BMO Capital Markets reinstates coverage on gold, copper miners

Royal Gold

16/04/2025 15:21

** BMO Capital Markets says gold and copper sectors are in good health; companies have decent margins, conservative balance sheets, and still good discipline on shareholder returns

** Brokerage sees early growth tailwinds; a more supportive regulatory environment, ample funding sources, and an improving state of project readiness, despite macroeconomic concerns

** BMO sees gold well-supported in the current rate environment in China and the U.S., and continued central bank buying of nearly one-third of annual mine supply as a major supporting factor

** Says copper supply growth remains scarce and demand will continue to benefit from fiscal support outside the U.S. near term, and global infrastructure spending medium term

Brokerage reinstated coverage on the following:

Company
Rating
Price Target
Agnico Eagle Mines AEM.TO
Outperform
C$181
Barrick Gold ABX.TO
Market Perform
C$30
Kinross Gold K.TO
Outperform
C$22
Newmont NEM.N
Outperform
$63
Franco-Nevada FNV.TO
Outperform
C$260
Royal Gold RGLD.O
Market Perform
$196
ERO Copper ERO.TO
Outperform
C$21
First Quantum Minerals FM.TO
Outperform
C$23
Hudbay Minerals HBM.TO
Outperform
C$12
Teck Resources TECKb.TO
Outperform
C$56

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com;))