Metals 360: ABX Q3 Output on Target, HL's Exceeds

Summary:

We provide our thoughts gleaned from ABX and HL preliminary 3Q17 production reports. ABX 3Q17 gold production came in only 90,000 gold ounces short of our 1.33 million ounces estimate. We would expect no material change to our 3Q17 EPS estimate of $0.15 for ABX from combined effect of slightly lower metal production and slightly higher commodity prices during 2017. Hecla 3Q17 metals production came in significantly above our expectation on record throughput at Greens Creek and Casa Berardi. We would expect this preliminary production release to have a positive impact on our 3Q17 EPS estimate of $0.02 for Hecla.