ubs buy rec with target price more than double, page-10

I think UBS just came with an update - its a big shocker too!

Unless they seek extra relief from what has been proposed - UBS say its worth 22c. If they get some relief as there are over 600 jobs at risk plus they already purchased the land/minimg rights prior to the CT announcement, then valuation all the way up to 71c.

They end up stating that price target is 40c taking into account all of the above - surely GNM management would make some representation as they are heavily involved in the community down there - I reckon low 30s is a good position to take - i just can't see 22c even on current production - look at the half year result