TGR: What is happening in Spain?

CL: I'm quite excited about Orvana Minerals Corp.'s (ORV:TSX) gold and copper-silver production in Spain and Bolivia. It should generate very significant cash flow this year and reduce its debt substantially. My estimate on the cash flow could be as high as $80–90M in 2013 alone, compared to its market cap of just over $100M. It's quite undervalued. The new management under CEO Bill Williams did an excellent job turning both mines around during the past 12 months. The stock hasn't been recognized by the market yet, but I believe it will be one day.

TGR: What's it selling for now?

CL: About $0.94/share. What's amazing is that most of the capital expenditures (capex) have been made, so Orvana just needs to continue to produce and generate cash flow, pay back its debt and it will be a very different company by the end of this year.

I'm looking for self-financing. A lot of companies I own are going to be able to self-finance going forward.