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Cantor lifts target on Orosur Mining

Broker Cantor has lifted its price target on South America-focused gold miner Orosur Mining Inc, due in part to rising precious metal prices.
Pictured is a gold pour....
The miner, which operates Uruguay's only producing gold mine, succeeded in getting all-in sustaining costs (AISC) of production below US$1,000 an ounce in the recent quarter

Broker Cantor has lifted its price target on South America-focused gold miner Orosur Mining Inc (LON:OMI, TSE:OMI), due in part to rising precious metal prices.

The positive impact of cost cutting and a focus on operating profitability was plain to see in recent third quarter results, added analyst Asa Bridle.

"The company’s efforts are also being helped by rising precious metal prices, and we revise our FY17 earnings forecast upwards on the back of higher gold and silver price expectations," he said.

The broker's target goes to 26p from 22p and it repeats a 'buy'.

The miner, which operates  Uruguay's only producing gold mine, succeeded in getting all-in sustaining costs (AISC) of production below US$1,000 an ounce in the quarter, and the plan is to keep it below that for the remainder of the financial year, which runs to end May.

It also bounced back into the black with a profit before tax of US$3.1mln in the three months to February 29, having made a loss of US$1.9mln in the corresponding period the year before.

Orosur shares are now at 10.875p.

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