Bullion’s romp beyond the record $2000 an ounce level in Aussie dollar terms has prompted investors to take a closer look at the pantheon of ASX-listed local gold producers – despite some problems in the mid-tier that have tarnished the sector.
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I know this is the fifth time I am writing about gold but with the precious metal surging to fresh new multi-year highs I need to stress to readers the enormous opportunity that is being presented to investors.
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Gold continues to perform well in US dollar terms and even better in Australian Dollar terms and the backdrop to a higher gold price is only strengthening. It, along with the “yield crunch” thematic I have discussed here all year long are my two favourite broad market trends that present an enormous opportunity for investors.
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Two contrasting results from two of the country’s major medium level gold miners - Northern Star Resources and Evolution Mining.
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Rising costs and falling production hit Evolution Mining yesterday with the shares down after the December quarter report revealed the extent of the problems.
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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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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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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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While Evolution’s share price has been steadily rising, the broker believes momentum can continue on improving balance sheet strength and limited operational risk. A rich valuation is still below that of other gold mining peers and the broker sees Evolution outperforming.
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Evolution’s Dec Q production and costs were in line with the broker. The sale of Edna May reduced production but also costs, which have fallen to a new low and thus increased confidence in reaching FY18 guidance.
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