CNMC

CNMC: SIAS Research maintains Increase Exposure with $0.80 TP. Note that 3Q12F net attributable profit grew by 182% from US$0.28m in 2Q to US$0.79m. Growth was driven by 23,000 tonnes of ore exports, which contributed US$4.6m of non-gold revenue and reduced net operating costs to only US$547/ounce of gold produced. This set of results confirms that CNMC is delivering high growth and we expect the heap leach to substantially boost 4Q performance. Maintain Increase Exposure