emerging copper producer - 23ktpa

For punters/investors who own AOH/DML/EXS and other Copper top dogs. Check out FND, slow out of the block and a bit of catching up to do:

* Market cap: $78mln
* Wetar project: target 23ktpa of Copper cathode for estimated capital and operating costs of US$118m and US$1.00/lb respectively. At 23ktpa, FND will generate +AUD$130m in free cash annually assuming a US$3.50/lb Cu price.

Other short term catalysts should be further news regarding progress on optimising the Wetar DFS and exploration results.

FND also into gold: "FNDs Ojolali gold-silver project in Southern Sumatra, while relatively early days, offers investors considerable upside. The Jambi resource currently stands at 138koz (99koz FND share)."

Foser Stockbroking has a valuation of $0.68/share with assumption of copper price of $2.50/lb and a buy target up to 75c, based on annual free cashflow of $60mln. Hence, if we apply current spot price at over $3.50/lb, new valuation should be over $1/share and that make current 35c level cheap.