Citi moved OceanaGold to "buy" from "neutral" after the now-likely acquisition of the Haile Gold Project in South Carolina via Romarco Minerals (R.TX), and a pullback in the OGC share price, but put a lower target of $2.46 a share on the miner, from $$2.73 previously.
"Following shareholder votes we expect the Romarco Minerals acquisition to complete and so update our model to include the around 150kozpa Haile Gold Project and Romarco's $C254 million cash, with associated 100 per cent expansion of OGC's capital structure.
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Elise Shaw writes on Markets specialising in Equity Markets, Commodities, Mining. Based in our Sydney newsroom, Elise has over 25 years experience as a finance and markets journalist and editor. Connect with Elise on Twitter.
