Research, Charts & Company Announcements
Research Tree provides access to ongoing research coverage, media content and regulatory news on METMINCO LTD. We currently have 41 research reports from 2 professional analysts.
|30Nov16 07:00||RNS||Colombian Gold Feasibility Study Commences|
|24Nov16 07:00||RNS||Appendix 3B & Cleansing Notice|
|22Nov16 07:00||RNS||Notice of Extraordinary General Meeting|
|17Nov16 07:09||RNS||Funding of A$4.85m for Colombian Gold FS Secured|
|01Nov16 07:00||RNS||September 2016 Quarterly & Appendix 5B|
|24Oct16 07:00||RNS||Settlement of CD Capital Transaction|
Frequency of research reports
Research reports on
SP Angel – Morning View
30 Nov 16
Anglo Asian Mining* (AAZ LN) – Gedabek mine linked to grid power | Bushveld Minerals (BMN LN) – South African competition commission approves acquisition | Kodal Minerals* (KOD LN) – Drilling starts at Bougouni lithium project | Metminco* (MNC LN) –Miraflores feasibility study underway | Nyota Minerals (NYO LN) – Going for a new type of gold mine | Petropavlovsk (POG LN) – Mine stability problems at Andreevskaya and refinancing | Strategic Minerals* (SML LN) – Presentation by Cornwall Resources | Trans-Siberian Gold (TSG LN) – Announcement of special dividend
SP Angel – Morning View
17 Nov 16
Metminco* (MNC LN) – Raising A$4.85m to advance the Miraflores project | Rio Tinto (RIO LN) –– Contracts terminated for key staff following investigation of payments at Simandou | Shanta Gold (SHG LN) – Receipt of US$5.25m advance on silver streaming | SolGold* (SOLG LN) – Annual report | Vast Resources (VAST LN) – AGM Resolutions 7 and 8 voted down by shareholder dissent | Xtract Resources (XTR LN) –Manica review opts for open pit mining
Near Term Gold Production in Colombia
05 Oct 16
Metminco has recently acquired two Colombian gold projects at Miraflores and Dosquebrados for around 20% of the market value currently ascribed to gold resources in Colombia. The current average market valuation accorded to almost 40m oz of Colombian gold resources held by seven listed Canadian companies implies that Metminco’s Colombian acquisition alone is worth around three times the current market value of the company. Metminco has identified capital and operating cost savings at the Miraflores deposit in Colombia which it expects to deliver an IRR of>25% Los Calatos: The recent deal with CD Capital values Metminco’s residual stake in the Los Calatos project at more than the current market capitalisation of the company. The long-term prize in Colombia may, however lie in the potential of the much larger Tesorito porphyry system where limited drilling has intersected 384m at an average grade of 1g/t gold and 0.08% copper.
01 Nov 16
Since our last outlook note, Quadrise has begun to supply MSAR for extended LONO sea trials, paving the way for commercial adoption from calendar H217 onwards. In August it signed a memorandum of understanding with clients in the Kingdom of Saudi Arabia (KSA), which is a key enabler for progressing the production-to-combustion pilot there. In October it completed a placing and open offer raising a total of £5.25m (gross). This should enable it to transition comfortably to the commercial phase on successful completion of the LONO and KSA trials.
30 Nov 16
Abzena (ABZA): Interim results indicate happy customers (BUY) | Horizonte Minerals* (HZM): Fund raise completed (CORP) | SacOil* (SAC): Half-year trading statement (CORP) | Revolution Bars (RBG): New openings (BUY) | Amino Technologies* (AMO): Multi operator FUSION roll out (CORP)
GTL transaction not going ahead
01 Dec 16
Intelligent Energy (IEH) has announced that the deal to acquire the Energy Management Business of GTL will not now be consummated. The move leaves management free to concentrate on driving sales of commercially ready B2B products, which is a key element of its strategy. We adjust our FY17e revenue estimate while leaving our pre-exceptional losses and cash-flow forecasts unchanged.
24 Nov 16
Quixant* (QXT): Gaming gains (CORP) | SCISYS* (SSY): Bringing good news from Germany (CORP) | Hayward Tyler Group*: Contract wins (CORP) | Sound Energy (SOU): TE-7 flow rate and fund raise (BUY) | Water Intelligence* (WATR): Growth and improving returns in a defensive market (CORP) | Imaginatik* (IMTK): Interim trading update (CORP)
Operating profits and net cash position – restored; market outlook – precarious
01 Dec 16
The turnaround was noticeable Lonmin’s full-year (September-ending) results were ahead of consensus and AV’s estimates. Sales came in at $1.1bn (-14% yoy) as the average realised (USD-denominated) PGM prices and sales volumes were down yoy 12% and 2%, respectively. However, platinum sales (736koz) were much ahead of earlier guidance (700koz) – thanks to certain smelting/processing efficiencies, which helped more than offset the impact of reorganisation-related disruptions. After two consecutive years (FY14-15) of hefty operating losses, Lonmin finally reported an adjusted operating profit (even though feeble) of $7m. This was facilitated by the record weakness in the South African rand (down from ZAR12/$ in FY15 to ZAR14.77/$ in FY16) and ZAR1.3bn of cost savings – 86% higher than the earlier target. Disappointingly, Lonmin recognised $335m of asset impairments (vs. $1.8bn in FY2015), which resulted in a full-year net loss of $400m. But the turnaround in reported OCFs – inflow of $58m vs. an outflow of $12m – was a much-needed improvement, which, along with conservative capex (-35% yoy) of $87m, resulted in a net cash position of $173m (with no short-term repayments) vs. a net debt position of $185m (at end-FY15). But the guidance spells caution For FY17, management targets conservative platinum sales of 650-680koz, while unit costs are expected to remain under pressure – ZAR10,800-11,300/oz vs. ZAR10,748/oz achieved in FY16. On the other hand, capex plans would be aggressive – ZAR1.8bn (which includes ZAR400m for the tailings project – already delayed by almost two years) vs. ZAR1.3bn spent in FY16.
Raising Target Price to 2,500p per share
01 Nov 16
Royal Dutch reported clean EPS of US$0.35, nearly 50% ahead of consensus. More importantly, cash flow jumped QoQ to US$8.5bn which should go a long way to confirming Shell’s capacity to maintain the current dividend, despite the increase in gearing to 29.2%. Upstream returned to profitability on an underlying basis for the first time since 1Q15. We believe these results confirm our view that Shell’s dividend can and will be maintained at US$0.47 per quarter and we increase our Target Price to 2,500p per share, given further sterling weakness.