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Orosur Mining (OMI)

Business description

Orosur Mining owns (100%) and operates its San Gregorio gold mine in Uruguay. It explores for gold close to San Gregorio and in Chile at the Anillo gold property. It owns 100% of the highly prospective, high-grade Anzá gold property in Colombia.

Stock data

Market cap.£4.5m
Last close3.80p
High / Low (52 weeks)18.2p / 2.5p
Stock market listingCN, LN
Forecast net debt (US$m)1.8
Forecast gearing ratio (%)4
TeamResources - Mining
SectorMining

Price performance

%1m3m12m
Actual49.0(25.5)(70.8)
Relative *48.4(28.9)(72)

* % Relative to local index

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Company news

Y/E May Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (fd) (c) P/E (x) P/CF (x)
2016A 42.9 9.1 3.2 (1.2) N/A 0.8
2017A 44.2 9.4 2.1 2.6 1.9 0.4
2018E 37.7 12.2 7.9 5.8 0.9 0.8
2019E 44.5 14.0 10.1 8.1 0.6 0.5

Last updated on 26/06/2018

Investment summary

OMI’s Q3 results were released on 16 April. The main takeaway is that the company has notified that it expects to produce between 27koz Au and 30koz Au in FY18 vs its previous guidance of 30koz. Operating cash cost guidance has been revised upwards from US$800-900/oz to US$900-1,000/oz. The main reason cited is that definition of a weaker mineralised structure at San Gregorio underground at depth and to the east resulted in a revised and optimised mine plan, which caused certain deeper and marginal stope designs to be removed from the mine plan. The company has embarked on a strategic initiative to reduce costs, improve profitability and preserve cash.

Last updated on 29/06/2018

Industry outlook

In terms of its Colombian exploration, drilling at APTA during the quarter has yielded very favourable results, including 4.89g/t au over 13.9m, 4.86g/t au over 25m, 9.42g/t Au over 7m, 9.62g/t Au over 6m and 5.28g/t au over 12m. These drill holes extended the known mineralisation at APTA. Further, drilling currently underway at the Charrascala target appears promising. Colombian exploration is a key value driver for OMI’s shares.

Last updated on 29/06/2018

Key management

Ignacio Salazar , CEO
Ryan Cohen , IR

Company address

Cerro Colorado 5240
Torre del Parque I, Of. 602
Las Condes
Santiago
7560995
Chile
+ 598 2 601 6354
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