You may be sitting on a goldmine if you own this stock

SINGAPORE (Sept 15): Phillip Securities is initiating coverage on CNMC Goldmine Holdings, the first goldminer to be listed on SGX’s Catalist board in 2011, with a “buy” rating and a target price of $1.03.

CNMC Goldmine is engaged in gold production and related businesses such as exploration, mining, and the processing of ore into gold ores.

“We think that CNMC is still at the early stage of exploration and production, and its focus on mining is the right move. After all, the output of underlying assets is the determinant of the mining business,” notes analyst Chen Guangzhi in a Thursday report.

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