Globe Says Primero (P-TSX) Enjoys Strong Analyst Support 2015-04-06 09:32 ET - In the News
The Globe and Mail reports in its Saturday edition that Primero Mining says:
- A fix of its troublesome Black Fox gold mine in Canada is within reach,
- restoring the miner's credibility for investors while,
- clearing the way for future expansion through acquisitions. <SAS??>
A Bloomberg dispatch to The Globe says Primero expects to show signs of improved performance at the Northern Ontario mine this year, says chief executive officer Joe Conway.
In July, the company cut its gold-reserve estimate at Black Fox. "The reality is we're very much focused on demonstrating to the investment community that we've turned Black Fox to account," Mr. Conway told Bloomberg.
Analysts are giving the former CEO of Iamgold Corp. the benefit of the doubt. With 15 buy, one sell and two hold ratings on Primero, they project the share price will rise at least 50 per cent in the next 12 months.
They also estimate the company's per-share cash flow will expand faster than most of its Canadian peers. "Black Fox really drives the bus," says Joe Fazzini at Dundee Capital Markets.
"It looks like the worst has passed." Mr. Conway left Iamgold in January, 2010, and five months later was hired to lead a company buying San Dimas from Goldcorp Inc.
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