$20m a small price to pay to snuggle up to MCC and Xstrata
August 11th, 2008
Filed under: Mineral - Copper, Mineral - Gold, Operator - Xstrata
From: business.theage.com.au
SIXTY per cent cash backing of a share price is a comfortable starting point for investment in the mining sector. That is what is on offer with Papua New Guinea-focused Highlands Pacific (HIG). At Friday’s closing price of 8¢ a share, its $52.2 million market capitalisation compares with its cash holdings of $31.5 million or 4.8¢ a share — the 60% cash backing. If that’s all there was to Highlands, the distressed share price would be a fair cop.
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