Sector Expert: Andrew Kaip

BMO Capital Markets

Image: Andrew Kaip

Andrew Kaip is managing director of mining equity research at BMO Capital Markets. Previously, he worked as a mining analyst at Haywood Securities, most recently covering gold and silver junior exploration and mining companies. Prior to that, he served as a project and consulting geologist for more than 10 years. Kaip received his Bachelor of Science in geology from Carleton University and his Master of Science in economic geology from the University of British Columbia and is a professional geologist.



Recent Interviews

BMO's Andrew Kaip: The Gold Majors Are Back (7/30/15)
Molten gold

Andrew Kaip, managing director of mining equity research at BMO Capital Markets, does not expect near-term higher prices for gold or silver. However, due to continuing cost cutting and other efficiencies, he argues that the senior gold producers can now make profits above $1,100/oz gold. In this interview with The Gold Report, Kaip names two seniors as Sector Outperformers, and touts the virtues of a half-dozen undervalued near-term gold and silver producers.

BMO Capital Markets' Andrew Kaip Says Get Ready for the Consolidation Wave (12/22/14)
Crystal ball

Andrew Kaip, managing director of mining equity research at BMO Capital Markets, says the stark reality is that the precious metals sector is only part way through a down cycle and that structural issues will result in a fresh phase of consolidation. He adds that the small to intermediate producers will lead the consolidation charge. In this interview with The Gold Report, Kaip suggests some suitors and prime acquisition candidates.

Silver Summit Report: Three Investment Approaches to the Volatile Metal (10/21/11)

For this special report from the Cambridge House Silver Summit in Spokane, Washington, The Gold Report caught up with three silver investing experts: James Turk, chairman of GoldMoney; Andrew Kaip, vice president of Precious Metals & Mining at BMO Capital Markets; and Ian McAvity, a writer at Deliberations on World Markets. While the three didn't all agree on why silver acts the way it does, they all said that it belongs in some form in a diversified portfolio—but only for those who can handle volatility.

Recent Quotes

"SLW paid down ~$130M in debt during Q1/17."

— Andrew Kaip, BMO Capital Markets (5/9/17)
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"PVG remains on track for production of gold in the coming weeks."

— Andrew Kaip, BMO Capital Markets (5/1/17)
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"PVG energized the 57 km transmission line at Brucejack on March 31."

— Andrew Kaip, BMO Capital Markets (4/3/17)
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"SLW reported in line Q4/16 EPS."

— Andrew Kaip, BMO Capital Markets (3/21/17)
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"SLW's Antamina mine has considerable resources."

— Andrew Kaip, BMO Capital Markets (3/7/17)
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"SLW's cornerstone assets include Salobo, Penasquito and Antamina."

— Andrew Kaip, BMO Capital Markets (2/28/17)
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"Commissioning at PVG's Brucejack is on track for early April 2017."

— Andrew Kaip, BMO Capital Markets (2/28/17)
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"We now forecast PVG to have adequate capital resources to fund the remainder of capital construction as well as the required working capital during start-up for Brucejack."

— Andrew Kaip, BMO Capital Markets (2/14/17)
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"Drill results at MAG's Juanicipio continue to validate the emerging potential of both the Deep Zone and Anticipada vein."

— Andrew Kaip, BMO Capital Markets (2/14/17)
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"PVG's project is advancing ahead of schedule."

— Andrew Kaip, BMO Capital Markets (2/3/17)
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"We are initiating coverage of PVG with an Outperform Speculative rating supported by relative valuation, asset quality, development stage, financing level, and safe haven status."

— Andrew Kaip, BMO Capital Markets (1/9/17)
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"SLW's Q3/16 production beat was due to higher gold production at Salobo."

— Andrew Kaip, BMO Capital Markets (11/9/16)
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"We expect a strong finish to 2016 to contribute to TAHO reaching its guidance targets for gold."

— Andrew Kaip, BMO Capital Markets (11/3/16)
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"We came away impressed with SLW, a company that manages a portfolio of high-quality, long-life assets."

— Andrew Kaip, BMO Capital Markets (9/29/16)
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"SLW had higher-than-expected silver sales at Antamina and Penasquito in Q2/16."

— Andrew Kaip, BMO Capital Markets (8/10/16)
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"Strong silver production was driven by higher-than-expected silver grades at Escobal and THO expects to achieve the top end of silver guidance."

— Andrew Kaip, BMO Capital Markets (8/10/16)
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"SLW announced the acquisition of an additional 25% gold stream from the Salobo Mine in Brazil."

— Andrew Kaip, BMO Capital Markets (8/2/16)
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"Salobo has a 48-year mine life, providing SLW a cornerstone long-lived stream."

— Andrew Kaip, BMO Capital Markets (5/24/16)
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"We expect SLW will become increasingly attractive to generalist investors re-entering the sector and seeking exposure to silver."

— Andrew Kaip, BMO Capital Markets (5/11/16)
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"SLW's earnings beat resulted from higher-than-expected silver sales from the Antamina stream."

— Andrew Kaip, BMO Capital Markets (5/9/16)
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"THO's solid earnings beat appears attributable to better-than-expected silver production at Escobal and slightly lower operating costs."

— Andrew Kaip, BMO Capital Markets (5/3/16)
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"SLW's financing provides it greater flexibility to execute on future streaming transactions."

— Andrew Kaip, BMO Capital Markets (4/7/16)
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"THO's improved free cash flow profile reinforces its ability to self-fund future growth initiatives."

— Andrew Kaip, BMO Capital Markets (4/4/16)
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"SLW's Q4/15 adjusted EPS came in at $0.14, slightly above our estimate."

— Andrew Kaip, BMO Capital Markets (3/16/16)
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"The CRA audit may enable SLW shares to resume trading on fundamentals."

— Andrew Kaip, BMO Capital Markets (1/19/16)
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"SLW's Antamina stream provides immediate cash flow and a 4.5% IRR."

— Andrew Kaip, BMO Capital Markets (11/3/15)
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"G reported better than expected Q3/15 production, costs and cash flow."

— Andrew Kaip, BMO Capital Markets (10/29/15)
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"FNV and First Quantum finalized terms for the Cobre Panama stream deal."

— Andrew Kaip, BMO Capital Markets (10/5/15)
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"R and OceanaGold shareholders have approved the acquisition."

— Andrew Kaip, BMO Capital Markets (9/28/15)
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"We are initiating coverage of FNV with an Outperform rating."

— Andrew Kaip, BMO Capital Markets (9/13/15)
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"It is very apparent G's Éléonore mine is built for the long term."

— Andrew Kaip, BMO Capital Markets (9/10/15)
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"G reiterated guidance to full production at Eleonore in H1/18."

— Andrew Kaip, BMO Capital Markets (9/9/15)
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"G's move to combine projects with Teck Resources appears prudent."

— Andrew Kaip, BMO Capital Markets (8/27/15)
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"R's pit development is 63% ahead of schedule."

— Andrew Kaip, BMO Capital Markets (8/25/15)
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"SLW's Q2/15 EPS came in slightly above expectations."

— Andrew Kaip, BMO Capital Markets (8/11/15)
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"THO has set a goal of reducing G&A costs by $4M in 2015."

— Andrew Kaip, BMO Capital Markets (8/11/15)
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"New CEO Kevin McArthur has experience, an intimate understanding of THO and a strong track record."

— Andrew Kaip, BMO Capital Markets (8/5/15)
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"GUY's first gold pour marks a derisking of the Aurora project."

— Andrew Kaip, BMO Capital Markets (8/4/15)
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"G generated $211M of free cash flow in Q2/15."

— Andrew Kaip, BMO Capital Markets (7/30/15)
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"OceanaGold's 72% premium for the R acquisition provides significant value to the latter's shareholders."

— Andrew Kaip, BMO Capital Markets (7/30/15)
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"AKG is one of the opportunities in what we call predevelopment names."

The Gold Report Interview with Andrew Kaip (7/30/15)
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"BCM has one of the best-quality assets of any silver junior."

The Gold Report Interview with Andrew Kaip (7/30/15)
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"GUY's share price has done very well relative to its peers."

The Gold Report Interview with Andrew Kaip (7/30/15)
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"MAG's Juanicipio project is high quality but early stage, with production forecast for 2018."

The Gold Report Interview with Andrew Kaip (7/30/15)
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"R is building toward a Q4/16 first pour at its Haile mine in South Carolina."

The Gold Report Interview with Andrew Kaip (7/30/15)
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"SLW has a great business model."

The Gold Report Interview with Andrew Kaip (7/30/15)
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"THO is a solid company with a fine silver mine in Guatemala and two fine assets in Peru."

The Gold Report Interview with Andrew Kaip (7/30/15)
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"We expect G will show free cash flow sufficient to support its dividend, repair its balance sheet and invest in future opportunities."

The Gold Report Interview with Andrew Kaip (7/30/15)
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"We expect silver deliveries to SLW to resume, positively impacting H2/15 EPS."

— Andrew Kaip, BMO Capital Markets (7/15/15)
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"THO has a low free cash flow breakeven gold price."

— Andrew Kaip, BMO Capital Markets (7/13/15)
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"GUY's high-grade gold mine is projected to support attractive low free cash flow breakeven gold prices."

— Andrew Kaip, BMO Capital Markets (7/13/15)
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"We expect SLW to vigorously defend its position to the CRA."

— Andrew Kaip, BMO Capital Markets (7/7/15)
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"THO stock is a compelling opportunity for investors."

— Andrew Kaip, BMO Capital Markets (6/30/15)
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"We are initiating coverage of G with an Outperform rating."

— Andrew Kaip, BMO Capital Markets (6/15/15)
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"BCM announced a revised feasibility study with improved recoveries."

— Andrew Kaip, BMO Capital Markets (6/2/15)
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"R continues to advance its construction activities at Haile."

— Andrew Kaip, BMO Capital Markets (6/1/15)
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"GUY's shares remain poised for a positive rerating."

— Andrew Kaip, BMO Capital Markets (5/27/15)
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