We are initiating coverage on MAC with a BUY rating and set a A$22.00 price target. Investment in the mining fleet and ventilation capacity should enable MAC to lift copper production at the CSA Mine by ~10% over the next two years. The CSA Mine is a strong cash generator and should enable MAC to de-gear its balance sheet within three years. MAC has a clear strategy to grow through acquisitions, and we expect the company to leverage off the strong cash flow generated by the CSA Mine to target existing base metal operation, most likely in Australia.
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