Martin Hubbes, CFA Thompson Creek Metals TCM-T COMMENT Feb 15, 2011

Likes the base building that is going on now. Bottom fish here. Or wait until it gets above $4.50 in case it never breaks out. It could be dead money.

He has a short position. Covered a while back because of some positive news and then layered back on the shorts. Last quarter they delivered a lot out of inventory so he thinks the moly is shrinking but meanwhile they are building out a copper/gold project. These names tend to underperform heading into production so he waits for results.

(Market Call Minute) There are so many things ahead of them that even if you get a base metal cycle it will go ahead of that.

Would only go into this if you are willing to take a fairly significant risk. Recently sold his holdings. The balance sheet was giving him concerns. Have gold production coming on, but the gold area isn’t that great. Good company when times are really good, but right now he considers it very high risk.

(Market Call Minute) Ramp up risk.

Moly is their primary product. There is worry that China could be the next black swan.

Their big claim to fame was the molybdenum play, which was hot a few years ago. Trying to diversify. Building a new copper mine so when that is up and running, they will probably do better because copper has a better outlook. Still trying to ramp it up and raise money to finish the mine. It will be a challenge in the short term. There are probably better places to be in the metal sector.

Has always been a molybdenum player, but doesn’t see any great upside. There is an excess supply. This comes out as a by-product. They did an acquisition, which was mostly copper, and has struggled with that a little. He would prefer some of the larger names that have more diversified exposure.

Had been Short this because they had to raise a lot of money to fund their CapX. Has been covering his Shorts because it could have a small bounce into the end of tax loss selling. They need to raise money.

There was a huge run in base metals. It is a positive pattern on the chart. They are probably going to do well again. He would come back to it in the fall.