The Barminco acquisition has completed, although the loss of the Edikan contract caught us by surprise. But focussing solely on this loss risks missing the bigger picture in our view. With at least 30 other mining and production drilling contracts across the group, ASL is bigger than one mine site. Other contracts have been extended and pipeline opportunities remain. We like the Barminco acquisition and maintain a BUY call on a revised blended valuation of $2.25 (prior $2.40).
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