德意志银行-澳洲贵金属行业-gold and other metals june q production preview-gold cooling,other metals warming up-20170711-deutschebank.pdfVIP

Deutsche Bank Markets Research Australasia Industry Date Australia Gold and other 11 July 2017 MM - Gold metals Results Mathew Hocking June Q production preview - Gold Research Analyst (+61) 2 8258-2611 cooling, Other Metals warming up mathew.hocking@ Gold sector appealing, but base metals to deliver stronger June Q results Tim Hoff The Gold Other Metals sector continues to deliver mixed results. The ASX Research Analyst golds delivered +6% returns in the first half, despite NCM underperforming, (+61) 2 8258-1424 but gave up those gains in the first two weeks of July. The ASX base metals tim.hoff@ space has weakened throughout the year as positive macro sentiment has softened supply has responded. Given the recent de-rate, ASX gold Top picks valuations are not stretched, but we expect the June Q to bring cost inflation across the sector, partly driven by moderating grades. Conversely, the base Evolution Mining (EVN.AX),AUD2.26 Buy metals producers are set to lift output should deliver good June Q results. St Barbara (SBM.AX),AUD2.77 Buy Our top picks are SFR, IGO SYR in other metals and EVN and SBM