Pareto Securities, Research Reports

Muga capex and opex changes (Pareto Sec.)

November 22, 2015

Highfield has announced project optimisation work for its flagship against a 7% increase in Phase 1 capex, a 56% increase in Phase 2 capex and a 17% increase in opex. The net impact reduces our risked valuation by 14% to AUD 2.25/share (from AUD 2.60/share) and we have assumed an additional AUD 50m in equity financing will be required to fund the capex increase for Phase 1. The mining permit (due Q1’16) is the key catalyst for the stock.

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