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

Harmony cut to neutral vs. overweight at J.P. Morgan - MarketWatch

Dan Norcini’s Commentary

Below are a set of charts for the week.

It is my opinion that Goldman and Morgan were quite active selling gold and capping this past week near the $655-660 level. I think the COT report makes it clear.

Why I felt it was important to include this is because I heard pundit after pundit pronouncing gold was dead this week as a safe haven play, all of them pointing to the price performance which was basically following the equity market up and down. As you know, price action ALWAYS makes market commentary. The usual mode for gold moving higher during times of financial distress, uncertainty and fear was negated and instead gold was tracking the indices up and down. I think this is part of a concerted effort by the monetary powers to discredit gold and bolster the dollar so as to avoid alarming the investment world which as we all know does not like to apply the grey matter between its two ears any longer than to think how to operate the remote for the TV.

By having Goldman and Morgan come in and beat back the rally attempts by gold, the feds can point to a falling gold price and say gold is no longer a safe haven hoping to steer money into the bond market which as we know is nothing but paper promises backed by more paper.

Personally, these guys are fighting 5,000 years of history and are destined to fail miserably, although with the idiots that appear regularly on “BUY all the time TV”, they are hoping to stave off problems by basically buying time so that they can kick the can down the road further.

http://www.jsmineset.com/

Elsewhere in the precious metals patch, JPMorgan was busy doling out downgrades to Harmony Gold (HMY) and AngloGold Ashanti (AU).

Harmony was dinged to a neutral rating from overweight, while AngloGold was clicked down to underweight from neutral. Still the shares were both up modestly in recent action.

GoldQuest Signs Formal Agreement With Gold Fields and Outlines Joint Venture Exploration Plans

VANCOUVER, BRITISH COLUMBIA, Mar 23, 2007 (MARKET WIRE via COMTEX) -- GoldQuest Mining Corp. ("GoldQuest" or the "Company") (CA:GQC) (FRANKFURT: M1W) is pleased to announce the formal signing of the Mining Venture Agreement with Gold Fields Limited with respect to selected projects in the Dominican Republic. The terms of the agreement were initially given in the press release of February 2, 2006. Work by the GoldQuest-Gold Fields Joint Venture has discovered a series of new gold, and copper / gold occurrences in the western Dominican Republic including Las Tres Palmas, Los Comios, Loma Viejo Pedro and Jengibre.
Gold Fields can earn a 60% interest in the selected projects held by GoldQuest in the Dominican Republic by expending US$5 million over three years with a first year commitment of US$1.0 million which ended January 31, 2007. This initial commitment was exceeded by Gold Fields.
Subsequent to vesting its 60%, Gold Fields may choose up to four projects whereby it can earn an additional 15% by expending a further US$5 million on each of the projects. GoldQuest has the right to maintain a 40% interest in one of the designated projects of its choice by fully funding its share of expenditures up to bankable feasibility study. At GoldQuest's election upon completion of the additional 15% earn-in, Gold Fields will arrange funding of GoldQuest's proportionate share of subsequent development and construction expenditures. In return, Gold Fields will be granted an additional 5% interest in the specific project (to 80%) and the funding will be deemed a loan, payable out of 90% of GoldQuest's profits from production. In the case of GoldQuest contributing on one project to bankable feasibility study, Gold Fields can earn an extra 5% (i.e. to 65%) by arranging funding of GoldQuest's proportionate share of the subsequent bankable feasibility study. Development and construction expenditures and the funding will be deemed a loan, payable out of 90% of GoldQuest's profits from production.
Gold Fields have budgeted US$2 million for exploration on the GoldQuest projects in year two of the joint venture starting February 1, 2007. Over the next quarter exploration relating to the joint venture will focus on the following projects:

In the precious metals patch, HSBC Securities upped its rating on shares of Meridian Gold (MDG) and Harmony Gold (HMY), both to overweight from neutral.

Endlich mal wieder positive Nachrichten:

siehe Link:
http://www.businessday.co.za/P…iendly.aspx?ID=BD4A442985

Posted to the web on: 20 April 2007

Harmony sets up unit to sell less-profitable mines

Reuters
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HARMONY Gold will create a new unit headed by a former London analyst to sell off some less-profitable mines and collect royalties from the new owners, it said on Friday.

The company, the world’s fifth biggest gold producer, has previously said it was looking at disposing of some of its mines that have high costs which drag down overall profit.

Georges Lequime, a London-based analyst with RBC Capital, has been hired to head up the new unit, Investor Relations Manager Amelia Soares said.

"We are going to be relooking at our leveraged assets ...it’s not as if we’re going to be selling everything, we are looking which of those no longer conform to our cost levels."

The firm would seek to place a royalty on the gold produced from the sold assets so it could continue to receive some income from the mines. Soares said there could be one deal in progress, but Harmony was not in a hurry to sell off its lower-quality mines.

Harmony last year sold its Randfontein No 4 shaft to Simmer & Jack Mines for R55m, which Simmers has renamed Ezulwini.

In its last results statement, the firm said it was in advanced negotiations about the disposal of the surface infrastructure at its closed Deelkraal mine.

Harmony classifies its mines into three categories: quality, growth and leveraged. The leveraged operations consist of 12 shafts that produced 189,211 ounces of gold during the three months to end December, 31% of total production.

It also has seven closed shafts where maintenance is continuing so they can be reopened in the future. Costs at the leveraged mines averaged R109,680 per kg compared to R99,318 per kg at the quality mines. Costs are some of the individual leveraged mines were sharply higher than the average, with West at R240,007 per kg and St. Helena at R219,062.

Harmony Gold Mining Company is the least internationally diversified of major South African gold miners with 90% of output from its home base. Its shares rose 0,2% to R113,25 in early trade, largely in line with the gold mining index. The firm is due to release its quarterly results next Wednesday.

"Other gold mining companies operating on the African continent include Harmony Gold (HMY: harmony gold mng ltd sponsored adr) , AngloGold Ashanti (AU: anglogold ashanti ltd sponsored adr) , DRDGOLD (DROO.Y: drdgold ltd sponsored adr) and Gold Fields Ltd. (GFI: gold fields ltd new sponsored adr)."

JOHANNESBURG (MarketWatch) -- South Africa's Chamber of Mines, negotiating biennial wage agreements on behalf of the country's top gold producers, will make a new offer to trade unions when talks resume July 2, one of the unions said.
Solidarity and the National Union of Mineworkers this week declared a dispute with the gold producers after the Chamber declined to make a wage offer during the first round of negotiations.
"This dispute, which may lead to a strike, has now been suspended until the conclusion of the talks in July," Andre van der Merwe, Solidarity's mining general secretary, said in an e-mailed statement Thursday.
"Events on the first day of the negotiations proved that a tough negotiating season lies ahead for the gold mining industry. We have decided to hold off on the dispute as a sign of our commitment to a negotiated settlement," Van der Merwe said.
Solidarity added that it is nevertheless a fact that its members are anxious.
It said the rand gold price went up by 65% over the past two years. Technical analysts expect an upward movement in shares. The demand for gold currently exceeds supply and a report by PricewaterhouseCoopers found that no end is in sight for the increase in commodity prices. This has raised the expectations of employees.
The union added that on the other hand, there is increased price pressure on workers. The inflation rate stands at 6.3% at present and expectations are that these high levels will be maintained and may even climb slightly. The inflation rate for workers is even higher, due to the high inflation rates for food, medical care, transport and housing, which negatively affects the disposable income of workers. Worker inflation is currently calculated at between 8% and 9%.
The combined pressure brought about by the expectations of the workers in view of the industry's performance and inflationary pressure on workers creates a climate for tough negotiations.

JOHANNESBURG, Jul 25, 2007 (Dow Jones Commodities News via Comtex) -- Harmony Gold Mining Co.'s (HMY) gold ore reserves were 53.6 million troy ounces at June 30, a decline from 56 million ounces a year earlier, the South African miner said Wednesday.
Harmony, the world's fifth-largest gold producer, has operations and projects in South Africa, Australasia and Papua New Guinea.
Company Web site: http://www.harmony.co.za

But the knock-on effect of the hike in the value of the rand is being sorely felt in the earnings of South African gold miners such as Gold Fields (GFI), Randgold Resources (GOLD), Harmony Gold Mining (HMY), and AngloGold Ashanti (AU). With a stronger rand, the miners' exports are becoming less competitive. And the evidence is in the companies' recent results.

JOHANNESBURG, Jul 31, 2007 (Dow Jones Commodities News via Comtex) -- Harmony Gold Mining Co. (HMY), Africa's third-largest gold producer, Tuesday said it has agreed to sell the rights, title and its interest in the South Kal mine in Western Australia to ASX-listed mineral company Dioro Exploration NL (DIO.AU).

Wo ist GSP, wenn es wirklich mal News zu HAR gibt? Alles muss man selbst tun:

06.08.2007 15:12
HARMONY GOLD MINING CO LTD: BERNARD SWANEPOEL RESIGNS AS CHIEF EXECUTIVE OF HARMONY
HARMONY

PRESS RELEASE

BERNARD SWANEPOEL RESIGNS AS CHIEF EXECUTIVE OF HARMONY

Johannesburg, 6 August 2007. The Board of Harmony Gold Mining Company (Nachrichten) Limited
(Harmony) announces that Bernard Swanepoel, Chief Executive for the past 12
years, has resigned with immediate effect.

Bernard says, "I am confident that Harmony will continue to grow under new
leadership and benefit from the strategy that we have developed over the past
few years."

"Bernard joined Harmony in 1995 and grew the company from a single mine to the
fifth largest gold mining company in the world with a market capitalisation of
USD5.5 billion. It has been an honour and privilege to work with him and we
wish him well," said Patrice Motsepe, Chairman of the Board.

The Board has appointed Graham Briggs, Managing Director of Harmony
Australasia, as acting Chief Executive with immediate effect. Mr Motsepe says,
"I welcome Graham in his new position and am confident that his vast experience
will make a valuable contribution to Harmony."

Graham Briggs holds a BSc (Hons) (Geology) and has in excess of 30 years
experience in the mining industry both locally and internationally. Graham
spent most of his career in the geological field, in gold mining and mostly on
Witwatersrand mines of South Africa. He joined Harmony in 1995 as Manager, New
Business and has filled various operational roles including Operations Director
of Harmony's Free State assets (in South Africa).

In addition the Board advises that Mr Andre Wilkens, who has extensive
knowledge of Harmony and vast experience of the gold mining industry, has been
appointed to the Harmony Board of Directors as non-executive director.

ends.

Issued by Harmony Gold Mining Company Limited

6 August 2007

http://www.harmony.co.za NYSE : HMY JSE : HAR

Habe ich auch gerade gesehen, und die NYSE reagiert aktuell mit einem Abschlag von 16 % !

Aber eigentlich sollte es doch eine gute Nachricht sein, wo Swanepoel mit seinen Entscheidungen der letzten Jahre (siehe Gold Fields) wohl unnötig viel Geld verbrannt hat.

Morgen sieht der Kurs schon wieder anders aus - oder?

Kuddel

.. noch ne frische Meldung dazu:

Posted to the web on: 06 August 2007
Harmony shares slide on forecast loss, CEO resigns
Reuters
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Related Links

Godsell to join exodus from Anglo

HARMONY Gold said it expects to post a headline loss of 130-160 cents per share for the June quarter and its CE had resigned, hammering its shares.

Harmony, the world’s fifth-biggest gold producer, said it expected to report headline profit of between 20 and 30 cents per share for the 2007 financial year, compared with a headline loss of 269 cents in 2006.

Shares in Harmony slid 12% to R84 in late afternoon trade, with the JSE blue-chip top 40 index 1,44% weaker.

Headline earnings, the key profit measure in SA, strip out capital, non-trading and certain extraordinary items. Harmony also announced the resignation of CEO Bernard Swanepoel with immediate effect, and said it had appointed Graham Briggs acting CEO.

Swanepoel said in a statement he was confident Harmony would continue to grow under new leadership and benefit from the strategy developed over the past few years, without giving reasons for his resignation.

Gryphon Asset Management’s chief investment officer Abri du Plessis said Swanepoel’s resignation was concerning and a surprise to the market. Swanepoel’s resignation comes hot on the heels of the resignation of Anglo Platinum CEO Ralph Havenstein and AngloGold Ashanti CEO Bobby Godsell.

"I hope it is just a case of the guys getting tired and not indication of something negative about the country’s mining industry," Du Plessis said. Harmony Gold failed in its hostile takeover of larger rival Gold Fields in May 2005 after months of bitter fighting and costs of more than $50m.

Link: http://www.businessday.co.za/a…tories.aspx?ID=BD4A533740

Was erwartet ihr denn Euch von den Suedaffenminen bei der Situation hier ?

Profite ???

Nur mit schwachen Rand sonst koennt ihr die alle vergessen.

GFI ist das einizige was mich noch interessiert, die andern habe ich bereits abgeschrieben.

Trotzdem viel Glueck damit.

Gruss

XEX

Von heute:

Posted to the web on: 07 August 2007
Swanepoel joins exodus of bigwigs
Charlotte Mathews
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Related Links

Classic Business Day transcript: Harmony expects loss
Classic Business Day Transcript: Who is resigning today?

Resources Editor

THE third shock resignation of a top mining executive within a week hit the markets yesterday with the announcement that Harmony Gold Mining CEO Bernard Swanepoel would leave the company immediately.

The news follows last week’s resignations of Anglo Platinum CEO Ralph Havenstein and AngloGold Ashanti CEO Bobby Godsell. Harmony is SA’s third-largest gold company after AngloGold and Gold Fields.

Harmony’s share price shed up to 19,5% after the announcement, which was combined with a separate trading statement warning that Harmony’s June quarter results would be worse than those of the preceding three quarters and below analysts’ expectations. The share price ended 16% lower at R80,60.

No reason for Swanepoel’s resignation was given in the announcement. Asked if and why he had resigned, he said he was not in a position to talk about it or provide any more detail.

African Rainbow Minerals CEO Andre Wilkens, who was appointed nonexecutive director at Harmony yesterday, said Swanepoel had resigned of his own will. Asked if this was related to the trading statement, Wilkens said: “Yes, I think it is. He was not happy with the results, and decided to move on.”

In response to the question on whether Swanepoel’s departure would be a blow to the company, Wilkens said Graham Briggs, who had been appointed acting CEO, knew the company well, and his (Wilkens’s) appointment to the board would bring mining skills.

“We are looking at all the factors, and in the next few days we will formulate a plan,” he said. In the longer term, Harmony had new projects coming on stream while in the shorter term management would ensure it would deliver performance.

African Rainbow Minerals owns 16% of Harmony’s shares.

Harmony said it expected to report a headline loss of 130c- 160c a share for the quarter, against a profit of 58c in the March quarter, because of lower production in SA and Australia and a 35%- 45% increase in cash costs a kilogram. Part of the cost increase resulted from the implementation of new accounting software, which had captured some of the March quarterly costs in the June quarter.

Renaissance Specialist Fund Managers’ Andrew Joannou said Swanepoel’s resignation was completely unexpected.

The company’s share price had reacted badly, although it was hard to tell whether this was related to the resignation or the trading statement.

Renaissance had forecast a loss in production of 5%-6%, not the 8%-12% Harmony announced yesterday.

Joannou said there were numerous questions about Swanepoel’s resignation, including why he had resigned with immediate effect.

Asked if any special tensions were being experienced by mining CEOs in SA, he said it was quite likely that CEOs of gold companies in particular were coming under pressure from disappointed shareholders to deliver on margin and production expectations.

Link: http://www.businessday.co.za/P…iendly.aspx?ID=BD4A534150

Goldfield's Ian Cockerill soll von mir aus die restlichen Minen in RSA aufkaufen und fuehren ist die letzte Hoffnung.
Wenn Ian auch noch geht dann kommen die Lubumba's als CEO's.(siehe unten)
Die haben das Handtuch geschmissen weil es aussichtlos geworden ist bei dem Verein den sie fuehren.
Die Produktionskosten sind hier zu hoch, die Produktivitaet zu niedrig, die Minen zu tief und die Schwarzen zu militant bei einem starken Rand der es eigentlich nicht Wert ist bei der gesamten Lage im Land.
Auch ein Auslaender wird sich da nicht durchsetzen koennen egal welche Vorstellung er hat um Harmony aus dem Dreck zu ziehen weil die Leute um ihn nicht mitmachen werden aus Faulheit und Trotz.
Die meisten glauben es gehoert ihnen alles was wertvoll ist und das Gerede von Nationalisierung kommt immer wieder auf.
Dann noch die staendigen Streiks fuer mehr Lohn gibt den Aktien einen weiteren Fall nach Sueden.

Du hast ja recht, Eldo. Aber der Rand ist absurd stark und der Goldpreis künstlich tief. Wenn nur EINER der Faktoren signifikant fällt bzw. ansteigt, ist der Hebel beim Aktienkurs einer GFI gewaltig!

Ich halte GFI durch. Bei HAR und den anderen gilt der Hebel ebenso - aber die werden wohl vorher noch zu Niedrigpreisen aufgekauft.

... und die Reserven und Ressourcen von HAR sind letztlich beachtlich.

Da werden sich jetzt einige Investoren eindecken und später ins Fäustchen lachen.

... und übrigens hat auch GFI in den letzten 3 Wochen rund 20 % verloren.

Ist im Moment der Wurm drin bei den Südafrikanern, trotz des eigentlich ja doch schwachen Rands (über 7 $ für den Rand, war vor gut einem Jahr schon mal deutlich unter 6 $).

Harmony 25% hinunter in zwei tagen
Habe mein portfolio einfach verdoppelt
Ich liebe wansin ( mein eigenes einbegriffen )