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Halyk Finance: Frontier Mining - Get ready, set... - April 13, 2012




Halyk Finance


13 Apr 2012





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Upon revisiting our production and unit cost assumptions, we raise our 12-month target price of Frontier Mining to 10 GBp per share. Although the shares rallied over 80% since the start of the year, Frontier is still undervalued. We believe that the market valuation of the stock will move further up as Benkala approaches production launch in June this year. The very promising Baitemir prospect, yet to be included in our model, is likely to provide an additional substantial upside to the stock valuation. Key risks to our valuation are delays in production start at Benkala and a slump in copper prices.

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