The 1H results were largely in line with our expectations. In particular, profit after tax amounted to US$7.05 million ($8.81 million), of which cash generated from operations was US$6.39 million.

Essentially, CNMC' s production and profitability can be said to be " out of the woods" and no longer at risk of lapsing into periodic losses, as was the case during its first year of operations post-listing.

To reward shareholders, the company has further raised its interim dividend to 0.15 cents a share (1% annual yield), compared with 0.1 cent previously.

1HFY2014 net margin came in at 42.6% versus our estimate of 34.4%.

We maintain our forecasts and valuation in this report. Intrinsic value of 84 cents.
 

ozone2002      ( Date: 21-Jul-2014 09:58) Posted: Last:0.295     Vol:184k     +0.005 looks like they are ramping up production of goldbars.. gold price has been moving upwards as well jcbull      ( Date: 09-Jul-2014 19:02) Posted: Sokor Gold Project produced 4,356.47  ounces of gold doré bars1    in the month of June 2014, which is the highest record todate for  monthly output since the start of gold production in July 2010, surpassing its previous record of  3,419.51 ounces as reported in the Announcement, representing an increase of approximately  27.4%.    In line with the Company&rsquo s strategy of ramping up its gold production, the installation of a 350  tonnes per hour crushing system is currently in progress and near to completion. The Company  expects to conduct trial runs of the crushing system in the third quarter of 2014.    Vested