Latest Research
Endeavour (EVR) - Steady production - spotlight on costs
- Created on Wednesday, 15 May 2013 12:44
Endeavour Mining (EVR) announced gold production of 73.7koz at a cash cost of US$897/oz during the March Q. Improved production from Tabakoto offset a weaker Nzema result and Agbaou development is on schedule for early 2014. Cash flow remains a focus based on heavy investing activities (US$55.6m for Q) resulting in negative free cash flow of US$16.6m. Argonaut expects that the current US$128m cash balance will be bolstered by additional debt in the near-term. EVR remains the deepest value gold producer under our coverage with a P/NAV of 0.44.
Northern Star Resources (NST) - Golden Harvest (Site Visit)
- Created on Monday, 13 May 2013 14:05
A recent site visit to Paulsens confirmed NST is “Best in Class”; having high grades, lean operations, derisked mining plan with multiple ore sources, good management and tangible exploration upside. With most capex items sunk and cost saving initiatives completed, the Company is much better positioned operationally than many of its peers and offers relative safety for investors in a challenging gold environment.
Mongolian Mining Corp (975.HK) - US$58.8m railway compensation
- Created on Tuesday, 07 May 2013 15:22
Mongolian Mining Corp has announced that the rail-concession agreement entered on 31 May 2012 was terminated and the costs incurred by MMC on the UHG-GS Railway project amounting to ~MNT84,330m (or ~US$58.8m) will be compensated. Depending on negotiation with the government...
BC Iron (BCI) - Dipping a toe into Brazil
- Created on Friday, 03 May 2013 16:58
BC Iron (BCI) has made its first move to assess business development opportunities in Brazil via its Strategic Alliance Partner, Cleveland Mining (CDG). The 50:50 Joint Venture was formed in August 2012 and aims at evaluating and potentially co-developing iron ore assets in Brazil.
RCR Tomlinson (RCR) - Review and Norfolk update
- Created on Friday, 03 May 2013 08:16
RCR completed due diligence in mid-April and has entered into a Scheme Implementation Deed with NFK. Two major changes to the initial proposal announced on 22 March are that the offer price has been increased to 48cps (prior 38cps) and that RCR will retain the net assets...
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