The Gold Report
Notable Quotes
"ICG has closed a CA$2.5M flow-through placement." (12/24/15) Integra Gold Corp. - Thibaut Lepouttre, Caesars Report More >
"The exploration upside at MAG's Juanicipio project is substantial." (12/23/15) MAG Silver Corp. - Gwen Preston, Resource Maven More >
"AKG's management continues to deliver on its development milestones." (12/22/15) Asanko Gold Inc. - Nana Sangmuah, Clarus Securities More >
"We are initiating coverage on KDX with a Buy rating." (12/21/15) Klondex Mines Ltd. - Don Blyth, Paradigm Capital More >
"VIT's Eagle is a shovel-ready, fully permitted, prefinanced gold project." (12/17/15) Victoria Gold Corp. - Tom Hayes, Edison Investment Research More >
Copper Mountain: Trucking Along to Production
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STEVE PARSONS, Wellington West Capital Markets
(11/05/2009)
As expected - $70mm term-sheet for two shovels & 13 trucks. Capital lease signed for two 42 m3 electric shovels, 13 Komatsu trucks, 1 front-end loader, and 2 dozers, with delivery over next 18 months. Fully funded on September $50mm equity raise; timeline intact. Fleet order helps keep project on timeline for pre-production mining in June 2010, followed by commercial production in 2012. Remains cheap relative to peers on a P/NAV basis (0.3x NAV8%). Especially so considering CUM is among the most advanced near-term development projects with financing, permitting and offtake deals set. Reiterate Strong Buy rating and $3.50 target. Our target is based on 0.75x multiple of our 8% NAV estimate of $4.68/sh. Take-out potential enhanced on Taseko's proposed bid. |
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