from FNArena today
Maquarie-
Gold production in the December quarter was below expectations.While production from Syama sulphide was softer. Macquarie expects the underground operation to ramp up to full capacity over the next 6 months.
Full year guidance is maintained for 300,000oz/ annum. Outperform TP $1.60 maintained.
Citi-
Investors should start to experience some rewards in the June half from the Syama transition to underground, as the mine ramps up and de-risks. December qtr production was close to the broker's estimates.
The next major expenditure is likely to be the Ravenswood $110m expansion by 2020.
This is subject of a review so the outlay could be delayes, Citi suspects, in favour of opening ore sources at Syama, and de-leverating.
Buy/High Risk rating maintained & target is raised to $1.70 from $1.55
Ann: Quarterly Activities Report, page-47
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