VersaillesinNY Posted January 29, 2014 Share Posted January 29, 2014 http://www.tweedy.com/resources/library_docs/quarterly/FundCommentary%20Q4%202013%20-%20Final.pdf "Only one new position was established: Antofagasta, a UK-listed Chilean copper mining company. The company owns majority interests in five copper mines in Chile and a railway, and we believe is a well run, low cost copper producer with a strong balance sheet. The company is profitable, generates free cash flow, and pays a dividend. While it is difficult to predict the direction of copper prices with any degree of certainty, declining ore grades and mine closures across the world should have a meaningful effect on supply over the next several years, resulting in better pricing in the future. At purchase, Antofagasta was trading at approximately 6.2 times enterprise value to EBIT (earnings before interest and taxes), which was near its 52-week low, was in a net cash position and paid a dividend yield of 1.6%. "FundCommentary_Q4_2013_-_Final.pdf Link to comment Share on other sites More sharing options...
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