Stock data
| Market cap. | £216.8m |
| Last close | 29.25p |
| High / Low (52 weeks) | 83.5p / 21.8p |
| Stock market listing | AIM |
| Forecast net cash (US$m) | 87.3 |
| Forecast gearing ratio (%) | N/A |
| Team | Resources - Mining |
| Sector | Mining |
Price performance
| % | 1m | 3m | 12m |
|---|---|---|---|
| Actual | (2.5) | (7.87) | (64.33) |
| Relative * | (7.13) | (13.99) | (63.18) |
* % Relative to local index
Other companies covered in sector
| Y/E Dec | Revenue (US$m) | EBITDA (US$m) | PBT (US$m) | EPS (c) | P/E (x) | P/CF (x) |
|---|---|---|---|---|---|---|
| 2009A | 0.0 | (11.4) | (13.0) | (2.7) | N/A | N/A |
| 2010A | 0.0 | (21.7) | (24.1) | (4.5) | N/A | N/A |
| 2011E | 0.0 | (23.6) | (32.0) | (6.8) | N/A | N/A |
| 2012E | 120.0 | 60.5 | 49.1 | 5.9 | 7.8 | 6.6 |
Last updated on 05/12/2011
Latest research
Cheap entry point
Outlook | Mining | 28/07/2011
Early cash flows
Update | Mining | 24/02/2011
Oxide resource potential
Update | Mining | 23/11/2010
Guinea iron ore
Outlook | Mining | 20/09/2010
Interim results
QuickView | Mining | 31/08/2010
Investment summary
The company has released an update on the Forécariah JV and given its initial internal resource estimate for the project. Out of the overall identified resource of 146m tonnes, some 2m tonnes represent a high grade oxide cap (55% Fe), which is expected to provide a 58% crush and screen product in the first year after the project's launch. The company continues drilling to define the resource that will be used to support production from Q412, adding to already announced internal resource estimate. More drilling results are expected in Q112. On the project side, the company appears on track to deliver its first production in Q112 with all key equipment set to arrive at port before year-end. The management guides average product impurities and c 85% recovery for oxides.
Last updated on 09/12/2011
Industry outlook
We believe further short- to medium-term weakness in the iron ore price is possible as steel mills are cutting production on the back of the deteriorating end-user demand.
Last updated on 09/12/2011
Key management
| Nikolajs Zuks, MD |
| Terry Larkan, FD |
Company address
| Channel House Green Street St Helier Channel Islands JE2 4UH United Kingdom View website |
