Broker backs Highlands despite setbacks

PNG gold producer Highlands Pacific has been gifted a Buy recommendation from major brokerage ABN-AMRO Morgans despite the junior suffering an additional paper loss of $US36.2 million on top of its $27.5 million loss for fiscal 2006 because of International Financial Reporting Standards applied to hedged gold reserves from its Kainantu mine in PNG.

Broker backs Highlands despite setbacks Broker backs Highlands despite setbacks Broker backs Highlands despite setbacks Broker backs Highlands despite setbacks Broker backs Highlands despite setbacks

The IFRS complication came as a result of Highlands inability to meet its hedge requirement of 250,000 ounces of gold for the fiscal year and had compounded the company's sluggish start to 2007,

loader

Most read News