There are plenty of opportunities to see a material re-rating...

There are plenty of opportunities to see a material re-rating for HZN over the next 12 months. The following milestones are all likely in the next 12-18 months and could materially reward patient investors:

Project Finance announcement
Stanley Project FID
First production- China
Maari reserves upgrade
PNG development start up.

When production hits a normalised level of 8,000 bood in 2014 the free cash flow generated is going to be well over $150m per annum. This point in time could not be better opportunity to acquire a stake in a company that is building a cash flow river without the company spending tens of $millions on risky exploration. Management are doing a good job in developing a good bread and butter earnings base for the medium term future.