Today according to my Etrade site, Macquarie Bank have changed their rating for OGC from underperform to neutral and raised their target price by 59% to $2.70. I presume this change of view is due to yesterday's announcement of the Philippines President saying OGC could have an FTAA.
My expectation is that most of the details of the FTAA have already been negotiated with the relevant agency and it will not take too long for it to be signed, perhaps by the end of January. They would want to get their local people back earning an income ASAP. Previously there was no urgency for the govt to move on this issue with OGC paying the workers despite the mine not operating.
The market is rightly cautious about OGC in the light of its financial situation/Haile operations/debt/capex/Dipidio/possible further weakness in the USD POG for some months.
loki
Today according to my Etrade site, Macquarie Bank have changed...
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