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CNMC Goldmine Holdings Limited - Company update(Image)

CNMC Goldmine Holdings Limited - Company update

Triple prong plan to revert to growth

We see three drivers that will drive future growth – 1) commencement of production at the CIL plant, 2) base metal extraction and 3) the development of the Pulai and Kelgold mines. Exploration at Pulai has advanced to diamond drilling and the acquisition of KelGold was completed in May, paving the way for exploration to start. CNMC has net cash of US$24.2m as of end 1Q17, translating to 31% of its market capitalisation as of 24 June. Our updated model values the Sokor mine at S$0.380 based on available resources of 623,000 oz of gold. Therefore, we have yet to factor in exploration upside from all three mines – Sokor, Pulai and KelGold.

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