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  1. #1
    Guru Dr_Who's Avatar
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    Default Indophil Resources - IRN

    This is an interesting little company.

    They have one of the largest Copper mines in SE Asia situated in the phillipines. In the last year there has been 2/3 attempts at a hostile T/O on IRN. The valuation is around $1.50.

    Two big players are still at it to T/O IRN and/or its largest resource holding - Tampakan. The final showdown will be between Alsons Group and Xstrata. The ball is in the shareholders court to approve a $1.28cps sale of IRN's shareholding in Tampakan.

    If it is successful, it may distribute $1.28 cps back to shareholder.

    Pls DYO research before investing.

    Disclosure: recent bought shares in IRN.
    Last edited by Dr_Who; 22-12-2008 at 11:30 AM.
    Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.

  2. #2
    Advanced Member airedale's Avatar
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    Hi Doc, hostile , is how the locals feel to IRN. Great prospect but lots of sovereign risk. The big guys like Xstrata are certainly interested.

  3. #3
    Guru Dr_Who's Avatar
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    Quote Originally Posted by airedale View Post
    Hi Doc, hostile , is how the locals feel to IRN. Great prospect but lots of sovereign risk. The big guys like Xstrata are certainly interested.
    Interesting to see one of the wealthiest Phillipino family (Alsons Group) is having a go at T/O on IRN at $1.28. Even the phillipinos know the huge potential value of Tampakan which is situated in their backyard.

    I made abit of money trading LST when IRN tried a hostile T/O of LST and it backfired on them triggering a hostile T/O back on IRN.. all very complicated!!! The company with the deepest pockets and largest balls will win at the end.
    Last edited by Dr_Who; 05-11-2008 at 06:53 PM.
    Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.

  4. #4
    FEAR n GREED JBmurc's Avatar
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    Cool

    mmmmmmmm 29.5 c SP for IRN wasn't long ago LST sold their share of IRN to Xstrata for 1.17 per share

    IRN has a 34.23% interest in the Tampakan project with the right to acquire an additional 3.27%. The current global resource is 12.8mt of contained Cu and 15.2moz of Au making it one of the worlds largest undeveloped copper resources. Xstrata hold the remaining 62.5% interest.

    Might have to pick-up some today sub 30c
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  5. #5
    Guru Dr_Who's Avatar
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    You are dead onto it JB.

    IRN has cash of around 20 cps sitting in the account which equates to $80m of cash! I am a shareholder and continue to accumulate stock on price weakness.

    On current price of 30 cents the market is saying that the 34.24% of Tampakan with 12.8mt of contained Cu and 15.2moz of Au is only worth less than $40 m. Gold is over USD800 per ounce!!!

    It is not only the largest Cu/Au mine in SE Asia, but also one of the cheapest cost to mine. This company will be taken out, just dont know the timing. Till then I am a buyer.


    disc: Shareholder
    Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.

  6. #6
    FEAR n GREED JBmurc's Avatar
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    Default more cheap shares on offer today

    MANILA, Dec 22 (Reuters) - A worker at the Tampakan copper and gold exploration site in the southern Philippines was killed and two others wounded when a lone gunman fired on their vehicle, local police and mine owner Xstrata (LSE: XTA.L - news) said on Monday.
    The lode is one of Southeast Asia's richest untapped deposits, with an estimated 12.8 million tonnes of copper and 15.2 million ounces of gold. It is 62.5 percent owned by Swiss-based mining giant Xstrata.

    The workers were returning to the company's supply base late on Sunday when they were fired upon, said Felizardo Serapio, police chief in South Cotabato province, adding that Maoist-led New People's Army (NPA) rebels could be behind the attack.

    'The communist rebels are known to be operating in the area and they have staged attacks against the company in the past,' Serapio told reporters.

    An army spokesman, Major Randolph Cabangbang, said the attack could have been motivated by a personal grudge.

    Police were investigating, Xstrata said in a statement released by its Philippine-based affiliate Sagitarius Mines Inc.

    Sagitarius declined to make any further immediate comment.

    After a number of attacks this year allegedly by the NPA, the Philippines offered to train private security guards protecting mines as part of efforts to attract more foreign investment in the sector.

    Since the start of the year, four major mine sites in the country, including Tampakan, have been attacked.

    An armed gang attacked and set fire to a mine exploration rig at the Tampakan site in July. Discovered in 1991, development of the site has not progressed far beyond the drawing boards.

    On Sunday, local nickel ore company SR Metals Mining Corp. was attacked by about 60 NPA rebels in another part of Mindanao island.

    The rebels burned heavy equipment and seized seven assault rifles from private security guards protecting the site.

    Nestor Fajurra, a police spokesman, said the NPA rebels also destroyed a nearly mobile cell site and ransacked a local police station, taking radio equipment.

    'No one was hurt but millions of pesos of property went up in smoke,' Fajurra said, adding the rebels were also targeting the country's economy by attacking mines, plantations and mobile phone companies.

    (Reporting by Manuel Mogato in Manila and James Regan in Sydney
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  7. #7
    Guru Dr_Who's Avatar
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    All they have to do is put a WANTED REWARD of $100k per head for those rebels and it will be all solved within a week.
    Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.

  8. #8
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    Quote Originally Posted by Dr_Who View Post
    All they have to do is put a WANTED REWARD of $100k per head for those rebels and it will be all solved within a week.
    I don't think so, doc.
    The "Mindinao rebel " situation has been festering for a long time -it was a problem in 1982 when I made my first visit to the Philippines and had been ongoing for some time then.
    IRN is an interesting stock nonetheless and warrants attention by those prepared to take on extra country risk on top of the usual risks associated with mining companies.

    Disc: Not yet holding.

  9. #9
    FEAR n GREED JBmurc's Avatar
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    Cool

    dr who IRN L

    You guys can shout me crayfish dinner end of this year.
    __________________

    If IRN get back to 1.20+ share I'll send you a crayfish for ya dinner
    "With a good perspective on history, we can have a better understanding of the past and present, and thus a clear vision of the future." — Carlos Slim Helu

  10. #10
    Guru Dr_Who's Avatar
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    Thumbs up

    Quote Originally Posted by JBmurc View Post
    dr who IRN L

    You guys can shout me crayfish dinner end of this year.
    __________________

    If IRN get back to 1.20+ share I'll send you a crayfish for ya dinner

    Here is hoping.
    Having got ourselves into a debt-induced economic crisis, the only permanent way out is to reduce the debt – either directly by abolishing large slabs of it, or indirectly by inflating it away.

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