Genesis Minerals' New Bull Excited by Production Outlook -- Market Talk

Dow Jones03-26

0200 GMT - The shock of Genesis Minerals's big step-up in capex over the next five years is more than offset by the boost to production from this investment, says Macquarie. Genesis outlined plans to spend A$520 million in growth capex in FY 2025-FY 2029, well above Macquarie's A$92 million estimate. In a note, Macquarie said it had expected only two open pit ore sources for Genesis's Laverton operation. Genesis signaled it will develop four in total. "Production beyond five years was materially stronger than our prior estimate, while longer-term all-in sustaining cost also appears to be better," says Macquarie, upgrading Genesis to outperform from neutral. Genesis's production can grow at a compound annual rate of 10% over the next decade, Macquarie says. (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

March 25, 2024 22:00 ET (02:00 GMT)

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