Got my hands on the full macquarie report...key bits1) Alacer?s...

Got my hands on the full macquarie report...

key bits

1) Alacer?s 2012 results included a ~$500m write-down to its Australian Business Unit – an outcome we previously flagged as likely.

2) Debt-free within six months. Alacer has stated that it intends to use a component of the proceeds from the sale of Frogs Leg to pay down the remaining ~$70m of its current borrowings. This will make the company debt free by Q3 2013.

Price catalyst

? 12-month price target: A$4.40 based on a forward curve NAV methodology.

? Catalyst: Q3 2013 release of technical details of Çöpler CIL plant