Morning Traders Wednesday 21st September, page-151

AVB
copper producer video ann  out today.
Chart ready imo  Copper price heading up.
Some London broker reports are out as well.

Exclusive
Project developments gain ground amid strong financing
By Luis Nonito Pasuelo
SNL Financial
16 September 2016

This week, analysts homed in on miners who have secured financing required to develop their projects. On the side of copper producers, Numis Securities looked into Avanco Resources and the miner's Pedra Branca property in Brazil.

Avanco kicked off underground development this week at Pedra Branca East, part of Pedra Branca, after receiving positive results from a scoping study.

The scoping study indicated a net present value of US$213 million, with a 44% internal rate of return, for the proposed operation. Initial CapEx stood at US$153 million. Pedra Branca East will produce 24,000 tonnes of copper and 17,000 ounces of gold per year for 11 years, with C1 cash costs of US$1.14 per pound of copper.

Avanco's current share price, at 5.0 cents per share on the close of Sept. 15, is valuing the company based only on its Antas property without any credit for Pedra Branca, Numis said in a Sept. 14 note.

"With an ungeared balance sheet, a successful track record at Antas and demonstrated viability at [Pedra Branca], we believe that [Avanco] remains undervalued and retain a buy recommendation," the corporate adviser said.

Worth some research. IMO