Company

Symbol

P/E*

Price 4.30.04

52-wk high/ low

Market Cap/ #Shares

Sales/ Income

B=billion
M=million

Dividend

Earnings/Share

Book value/sh

Debt/ Equity Ratio

Insider Trading (last 12 months)

Rio Tinto

(ADR)

RTP

21.30

89.60

116.33

73.93

23.89 B

266.7 M

9.23 B

1.51 B

.64

4.38

37.64

.38

None filed.

Southern Peru Copper Corp. (ADR)

PCU

22.60

29.03

51.65

15.00

2.734 B

80.01 M

798.4 M

120.80 M

.74

9.98

16.44

.22

$2 million sold.

Freeport-McMoRan Copper & Gold Inc.

FCX

47.20

30.50

46.74

17.89

5.976 B

183.4 M

2.05 B

128.10 M

.80

.69

4.23

2.68

$38.5 Million insider Sells

Inco

(ADR)

N

59.50

33.71

42.09

18.15

6.436B

187.3M

2.47B

137M

NA

.58/sh

20.62

.36

ADR. None Filed.

Noranda

NRD

446.80

14.26

18.88

8.33

2.54 B

294 M

4.66 B

34 M

.48

.04

8.80

1.13

None filed.

Phelps Dodge

PD

N/A

65.83

90.52

30.57

7.318 B

92.75 M

4.14 B

18.10 M

NA

.06

33.01

.56

$61 M insider sells

Name

Description

News

Freeport-McMoRan Copper & Gold. Inc.

Copper and gold mining and production company, based out of New Orleans, LA.

The Company's principal asset is the Grasberg mine, which it discovered in 1988. Grasberg contains gold reserve and copper reserves. Its principal operating subsidiary is PT Freeport Indonesia, in the remote highlands of Papua, Indonesia (considered to be a volatile business environment). The Company owns approximately 90.64% of PT Freeport Indonesia, and the Government of Indonesia owns the remaining approximate 9.36%. FCX paid $882 million cash to Rio Tinto to reacquire 23,931,100 Class B common shares. (Rio Tinto received appx. 76% ROI, and is getting out of the region.)

Inco

www.inco.com

2^nd biggest producer of nickel, also produces copper, metals and cobalt. Based out of Ontario, with metals refineries in the UK.

Non-production staff (office, clerical & tech workers) accepted a three-year contract on 4.14.04. Opened a new nickel foam production plant in NE China, that was due to begin production in 1Q 2004. $10 M investment. Per Inco’s Annual Report, nickel prices in 2003 were up to $4.47 per pound, from $3.24/pound in 2002. They are anticipating that shortages in supply will keep prices robust through 2004 & 2005. 2002 had a net loss of $1.4 billion. 1Q 2004 was up 3x earnings of 1Q 2003, for adjusted earnings of $229 million, or $1.13 per diluted share. Tromped 1Q 2004 earnings estimates by eight cents, according to Reuters. Produced 127 million pounds of nickel in 1Q, "on track to hit our highest annual nickel production level in nearly 30 years," per Scott Hand, CEO and Chairman.

Noranda

Integrated mining and metals, including copper, zinc, aluminum and nickel, based in Toronto, Ontario.

1Q 2004 earnings of $153 million, compared to -$40 million loss in 1Q 2003. Expanding into Western Australia with Lennard Shelf for $16 million in exploration, operating and capital expenditures. Issued $350 million in senior, unsecured notes on 4.29.2003 and $253 million (gross proceeds) of 20 million common shares on July 29, 2003.

Phelps Dodge

Worlds 2^nd largest copper producer. Copper, carbon black, magnet wire and copper rod, based out of Phoenix, AZ.

Copper prices averaged $1.231 a lb, up from 76 cents a lb a year ago, based on the expansion into China. PD’s break-even point is 65 cents/pound, which is where copper prices have hovered since 2001. "It’s been a tough few years," according to J. Stven Whisler, Chairman & CEO. CEO, J. Steven Whisler has cashed out $32 million in PD stock at $78.19/share since Nov. 2003. President/COO, Timothy Snider, cashed out $6M since Nov. 2003. Posted 1Q net income of $185.7 M over a net loss of -$15 million a year ago. Beat earnings estimates by 12 cents a share (Reuters). Quarterly sales were up 63%, to $1.6 billion. PD is using earnings to pay down debt, with a goal of reaching a 25% debt to capitalization ratio, per Reuters.

Rio Tinto

(ADR)

London-based, worldwide mineral finding, mining and processing company. Owns Borax, Comalco, Hamersley, Pacific Coal, Kennecott and Rio Tinto Iron & Titanium.. Heavy presence in steel and iron and new technology related to steel production.

P/E to growth ratio suggests the stock may be undervalued, per Money Central. Dividend is robust. Rio Tinto received net proceeds of $882 million for its 23,931,100 FCX shares. (Rio Tinto paid about $500,000 for the shares for 76% ROI.) Sold a zinc, lead and silver mine in Sweden to South Atlantic Ventures Ltd. For a deal valued at $106 million. Sold its Indonesian coal mine (considered to be a volatile business environment) to a local energy producer for $500 million deal. The total capacity of Rio Tinto’s managed iron ore infrastructure in Australia is currently about 130 million tons per year. These investments will take capacity to about 170 million tons by 2006. New iron-making JV with Nucor, Mistubishi and Chinese steelmaker Shougang Corp. in Western Australia is "on schedule and on budget" and should begin production at the end of 2004. Technology will be marketed to steelmakers worldwide. Rio Tinto Iron Ore and Shanghai Baosteel Group Corporation (Baosteel) have signed a Heads of Agreement for a new ten-year iron ore supply contract, beginning in 2006, for up to seven million tons of products per year.These arrangements together with existing commitments mean that Rio Tinto Iron Ore will supply the Shanghai Baosteel Group with around 20 million tons of iron ore per year over the long term," said Mr Renwick.

Southern Peru Copper Corp. (ADR)

World’s 3^rd largest copper producer. Integrated producer of copper, operating mining, smelting and refining facilities in the southern part of Peru. In copper mining biz since 1960.

Sold $25 milion of bonds on 4.28.03 for expansion and modernization. Workers stopped work and began strike for contracts and benefits on 4.29.04. The mines have been hiring workers through "employment agencies" so that they do not have to pay social security and other benefits, according to Reuters. Profit in 1Q 2004 was $86.8 million compared with $18.3 million in the same period last year.