CIBC has restated its "sector outperform" rating for Lumina Copper and we will consider it as another sign of improvement of business climate in Argentina. Globe and Mail talks about Lumina Copper "seen as potential target" as well today. It looks like Copper stories in Argentina are back among the industry insiders and Taca Taca and Los Azules Copper deposits will receive the deserved attention now. McEwen Mining and TNR Gold should be getting on the radar screens as well with Los Azules Copper developments.
Los Azules Copper - McEwen Mining And TNR Gold: Yamana Gold to invest $450 million in Argentine mine MUX, TNR.v, LCC.v
All slides are from McEwen Mining presentations.
2013-12-19 09:07 ET - In the News
The Globe and Mail reports in its Thursday edition that CIBC World Markets analyst Tom Meyer is holding firm on his "sector outperformer" rating for Lumina Copper ($5.40). The Globe's Darcy Keith and Jody White write in the Eye On Equities column that Mr. Meyer targets Lumina Copper shares at $15. Mr. Meyer says the 100-per-cent-owned Taca Taca project in Argentina is one of the more attractive copper-gold-molybdenum development projects not yet owned by a major. Mr. Meyer says just because M&A activity in the copper development space is not making headlines it does not imply that the majors have stopped looking for development opportunities. He says, "In fact, now is the time that detailed analysis can be carried out in preparation for an eventual positive turn in the cycle." The average Street target is $14.55. Raymond James analyst Adam Low said Lumina Copper was a likely takeover target in the Eye column on Dec. 16, 2011. He rated Lumina "strong buy." It was then worth $12.40. The Globe's Ian McGugan said on May 2, 2012, that the smart money was buying Lumina. It was then worth $13.15. Mr. Low rated Lumina "strong buy" in the Eye column on April 12, 2013, when it could be had for $7.60.
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