Quadra recently completed the acquisition of Centenario Copper Corp., and Mr. Meyer wrote that the deal makes the company a "leading intermediate copper producer with improved asset and geographical diversification." Once Centenario's Franke project is put into production, Quadra will have three operating mines in politically safe countries.

Mr. Meyer noted that Quadra's shares trade at a price-to-net-asset-value multiple of 0.21 times, compared to an average of 0.50 times for the peer group of mid-tier copper producers. His target of C$18.00 a share assumes a multiple for Quadra of 0.70 times, which he believes is justified after adjusting for liquidity and risk.

However, his net asset value estimate on Quadra was lowered to C$25.89 a share (from C$30.29) because of the company's recent C$86.6-million equity financing.

Part of the reason Mr. Meyer is so bullish on Quadra is that he is also a big believer in copper. He has a price forecast of $2.31 a pound this year, rising to $3.10 a pound in 2010 and $3.23 a pound in 2011.