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Investing.com - BMO Capital has raised its price target on Marimaca Copper Corp. (TSX:MARI) stock to C$13.00 from C$12.00 while maintaining an Outperform rating.
The price target increase follows Marimaca’s release of feasibility study results for its MOD project, which BMO Capital describes as "a snapshot in time" that considers an initial iteration of the project.
BMO Capital notes the feasibility study represents "another derisking event" as the MOD project approaches a development decision, despite costs coming in "a bit higher than expected, most notably on sustaining capital."
The investment firm sees upside potential for the project through several avenues, including the integration of other resources and exploration targets, future expansions, and potential cost savings measures.
BMO Capital also points out that project closure costs "have the prospect to be pushed out," potentially improving the overall economics of the copper development.
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