We initiate coverage of Los Andes Copper Ltd (“Los Andes” or “LA”) with a price target of C$31/sh, implying 319% upside from the current share price. Los Andes holds 100% interest in the Vizcachitas copper-molybdenum-silver porphyry in Chile. LA’s 2019 PEA delivered a US$2.7bn NPV8% and 26.7% IRR at US$3.5/lb copper. Despsite hosting a 2Bt resource, containing ~8.8Mt of copper equivalents, the project remains open in several directions and at depth, with extensions to the north potentially offer ....
