MNS – Macquarie rates the stock as Underperform

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Changes to Tanzanian law have had negative impact on the share prices of many companies with exposure to the country.

Magnis Resources has continuing uncertainty relating to its special mining licence and mineral development agreements, with the potential for the government to increase its free-carried share to 16%.

A lack of progress at Nachu and confusing messages leaves Macquarie to question the direction of the company. Downgrade to Underperform from Outperform. Target is reduced to $0.30 from $1.05.

Sector: Materials.

Target price is $0.30.Current Price is $0.48. Difference: ($0.18) – (brackets indicate current price is over target). If MNS meets the Macquarie target it will return approximately -60% (excluding dividends, fees and charges – negative figures indicate an expected loss).

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