Mining Stock Education: Maintenance Capital Expenditures (CAPEX) & Why It's Important?

Many mining stock analysts do not cover maintenance capital expenditures (capex) enough.

The differentiation between growth and maintenance capex is helpful in getting a handle on what free cash flow might look like at a different stages of a business’s life cycle.
In most cases growth capex is an investment, while maintenance capex is a cost.

Articles About Maintenance Capex & Free Cash Flow:
1) What's the difference between growth capex, maintenance capex and internally financed capex? https://www.divestopedia.com/7/6677/v...
2) Understanding Free Cash Flow Series: Growth vs. Maintenance Capex https://www.gurufocus.com/news/137623...
3) Mistake #4: Confusing Growth Capex with Maintenance Capex https://valuationmasterclass.com/blog...
4) How to Calculate Maintenance Capital Expenditure https://www.oldschoolvalue.com/valuat...

Agnico Eagle projected free cash flow for Q3 2019: 477k oz of gold production X $600/oz (free cash flow margin when costs are $900/oz with spot gold prices at $1500/oz) means that they should have generated $286.2 million dollars in free cash flow for the quarter.

Articles About Agnico Eagle's Good Q3 2019 Results:
1) Agnico Eagle Mines beats Street on higher gold sales volume https://www.reuters.com/article/us-ag...
2) Agnico Eagle Mines' quarterly gold production hits record https://seekingalpha.com/news/3508846...
3) Agnico CEO sees gold price pushing to $2,000 in 2-3 years https://seekingalpha.com/news/3509264...


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