Opinions Hugh Cleland, CFA
Iberian Minerals CorporationIZN.VBUYSep 07, 2006
Has a mine near Eurozinc Mining (EZM-T) mine. Probably a takeout candidate.
Hugh Cleland, CFAOwned
$1.50
Stock price when the opinion was issued
$0.08
As of Jun 09, 2026. Market Open.
precious metals
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Zinc producer in Spain and Peru. One of the biggest things holding the stock back is that they have a number of hedges in place for their production. A significant portion of hedges comes off this year. 2012 cash flow should ramp up significantly. Trading at less than 2X cash flow.
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Still a takeout candidate and if they can expand their resource and reserves over time, it puts them in play even more.
Hugh Cleland, CFAOwned
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BUY
Zinc/copper project in Spain. Have permits to build their mills and tailing pond and are waiting for a permit to operate. Possible takeout candidate.
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Zinc/copper project in Spain, near Lundin (LUN-T) properties. Recently got their licence for a processing plant and tailings dam. This is the next most likely consolidation candidate. On the assumption of $1 zinc and $2 copper, the company is producing $100 million in cash flow in late 2008 and 2009.
Hugh Cleland, CFAOwned
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DON'T BUY
Right next door to Eurozinc (EZM-T) so there is potential for consolidation. Did a giant issue last week (33 million) when the shares were at $1.50. Priced the issue at $1.52. Since it had never hit $1.50, why would you pay a new high and one very big investor was getting out of a lot of shares. Not a bad company or a bad asset, but one of the big block clear first.
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