CTM 0.00% 0.9¢ centaurus metals limited

ord minnet research

  1. 379 Posts.
    Hi Guys at last some good news, Article from Ord Minnet daily research

    Centaurus Metals
    Update and Share Consolidation (1 for 8)
    Centaurus Metals Ltd (Centaurus) has undergone a share consolidation which
    comes into effect today, October 5, 2011. Centaurus shares will trade on a (postconsolidation)
    deferred settlement basis under the ASX Code CTMDA until 18
    October 2011 and then revert back to CTM on 19 October 2011.
    We have updated our model to include minor commodity price revisions as well
    as taking into account the share consolidation. This is detailed within this note.
    We maintain our Buy recommendation with a revised 12 month price target of
    $1.90 per share.
    An updated resource for the Jambreiro Iron ore project was due to be announced
    prior to the end of September. We expect this to be released imminently and
    forecast the increase resource to be between 90 and 100 million tonnes.
    Following the resource increase a Pre-Feasibility Study (PFS) which is underway,
    will be completed on the Jambreiro project and this is expected to be completed
    within the next three months.
    The Jambreiro project remains on track for forecast commencement of production
    in mid 2013. The PFS due for release prior to the end of 2011 will set the first
    tangible benchmark of the potential value the domestic iron ore strategy could
    have for Centaurus.
    We continue to view Centaurus as significantly undervalued. Our base case
    valuation is $1.62 per share with an upside case of $2.32 per share. With a
    cornerstone shareholder in Atlas Iron established and significant cash (OML est.
    A$25m) in the bank with no debt, Centaurus is fully funded through to a
    development decision on Jambreiro in mid 2012.

    Ciao,
    Tony
 
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