Harmony Gold Mining / HMY (NYSE), HAR (SA) und Gold Fields / GFI

[Blockierte Grafik: http://www.wolles-website.de/members_zensiert_08/knast.jpg]

Ist der Besen falsch eingestiehlt, bleibt das Kehren lange schwierig


Alte ZEN-Weisheit

gogh

Zitat

Warren
ich persönlich würde Gold Fields halten und Harmony rausnehmen.

Warren,

ich beobachte seit einigen Monaten Harmony auf meiner Watchliste.
Bei den augenblicklichen Kursen um 8 Euro komme ich ins Grübeln...
Wo siehst Du die Vorteile Gold Fields gegenüber Harmony?
Beide müssen doch mit dem starken Rand kämpfen und die Kurse gingen fast im Einklang gen Süden die letzten Monate.

[Blockierte Grafik: http://chart1.vip.ukl.yahoo.com/c/6m/h/hmy.gif]

steigt der PoG schnell, ist HAR richtig.

steigt PoG nur moderat, steigt GFI moderat und HAR garnicht.

(Invers zum PoG gilt das für Rand)


gogh

BUSINESS REPORT vom 22.07.04

Gold Fields set to weather the storms created by the strengthening currency

By Nicky Smith

Johannesburg - "Gold Fields will be the last man standing in the South African gold mining sector because of the quality of its ore bodies," Willie Jacobsz, the head of corporate affairs at the world's fourth-largest gold mining company, said yesterday.

The company had already started implementing measures to position it to operate profitably at the current rand gold price, which is hovering at about R77 000 a kilogram.

Previously, the company was costed to a gold price of about R85 000 a kilogram.

Jacobsz said in the very worst case scenario the company could most likely operate at R60 000 a kilogram. This would be "traumatic, but we could do it. Last year we came to the conclusion the rand would be stronger for longer," he said, adding that for the past nine months the company had moved activity to higher-grade areas.

Gold companies start reporting quarterly results next week and, according to the Chamber of Mines, almost 60 percent of local gold mines are now operating at a loss.

Harmony Gold and Durban Roodepoort Deep are expected to be the

hardest hit by the stronger rand and lower rand gold price as their mines

are more expensive to operate.

Jacobsz said what set Gold Fields apart was its flexibility in being able to select where it could mine.

He said what the company planned to mine in 24 months' time, it was ready to mine today.

An analyst, who spoke anonymously, said Gold Fields had reacted too slowly to the rand's strengthening.

But the analyst explained there was a difference between knowing what you would mine in 24 months and having 24 months of face-length available.

"Knowing what you're going to mine in two years doesn't mean you can mine it tomorrow - the interpretation is a bit on the bullish side."

The analyst did not think Gold Fields' ore bodies were of a higher quality than AngloGold Ashanti's, and described Gold Fields' reaction time to a stronger rand scenario as too slow.

"I would question that they are the most flexible; they have been slower to react. AngloGold has lower costs."

Gold Fields' average cash production costs are about R68 000 a kilogram, while Anglogold Ashanti's stand at an estimated R64 000.

Jacobsz explained the programme to manoeuvre the company into a more robust position started about five years ago.

This was not, strictly speaking, mining higher grades, with its concomitant effect of lowering the average grade of the life of mine.

Gold Fields closed up R2 at R57.50 a share on the JSE Securities Exchange. The gold sector was up 4 percent yesterday.

Published on the web by Business Report on July 22, 2004.
------------------------------------------------------------------------------

SÜDAFRIKA

Schiedsrichter erschießt Fußballtrainer
===================================

Weil er sich von einem protestierenden Fußballtrainer bedroht fühlte, griff ein südafrikanischer Schiedsrichter zur Pistole und drückte ab. Der Trainer starb noch auf dem Fußballplatz.

SPIEGEL ONLINE vom 24.07.04

DDP
Gelbe Karte (hier gegen Carsten Ramelow): In Südafrika Ursache für tödlichen Streit

Dem Streit vorausgegangen war eine gelbe Karte, die der Unparteiische einem Spieler gezeigt hatte. Der Trainer der verwarnten Mannschaft war damit offenbar nicht einverstanden.

"Es gab einen heftigen Streit", berichtete eine Polizeisprecherin aus der östlichen Kap-Provinz. "Der Schiedsrichter wurde bedroht, als die andere Mannschaft sich ihm näherte, weil sie verärgert war".

Deshalb habe dieser eine Pistole gezogen und den Trainer der

Gastmannschaft erschossen.

Der Schiedsrichter machte sich danach aus dem Staub.

Die Polizei sei aber zuversichtlich, ihn bald festzunehmen, sagte die Polizeisprecherin.

Südafrika, das die Fußballweltmeisterschaft 2010 ausrichten soll, hat

eine der höchsten Mordraten weltweit. Auf 100.000 Einwohner kommen

etwa 47 Morde. Das sind acht Mal mehr als in den USA.

Business Report vom 26.07.04

Market awaits results from rand-ravaged gold firms
==========================================

Johannesburg - Investors would scrutinise results this week from gold producers to gauge how far the strong rand had eaten into earnings, traders said on Friday.

"The results are going to be awful because of the rand," said a senior trader in Johannesburg.

Analysts believe more than half of South African gold mines are making losses as the rampant rand reduces export earnings.

Gold Fields kicks off the gold quarterly reporting season on Thursday and is expected to post headline earnings a share of 25.6c, a 47 percent dip from the first quarter, according to analysts.

AngloGold Ashanti is expected to post a 24 percent fall in adjusted headline earnings a share to R1.36 on Friday.

Traders said investors were wary of gold share valuations with many believing that gold stocks were still too expensive.

Anglo Platinum, which is due to report on Wednesday, last week said profits would be 30 to 35 percent higher than last year.

On Thursday Sappi may report a hike in third-quarter earnings as sales increase amid rising paper prices.

A Reuters survey produced a consensus forecast for headline earnings a share of $0.14 from $0.10 in the quarter to March.

The local bourse kept its head above water on Friday as institutions bought on the back of a weaker rand, with the all share index rising 0.75 percent to finish the week above the 10 000 mark.

Activity was strong from both local and overseas investors, said Mark Kalil at Andisa Securities.

The biggest gainers were rand-sensitive stocks. Harmony Gold firmed 2.4 percent to R64 while Anglo American added 2 percent to R125.50.

The biggest blue chip loser was Ispat Iscor, which recovered to close down 1.5 percent at R36.70. After reaching a wage agreement with two unions on Thursday, Iscor was awaiting a Solidarity decision on its offer.

Published on the web by Business Report on July 26, 2004.

BUSINESS DAY vom 27.07.04

Norilsk 'keen on bigger stake in Gold Fields'
===================================

--------------------------------------------------------------------------------
KALGOORLIE - Russian mining house Norilsk Nickel is interested in swapping some of its gold assets for additional equity in SA's Gold Fields, according to Craig Nielsen, executive vice-president: exploration for the South African mining company.
This would be in line with widespread expectations in the analyst community that Norilsk, which bought a 20% stake in Gold Fields from Anglo American earlier this year, is keen to boost its shareholding in SA's third-largest gold producer .

Nielsen made his remarks at the Diggers & Dealers mining forum in Kalgoorlie, Western Australia, yesterday.

He said Norilsk had suggested "folding gold assets into Gold Fields, in exchange for greater equity".

It would be a good time for Norilsk to increase its stake Gold Fields shares are currently trading around a 31-month low, but they closed slightly up yesterday at R58,40.

Nielsen said Gold Fields too was considering this idea as a way of enhancing its partnership with its Russian investor. He said Gold Fields had already had a look at Norilsk's Russian gold assets. They had "very interesting assets".

"At the moment we are working with an entrepreneurial group at Norilsk," Nielsen said. "We are pretty optimistic something is going to result from that opportunity."

Earlier, he told the Australian mining conference of the difficulties the strong rand was causing the South African operations. He said the company had to change its strategy from the one which prevailed when the rand was trading between R10 and R13 to the US dollar.

"We think the rand, the Australian dollar and the Canadian dollar are in a strong cycle, and we are prepared to adjust our operations to meet that cycle," he said.

In the earlier strategy, volumes were pushed up as much as possible, whereas the current strategy was to drop volumes and improve the grades of ore mined.

He said that this strategy would be the equivalent of moving from a "Wal-Mart" style, mass-volume model to that of a high-margin "Saks Fifth Avenue" type of business operation.

Nielsen said Gold Fields was planning not only to grow its output, but also to strike a balance between its South African assets and those offshore. Although he did not elaborate, the integration of Norilsk's gold operations into Gold Fields would be one way of doing it.

He said Gold Fields was engaged in activities in China, had looked at opportunities in Papua New Guinea, and was also actively exploring in Australia, where it already owned mines. "We have looked at every asset that's for sale in Australia.

"We do think it's a good place to explore around our existing mining infrastructure and we have made some significant discoveries," he said.

There have been rumours that Gold Fields would be interested in acquiring Australia's largest gold producer, Newcrest. Nielsen said it was a "stellar asset" and confirmed that Gold Fields had "looked at it".

"It would be an unfriendly acquisition and that is not typically something that Gold Fields does," he said.

He said hostile acquisitions tended to be value-destructive for the acquirer.

Newcrest's GM for corporate affairs, Peter Reeve , said the company did not want to be taken over "at the wrong price" and felt that the current share price undervalued the company grossly.

However, he did predict further consolidation in the gold sector as the "big guys" would need to replenish their ore reserves as they inched closer to being mined out. "It's on the cards we are just not keen on it," he said.

Business Day

Ist doch nicht schlecht bei einem lausigen Preis von rund 80.000 Rand für das Kilogramm Gold. Wie muss erst der Gewinn aussehen, wenn der Rand mal wieder schwächer wird.

Siehe dazu auch die Beiträge unter 'Südafrika Rand'.

Kuddel.

Sieht ja nicht so berauschend aus, was mir sauer aufstossen würde,
wäre ich in Harmony investiert ist folgendes:
Warum wird eine Dividende gezahlt, wenn solche Verluste aufgelaufen
sind? Wieso kauft man sich nicht im Ausland in ein profitables Unterneh-
men ein und schafft so Vertrauen zu den Anlegern?
Verstehe ich nicht ganz.

Gruss

Warren

Hallo Warren,

ob man sich um Harmony Sorgen machen sollte?

Denke daß das nicht nötig ist.

Das Quartalsergebnis kann nicht überraschen,

wenn das auch im Journalisten-Artikel anders klingt.


Für mich sind die unter 10 Euro ein Kauf.

Habe mich entsprechend eingedeckt.


Gruss


gogh

So etwas in der Art war zu erwarten.

Hatte mir deshalb vor gut 1 Woche noch einige Aflease nachgekauft

(und den Kauf im Thread Aufruf an Btrend gepostet)

gogh

Randgold To Take One Third Stake In Aflease
============================================

Release Date: 02/08/2004 12:28:11 Code(s): RNG

Randgold To Take One Third Stake In Aflease

RANDGOLD & EXPLORATION COMPANY LIMITED

(Incorporated in the Republic of South Africa)
(Registration Number 1992/005642/06)
Share code: RNG ISIN: ZAE000008819
Nasdaq trading symbol: RANGY
("Randgold")

Issued by Marulelo Communications
On behalf of Randgold & Exploration
August 2nd, 2004
RANDGOLD TO TAKE ONE THIRD STAKE IN

AFLEASE
=========
Randgold & Exploration (RG&E) is to take approximately one third of
Aflease in a share swap deal worth some R125-million.
RG&E will issue 9,4 million Randgold shares to Aflease and in exchange
Aflease will issue 94 million Aflease shares that will be allotted to
RG&E.
"The transaction is worth around R125-million and will result in RG&E
acquiring approximately one third of Aflease," said RG&E chief
executive Brett Kebble. "A share swop is the most viable route to take
because Aflease is trading at a very significant discount to its
underlying value."
Kebble said Aflease as a company has very exciting uranium assets and
that: "given a continued upward trend in the uranium price, the company
is poised to profit handsomely from them." Aflease has the largest
uranium resources in South Africa and one of the largest in the world.
"I foresee a situation where Aflease will become a uranium company with
attractive gold credits," said Kebble.
RG&E"s intervention will also enable Aflease to fund its planned
development of both its Modder East and Bonanza South projects.
Kebble added that the losses incurred by Aflease for the year ended 31
December 2003, were primarily as a result of suspension of open-pit
mining operations of Aflease"s Klerksdorp assets and were not
illustrative of future anticipated results.
Kebble said that from RG&E"s point of view the deal is hard to fault.
"The time is right to do this deal and it is exactly in line with the
Group"s strategy to focus on world-class mineral deposits," he said.
Referring to the fact that RG&E has recently established a strong base
in alluvial diamond deposits in Angola, Kebble said that he was very
pleased with recent developments. "The stake in Aflease is more good
news."

FOR FURTHER INFORMATION PLEASE CONTACT DAVID BARRITT ON 083 603 3981.
Date: 02/08/2004 12:28:14 PM Supplied by http://www.sharenet.co.za
Produced by the JSE SENS Department

ein paar Tage alt.

HArmony hat ebenfalls Aktivitäten außerhalb Afrikas besonders

in AustralAsia.

Goldfields trommelt im Moment aber lauter.


gogh

Oz, Ghana save Gold Fields as rand bites
=========================================

By: Stewart Bailey
Posted: '29-JUL-04 08:00' GMT © Mineweb 1997-2004

JOHANNESBURG (Mineweb.com) -- Gold Fields will lean heavily on its international operations in Australia and Ghana as its South African mines creak under the strain of single-digit margins.

While the group said Thursdaythat its international business units had recorded “stellar” performances and would continue to benefit from capital investment on expansions, spending on its South African mines is threatened by the strong rand and shrinking profitability.

Gold Fields produced 1,042-m ounces of gold (+1%) during the June quarter, at average cash costs across its operations of R66 218/kg (-2%), for an operating profit of R545-m (-17%) and headline earnings of R129-m (-42%). The drop in profit came as the strong rand pushed the average gold price received down to R83 371/kg (6%).

A look at the relative profitability of the offshore and local mines is revealing. Despite a good improvement from its Kloof operation, the international opencast operations overshadowed the deeper, rand-based South African mines. While the average profit margin for its South African operations shrunk from 14% to 9% last year, its international mines enjoyed margin growth from 34% to 36%. Gold Fields’ finance director Nick Holland said the margin was “unsustainable” and had to get back to “double digits”.

The contribution to profit of the international mines also increased from 58% of the total group earnings last year, to 70% during the 2004 financial year. The South African operations contributed only 30% to earnings, despite accounting for 64% of group production.

The earnings squeeze caused by the strong rand makes the case for increased investment in offshore assets all the more compelling.

Holland says the expansion projects at St Ives in Australia (A$125-m) and Tarkwa in Ghana ($159-m), will add 300 000 ounces a year to the group’s production profile. The investment is expected to earn a 15% return. The projects will be funded from the proceeds of Gold Fields sale of 15% of its local assets to Mvelaphanda to R4,1-bn.

Holland says Gold Fields plans a net cash outflow of R2-bn next year, as it spends R1,2-bn offshore and about R800-m on its local operations. He warned, however, that if gold stayed at R78 000/kg, the brakes could be put on its South African spending plans. “If gold stays at these levels we will not be spending R185-m a quarter, that I can assure you. It will be much lower than that,” he said. Gold Fields could look to minimise its burn rate as it deferred capital programmes, or shelved the altogether. The group currently has cash of R4,1-bn.

While this year saw the current suite of international projects receive peak funding, there are two more projects that could soon make capital calls on Gold Fields’ balance sheet. First is the Arctic Platinum Project in Finland, which is expected to cost $260-m and second is the Cerro Corona copper-gold project in Peru, which has a capital cost of $125-m. John Munro, Gold Fields’ head of international operations, says the capital for those projects – assuming they pass muster with the board – will be needed in late 2006 and early 2007.

The strong showing from the international operations comes despite a poor performance from Tarkwa, which registered a 6% increase in costs and a 21% drop in profits. The international division registered a small increase in gold production to 343 000 ounces during the quarter and a $10/oz drop in costs to $256/oz. Profits from international operations increased by 3,5% to $58-m during the quarter.

delete

ITAR TASS vom 04.08.04


Russia’s Norilsk Nikel not to cede assets to Gold Fields Ltd
=================================================

04.08.2004, 10.39

MOSCOW, August 4 (Itar-Tass) - Russia’s Norilsk Nikel does not plan transferring gold assets to Gold Fields Ltd in exchange for an increase of its stake in this South African company, PRIME –TASS said, quoting the company’s press service as saying that such reports do not correspond to fact.

Norilsk Nikel is the largest shareholder of Gold Field (20 percent). The stake was bought last spring from Anglo American plc for 1.16 billion dollars.

Norilsk Nikel also has 100 percent of shares of the gold mining company Polyus from the Krasnodar region, 50.6 percent of shares of Matrosov Rudnik (Magadan region) and a 65.87 percent stake in Lenzoloto (Irkutsk region).

The 2003 gold output of Norilsk Nikel was 40 tonnes and it was similar this year.

The company is going to increase the gold output to 100 tonnes by 2009.

Gold Field Ltd is one of the world’s largest gold producers whose annual output is 4.3 million troy ounces (one ounce is 31.1 grams).

The company’s reserves are put at 84 million troy ounces.

It is pursuing projects in Africa, Europe, America and Australia, and its paper is sold at Johannesburg, London and New York stock exchanges

at van Gogh

Reserven von 84 Millionen!!!

Müssten die nicht viel höher im Kurs stehen???

Kannst du mir als einem Laien mal auf die Sprünge helfen

delete

Mekrwürdige, warum löschst du deinen Kommentar über Adonis?????

Ist doch nicht schlecht, nachdem der Rand (endlich) fällt und der Goldpreis steigt.

Harmony von 7,70 € im Juni auf heute 10,40 €.
Gold Fields von von 7,50 € im Juni auf heute 10,20 €.

Von mir aus kann's so weitergehen!

Kuddel.