EDISON EQUITY RESEARCH - ALMONTY INDUSTRIES
09 June 2015 - 10:13PM
InvestorsHub NewsWire
EDISON EQUITY RESEARCH: ALMONTY INDUSTRIES - Q215 RESULTS;
WOULFE TRANSACTION
Almonty reported mixed Q215 financials, with Los Santos delivering
solid results while WCM underperformed. The company has also
announced the acquisition of shares and debt in Woulfe Mining,
which could provide it with an 18.7% interest, potentially leading
to a combination of the companies’ assets. We lower our SOTP
valuation of Almonty to C$1.0/share, but expect the shares to be
well supported in the near-term should tungsten prices stabilise
and on any evidence of WCM’s performance gradually
improving.
Almonty Industries is an independent tungsten producer, with two
operating mines – Los Santos in Spain and Wolfram Camp in Australia
– and the development-stage Valtreixal tungsten-tin project in
Spain. The company produced 90kmtu of contained WO3 in FY14 and we
expect it to deliver 133kmtu in FY15 as it fully consolidates
WCM.
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