In reviewing Lumina Copper's corporate presentation earlier we were amazed at how cool the company's Taca Taca project looks in photos.

This is what the World’s largest copper deposit available for sale (owned by a junior exploration company) looks like.

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Taca Taca is the "Best deposit in the worst market" Lumina's largest shareholder Ross Beaty told us April 26, 2013 (Interview with Ross link).

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Ross was complaining of the current sad state of the junior resource market. Producing mining companies have been disposing of development assets, rather than acquiring them. Not to mention Taca Taca is in Argentina, albeit in Salta, a mining friendly province. But, at present, investors loathe Argentina.

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Here's the 5 year LCC chart which shows just how awful it can be to buy an amazing discovery in anticipation of M&A, and to have those buyout hopes dashed.

Lumina had a buyer lined up at $18 per share in early 2012 but that buyer pulled out as uncertainties arose politically in Argentina, so the rumour goes.

Of the large, higher grade projects, Lumina is clearly a standout, trading at less than one cent per pound of copper in the ground, with buyout prices recently averaging over 8 cents.

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The track record of the Lumina Copper Group is outstanding: $148 million invested, with over $1.5 billion returned to shareholders so far (Lumina franchise backstory).

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At least nine potential buyers have signed CAs with Lumina Copper to conduct due diligence on the Taca Taca project, the company says.

I suspect there will come a point in time over the next 2-3 years (or much sooner), when some of these companies start shopping for new mines again.

At that point Lumina will be on their list and no matter how low the share price goes in the meantime, the stock is going to run to a fair valuation. Lumina is too tightly held to be the victim of a lowball offer.

Sentiment for Argentina and high quality copper development assets will improve eventually but it could take much longer than I'm anticipating.

Investors ought to accumulate small chunks of the very high risk Lumina over a period of 1-2 years, and be comfortable with extending that time horizon.

Lumina's chart isn't pretty however the "double contrarian" opportunity is undeniable.

Disclaimer: No position in Lumina at this time but we reserve the right to trade the stock in the future. All facts to be verified by the reader. This is not investment advice. Do your own due diligence.