now has a much higher cost structure. He would switch to LUN-T.

BUY

Such an interesting story. This is probably the highest beta stock he owns. Biggest wild card is their giant proposed min in Panama, where the president says he doesn’t care about mining. Another hurtle was the way they want to power the mine. Also they are being bid for, one of which is hostile. Panama is seen as the future of the company. The current price only takes into account what they are producing now, so you get Panama for free. Doesn’t think there is much downside.

BUY ON WEAKNESS

Doesn’t particularly like some of the political risks but they’re diversified enough that any one piece is not going to take them down. Incredibly profitable company and are working on some good growth projects. Looking at it seriously.

HOLD

Proposed merger between Inmet (IMN-T) and Lundin (LUN-T). Both are copper companies and are trying to get bigger. Inmet just reported and production was quite a bit behind schedule and earnings fell short as well. Stock has not been performing well. A lot of these issues are temporary and will be resolved over the next quarter or so. He is bullish on copper.

WAIT

In the midst of a merger. Some very interesting properties the two parties bring to the table. But there is two very different cultures. He is watching it very closely. It is falling with the market right now.

PAST TOP PICK

(A Top Pick Jan 4/10. Up 13.48%.) Still a Buy.

DON'T BUY

Well managed and a nice balance of metals. Having issues with meeting production and as long as this happens there will be improvement in the stock price. Should be making their numbers by next year but won't be a big performer.

WAIT

Bull market stock in that it is copper and is leveraged to copper, which does well when economies do well. If market runs another 10%, this stock will do better than the market. Would wait for November.

TOP PICK

Copper demand from China will increase at 4% / year over at least the next decade. Have really good copper assets. Depressed price means it’s a good time to buy. Lots of cash on the balance sheet. How many top quality copper companies are left in Canada.

STRONG BUY

China is showing that things are still recovering. Good copper prices at over $3.40 so they are making a ton of cash. Earnings this year should be in the $7 range and possibly higher next year when they get the new mine up. Spain is finally online. Fabulous asset in Panama that could be a game changer. Expecting a double in the next 2-3 years.

BUY ON WEAKNESS

Base metal mines. Never been able to buy at the price he would like. Solid well managed company.

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Inmet Mining (IMN.TO)