Last chance to get aboard before explorer becomes producer and the project is further de-risked and sp re-rated again.
The last PRC announcement stated that "excavation of the tunnel to access the underground premium hard coking coal deposit recommenced on 19 May 2008. The tunnel is on track to intersect the Hawera fault located at approximately 2,100 metres later this month and to intersect the coal seam at approximately 2,300 metres in July 2008. In other project activities the coal preparation plant (CPP) is now 90% complete with all of the major equipment installed in the plant and the stack-out conveyors in place for both coal and reject material."
Recent (7 May 2008) Tolhurst Analyst Report gives price target of A$1.50, from $1.08 per share, and remarks "While PRC is relatively small and has operations outside Australia, we believe its expected near-term shift from “developer” to “producer” and premium quality product justifies some exposure. We will look to upgrade our recommendation on any weakness in the share price."
PRC Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
