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Mining Capital

VSA Capital Market Movers - Metal Tiger

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Metal Tiger (LON:MTR)

Metal Tiger (MTR LN) has announced the results of its updated CPR for its Thai lead zinc silver assets. A CPR was previously completed in 2013 by ACA Howe and formed the basis for our assumptions. The new report completed by SRK Consulting indicates that on a 10% discount rate the study has shown an NPV of US$45.9m with an IRR of 33% and upfront capex of US$50.3m.

In addition a JORC 2012 resource update to that defined in 2012 has been announced. This has increased the confidence categories of the resource, however, resulted in a slight reduction in tonnage. The scheduled mine life remains unchanged at 14 years.

The project is brownfield and the CPR highlights that mines are in good condition and that much of the existing infrastructure including the processing plant may be utilised.

Our target price and recommendation are withdrawn


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