2255 GMT - The tailwind from an elevated gold price for Pantoro doesn't stop Bell Potter from downgrading its stock to sell, from hold. Bell Potter now expects the gold price to average US$2,890/oz in 1H of this year, up 7.1% on its prior forecast. It also expects a long-term price of US$2,800/oz, up some 8.5%, as tariff uncertainty rattles markets. For Pantoro, a higher gold price outlook drives 8% and 18% upgrades to Bell Potter's earnings forecasts for FY 2025 and FY 2026, respectively. "However, we remain cautious as mining ramps up from a number of new sources and the heavy weighting of production growth to 2H of FY 2025," analyst David Coates says. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
March 30, 2025 18:55 ET (22:55 GMT)
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