Opinions
Alice Tsang
Turquoise Hill Resources
TRQ-T
DON'T BUY
Apr 05, 2013
$6.280
Stock price when the opinion was issued
precious metals
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COMMENT
A Mongolian project with single assets. For all intents and purposes, it is a public controlled vehicle of Rio Tinto (RIO-N), which owns 51%. A low grade large deposit with lots of growth going down the road as they develop the underground portion. It is currently open pit. Feels it is fairly valued. Sensitive to copper.
precious metals
TOP PICK
It is a play in the huge Mongolian copper mine. They have another year and a half of liquidity. There are concerns that they cannot come up with their share of the CAP-X. It got deleted from the TSX index. The quality of the asset is not in question. There is also tax loss selling and it is now oversold. There should be a pretty good bounce in the stock. (Analysts’ price target is $1.44)
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HOLD
Great assets in a risky jurisdiction. Even at this level she wouldn’t step in. She would want to see more clarity with the Mongolian government and what action they may take. On top of this, copper prices are falling.