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Aureus plans for expansion drive - shares could well have more to go for

By Robert Tyerman | Thursday 4 June 2015

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

David Reading, chief executive officer of West Africa focused gold play Aureus Mining (AUE), is celebrating the first gold pour from its flagship New Liberty project in Liberia not only with the receipt of narrowly in-the-money share options but by charting a production ramp up which he hopes will take production from an initial 50,000 to 60,000 oz. this year to a targeted 112,000 oz. in 2016. According to Reading, likely capital spending is ‘on track for $172 million (£115.2 million)’, while ‘recent estimates suggested cash costs could be just under $800 an ounce,’ against a present gold price of $1,192.75c an ounce.

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