More Upside Likely For Oz Gold Equities
A rising US dollar gold price is taking global gold equities higher and brokers note Australian gold stocks are lagging the move.
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News
Gold Stocks A Beacon In The Dark
Gold equities have suffered from the liquidity-driven global sell-off over recent weeks but several brokers suggest the outlook is much brighter, as flight-to-safety concerns take over.
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Evolution Mining Downgrades Outlook On Mt Carlton Setback
2020 is looking like being a year to forget for gold miner Evolution even as gold prices have started the year strongly and the Aussie dollar has again faded back well under 70 US cents.
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Evolution Receives Positive Reception For Red Lake Buy
A mostly positive reaction from the market to the late news on Tuesday from Evolution Mining revealing a big move into Canada.
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Evolution Mining Joins March North With Newmont Goldcorp Deal
Australia’s move into the North American gold mining industry continues with Evolution Mining revealing a $US375 million ($A553 million) deal with the world's biggest gold miner, Newmont Goldcorp, to buy the latter’s Red Lake gold mining complex in Canada.
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Analyst Views
EVN – Ord Minnett rates the stock as Hold
Both production and costs were below guidance in the December quarter. The company has also flagged a potential downgrade to the resource at Mount Carlton and water security issues at Cowal.
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EVN – Morgan Stanley rates the stock as Underweight
Evolution Mining will acquire Red Lake from Newmont for US$375m plus a contingent consideration of up to US$100m.
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EVN – Morgan Stanley rates the stock as Underweight
First-quarter production was weak, although grades at Cowal allowed production to be in line with Morgan Stanley's estimates. Cost guidance for FY20 has increased to $940-990/oz.
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EVN – Credit Suisse rates the stock as Neutral
The Cowal mine in NSW has been granted regulatory approval to increase the processing rate to 9.8mtpa from 7.5mtpa.
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EVN – Morgans rates as Add
The operating earnings margin increased to 53% from 49% in FY18 while net mine cash flow was a record $540m. Costs are expected to lift slightly, with the exception of Mungari. Results were slightly below expectations.
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