A Comment -- General Comments From an Expert (A Commentary)

Not a favourite. Fully priced. Seems to have lost its way.

Not a favourite. Prefers a purer play.

Out look for the medals sector is quite positive. Prefers others.

On a price to cash flow basis, it is the cheapest of the large metals. Less than 4 X next year's cash flow.

Chart shows a series of higher lows indicating the trend is higher. The last correction was the most severe, so make sure it doesn't drop below the trend line. Try to buy at the trend line.

Probably bottomed out last year. Long-term chart indicates it's in its first advance; so could have a bit of a correction now, but one-year chart indicates a very relentless up-trend. The market is also favourable in this sector.

A turnaround story. Company expects this will be the first time they will be able to show incremental growth. Big land base.

3½ X next year's cash flow make it very attractive.

(A top pick August 27, 2003. Up 8.9%.) Likes the long-term demand of Canadian metals. Thinks this will explode. Look for much higher copper prices in the next 2/3 years. 3.5 X cash flow. Good dividend.

Not a fan of commodity industries as they depend on how much market share they can get. Not sure how well they can do in Brazil. Beer market has a lot of competition.

Going through a major restructuring. Shareholders could end up with nothing.

A great play on a mixture of metals. You are better off in a pure play in any economic recovery.

They have been succeeding in Brazil. Extremely well run company. A safe place to be. Not exciting, but a good holding in a portfolio.

Have been very successful with the drill bit. Their average barrel per day is increasing rapidly.