We look really good here in Canada...Turkish Metals belowFrom Canaccord today: Mining in Turkey
Eldorado Gold* (ELD : TSX : $6.28), Net Change: 0.01, % Change: 0.16%, Volume: 2,570,838
Alacer Gold* (ASR : TSX : $3.40), Net Change: -0.09, % Change: -2.58%, Volume: 777,934
Alamos Gold* (AGI : TSX : $12.23), Net Change: -0.12, % Change: -0.97%, Volume: 552,077
Centerra Gold* (CG : TSX : $7.54), Net Change: 0.02, % Change: 0.27%, Volume: 426,549
First Quantum Minerals* (FM : TSX : $10.41), Net Change: 0.20, % Change: 1.96%, Volume: 5,171,500 TURKEY IS HEATING UP. Overseas miners traded lower yesterday as copper fell the most of any base metals amid increased uncertainty following attacks in Nice, Baton Rouge, the failed coup in Turkey, and speculation that credit conditions in China will restrict demand later in the year. In China, while last week’s lending figures were above estimates, other stats show the stimulative effects appear to be losing steam. As for the failed coup, Canaccord Genuity Mining Sales believes it will be business as usual for mining companies with operations in Turkey (Alacer & Eldorado)... however, those companies waiting on permits (Alamos & Centerra) are likely to have timelines tempered given the newfound uncertainty. Alacer Gold, which is 100% exposed to Turkey issued a press release stating that all personnel had been accounted for and activities at the Copler mine are operating as normal. Eldorado Gold is exposed with ~48% of operating NAV being Turkey-based; and accounts for ~60% of 2016 estimated production. Given the recently-announced sale of the company’s Chinese assets and the ongoing uncertainty about development of the Greek pipeline projects, Eldorado could look to M&A in order to diversify given it’s almost $1.2B of cash. Alamos Gold has ~16% of operating NAV in Turkey attributed to two permitting-stage projects. Centerra has ~15% NAV exposure to Turkey related to the Oksut heap leach development project, which is also waiting for the key forestry permit. Lastly, First Quantum Minerals has the Cayeli mine, although it is largely immaterial to the company’s valuation. (h/t Huffman