EVN +7.49%: the gold & copper miner hit near 2-year highs today on the back of a 3Q update that was better than feared. They produced 185koz of gold in the quarter, up 15% from 2Q where they faced a few production issues including wet weather. The company also produced 20kt of copper, up ~30% which helped their net gold All In Sustaining Cost (AISC) number fall to $1,464/oz. Production issues have plagued the gold miners for a little while now so expectations were low heading into the update. Evolution managed to come out largely unscathed, though production guidance for the full year was pushed to the low end of the range, while costs will have to improve substantially if they are to hit forecasts.
- We continue to like gold & copper, EVN being a great way to play both
MM is long and bullish EVN
Add To Hit List
