Earnings MachineALS is an earnings machine. Check out its record of annual earnings before taxes in recent years:
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2006: 33 million
2007: 64.6 million
2008: 16.2 million
2009: 34.8 million
2010: 24.8 million
2011: 79.5 million
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What's going to drive earnings in the next few years? ALS is going to gradually sell off its ~33 million shares of ADV as it goes into production, hopefully into a iron ore bull market. That should net them $300 or $400 million. And they have a very nice stake in Royal Gold, currently worth around $42 million, which I could also see them liquidating if gold prices keep rising.
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By the way, I expect a big jump in Voisey's Bay revenue in the 2nd half of this year, as indicated by the boat traffic into Voisey Bay. Since March 30, 2011 to October 3, 2011 there's scheduled (or have taken place) 6 vit by Umiak 1, the main nickel carrier, and 5 dockings by various other carriers. Nickel and copper prices are still relatively high right now and VALE is making up for lost strike time.