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Foster Stockbroking has slashed its buy recommendation for shares in base metals miner Altona Mining by 10c after Xstrata Copper opted not to exercise its option to acquire a 51% stake in Altona’s Roseby copper project in Queensland, Australia.
Xstrata subsidiary Mount Isa Mines walked away from the deal which would have given it a majority interest in the proposed 39,000tpa copper development following a definitive feasibility study in 2012.

The uncommon scope of its 100%-owned Milo project in the Cloncurry district of far NW Queensland may have contributed to the market overlooking the inherent value of Australian explorer GBM Resources, research house RM Research says.
The recently completed scoping study by Mining One points to a viable, economic project with a base case cash flow of $A702M, giving GBM the confidence to progress directly to prefeasibility.

Numis Securities has re-rated Russian gold miner Petropavlovsk on news out yesterday that it has beaten its full year production forecast, expects further improvements in the current year, and has reduced its exposure to intimately related (66%-owned) Hong Kong iron ore group, IRC.
Petropavlovsk produced 10,000oz over and above its 700,000oz guidance figure and forecast growth of 4-10% for 2013 – eclipsing Numis expectations.

Numis Securities senior analyst Cailey Barker is looking for improved efficiencies to emerge from African Barrick Gold’s current operational review, after higher than anticipated cash costs tainted an otherwise reasonable year of production.
Barrick released its fourth term and full year production results today, for 180,600oz and 626,000oz of gold respectively from its Tanzanian operations base.

The results from new testing of 1960s diamond core has lifted TNG’s Mt Hardy polymetallic project to major status.

A new report says Dragon’s 264Mt resource is enough for a stand-alone Rocklea iron ore project in Western Australia’s Pilbara.A new research report sees Dragon Energy’s current JORC Resources at its Rocklea iron ore project in Western Australia’s premium Pilbara region as sufficient to justify a stand-alone 20-year operation at 2Mtpa-5Mtpa with 1st production in 3Q 2014.

AIM-listed junior Ortac Resources is moving purposefully toward development at its Sturec gold project in Slovakia and represents a “strong buying opportunity” at current prices, according to London brokerage Seymour Pierce.
The firm’s comments were prompted by Ortac’s interim results published today, which showed that the company remained on track to complete its prefeasibility study at Sturec in the first quarter of next year.

A 40% predicted drop in operating costs and a 26% increase in production for 2012 has prompted a target price more than 150% greater than the current valuation of Canadian gold miner, St Andrew Goldfields.
Independent Canadian brokerage Loewen, Ondaatje, McCutcheon (LOM) has slapped a 12-month target price of $C1.06/sh on St Andrews, which is currently valued at $C0.42/sh in Toronto.

A look over new Brazilian-focused Australian gold hopeful Paringa Resources, now awaiting an ASX listing after raising $A10M from 33.3M IPO at $0.30ps


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