HUNTER HILLCOAT | INVESTEC
African Barrick has perfected the art of under-promising and over-delivering and the fourth quarter delivered more of that. But it finished the year [with a far lower cash balance] and we cannot be overly encouraged by the company’s operational improvements until it becomes cash generative.
ROB BROKE | WESTHOUSE SECURITIES
The production achieved in the fourth quarter suggests upside risk to our 630,000 ounce forecast for 2014, should the company be able to maintain the same run rate going forwards. Despite the continued good work, we believe the company still looks overpriced at the current level.
PETER MALLIN-JONES | CANACCORD GENUITY
Production and cash costs in the fourth quarter beat our estimates. But grades and throughput at the Bulyanhulu mine were slightly lower than expected. We believe the market is currently pricing in a substantial improvement in Bulyanhulu grades which looks premature to us.