EMP

ABN Amro have upgraded the Emperor Mines (EMP) stock to Buy from a previous Hold recommendation with a share price target of $0.55 from $0.38. The broker notes that the company has completed a $40m capital raising putting the company in a stronger position to improve operations at its Vatukoula and Tolukuma mines. In conjunction with Porgera, this would see the company producing more than 350k oz annually. This production level, even allowing for slightly higher costs, justifies a valuation of $0.46/share on the broker's calculations, rising to $0.55 using spot gold prices.