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manicule says...

copper radius
black-wet bark, instant of breeze
leaves slip under foot


Image by LadyBugrock on Flickr.
(haiku: japanese form of poetry, most commonly about nature, with
three lines; 5 syllables for the first, then 7, then 5.)

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http://www.cdeclips.com/en/nation/fullstory.html?id=32296

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(download)

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Handy Man says...

How to Install a Light Dimmer Switch

A light dimmer switch is a small, inexpensive piece of hardware that you can install in about a half an hour. It allows you to control the lighting in a room. Instead of flicking a switch to turn the light off and on, a light dimmer switch lets you turn...


light-> lights-> power-> wires-> nut-> type


  • dimmer How to Install a Light Dimmer Switch A light dimmer switch is a small, inexpensive piece of hardware that you can install in about a half an hour. It allows you to control the lighting in a room. Instead of flicking a switch to turn the light off and on, a light dimmer switch lets you turn...
  • light Replacing Light Fixtures One of the easiest ways to improve the appearance of a room is by changing out a light fixture. Whether you are looking to upgrade a dated fixture, or you are looking for a solution that will provide you with more usable light, replacing a fixture is typically the best...
  • Base Your Lighting On Your Livestock Or Your Livestock On Your Lighting This article is aimed more at aquarists who are interested in keeping corals. Aquarists who decide to keep a fish only aquarium do not need to concentrate on lighting as much as aquarists who keep corals do. Fish only aquarists need to use lighting to create a day/night cycle to...
  • recessed lighting How to Install Recessed Lighting Recessed lighting is a great way to add some modern flair to any room in your home. It looks especially snazzy in the living room or kitchen, where you can focus the light in on key features in the room. Recessed lighting is exactly what it sounds like – instead...
  • Under Cabinet Lights in Remodeled Kitchen How Do I Install Under Cabinet Lighting I love my kitchen, I really do - it's just so dark over the countertops, which makes food preparation a bit dangerous. I've been looking into DIY under cabinet lighting options over the past couple of months and I think I've found a suitable option for our kitchen. Since we...
  • Update your lighting on the cheap If you're like me, every now and then you'll look around your house and be hit with the urge to make a little update to your decor. If it's a 1970s shiny brass light fixture that's annoyed you for the last time, you're in luck. You can update your light...
  • How To Determine What Aquarium Lighting You Need When the decision has been made that keeping a marine aquarium is for you the next decisions are what animals you want to keep and what equipment you will need to use. One of these decisions is what type of lighting you should use above your aquarium. It is my...
  • T5 Aquarium Lighting - Suitable For Which Corals? Aquarium lighting for a reef aquarium is very important. It is second in importance only to seawater quality. The lighting system needs careful consideration if corals are to prosper. In a fish only system the lighting is not particularly important. The fish need to see and also be seen, that’s...
  • Do You Have To Have Metal Halide Lighting For Hard Corals? Many reef aquarists see hard corals as the height of achievement and the closest thing to a real coral reef in captivity. This isn’t quite true of course, as parts of coral reefs are dominated by soft corals. Nevertheless, a hard coral reef can be very beautiful, and if the...
  • Aquarium Lighting - What Are Your Options? Water quality (in which I include water movement) is top of the list in importance when it comes to keeping a saltwater aquarium. Closely following water quality is [tag-tec]aquarium lighting[/tag-tec], as much life on the reef depends on it. The lighting used for a reef aquarium is more intense than...
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  • Rotator Cuff Exercises Really Do Help You To Recover Faster Unbelievably. nearly eight million people in the United States will suffer a shoulder injury this year and well over half of them will be a direct result of injuring the rotator cuff muscles.  If you have undergone surgery, suffered a cuff tear or simply have a weak shoulder rotator cuff...
  • Holistic Drug and Alcohol Rehabilitation for the 21st Century - Fact or Fiction? Part 2 by Jerry Goldfarb The Holistic approach to medicine and treatment holds that human beings have a body, a mind and a spirit. These elements of the human being are intertwined and exist in a delicate balance that determines positive or negative physical/mental health. The holistic method respects this balance and...
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  • How to Survive a Nuclear Attack So. World War III has happened. India and Pakistan got fed up with fighting conventionally over the Kashmir territory and fired nukes on each other. Russia fired upon India, which in turn gave Iran a lame excuse to fire a nuke it claimed it never made on Israel. This caused...
  • Wayne Dyer's Powerful Intention #2 In his book The Power of Intention, Dr. Wayne Dyer defines intention as a force in the universe that allows the act of creation to take place. The book explores intention, not as something you do, but as an energy you're a part of. In addition, Dr. Dyer provides an...
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  • Federal Reserve Notes Coins and Paper Money -> Paper Money: US -> Large Size Notes -> Federal Reserve Notes One of the most interesting collectibles in the field of coins and paper money are federal reserve notes. However, there is quite a bit of confusion out there about what these notes really are....
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  • Social Spending Situations Here's more gold from getrichslowly.org.  I can't tell you how many times I've been put in this situation.  Your coworkers want to go to happy hour and you feel obliged to go so you look like a "team player" or your friends want to go to a 3-day music festival...
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  • Lambert's Cafe - Foley, AL Home of the Throwed Roll Image by pickles_pics via FlickrI'm on an extended weekend right now, during which the better half is bowling and I'm along to get the hell out of town for a few days.  The first thing we did was hit this resturaunt called "Lambert's Cafe".  The one we visitted is located...
  • badass-drill-sergeant 20 Reasons Why I Love the Recession I'm one of those weird people that believe when things go horribly wrong, the opportunity to make your situation better for the long term quietly presents itself. I realize it's not a popular thesis to propose when we're losing thousands of jobs everyday and 8% of the American public isn't paying...
  • sig The SCRAM Plan I touched on this in my Planning for Possible Redundancy post a few days ago. One of my principles of money management is everyone should have what I call a SCRAM Plan. It's the button you hit when the proverbial hits the fan and you need to cut your outgoings...
  • can someone summarize this arcticle? K i am not trying to give an excuse but my dad just pasted away from pacriatic cancer and my teacher wants this summary in so if someone can summarize this article to the best of there abiiltiesi really appreciate it Long known for its coal-burning power plants and oil...
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Handy Man says...

How to Install a Light Dimmer Switch

A light dimmer switch is a small, inexpensive piece of hardware that you can install in about a half an hour. It allows you to control the lighting in a room. Instead of flicking a switch to turn the light off and on, a light dimmer switch lets you turn...


wire-> lights-> type-> light-> dimmer-> electrical


  • dimmer How to Install a Light Dimmer Switch A light dimmer switch is a small, inexpensive piece of hardware that you can install in about a half an hour. It allows you to control the lighting in a room. Instead of flicking a switch to turn the light off and on, a light dimmer switch lets you turn...
  • Understanding a Flickering Light How to Fix a Light /caption]When we think about some common problems around the house, we don't often think about the small stuff: leaky faucets, long-term wood damage, or burnt-out light bulbs. But this "small stuff" is actually the exact kind of home repair that will consume most of your time unless you understand what...
  • christmastree120608.jpg LED Christmas Lights Offer Safer, Cheaper Alternative I recently teamed up with The Home Depot to help provide expert advice to readers on a variety of household projects focused on saving money.  The format will be a post on a particular subject, and then a follow up post from experts at The Home Depot with answers to...
  • light fixture How to Design an Exterior Lighting Plan When it comes to focusing on curb appeal, many homeowners get caught up with plantings and fixtures, but fail to find ways to highlight all of their hard work. Whenever you add something new to the outside of your home, you're going to want to show it off! Simple...
  • meter How to save even more money on your electric bill Due to the warmer weather, we've gone 100% without either AC or heat for more than a month!  I received our first resulting electric bill a week or so ago.  I was excited to see how low it was going to be.  While it was significantly lower than our...
  • brokenlight 4 Steps to Remove a Broken Light bulb If you have a light bulb that has become broken in its holder, the process of removing it can be relatively tricky. When the light bulb breaks, all that is usually left is the glass shards and the light bulb holder, which is screwed into a lighting fixture. Light bulb...
  • Three Tips for Fixing a Lamp How to Fix a Lamp /caption] When it comes to the type of lighting a lamp offers, we know that the mechanics working behind the scenes aren't exactly worthy of rocket science. But that doesn't mean someone who's inexperienced with electrical wiring and light fixtures will know what's happening inside a lamp, either. If you...
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  • Five Repairs That Should Be Done by a Professional I wrote yesterday about five home improvements you can do yourself. However, there are certain home repair projects we won't tackle because of our lack of experience: Complicated appliance repairs – Some parts of appliances are easy to repair. Replacing a broken drawer or a blown light bulb can and...
  • Great Article On Why CFL Bulbs Are Better At Green Options. I just came across this great article over at Green Options that does a great job of explaining why CFL bulbs are WAAAY better thank regular old light bulbs. From the article: How CFLs save money and global warming pollution Turning on a light taps electricity from your local utility....
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Filed under: copper

http://www.bhpbilliton.com/bb/investorsMedia/reports/annualReports.jsp

BHP Billiton News

BHP Billiton FY2009 Reports

Today we released our 2009 Annual Report, Summary Review and Sustainability Summary Report.

23 September 2009

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Filed under: copper

Mike says...


Copper Canisters
This morning, while waiting for my first cup of coffee to brew, I noticed these copper canisters sitting on the counter.  So, I whipped out my Nikon D700 with the 14-24 mm lens, set it on the countertop and fired off 5 bracketed shots. Then I played with several of my software "toys" :
  • First, I exported the 5 images into Photomatix Pro to merge them into a single High Dynamic Range (HDR) image.
  • Next, I exported the HDR file into Nik Color Efex Pro and used their "Glamour Glow" filter to soften the image.
  • Finally, in Lightroom, I just tweaked the exposure a little and did some noise reduction to end up with this final image.
One of the things I like about this image is the way the four different textures work so well together:  copper canisters, granite counter, stone tile back splash, and wood cabinet.

Filed under: copper

Stephen says...

The Financial Times reported that oil prices rose above $60 a barrel for the first time in six months on May 12, 2009. Oil prices have jumped 85 percent from a five year low of $32 a barrel set in February 2009.

Other raw material prices also increased. Sugar rose to a three-year high. Wheat reached its highest price since January 2009. Tin hit a six-month peak.

The leading global commodity index, S&P GSCI, soared to its highest level since November 2008 and is up 20 per cent this year. The Financial Times article said that traders put the reason at China, which revealed a large increase in raw materials imports, reflecting in part the economic recovery but also Beijing’s attempt to take advantage of lower prices to stockpile commodities.

Iron ore and copper imports reached a record in April 2009, while crude oil imports hit their second-best month at the same time. Traders and bankers have reported a return of hedge fund money into the market and said big institutional investors such as pensions funds were making inquiries about commodities.

Corn prices hit a four-month high. However, Cocoa futures lost 3.9% as early speculative buying vanished and selling interest tied to falling demand gripped traders. Cocoa for nearby May delivery fell $96 to settle at $2,353 a metric ton on ICE Futures U.S. in New York as reported by the Wall Street Journal. Most-active July lost $93 to settle at $2,377 a ton.

The International Cocoa Organization on May 11, 2009, said demand for cocoa is expected to see its largest yearly decline in 50 years due to the global economic recession. U.S. cocoa import data drove that bearish point home, said Jack Scoville, analyst and vice president at Price Futures Group.

U.S. cocoa imports fell 30.6% in March 2009, from February, and were down 36.5% from one year ago, the Commerce Department said on May 12.  Global cocoa bean grindings, a demand signal, are expected to fall 6% in the year to September 2009, the ICCO said. Its previous forecast had estimated just a 2.1% fall. Despite waning demand, the ICCO still estimates a world cocoa deficit of 80,000 to 90,000 tons, as production declines.

Weather in top-grower Ivory Coast has been mostly beneficial for the crop, though concerns are beginning to mount over recent heavy rain and a lack of sunshine.

Filed under: Copper

Stephen says...

Commodities Throw a Curveball by Liam Denning, WSJ.com

Despite big swings this week, oil prices have been stable, bobbing around the $50-a-barrel mark, plus or minus 10%. This is remarkable when you consider that fundamental supply and demand data have been bearish.

This month, the International Energy Agency raised the specter of early 1980s-style demand destruction. In terms of days of supply, commercial-oil inventories in the industrialized world are higher than in 1998, when crude crashed to $10.

Some take hope from the upward slope of the oil-futures curve, known as contango, interpreting it as indicating higher prices ahead. This view is misguided. Indeed, the extreme steepness of the current contango, with oil a year out trading 20% above the May 2009 contract, points to a more complex situation.

Energy economist Phil Verleger makes a robust case for the market impact of speculators, although not in the way you might think. Contrary to the widely held viewpoint that speculators were to blame for the spike in oil prices last year, movements in the price of oil and many other raw materials display virtually zero direct correlation with flows into and out of commodity funds.

This money, much of it passive, does, however, affect the shape of the forward curve. An upward-sloping curve is indicative of there being a surplus of oil relative to real demand. Funds buying oil futures push up forward prices, steepening the curve's upward slope.

For the traders selling the contracts to them, this presents an incentive to buy cheaper physical barrels and put them in storage for delivery at higher prices down the road, hence high inventories. This removes some oil from the market, putting a floor under spot prices. Supply cuts by the Organization of Petroleum Exporting Countries help in this regard, too.

Relying on investor optimism and cartel cohesion to maintain stable prices even as global economic forecasts worsen, however, requires nerves of steel. If faith in peak oil crumbles further, or financing tightens again, lower demand for futures would reduce the steepness of the forward curve. That, in turn, would erode profits on the oil-carry trade, leading speculators to liquidate inventories, likely hammering prices.

Optimism regarding industrial metals rests on similarly fragile foundations. Bellwether copper is up 43% since late February 2009. This head fake comes courtesy of China cannily stockpiling inventories of raw materials like copper and iron ore even as demand contracts virtually everywhere else.

Stockpiling, however, isn't consumption. The surge in Chinese imports hasn't been matched by increases in industrial production, suggesting metals are going into warehouses, not factories. Oddly, despite the country's apparently insatiable demand for iron ore, big price cuts are expected this year. Like the oil overhang, when those inventories get "mined," prices will likely suffer, transforming the head fake into a major headache.

Source.

Filed under: Copper

Stephen says...

Many commodities have had a nice run lately, including crude and copper, following a dreadful second half 2008. And Derek van Eck, a principal of New York money manager Van Eck Associates, sees more opportunities, thanks in no small part to demand from countries like China.

His firm oversees close to $10 billion, about $3.3 billion of which is spread across Van Eck Global Hard Assets (ticker: GHAAX) and separate accounts run under the same strategy.

Lead manager Van Eck, 44, still likes the outlook for copper, maintains that gold is an important hedge against inflation, and has become more bullish on agricultural commodities -- corn and soybeans, in particular. He also sees an improving long-term outlook for energy, driven by supply constraints.

The fund had a nasty 2008, losing nearly 45% versus the S&P North American Natural Resources Sector Index, off 42.8% in 2008.

But this year, the Hard Assets portfolio is up 9.91%, placing it in the top 22% of its Morningstar peer group of natural-resource funds. Its three- and five-year annual returns rank at the very top of the group. Barron's caught up with van Eck last week.

Barron's: Let's start with your view of commodities from 30,000 feet. Could you summarize some of the key issues?

Van Eck: We've been playing defense in the last several quarters, but now we are beginning to play some offense and see good opportunities. Commodities markets have changed. A year ago, some commodities were exploding in value. Oil was approaching $150 a barrel, and inflation was a major worry.

Central banks were tightening credit, trying to slow inflation. China had engaged in a building program ahead of the Olympics, and they were building inventories of distillate, which is an oil product, to ensure enough back-up power. Index speculators were considered villains, and Congress was investigating commodities markets. The credit debacle was just building.

Then, commodities endured one of the greatest, most violent corrections in history, especially in the second half of last year. The credit collapse caused demand to collapse. There was inventory liquidation in every corner of the global economy. In some cases, commodity prices declined even more than they did during the Great Depression. Crude oil fell 75% from its peak to trough. Copper dropped 70%.

How do things look now for commodities?

The general outlook is improving, due to both cyclical and structural factors. The red light, which had been flashing, is now gradually turning green in some markets.

On the cyclical side, there is evidence that China's growth troughed in the first quarter, and that it's likely to improve in coming quarters. In China, recent PMI [purchasing managers] data, electricity demand, real-estate transaction data and very strong loan and credit growth suggest a turnaround. And spending from government fiscal-stimulus programs is likely to continue.

In the OECD [Organization for Economic Cooperation and Development] countries, it appears that demand may be gradually stabilizing, thanks to the massive reflationary programs that have been instituted in various countries, including the U.S. This suggests an inventory-restocking cycle is ahead, increasing demand for commodities.

What about the credit crunch and its impact on commodities?

It abruptly slowed capital spending, resulting in a lack of supply growth in many commodity markets. On the structural side, there are issues of depletion and resource accessibility. For example, 60% to 70% of the world's oil reserves are inaccessible to international oil companies.

Could you elaborate on what you see ahead for crude and natural gas?

There is lots of oil, both offshore and in terms of broad inventory. A massive amount of inventory must be worked through in crude and natural gas. But positive factors are probably gradually going to start overwhelming negative factors.

One key factor to think about is depletion. Five to 5½ million barrels a day of oil need to be replenished annually, according to the International Energy Agency. So far, based on IEA estimates, energy demand is down about five million barrels a day from its [much higher] peak.

But in another year or so, it seems unlikely that you are going get more demand destruction of that magnitude. So at some point, depletion works in your favor, and at some point oil prices start heading higher, probably owing more to supply constraints than to demand. We are seeing very few signs to date of demand increases except for marginal increases in India and China.

What about the overall impact of the different government stimulus programs?

These are massive and unprecedented reflationary programs. While in the short term, markets continue to grapple with concerns about solvency and deleveraging, the market will increasingly get concerned about an inflationary time bomb. This should lead to an inflationary premium for commodities.

So you see commodity prices stabilizing, along with a good chance of price appreciation from here, even with the recent gains?

Yes, we do, although commodities have moved a little bit ahead of their fundamentals. There are large inventory builds to work through, including those in crude oil and natural gas. In other markets, there is the potential of declining inventories. The biggest surprise in commodity markets this year has been copper, which is up roughly 50% year-to-date, mostly because of demand from China.

Are you still bullish on copper?

We think it's sustainable at these prices. That's a very out-of-consensus view. Most market participants would say prices are more likely to decline, but our view is that copper could hang around $2 a pound. Of course, that's not cheap anymore, and it's discounting most of the factors that have led to the price appreciation. It is hard to see a lot of upside, but it's more sustainable than many think.

Looking at agricultural commodities, there are some big losses over the last year, including wheat, down 43%, and corn, which has lost roughly one-third of its value.

The surprise on the agricultural side was the depth of demand destruction that took place in various markets like the feed market or the ethanol market.

Is that because people are eating less?

No, I don't think that is much of a factor. Agricultural commodities are typically much less cyclical than, say, copper is. But there were some surprisingly poor demand numbers for agricultural commodities. Today, though, we are more positively orientated toward these commodities. There is probably 10% to 15% upside, based on less supply.

Is that across the board for agricultural commodities?

We are probably most optimistic on corn, and we are reasonably positive on soybeans for the short term. It becomes a weather bet, and then other factors come into the equation. China is aggressively stocking up on agricultural commodities, including corn and soybeans. So that's been a positive factor.

What's your assessment of emerging markets, which have had a strong start this year?

Emerging markets are going to lead the global economy for the next five years. It is not going to be the United States. It is not going to be Europe. Many emerging-market countries are very commodity intensive. They've got reasonably healthy banking systems, depending on where you are talking about, and you have got very strong stimuli from various players, including the Chinese government.

Are you concerned that this recent rally in the stock market could be a head-fake?

Absolutely. There is clearly a risk of that, and we are very aware that you need a healthy banking system globally to have strong, sustainable global growth. There is no doubt in our minds that the banking system still has holes that need to be filled.

The banking sector needs, depending on which estimate you use, $200 billion to almost $1 trillion of additional capital. Some of these programs sponsored by the U.S. Treasury, the FDIC [Federal Deposit Insurance Corp.] and others have to work. If they don't, you don't have sustainable growth in the OECD countries, and there would still be risk in the commodity markets.

Moving on, what's your outlook for gold?

Gold is off roughly 10% from its high, which was about $1,000 per ounce about a year ago. Now, gold is caught in a vise. The U.S. banking system is still in pretty poor health, and the consumer is probably overleveraged. So you have a deflationary, deleveraging story, which is probably acting as an overhang on gold. Offsetting that is quantitative easing virtually everywhere in the world. So there is free money being printed in the U.S. and the U.K.

Which is the better scenario for gold?

The upside case for gold is more of an inflationary environment. I don't think anyone thinks inflation is a problem today, but a growing number of people think inflation is going to be a problem two to three years down the road. We are in that camp.

Gold typically trades in long cycles, up or down. Are we still in a secular up-cycle?

Yes, we think that's the case. Gold is taking a healthy pause right now; it needs to consolidate. There was a lot of fast money in gold when it came to the sovereign concerns [a few months ago]. Some of that fast money is now out of gold, which is a healthy phenomenon. But gold is increasingly accepted as its own asset class and as a separate currency. We [see gold hitting] new highs, over the next year or two, of around $1,500 an ounce.

Right now, you see more value in gold miners versus gold exposure via the GLD exchange-traded fund. Do any come to mind?

One is Randgold Resources [ticker: GOLD], a mid-tier gold producer focused on West Africa. The company is headed by D. Mark Bristow, a geologist who knows African geology and politics. They have developed two major mines in Mali, and have two more exciting development projects in the pipeline.

What sets them apart from their peers is their uncanny ability to grow organically and to find gold deposits through exploration and drilling, rather than overpaying for somebody else's discovery. The stock trades at $670 per ounce of reserves, roughly a 25% discount to gold.

What's an example of how you are playing alternative energy, another sector you like?

We're investing right now in what we call the transmission smart grid. That is the first stage of the potential growth of alternative energy. Today, the grid is very old, decrepit and inefficient; we lose roughly 10% of the power that's produced through old lines installed over the last 50 years.

The smart grid will lead to other alternative technology, such as solar power and wind, so transmission will be a growth area. We estimate it will grow 15% to 20% annually for the next several years.

Is there a company that fits that theme?

One is Quanta Services [PWR]. The consensus has it growing earnings next year by 30%, but we think they are going to win some awards for transmission infrastructure work to make that higher than 30%. You are paying a reasonable multiple for that kind of growth.

The stock trades at around 17 times the $1.30 analysts expect the company to earn next year. But we think there is great upside. More transmission awards and policy initiatives are expected, and a $10 billion dollar project announced by FERC [the Federal Energy Regulatory Commission] could possibly provide an opportunity for Quanta in the future.

This is an example of a company that is probably a little lost in the noise of the market today, with various participants talking about financial Armageddon.

How have you constructed your portfolio lately?

In the last quarter, we've been getting more aggressive and we've actually been putting money to work in more cyclical names, but we also have a lot of companies we consider to be solid growers with clean balance sheets and great assets that can grow their reserves.

What about an example?

Noble Energy [NBL], an independent exploration-and-production company, is a top holding in our portfolios. It has assets in the United States, and offshore in the Gulf of Mexico. It also has assets in Israel and Africa.

We believe Noble's reserves will grow sharply over the next three to five years. Noble has a clean balance sheet, and continually has a higher return on capital than its peers do. So the company has reserve growth, and production growth over time. We don't have to worry about debt, in case things deteriorate considerably from here.

Let's hear about one more pick.

Mariner Energy [ME], another E&P company. It is a neglected, misunderstood story. It combines top-quartile production growth with a very cheap valuation. Production growth should be approximately 15% to 30% this year, and we expect it to increase by 10% next year. The stock trades at 1.4 times '09 cash flow and 3.2 times [earnings before interest, taxes, depreciation and amortization], well below its peers. That's based on crude being at $45 a barrel, compared with around $50 recently.

The investment opportunity comes from the market's perception of this company as a high-cost, high-decline-rate Gulf of Mexico shelf operator. In reality, the company has a better reserve-life profile than many onshore operators, and it has had good success in its deepwater operations.

Thanks, Derek.

Source.

Filed under: Copper