Anglo Asian Mining PLC (AIM:AAZ, OTC:AGXKF) has received a punchy 214p per share target from research house Hardman based on three developments currently underway in Azerbaijan.
Cashflow (DCF) valuations for baseline Gedabek (76p) + Copper 1 – Xarxar and Garadag (71p) + Copper 2 – Demirli (67p) make up the target, which assumes a copper price of $8,000/tonne (3.63/lb), a gold price of $1,900/oz and an 8% discount rate.
“Notwithstanding the debt-financing requirements to fund growth in the next few years, we expect dividend payments to continue.”
Shares eased 4p to 106p.