CNMC

CNMC: Voyage reckons CNMC’s current market capitalization of $102m works out to about US$307/oz of value, which is similar to our forecast PATMI of US$309/oz for FY14. However, Voyage argue that CNMC can potentially be worth more, on: a) profits from discovered by-products, silver, lead and zinc; b) future new resource discoveries in the Sokor site; and c) future value from continuing efforts to operate new mines, such as tin mining in Perak. House has an Increase Exposure rating and TP $0.80.