Increased copper production forecasts, and lower processing costs have increased our price target for Tiger Resources (TGS) to $0.73

Increased copper production forecasts, and lower processing costs have increased our price target for Tiger Resources (TGS) to $0.73. The September quarterly production of copper cathode was in line with expectations at 5,620 tonnes. However, as management has again reiterated the CY14 target of 14,000 tonnes (and taking the 1,499 tonnes in the June quarter into account) we can have some confidence that December quarter production could be approximately 7,000 tonnes. Although this would be above the plant's nameplate, this is not unusual for cathode plants in the region. September quarter processing costs were $1.22 (versus expected costs of $1.60) thanks in large part to excellent plant efficiency. Head of Australian Mining Research, Luke Smith, had upgraded his price target from $0.68 to $0.71 on 29th Oct on revised commodity/currency assumptions. He has now upgraded his target for Tiger again, this time from $0.71 to $0.73. Research available here: (VIEW LINK)