this morning cooper mining firm Freeport-McMoRan had its target increased to 200 from 130 by Lehman Brothers due to projections that cooper prices will average $4.50 a pound in 2009 up from around $2.75. the catalyst for this move is strong Chinese demand, low inventories and slow growth in new supplies.
this theme looks attractive to me. tgb is a Canadian based miner of primarily cooper but also has deposits of gold and molybdenum. raymond james has stated that taseko is the most inexpensive copper producer relative to its net asset value of over $9.00.
earnings estimates for the company vary widely but rj is estimating earnings per share of $1.36 for calendar year 2008 which obviously makes the stock quite a bargain.
technically the stock has been basing just above its 50 day moving average and looks good for establishing an initial position.
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