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Liberum calls Asiamet Resources the "best kept secret in copper" as it starts with 'buy'

Liberum analyst Richard Knights said: “Our SOTP valuation of 20p reflects 100% upside, but EV/Resource comparisons and recent M&A activity in the region imply similar levels of mispricing”

Copper
The analyst added: “Exploration is ongoing and further resource additions are expected in 2018"

Liberum Capital has called Asiamet Resources PLC (LON:ARS) ‘the best kept secret in copper’ in a note initiating coverage on the Indonesia-focused miner.

Analyst Richard Knights has started Asiamet with a ‘buy’ rating and a target price of 20p, with the shares currently changing hands at 10.25p each, up 2.2% on Tuesday’s closing price.

READ: Asiamet Resources announces positive results from column leach test work on the BKM copper deposit

In a note to clients, Knights said: “Asiamet is an advanced copper exploration business with assets both near to production and globally significant in scale.

“It has 2.9mt of attributable contained copper eq. resources (M,I&I)* in the ground across two projects in Indonesia at an average 0.62% Cu (eq.).”

The analyst added: “Exploration is ongoing and further resource additions are expected in 2018, as is the financing of its initial 25ktpa SX-EW mine at BKM.”

He concluded: “Our SOTP valuation of 20p reflects 100% upside, but EV/Resource comparisons and recent M&A activity in the region imply similar levels of mispricing.”

Quick facts: Asiamet Resources

Price: 3.2 GBX

AIM:ARS
Market: AIM
Market Cap: £29.69 m
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