Nonetheless, he figures that CNMC's share price, trading at around $1.15 on Oct 3, has further room for appreciation with a target price of $1.34, up from 70 cents previously, with twin drivers of steady prices and higher production volumes.
CNMC Goldmine Holdings has gained nearly 50% in the last month, thanks to gold prices reaching a new record of US$3,800 per ounce, due to sustained stocking by central banks, expectations of monetary easing, as well as heightened geopolitical risks.
Paul Chew of PhillipCapital expects the yellow metal to ease slightly to average US$3,000 this year and gain slightly to US$3,600 next year.
