Incorporating the nascent recovery in copper and, to a lesser degree, zinc prices, we have upwardly revised our near-term estimates for CAML. Given the receding risk of significant COVID-related operational interruptions, we believe dividends could resume with the interim results. Our 10p full-year DPS estimate would put the shares on an attractive yield of over 6%, while our 260p NPV estimate points to considerable valuation upside with longer-term base metals price recovery.
