btr re-rate

Considering the rating of BTR last year based on their billion dollar copper asset Kitumba where they obtained a price target of $2.25, I believe that a substantial re-rate of the company based on the substantial upgrade of the high grade core.

Materially, what has changed since then for BTR?
- reduced equity percentage in Perkoa, but increased value of mine, so an overall neutral effect;
- transition from an explorer and prospector to a junior miner, positive effect;
- Kitumba geology better understood, reduced the quantity of the ore reserve statement in early 2013, but a wholly redefining of the measured resource with infill drilling in late 2013, overall positive effect;
- appointment of new senior management bringing a great deal of respect from peers and also a wealth of experience;
- Zinc outlook is highly positive;
- mixed view on future Copper prices but majority consensus is bullish, positive;
- reported takeover possibilities from major miners, positive;
- cash and funding availability from local continent banks, positive;
- application for Mumbwa mining license submitted, positive;
- apparent lack of transparency from Glencore's Perkoa management and slow/poor reporting/updates to BTR, negative;
- share price fluctuation, instability and poor performance on 12 month chart, negative;

There we can see that there is a great deal of things which BTR can hope to turn around with strong leadership through 2014, but most importantly the Kitumba story is live and kicking and BTR aiming to transition from a junior to a mid-tier.