NCM -2.06%: Bucked the strength in the broader Gold space today following a weaker quarter of production, reporting flat production in the first three months of the year compared to the previous quarter, while copper output fell about 10%. They did maintain FY guidance which was a plus, however, it’s a weaker-than-expected start to the year for NCM, which is under takeover from Denver-based gold giant Newmont (NEM US). Due diligence was about half way through and was expected to finish by May 11 with NCM providing no further update around the deal
MM remains long & bullish NCM
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