Quite interestingly, in my opinion, these results are not too impressive. Although it is too early to present a full analysis of these reports but, for the time being, let me show the EBITDAs reported by a few miners (Barrick, Newmont, Kinross and Agnico Eagle):
source: Simple Digressions
As the table shows, the results are mixed. The biggest negative surprise is Goldcorp - due to much lower production figures, in 1H 2016 the company delivered much lower EBITDA than in 1H 2015.
On the other hand Kinross looks better now but I think that there are still many obstacles ahead of this company.
Summarizing - I think that many investors, seeing higher gold prices, are betting on much better financial results across the board.
I do not share this optimism - after many years of a bear market in gold it is too early to claim a radical improvement. I think that apart from a few really excellent miners, the overall results reported in 1H 2016 should be just decent .
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