Opinions
Robert Cohen B.A.Sc., MBA, CFA
Golden Star Resources
GSC-T
DON'T BUY
Sep 06, 2007
Chang in management caused the last dip. Projects are located in Ghana, which doesn't have a developed infrastructure creating a lot of power interruptions. Also a lot of metallurgical problems. Would look elsewhere.
$3.610
Stock price when the opinion was issued
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Gold in Ghana. Several operational problems over the last few years so has been in the doghouse. High cost producer at about $650 so are currently generating about $500 in cash flow with minimal capital spending. Ploughing this free cash flow into the ground for the first time to develop more resources.
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COMMENT
This company has some knocks against it. They had a lot of difficulties with the gold price being down. They always have trouble making money. Royal Gold made a royalty agreement and are giving them $130 million, but of course there is a whole payback with that, which will depress their earnings. He can see this going up $1.25.
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