Resources

With the Boral (BLD) acquisition nearing completion, we revisit our SVW model forecasts.

NIC reported a CY23 financial result which was slightly ahead of our forecasts at the EBITDA line but a miss at the NPAT lines.

CRN reported NPAT of US$156m (BP est. US$152m) and underlying EBITDA of US$382m.

The Allkem-Livent (AKE-LTHM) Scheme of Arrangement has recently been implemented.

GOR reported that Gruyere gold production was lower qoq due to labour availability issues impacting mining performance.

RRL has announced the closure of its gold hedge book for a cost of A$98m. Our NPV-based valuation is up 3%, to $2.37/sh and we retain our Buy recommendation.