CHN’s Gonneville PGE-Ni-Cu-Co project has been granted Major Project Status by the Australian Commonwealth Minister for Industry and Science. The move recognises the national significant of the Gonneville project, which is the only significant scale PGE development project in Australia. The move follows the recent granting of Strategic Project Status by the Western Australian Government. CHN noted that the Major Project Status will provide the company extra support while it progresses through the project approvals process. Work on the pre-feasibility study is ongoing and expected to be released by the middle of next year. We are reiterating our SPEC BUY rating on CHN and lift our price target 20% to A$2.40 to account for recent rises in the spot prices CHN’s key commodities and the recovery in CHN’s share price, which reduces equity dilution.
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