Conference CallRegarding their view on Moly. They are very bullish on Moly in themedium long term. They see the current price of $11 as the low we willsee and are noticing some firming in prices at this point. They do notthink there is any significant inventories of moly to cushion pricesand therefore believe that as demand picks up price could move upquickly as it did this summer.
Key aspects related to their aquisition plans:
They see the best use of their large cash position is to make an aquisition rather than share buy back or dividend.
They see this as something they would like to make sooner rather thanlater but would not hint as to if they are in negotiations presently orobviously the type of company they are looking at.
They sounded quite optimistic about getting a deal done so my take onthe tone led me to believe they have been in contact with companiesthey are interested in. Is GMO on the short list at this time or wouldTC wait for permits first is anyones guess :)
They love North America for an aquision.
They are definately against Africa.
They prefer a moly focus for an aquisition.
They acknowledge that there aren't many companies that fit thatdescription and mention that copper moly is obviously on the radar aswell.
As you can see I am very interested in the aquisition side of this story. Who when and for what price. I've put my bets on GMO and ML.