Comment by Riaz Haq on March 21, 2022 at 5:02pm

Copper's contribution to Barrick's bottom line is increasing as Pakistan project revived
Reko Diq is one of the world’s largest undeveloped copper and gold deposits

https://financialpost.com/commodities/mining/coppers-contribution-t...

A 2010 feasibility study of Reko Diq estimated the site could contain as much 54 billion pounds of copper and 42 million ounces of gold. In its 2010 annual report, Barrick said it envisioned building a mine in Pakistan that would produce 100,000 ounces of gold and between 150 to 160 million pounds of copper on average each year over the first five years. A lot has changed since then, and Barrick said it would need to update its projections based on current market conditions.

Barrick, which has long derived its profits from gold, is increasingly looking at copper.

“Copper’s contribution to the bottom line is increasing,” chief executive Mark Bristow said repeatedly during the company’s fourth-quarter earnings call on Feb. 16.

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Reko Diq, which many investors and analysts forgot about after a contentious legal dispute halted the project in 2011, would require billions of dollars of investment to build and take many years to complete. But it could potentially give Barrick a shot in the arm: past studies indicated the site contains billions of pounds of copper and millions of ounces of gold, and could produce for multiple decades.

“It’s still really early, so it’s hard for us to say what this all looks like,” said Jackie Przybylowski, an analyst at BMO Capital Markets, who covers Barrick. “But I think it’s just an example of how mining companies are having to move more into different jurisdictions, and less obvious ones, or less common ones.”

After more than a decade of scouring the United States, Canada, Latin America and Australia, many mining companies are increasingly looking in countries and jurisdictions that are less connected to the Western economies.

Barrick has long had a diversified geographic portfolio; it now has projects in various states of development in Japan, Egypt, Saudi Arabia, Papua New Guinea and Pakistan.

Przybylowski also noted that increasingly, the largest gold miners are looking at copper. This is in part because copper demand is expected to grow as a result of increased electrification and the energy transition, but also because geologically, recent discoveries have shown that copper often occurs alongside gold in large scale deposits.

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“We have every intention of growing our business, both in copper and in gold — or in gold and then in copper,” said Bristow. “And the principle behind Barrick’s business philosophy is high-quality assets. That’s our focus. And so that’s what we’re hunting, whether it’s gold or copper.”

But he also said the company has invested to embed copper expertise in its exploration teams because the copper business had not always been so profitable in the past.

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Josh Wolfson, an analyst at RBC Capital Markets, wrote that the project could add at least two per cent to Barrick’s net asset value — based on the payout to Antofogasta, which was paid a reported US$900 million for its 37.5 per cent stake in the project.

The revival of Reko Diq marks a sharp reversal for a project that had been dropped from most of Barrick’s investor presentations years ago, only to resurface in 2019 when the World Bank’s International Centre for the Settlement of Investment Disputes ordered the Islamic Republic of Pakistan to pay US$5.83 billion to a Barrick Gold Corp. joint venture subsidiary for blocking the mining project.

The award included US$4.087 billion in damages, which the arbitrators calculated was the fair value of the Reko Diq project at the time of the arbitration and US$1.75 billion in ongoing interest, plus US$62 million in legal costs.

Comment by Riaz Haq on March 27, 2022 at 10:17am

Saudi firm to help Pakistan assess Reko Diq gold, copper quantity

https://www.dawn.com/news/1682029

Balochistan Chief Minister Mir Abdul Qudoos Bizenjo, while defending a recently signed agreement on the Reko Diq copper and gold mining project with a Canadian company, has disclosed that a Saudi Arabian firm would set up a refinery in Gwadar to assess the quantity of minerals extracted from the site.

“I have taken all political leaders, parties and public representatives into confidence before signing the Reko Diq project, which will prove a gateway for foreign investment in Balochistan as [Canadian firm] Barrick Gold Corporation will invest $10 billion,” he said during an interaction with senior journalists and newspapers editors at Chief Minister House on Friday night.

He said the agreement clearly mentioned it “would be cancelled if the [Canadian] company failed to start work within three years at the site allotted for exploration and mining.”

Mr Bizenjo said that despite various hurdles and difficulties, it was the best possible agreement. “Five months were crucial and very difficult in which there has been a fear of the governor’s rule in the province,” he said, adding that all political leaders have appreciated our efforts and said that we had made a big contribution to the province.

He said that under the new agreement, Balochistan’s share in the project would be 25 per cent without any investment by the province. Other financial benefits, including royalty taxes, were also part of the agreement.

He said that Barrick Gold would pay a royalty to Balochistan immediately while the company would spend Rs40 billion to develop the area under social responsibility.

He claimed that former chief minister Jamal Kamal Khan was dealing alone with the authorities concerned to restart the Reko Diq project without taking anyone on board, including even the chief secretary, finance secretary and other officials.

Comment by Riaz Haq on April 4, 2022 at 8:19am

In a bid to upgrade their economic ties, Saudi Arabia and Pakistan are mulling a long-term investment strategy. The kingdom is encouraging major Saudi companies to expand their business internationally and offering government help and resources through the National Companies Promotion Program (NCPP) if they are not currently active abroad.

Read more: https://www.al-monitor.com/originals/2022/04/saudi-arabia-pakistan-...

Meeting on the sidelines of the Tashkent International Investment Forum last week, the chairman of Pakistan’s Board of Investment (BOI) and minister of state, Azfar Ahsan, and the Saudi Minister for Investment, Khalid Al-Falih, discussed options for promoting bilateral investment.

According to the official statement issued by Pakistan’s investment board, “It was agreed that shovel-ready projects, including the expansion project of Pakistan Refinery, will be evaluated by the Saudi government.”

In 2019, the kingdom had announced plans for a $10 billion oil refinery at Gwadar port, but logistics issues hampered the project. A 600-km oil pipeline connecting Gwadar to the main oil hub, Karachi, would be needed to make the Saudi investment worthwhile, and — according to the feasibility report prepared by Aramco — the transportation of processed oil from Gwadar would be too expensive even then.

This time, Saudi Aramco will be kicking off “preferred projects” in Pakistan’s oil refinery sector, and the expansion of a decades-old refinery in Karachi is most likely. Next, Saudi investors will receive some exceptional incentives in special economic zones in Pakistan. According to the BOI chairman, several proactive measures have been taken to facilitate investment.

“Saudi Arabia and Pakistan are historically close allies," Mohammed Alhamed, president of the Saudi Elite Group, told Al-Monitor, "and Riyadh’s investment comes to make Pakistan’s economic development stable and strong.”

Agriculture, mining, renewable energy, food processing, refineries, petrochemicals and information technology have been identified as potential areas of investment. Proposing a joint BOI-NCPP team for finalizing projects in Pakistan, Falih also suggested that the Pakistani side visit the kingdom and market investment projects both from the public and private sectors.

Alhamed said, “The Saudi investments in Pakistan today are an example of a power, security and economic partnership which will lead to shared prosperity, regional stability and mutual respect based on long term-investment, strategic and social ties.”

Despite a gradual increase to around $2.181 billion in 2020, low bilateral trade volume still remains a major shortcoming in Saudi-Pakistan relations. However, nearly 2.5 million Pakistani expats live in the kingdom, which is still Islamabad’s largest source of remittances.

Without strong bilateral economic connections, the Saudi-Pakistan relationship is incomplete. Even though it was once described as “probably one of the closest relationships between any two countries” by the former head of Saudi intelligence, Prince Turki bin Faisal, it has been affected by regional issues in recent years.

Pakistan adopted a neutral stance in the Yemen war and refused to send any troops in response to the kingdom’s request in 2015, as it was trying to balance Saudi Arabia and Iran.

Then in August 2019, India abrogated Article 370 and ended the special status of the disputed part of Kashmir valley in its control. As one of the three claimants in the Kashmir issue, Pakistan felt that the cause was not highlighted by the Saudi-led Organization of Islamic Cooperation (OIC), of which it is a founding member since 1969.

Next, in November 2019, Qatar, Turkey, Iran, Pakistan and Malaysia organized an Islamic summit in Kuala Lumpur without Saudi Arabia, which feared a rival bloc of Muslim countries outside the OIC, which it heads. Pakistan’s Prime Minister Imran Khan had planned to attend the event but backed out at the last minute due to Riyadh’s insistence.

Comment by Riaz Haq on April 19, 2022 at 7:48am

Barrick Gold has announced plans for its Reko Diq copper-gold deposit in Balochistan, Pakistan, which will be developed in two phases.


https://www.mining-technology.com/news/barrick-construction-reko-diq/

The project will begin with a nearly 40Mtpa plant, with the capacity expected to double in five years.

First production is expected within five to six years, if everything goes according to plan, Barrick Gold president and CEO Mark Bristow said in an investor call.

The two-phased construction of the mine is said to optimise returns, reduce execution risks, manage upfront capital, as well as offer cash flows in the long run.

The Canadian miner would update the 2010 feasibility study after finalising the underlying agreements, legalisation and closing.


Bristow said: “Offering a unique combination of large scale, low strip and good grade, Reko Diq will be a multi-generational mine, with a life of at least 40 years.

“The contemplated mine plan is based on four porphyry deposits within our land package and our exploration licence area holds additional deposits with future upside potential.”

Barrick Gold have a 50% holding in the project and will serve as the operator. The remaining stake will be held by Pakistani state-owned enterprises (25%) and the Balochistan government (25%).

Bristow added: “At Barrick, we know that our long-term success depends on sharing the benefits we create equitably with our host governments and communities. That’s why we wanted Balochistan’s share of the venture to be fully funded, 10% by the project and 15% by the Government of Pakistan.

The project is anticipated to create 7,500 job opportunities during the peak construction phase and nearly 4,000 long-term jobs once operational.

Besides, Barrick was also evaluating solar, wind and battery configurations to enhance the renewable power generation for the mine.

The project was stalled since 2011 due to a long-running spat with Pakistan over its licensing process. However, last month, Barrick Gold agreed to resume work on the project, after reaching an out-of-court settlement, under which the $11bn penalty against Pakistan was waived off

Comment by Riaz Haq on July 18, 2022 at 10:08am

Barrick Gold Corporation - Reko Diq Alliance Between Pakistan and Barrick Set to Create Long-Term Value


https://www.barrick.com/English/news/news-details/2022/reko-diq-all...

Subject to the updated feasibility study, Reko Diq is envisaged as a conventional open pit and milling operation, producing a high-quality copper-gold concentrate. It will be constructed in two phases, starting with a plant that will be able to process approximately 40 million tonnes of ore per annum which could be doubled in five years. With its unique combination of large scale, low strip and good grade, Reko Diq will be a multi-generational mine with a life of at least 40 years. During peak construction the project is expected to employ 7,500 people and once in production it will create 4,000 long-term jobs. Barrick’s policy of prioritizing local employment and suppliers will have a positive impact on the downstream economy.

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ISLAMABAD, PAKISTAN – Finance Minister Miftah Ismail and Barrick president and chief executive Mark Bristow said after their meeting here today that they shared a clear vision of the national strategic importance of the Reko Diq copper-gold project and were committed to developing it as a world-class mine that would create value for the country and its people through multiple generations.

Reko Diq is one of the world’s largest undeveloped copper-gold deposits. An agreement in principle reached between the government of Pakistan, the provincial government of Balochistan and Barrick earlier this year provides for the reconstitution and restart of the project, which has been on hold since 2011. It will be operated by Barrick and owned 50% by Barrick, 25% by the Balochistan Provincial Government and 25% by Pakistani state-owned enterprises.

The definitive agreements underlying the framework agreement are currently being finalized by teams from Barrick and Pakistan. Once this has been completed and the necessary legalization steps have been taken, Barrick will update the original feasibility study, a process expected to take two years. Construction of the first phase will follow that with first production of copper and gold expected in 2027/2028.

“During the negotiations the federal government and Barrick confirmed that Balochistan and its people should receive their fair share of the benefits as part of the Pakistan ownership group,” Bristow said.

“At Barrick we know that our long-term success depends on sharing the benefits we create equitably with our host governments and communities. At Reko Diq, Balochistan’s shareholding will be fully funded by the project and the Federal Government, allowing the province to reap the dividends, royalties and other benefits of its 25% ownership without having to contribute financially to the project’s construction or operation. It’s equally important that Balochistan and its people should see these benefits from day one. Even before construction starts, when the legalization process has been completed we will implement a range of social development programs, supported by an upfront commitment to the improvement of healthcare, education, food security and the provision of potable water in a region where the groundwater has a high saline content.”

Finance Minister Ismail said the development of Reko Diq represented the largest direct foreign investment in Balochistan and one of the largest in Pakistan.

“Like Barrick, we believe that the future of mining lies in mutually beneficial partnerships between host countries and world-class mining companies. The Reko Diq agreement exemplifies this philosophy and also signals to the international community that Pakistan is open for business,” he said.

Comment by Riaz Haq on July 25, 2022 at 9:45am

Barrick Gold to invest $7bn in Reko Diq
Barrick Gold Corporation said that they plan to invest approximately $7 billion in Riko Diq mines for developing gold and copper in two phases

https://www.thenews.com.pk/print/974728-barrick-gold-to-invest-7bn-...


ISLAMABAD: After resolving disputes with Pakistan amicably, Barrick Gold Corporation’s visiting Chief Executive Mark Bristow has said that they plan to invest approximately $7 billion in Riko Diq mines for developing gold and copper in two phases.


The company has sought legal cover from parliament and review from the Supreme Court of Pakistan and after the settlement of pending legal issues the framework agreement will be finalised with Pakistani authorities.

“There will be 50:50 percent shares among the Barrick Gold Corporation and Pakistan’s State-Owned Enterprises (SOEs) and Balochistan government, respectively. There will be a total $4 billion investment in phase 1 and $3 billion in phase 2. The production will start from the fiscal year 2027-28. The International Finance Corporation (IFC) will provide risk insurance for execution of the multi-billion dollars projects in smooth manner,” Barrick Gold Corporation’s visiting President and CEO Mark Bristow said while addressing a news conference Monday.

He said that the long- term view of 40 years requires stability and in the wake of changing political realities they require legal cover because they are dealing with state not with any specific political individual. We need proper agreement for moving ahead.

He said security is big challenge but they are familiar with work in other parts of the world. The people of area and Balochistan will be our stakeholders at first stage because the company will provide them ample opportunities.

He said that the feasibility studies were underway but there were estimates that around 200,000 billion copper per year and 400,000 tons of gold could be found from Reko Diq. He said that they were expecting that pending legal requirements would be fulfilled soon, including a review from the Supreme Court of Pakistan. There has been no substantial disagreement on any issue between the two sides, he made it clear.

He said that the company would provide employment to Pakistanis and people belonging to Balochistan, as in construction phase they would employee 7,500 and in operation phase they would provide employment to 4,000 workforce. He said that there was difference this time as earlier the litigation occurred but when he took over the company he had asked the Pakistani authorities in 2019 to resolve this issue in a constructive manner where there should be a win-win for both sides. Now the share of Pakistani side stood at 50 percent whereby the Balochistan government would start getting royalty as in first they would get $5 million, second year $7.5 million and then until completion of project $10 million per year. He said that there would be co-financing from IFC and Export-Import Banks (EXIM) for execution of project.

According to statement issued by the Barrick Gold Corporation Monday, Finance Minister Miftah Ismail and Barrick President and Chief Executive Mark Bristow said after their meeting that they shared a clear vision of the national strategic importance of the Reko Diq copper-gold project and were committed to developing it as a world-class mine that would create value for the country and its people through multiple generations.

Reko Diq is one of the world’s largest undeveloped copper-gold deposits. An agreement in principle reached between the government of Pakistan, the provincial government of Balochistan and Barrick earlier this year provides for the reconstitution and restart of the project, which has been on hold since 2011. It will be operated by Barrick and owned 50% by Barrick, 25% by the Balochistan Provincial Government and 25% by Pakistani state-owned enterprises.

Comment by Riaz Haq on July 25, 2022 at 9:45am

Barrick Gold to invest $7bn in Reko Diq
Barrick Gold Corporation said that they plan to invest approximately $7 billion in Riko Diq mines for developing gold and copper in two phases

https://www.thenews.com.pk/print/974728-barrick-gold-to-invest-7bn-...


The definitive agreements underlying the framework agreement are currently being finalised by teams from Barrick and Pakistan. Once this has been completed and the necessary legalisation steps have been taken, Barrick will update the original feasibility study, a process expected to take two years. Construction of the first phase will follow that with first production of copper and gold expected in 2027/2028.

“During the negotiations the federal government and Barrick confirmed that Balochistan and its people should receive their fair share of the benefits as part of the Pakistan ownership group,” Bristow said.

“At Barrick we know that our long-term success depends on sharing the benefits we create equitably with our host governments and communities. At Reko Diq, Balochistan’s shareholding will be fully funded by the project and the federal government, allowing the province to reap the dividends, royalties and other benefits of its 25% ownership without having to contribute financially to the project’s construction or operation. It’s equally important that Balochistan and its people should see these benefits from day one. Even before construction starts, when the legalisation process has been completed we will implement a range of social development programs, supported by an upfront commitment to the improvement of healthcare, education, food security and the provision of potable water in a region where the groundwater has a high saline content.”

Finance Minister Ismail said the development of Reko Diq represented the largest direct foreign investment in Balochistan and one of the largest in Pakistan.

“Like Barrick, we believe that the future of mining lies in mutually beneficial partnerships between host countries and world-class mining companies. The Reko Diq agreement exemplifies this philosophy, and also signals to the international community that Pakistan is open to business,” he said.

Subject to the updated feasibility study, Reko Diq is envisaged as a conventional open pit and milling operation, producing a high-quality copper-gold concentrate. It will be constructed in two phases, starting with a plant that will be able to process approximately 40 million tons of ore per annum which could be doubled in five years. With its unique combination of large scale, low strip and good grade, Reko Diq will be a multi-generational mine with a life of at least 40 years. During peak construction the project is expected to employ 7,500 people and once in production it will create 4,000 long-term jobs. Barrick’s policy of prioritising local employment and suppliers will have a positive impact on the downstream economy, the statement concluded.

Comment by Riaz Haq on August 7, 2022 at 7:58am

#Baloch militants behind attacks on #CPEC projects threaten #Canada's Barrick Gold #investment in Reko Diq mine in #Pakistan. Independent analysts specializing in militancy in Pakistan see little immediate threat to the #copper & #gold mine. #Balochistan https://asia.nikkei.com/Politics/International-relations/Pakistan-i...

Fakhar Kakakhel, an independent analyst specializing in militancy in Pakistan, sees little immediate threat to Barrick's operations but said numerous variables will determine the level of risk over the longer term, such as the "capacity of Baloch insurgents."

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A Canadian gold giant's planned foray into Pakistan's restive southwest is shaping up to be a litmus test for the government's ability to attract -- and protect -- foreign investors.

Barrick Gold is poised to mine an area known as Reko Diq in the Chagai district of Balochistan Province, home to one of the world's largest undeveloped deposits of copper and gold. A formal deal with the government is expected to close this month, to be followed by a feasibility study later this year. Production would likely start in five years.

But the company has already found itself in the sights of Baloch separatists, who have also been threatening Chinese assets in an effort to disrupt foreign investment that cash-strapped Pakistan sorely needs.

After a legal dispute and years of out-of-court negotiations, Barrick and the Pakistani government reached an agreement to move forward in March. Almost immediately, an umbrella organization of four Baloch insurgent groups called BRAS issued a warning to the company to either stay away from Balochistan's mineral resources or prepare for deadly attacks.

BRAS includes the Balochistan Liberation Army (BLA), which is designated a terrorist organization by the U.S. State Department.

Last week, Allah Nazar, the reclusive leader of another BRAS member, the Balochistan Liberation Front (BLF), issued similar threats to Barrick in a video released on social media.

The separatist insurgents insist that foreigners should not be investing in Balochistan or exploiting its resources for Islamabad's benefit. Their opposition to Chinese activity in the region has had deadly consequences: In April, a suicide bombing by a Baloch separatist at the Confucius Institute of Karachi University killed four people, including three Chinese staff members and a Pakistani driver.

"We've seen in recent months how Baloch insurgents have expanded their activities, that they clearly have the capacities to target their enemies, and that they won't back down," Michael Kugelman, deputy director of the Asia Program at the Wilson Center in Washington, told Nikkei Asia.

This, Kugelman added, should all worry Barrick Gold. But the company, which has 16 operating mines in 13 countries, appears convinced the project is worth the risk. It plans to invest $7 billion in Reko Diq over the next five years, and will have a 30-year mining lease with an option to extend.


A decade ago, Barrick had been looking to mine the site with a Chilean partner. "Feasibility studies were underway, but there were estimates that 400,000 tons of gold could be found from Reko Diq," Mark Bristow, Barrick's CEO, recently told media.

The project promises benefits for the local community and the country, too.

Ali Raza Rind, a journalist based in the Chagai district, said most residents are happy about Barrick's return. "People know, based on past experience, that [Barrick] pays well and also takes care of its local employees," he said, referring to the period when Barrick's consortium was originally exploring the project.

In government circles, many are hoping successful progress at Reko Diq can be a catalyst for more foreign investment in Pakistan. The country, which is seeking help from the International Monetary Fund after its foreign reserves fell to dangerously low levels, is keen to drum up investment activity.

Comment by Riaz Haq on September 9, 2022 at 7:41am

Barrick Gold team keen to invest in Gwadar

https://www.dawn.com/news/1708861

A team of Barrick Gold Corporation, headed by Michael Peter Nelson, arrived in Gwadar on Tuesday and indicated that it was interested in making investment in import and export of different minerals in the port city.

The delegation, which flew to Gwadar in a special plane, attended an important meeting about Gwadar free zone, functionality, connectivity of the port and the future of Reko-Diq.

The team informed the meeting about their interest in investment in various sectors in Gwadar.

The chairman of Gwadar Port Authority (GPA), Mr Naseer Khan Kashani, briefed the delegation on Gwadar port, Gwadar free zone and other development projects initiated under the China-Pakistan Economic Corridor (CPEC).

The GPA chairman urged the foreign investors to take advantage of the ample development opportunities in the port city as the foreign investment was safe and secured here in every way and all necessary facilities were available in the area.

The team was further informed that Gwadar International Airport would be completed next year after which tourists and investors from all over the world would start flocking the port city.

Comment by Riaz Haq on October 16, 2022 at 1:16pm

Persistent Inflation and Market Woes Could Put Barrick Gold on Buffett's Radar Again
Stjepan Kalinic


https://simplywall.st/stocks/us/materials/nyse-gold/barrick-gold/ne...


Summary:

Barrick Gold remains on track to deliver the guided results for 2022
The company keeps up healthy margins despite expanding the operations
Given the positive copper outlook, its latest expansion in Pakistan might strike gold
A little over two years ago, while the world was grappling with the COVID-19 Pandemic, Warren Buffett disclosed a US$565 million investment in Barrick Gold Corporation (NYSE: GOLD). Yet, by the end of the same year, he was out of it altogether.

For Mr.Buffet, that was barely 0.28% of his portfolio, likely representing a hedge against the high uncertainty at the time. Once he identified that the risk had passed, he sold the position. However, his pick is interesting as it points out that the company might be one of the best in its sector – prompting us to look into the current state of affairs before the next potential commodity super cycle.

See our latest analysis of Barrick Gold

Barrick Gold Company Profile
Founded in 1983 with headquarters in Toronto, Canada – Barrick Gold Corporation operates in the mining industry, engaging in exploration, mine development, and production and sale of gold and copper.

The company operates 16 sites in 13 countries with over 21,000 employees and is regarded as the second-largest gold mining company in the world. It boasts a particularly good position in Nevada, US, with majority ownership of 3 tier one gold mines that classify as stated life in excess of 10 years, annual production of at least 500,000 ounces, and total cash costs per ounce are below the industry average.

In the latest annual report, Barrick declared proven and probable gold reserves at 69 million ounces at an average grade of 1.71g /t. Meanwhile, copper proven and probable mineral reserves were 12 billion pounds at an average grade of 0.38%.

Barrick Gold's Latest Developments
The Q2 earnings report saw a nearly 19% rise in Q2 profit due to growing copper output. Yet, the cost of production is up as well, as all-in-sustaining costs per ounce of gold increased 13% in the first half of the year (15% for copper).

According to the Q3 preliminary results, the company produced 0.99 million ounces of gold and 123 million pounds of copper. The 2022 guidance production remains on track even with the access to high-grade ore at Nevada Gold Mines postponed for Q4. The company will report full earnings before the market opens on November 3, 2022.

Despite being one of the largest gold producers, the company is engaged in connected diversification, investing US$7b in a Reko Diq project in Pakistan. The project should create 4,000 jobs and provide Barrick with 50% ownership in one of the world's largest undeveloped copper-gold deposits. The other 50% will be split between the Balochistan Provincial Government and Pakistani state-owned enterprises.

Barrick Gold's Fundamental Look
Barrick Gold is currently trading at a reasonable valuation of 12.9x P/E, which seems good value compared to the peer average.

Even the forward-looking P/E still classifies it among the lower end of the sector.

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