Hi, Pat: I’m wondering about your opinion on Taseko Mines. It has fallen dramatically this past year with the decline in copper prices, and I’m wondering if you think it’s a reasonable buy to hold long-term for a commodity rebound.
Taseko Mines, $0.67, symbol TKO on Toronto (Shares outstanding: 221.8 million; Market cap: $150.8 million; www.tasekomines.com), owns 75% of the Gibraltar copper-molybdenum mine in B.C. The company was also advancing the very large 100%-owned Prosperity copper-gold project in the central part of the province until November 2, 2010, when the federal government said it would block Prosperity on grounds that it would likely cause environmental damage to a pristine area.
The decision was a surprise, given that the B.C. government had already approved the project. Taseko has now submitted a new environmental impact statement for Prosperity, but another ruling could take some time.
Taseko’s share price now mostly reflects the value of the Gibraltar mine, with only a small chance of a positive future decision on Prosperity. The stock now trades at only 2.6 times this year’s forecast cash flow of $0.26 a share. There is also some room for expansion at Gibraltar.
Despite its positive cash flow, the company’s share…
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