Jefferies 'confident' on AIC Mines' Eloise copper mine expansion plans

AIC Mines

22/11/2023 19:26

** Analysts at Jefferies say AIC Mines'  A1M.AX  updated
Lens 6 deposit estimate exceeded expectations and continues to
show prospectivity in Eloise copper mine
    ** The brokerage reiterates price target of A$0.60 for the
Australian copper miner; maintains "buy" rating
    ** Lens 6's expedited development  in  Oct  2023  and  first
 production  by  4Q  FY24  materially  derisks  the expansion
target of 20 kilo tonnes per annum of copper - Jefferies
    ** Jefferies says confident on Eloise expansion plans as
Lens 6 together with Jericho mine provide an additional mining
front, reducing reliance on Deeps sub level cave at Eloise 
    ** All of the three analysts covering the stock rate it
"buy" or higher; their median PT is A$0.70 – LSEG data
    ** Stock down 26.7% this year, as of last close

 (Reporting by Sherin Sunny in Bengaluru)
 ((Sherin.Sunny@thomsonreuters.com))