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

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.

Wait to see what happens to the restructuring. Still have a long way to go to turn the company around.

Thinks there's a move into the cyclical stocks. 3 ½ % dividend yield. Management is focused on getting the company turned around.

$31/31.50 would be a good entry point.

A speculation, not an investment. Not sure that shareholders will be left with anything.

(Top pick on Aug 21/03. No change.) In a turnaround situation. Great management. Trading at a much lower multiple than many of its peers.