Stock data
| Market cap. | £47.8m |
| Last close | 45.50p |
| High / Low (52 weeks) | 124.0p / 39.5p |
| Stock market listing | AIM, TSX |
| Forecast net cash (US$m) | 1.4 |
| Forecast gearing ratio (%) | N/A |
| Team | Resources - Mining |
| Sector | Mining |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (28.35) | (41.85) | (65) |
| Relative * | (24.83) | (37.08) | (61.54) |
* % Relative to local index
Other companies covered in sector
| Y/E Dec | Revenue (US$m) | EBITDA (US$m) | PBT (US$m) | EPS (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2009A | N/A | N/A | N/A | N/A | N/A | N/A |
| 2010A | 0.0 | (2.9) | (3.7) | (5.5) | N/A | N/A |
| 2011E | 0.0 | (4.5) | (5.4) | (5.7) | N/A | N/A |
| 2012E | 0.0 | (4.5) | (5.6) | (5.9) | N/A | N/A |
Last updated on 17/04/2012
Latest research
Putu sale confirmed
Update | Mining | 15/12/2011
New resource at Nkout
Update | Mining | 15/11/2011
Magnetic targets at Ntem
Flash note | Mining | 24/10/2011
DSO at Nkout
Update | Mining | 30/09/2011
Mountains of iron
Outlook | Mining | 08/08/2011
Investment summary
Afferro has announced closing the deal to sell its minority 38.5% interest in the Putu iron ore project to Severstal (controls the remaining 61.5% stake). Due to ongoing tax discussions with Liberia's authorities, the deal was changed to include the immediate cash payment of US$55.3m; c US$9.75m was frozen until the tax discussion is resolved. The overall consideration for the deal remains US$115m, payable in two tranches with an initial amount of US$65m and a deferred payment of US$50m. If Putu is sold to a third party, Afferro’s deferred payment increases to at least US$70m, representing additional upside. The cash proceeds will be spent on developing the 100%-owned Nkout and Ntem iron ore deposits.
Last updated on 23/04/2012
Industry outlook
Following sharp declines driven by the destocking, iron ore prices have gained some support as steel mills resume buying. In the medium term, the iron ore pricing to remain capped as underlying demand remains weak.
Last updated on 23/04/2012
Key management
| Luis Guilherme Cabrita da Silva, CEO |
| Bevan John Metcalf, CFO |
| Peter Wilson Taylor, CFO |
Company address
| Suite 600-890 West Pender Street Vancouver BC V6C 1J9 Canada View website |
