Impact: Neutral
Gran Colombia released Q2 production results that slightly missed our estimates primarily due to COVID-19 related impacts and the ongoing recovery. Importantly, operations improved in June at both mines and we continue to anticipate a better Q3/20. In our view, we expect Gran Colombia’s share price to be driven by steady operating results coupled with exploration success, particularly at Segovia, where the company is focused on extending the mine-life at higher grades.