Taseko Mines Ltd T.TKO

completely funded

[nofluff]

With 3.50 plus copper and 100 million u.s from jv we have 600 million u.s cash to redeam bonds, build florence, advance np and ymi. 

The 600 million will grow at 3.50 plus copper. Tko should be trading 10.00 cad right now. We have begun the march. The 400 mill u.s. bond covered a quite a few sins:))

The jv will come in after permitting at a much higher lever because of the derisk.

nf

[JCSunsfan]

Reducing the cost of debt also helped.  You said 5%, I said 6 3/8%, ends up 7%.  Typical commercial bank lending right now is about 6.% I think, so that is not completely out of line. Interest on $245 million at 8.75.  $21.5 million per anum. Interest on $400 million at 7.  $28 million per anum.   So, an additional $6.5 million per year for $155 million in cash

[nofluff]

I think that is what they do j.c. It will take about 6 months to drill the initial field and do the piping. The existing tf should work for injection. As soon as extraction plant is ready, they start hanging copper. I think we will be pouring concrete by march. Everyone is expanding operations so Look for 125 million pound permit. That is about excellsiors size. nf

[JCSunsfan]

Is $4 US copper a reasonably expectation going forward?  I think it's fairly conservative.  Florence will produce 80 million pounds per year at a cost of $1.10 (and maybe more but lets be conservative).  Subract the additional interest and Florence is producing $225 million per year in free cash flow.  Add that to the $100 to 125 million Gibralter produces, and paying off

[JCSunsfan]

With those numbers, and fairly conservative ones, and assuming that Gib covers the previous debt expense and Florence covers the future debt expense, the PE at some point (before taxes) will be somewhere between 1 and 2.

[JCSunsfan]

Really.  Nothing now is needed except the EPA permit.  That is the only risk besides the copper market itself.  Once the EPA permit is issue, its just a plan to be executed.