News and Announcements
Improved Mine Operations for AsiaPhos Explain 117% Growth in Mine Output
- Published March 31, 2016 11:51AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Broker: NRA Capital
Call: Buy
Target price: 22 Singapore cents
Improved mine operations for AsiaPhos Limited (AP) are the explanation for the 117 per cent growth in yearly mine output over 2014 and 2015.
More importantly, AP is showing signs of self-sustainability with both upstream and downstream segments reporting positive gross margins for 2015.
The company offers a compelling de-risked investment case with a positive outlook, based on estimated phosphate rock output of at least 40 per cent this year and 35 per cent in 2017.
Total resources were largely unchanged year-on-year after mining depletion and data from the past two years of development and production give sufficient confidence for an upgrade of resources in the immediate vicinity of exploration and development work to reserves, including planned output from 2016 to 2018.
The company has invested resources in the second half of 2015 to upgrade various mine infrastructure to ensure it will receive approval for larger production scale. A 40 per cent increase in production in 2016 is forecast. Considering the above and other drivers, AP is expected to deliver higher operating profitability this year.
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