Auriant Mining - Emerging into broad sunlit uplands
Auriant’s Q120 financial results were reported within the context of known production of 278kg via the company’s operational update on 15 April. However, the results are also significant in that they reflect the first full quarter of operations for the company’s new carbon-in-leach plant at Tardan. In this respect, five features are important: the plant operated at, near or above its targeted throughput rate of 50tph for the entire quarter; it exceeded its metallurgical recovery target rate of 90% by 1.7pp; cash costs of US$476/oz (sold) were 47.4% below those of Q119 and 24.4% below our (prior) forecast for FY20 (NB only 7.6% below our prior forecast once working capital changes are taken into account); all of the above was achieved in the depths of the Russian winter; and the effect of COVID-19 on operations, to date, has been minimal. As a result, we have upgraded our forecasts for Auriant for the full year and our valuation of the company.Auriant Mining is a Swedish junior mining company, focused on gold exploration and production in Russia. Co. has two producing mines, Tardan in the Republic of Tyva, and Solcocon in the Zabaikalsky region. In addition, it has one early stage exploration property - Uzhunzhul in the Republic of Khakassia, and an advanced exploration property - Kara-Beldyr, in the Republic of Tyva.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.