EVN -1.98%: First-half numbers for the gold/copper company were on the lighter side, however, the company stuck to FY guidance, setting up for a big second half. EBITDA was a 5% miss at $446m while NPAT was well below expectations on higher-than-expected Depreciation & Amortisation costs. Costs were higher in general, particularly labour which is up 5-6%, however, they remain within guidance levels. A resource upgrade at their Ernst Henry mine helped to soften the earnings miss and the company plans to announce early estimates for an extension at the site later this half.
MM is bullish and long EVN
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