德意志银行-美国采矿业-precious 2q17 preview higher production despite some setbacks-20170720-deutschebank.pdfVIP

Deutsche Bank Markets Research North America Industry Date United States Americas Metals 20 July 2017 Industrials Metals Mining Mining Industry Update Jorge Beristain, CFA Precious 2Q17 preview: Higher Research Analyst (+1) 203 863-2381 production despite some setbacks jorge.beristain@ Higher QoQ gold price and production expected Chris Terry In this note we outline our 2Q17 estimates for Precious Metals companies Research Analyst under coverage forecasting aggregate EBITDA increasing 4% QoQ to $2.7bn, (+1) 212 250-5434 assisted by a 3% higher gold price. Although we expect production to have chris.terry@ improved vs 1Q17, operational volatility increased, such as in Tanzania, Veladero and Lucky Friday. 2Q17 sector Net Debt (ND) forecast at $10.3bn (- Corinne Blanchard 7% QoQ). We expect ND to annualized EBITDA to decrease to 0.9x. We Research Associate maintain Buys on Newmont, Barrick, Wheaton Precious Metals a