Edited by Sarah Thompson and Stephen Shore
This is an edited selection of today’s best postings on Street Talk, which is updated throughout the day on AFR.com.
Morgan Stanley has initiated coverage of Gindalbie Metalswith a strong “overweight” recommendation.
The broker says while the $2.6 billion price tag on its first, 10-million-tonne-a-year stage of development “may appear rich”, many key components of the project have been engineered to support a 16 million-tonne-a-year operation, “which brings capital intensity to a more reasonable level”.
While some market observers remain concerned that Gindalbie has only one customer for its Karara magnetite project in its 36 per cent shareholder, China’s Anshan Steel, Morgan Stanley says the steelmaker’s strong support takes away funding risks.
“Our positive view is predicated in the company meeting its objectives of a 16 million tonne per annum operation by fiscal 2015,” the analysts said.
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