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

Inmet Mining (IMN.TO)

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BUY

Great assets. Had a lot of problems getting new mine in Spain up and running. He hopes it will be up and running by year-end. Oodles of cash. Stock is pricing copper at $2.25.

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BUY

He is buying more. Will be one of the world’s best producers. Goes up and down with Copper, which goes up and down on perception of Chinese demand. If you think copper will stock at $3, then this is really cheap.

BUY ON WEAKNESS

Under performed relative to a lot of the other base metal companies. Starting to show up on his radar screen. Under $40 could be compelling. Base metal prices have pulled back a lot. Until base metals have a better market, there won't be a lot of lift in the stock.

DON'T BUY

One of Canada's bigger resource plays. Went through a major decline since the beginning of the year. Very sharp decline in a short period of time in January making it damaged goods. Bounce back didn't take it very far. 45% decline indicates big money is not interested. Dead money and it's going to go lower.

BUY

China imported 8% less copper in April as in March and maybe that is the cause of the drop. Plans to build one of the largest copper mines in the world in Panama. It’s hard to believe that copper can go much lower. We won’t have enough supply in the next 3 to 4 years.

DON'T BUY

Done pretty well. Had a wonderful 200-day moving average until it broke through. Some support is likely to come in about $45. The trend is not your friend unless you are short this stock.

BUY

Play on copper so will be volatile. Earnings last week were slightly disappointing because their mine in Spain was delayed. Likes the story because they have mines in all stages of development.

TOP PICK

Recently had 2 really good events. Sovereign Wealth Fund invested $500 million that will fund the production start on their Panama mine, one of the best copper prospects globally. Also their mine in Spain is scaling up to full production.

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DON'T BUY

This is an example of a stock reflecting a number of different kinds of risks. 1) Overall level of risk with the stock market 2) sector risk and 3) company specific risks. This one has a number of projects that are very critical to its future production profile.

BUY

They had problems with some of their production in Spain and Portugal. Good copper producer and good zinc assets. If you like the base metals it’s a good play. Prefers some of the others in the sector.

BUY

He is trimming it off along the way. Copper story. Great assets in Spain and across the world. Great company. Balance sheet in great shape. New mine coming on in Panama in the next couple of years. Great time to buy the stock.

DON'T BUY

Copper is arguably the most controversial commodity at this time. Bears are concerned about US housing and the inventory China is holding. Looking at China's foreign exchange reserves, which shows they have begun to diversify into oil sands companies, gold and he thinks they have started to buy some copper. He thinks Copper could come down a little and will get oversold. This one has not been a solid operator so he would look at something like First Quantum (FM-T).

SELL

(Market Call Minute) Stay away from it. Tough assets to value.

BUY

Copper play, which depends on your outlook for global economy, especially Chinese. He believes the demand for copper will grow and the current copper price can be sustained or go higher.

DON'T BUY

High quality, well run base metals business. He doesn't like the base metals sector because it is highly cyclical and volatile.

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Inmet Mining (IMN.TO)