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 >
Haywood Initiates Coverage of Copper Mountain
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STEFAN IOANNOU, Haywood Securities
(08/26/2010)
"In a sea of copper 'development' stories, Copper Mountain is successfully making the transition to producer ahead of many peers. We applaud the company's ability to continue advancing its 75%-owned Copper Mountain copper/gold/silver project in BC through the 'brunt' of the credit crisis—a time when many other advanced-stage projects were shelved. An August 2009 feasibility study provides a robust base case, headlined by 108 Mlbs. of annual copper production (in concentrate) over the first five years of the $438M project's 17-year open-pit mine life. Total copper cash costs are expected to average US$0.94/lb. of payable copper net of credits (US$1.25/lb. in Haywood model). We believe the company's current market valuation provides a compelling investment opportunity ahead of an inevitable 'producer status'-driven market revaluation. Unlike many of Copper Mountain's peers, the company is well positioned to achieve timely producer status, with permits and financing in hand and construction underway at the 'brown fields' project—in our opinion, significantly decreasing execution risk. . .We are initiating coverage on Copper Mountain Mining Corporation with a SECTOR OUTPERFORM rating and a target price of $4.25/share (50% implied return)." |
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Under SEC rules, analysts are required to disclose their interest in securities that they cover. We strongly encourage you to contact them to understand any potential conflicts of interest they may have.
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