UBS 24-Oct-13 September quarter copper in concentrate was lower...

UBS 24-Oct-13
September quarter copper in concentrate was lower than expected as a blend of transitional ore weighed on overall recovery. Throughput was largely in line. The broker has reduced FY14 earnings forecasts slightly but this assumes the project ramps up successfully from here.

The Buy rating is retained based on valuation but UBS is not that confident as the Boseto operation is still underperforming. The price target is unchanged at 15c.

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