DJ Tiger Resources No Longer Capital Constrained, Says Macquarie...

DJ Tiger Resources No Longer Capital Constrained, Says Macquarie -- Market Talk
10/11/2015 10:03AM AEST

2301 GMT [DOW JONES] The funding shackles are finally off Tiger Resources (TGS.AU), says Macquarie, which upgrades the Africa-focused copper miner to outperform from neutral and raises its price target by 86% to A$0.13/share. Tiger, which owns the Kipoi copper mine in the Democratic Republic of Congo, has agreed to a US$162.5 million refinancing package on favorable terms. This money is due to become available from December. "We had previously assumed that TGS remained capex constrained and was unable to complete the pre-strip required to recommence mining of the Kipoi Central pit," says Macquarie. "Consequently, we limited our production scenario to stockpiles only." TGS last traded at 6.7 Australian cents. ([email protected]; @dwinningWSJ)