The Federal Government has recently granted the Lake Mackay SOP project in central Australia Major Project Status. This is an important validation step for the project and will help progress the project through the approvals process. The Lake Mackay project will create up to 600 jobs in the broader region with 300 construction jobs and 200 long term jobs during operations. AMN recently closed an oversubscribed entitlement offer that has strengthened the balance sheet by circa $3m. We maintain our SPEC BUY recommendation with a $0.88 target price.
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