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

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    Zacks Equity Research provides analysis on Harmony Gold (HMY: harmony gold mng ltd sponsored adr)...


    Analyst Blog:
    Harmony Gold (HMY: harmony gold mng ltd sponsored adr) is benefiting from higher gold prices and a weaker South African Rand relative to the U.S. dollar. The weaker South African rand is increasing the company's realized gold prices in local terms. Going forward, Harmony is focused on reducing its overall operating costs through its CONOPS agreement and the shutdown of loss making shafts. Currently, Harmony is trading at 0.7X P/NPV, based on a NPV of $13.20 per American Depositary Receipt (ADR). Over the past five years, the company's ADRs have traded between 1.5x and 3.0x P/NPV. Harmony's attractive pipeline of long-term growth projects will boost production and higher gold prices will support top-line growth.

    The price of gold may be at an all time high, but gold equities in South Africa are far from it. Weak operational factors such as rising costs and disappointing volumes are to blame, according to UBS Securities’ Simon Kendall.
    One of those companies is Johannesburg-based Gold Fields Ltd. (GFI). On December 20, the miner guided down 3.5% for overall attributable production and up 8% for group unit cash costs (US$), or 3% in rand [R] terms, the analyst told clients in a note.
    While cutting his price target to R120 from R125 (using an average gold price of $800 per ounce), Mr. Kendall hiked his recommendation to “buy” from “neutral” on recent share price weakness.
    He also noted the elevated short interest in Gold Fields’ U.S. ADRs, which implies the potential for short covering in a strong gold price environment.

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    "The other theme that has played out in the first few sessions of 2008 has been the run in the gold miners. This was tipped off in mid-December, when the institutional traders started accumulating Newmont Mining, Goldcorp and Gold Fields calls. The buyers have been rewarded handsomely, as these stocks have easily been the best performers of this young year.


    And this was of course where the beauty of options has, if you'll pardon the pun, really shined! The leverage of options means rather than making 10% to 15% riding the stocks, the call buyers in Newmont, Goldcorp and Gold Fields had the potential to make 150% to 200% returns, as the options more than doubled from mid-December.


    In closing I will point out that despite the apparent breakout that the technicians are touting for the precious metal, the smart money has begun taking off these positions, an indication that gold may be getting ready to catch its breath."

    South Africa-based Harmony Gold Mining Co. said yesterday that it appointed acting Chief Executive Graham Briggs as CEO effective at the start of the year.


    Mr. Briggs has been acting CEO at Harmony, one of the world's biggest gold producers, since August. He had succeeded former Chief Executive Bernard Swanepoel, who resigned.


    Mr. Briggs has been overseeing an operational review at Harmony, meant to cut costs and help the company return to profitability.


    Mr. Swanepoel, who had been the chief architect of Harmony's growth from a single mine operation 12 years ago, and Nomfundo Qangule, the company's financial director, quit following an accounting problem.

    Expands Natural Resources Focus into Uranium and Gold Opportunities


    GREENWICH, Conn., HOUSTON and LONDON, Jan 10, 2008 /PRNewswire via COMTEX/ -- First Reserve Corporation, the leading energy-focused private equity firm, together with partners AMCI Capital and Pamodzi Investment Holdings, today announced that it has made an equity investment in the creation of a new uranium company based in South Africa.
    The uranium and gold assets known as the Cooke Section and owed by Randfontein Estates Limited, a subsidiary of Harmony Gold Mining Company Limited, will be sold into a new independent company ("Cooke") for US$420 million. First Reserve and partners will acquire a 60% interest in Cooke and focus the company on developing both the uranium and gold resources. Harmony will retain a 40% interest in Cooke.
    The Cooke assets are comprised of three operational gold mines, a gold milling plant, a large tailings dump with significant uranium content as well as lower-grade gold and uranium dumps. Uranium, which is a byproduct of gold production from the mines, has accumulated in the dumps for over 20 years, and is today a significant above-ground resource which can be reprocessed and sold as a fuel source for the nuclear power industry.
    "The investment provides First Reserve and its partners at AMCI Capital & Pamodzi a unique set of assets with a strong operating partner in Harmony to help optimize the uranium resource potential," said Alex Krueger, Managing Director of First Reserve Corporation. "The business plan involves purchasing the existing gold mine infrastructure and tailings dumps and constructing a new large-scale plant to reprocess the dumps for the significant uranium content. The gold assets will provide near term cash flow and represent additional upside through redevelopment and expansion of the mines to produce both the gold and uranium resources."
    At a planned production level of over 2.2 million pounds per year, Cooke would be one of the 10 largest producers of uranium in operation. Worldwide demand for uranium is expected to increase from 175 million pounds in 2007 to between 235 million to 275 million pounds by 2020 as a result of significant growth in nuclear power generation assets.
    "The strategic plan for this investment is to create a platform for a new world-class uranium producer at a time when uranium demand is increasing substantially," said Jeff Quake, Director of First Reserve Corporation. "This investment also continues to expand First Reserve's coal and iron ore mining expertise to include uranium and gold commodities with attractive growth opportunities."
    About First Reserve
    First Reserve Corporation is the oldest and largest private equity firm specializing in the energy industry. Founded in 1983, First Reserve was the first private equity investment firm to actively pursue building a broadly diversified global investment portfolio of companies involved in the various sectors of the energy industry. Since 1992, First Reserve has raised over $12.5 billion for its buyout-focused funds. The firm is currently investing from its most recent fund which closed in 2006 at approximately $8 billion. Throughout its 25-year history, the strong franchise that the firm has developed by investing exclusively in companies involved in the energy industry has served as a competitive advantage for First Reserve. For more information on First Reserve Corporation, visit http://www.firstreserve.com.
    About AMCI Capital
    AMCI Capital is a resources and energy focused private equity venture established in late 2006 with $800mm in capital commitments. AMCI Capital is managed by Hans Mende, President and co-founder of AMCI, and Mike Salamon, former executive director of BHP Billiton. AMCI was formed in 1986 and is active across the full range of ferrous and non-ferrous commodities and associated infrastructure. It presently has operations in Australia, South Africa, Mozambique, China, Europe and America. AMCI Capital is a strategically oriented investor which brings to bear the industry experience and insights of its staff and global network.
    About Pamodzi Investment Holdings and PRF1
    Pamodzi Investment Holdings is the fund advisor to Pamodzi Resources Fund Advisor (Proprietary) Limited, or PRF1, South Africa's largest private equity fund. With US$1.3 billion in funds available for investment and a credible experienced management team, PRF1 is well positioned as a strategic financial partner of choice to resource asset owners and co-investors.
    Pamodzi, recently named South Africa's Black Management Forum Progressive Company of 2007, is a leading diversified investment company. Founded in 1996 by black South African professionals and entrepreneurs, the company has raised more than US$2.3 billion in equity and debt over the past decade, of which US$1.7 billion has come from offshore investors. The holding company has built a solid reputation of transforming its portfolio companies into market leaders and delivering superior returns -- a fact supported by its average IRR of 37% since inception. http://www.pamodzi.co.za.

    Gold Fields-News:
    (Die Q2-Zahlen werden am 31. Januar 2008 präsentiert).


    Gold Fields Forms First Joint Venture With Chinese Company Sino Gold To Explore In Yunnan - Update [GFI]


    1/14/2008 11:10:43 PM Gold Fields Ltd. (GFI), the world's fourth-largest gold producer and Chinese company Sino Gold Mining have formed the first joint venture company - Sino Gold Fields Alliance to explore in Yunnan province of China. Gold Fields is the single largest shareholder in Sino Gold.


    The Sino Gold Fields Alliance aims to discover large gold deposits in China containing reserves of at least 5,000,000 gold-equivalent ounces with the potential to produce approximately 500,000 ounces per annum, exploring primarily for large bulk-mineable styles of gold and/or gold-copper mineralisation.


    The property to be explored by the Sino Gold Fields or SGF Alliance is the Bengge Exploration Licence, which is located in the Pulang Belt in Yunnan Province. The SGF Alliance would acquire an initial 20% from Kunming Jinsanjiang Mineral Products Co. and has the right to acquire up to 97%, if agreed expenditure milestones are met.


    Gold Fields and Sino Gold said that drilling at Bengge is expected to commence in mid-2008 following an initial exploration program to define drill targets and receipt of requisite approvals from the relevant Chinese authorities.


    GFI closed Monday's regular trade up $0.15 at $17.55 on a volume of 6.4 million shares. In after-hours, the stock gained $0.08 and was at $17.63.


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    Gruss,

    Foreign producers break ground as gold prices rise


    SAN FRANCISCO (MarketWatch) - China became the world's largest gold producer last year, helped by Canadian- and Australian-led projects that aim to add millions in ounces to the world gold supply.


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    The ranking pushes South Africa into second place, the first time the gold giant has lost its top ranking since 1905, GFMS said. South Africa, whose late 19th century gold rush led to the founding of mining heavyweight Anglo American Plc (AAUK: anglo amern plc adr new) (UK:AAL) and is home to global producers Gold Fields Ltd. (GFI: gold fields ltd new sponsored adr) (ZA:GFI: news, chart, profile) and AngloGold Ashanti Ltd. (AU: anglogold ashanti ltd) (ZA:ANG) , saw its production decline 8% to 272 metric tons.


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    Gold Fields and Australia's Sino Gold Mining Ltd. (AU:SGX) , meanwhile, have set up a joint venture focused on discovering large gold deposits in China with the potential to produce about 500,000 ounces a year. Sino Gold has been buying stakes in Chinese gold deposits and explorers. In May it started production at its Jinfeng mine in southern China, with planned gold production of 180,000 ounces per year.


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    Accelerating a drop in output last year, the country's mining authorities started a crackdown on unsafe mines after 3,200 workers were trapped at Harmony Gold Mining Ltd.'s (HMY: HMY) Eldestrand mine in October.

    LONDON (MarketWatch) -- South African miners are expecting output to resume as early as this week, after voluntary power outages left the gold-producing industry there at a standstill.


    Leading South African mining companies suspended operations on Friday after they agreed to curtail the use of electricity at the request of the state-run utility Eskom, which is struggling to generate enough power to meet the country's rising needs.
    South Africa is the world's second-largest gold producer.


    Similar comments were made by Gold Fields (GFI:
    gold fields ltd new sponsored adr) and Harmony Gold (HMY:
    harmony gold mng ltd sponsored adr) .

    Fellow gold producer Gold Fields Ltd. (GFI: gold fields ltd new sponsored adr) also reported Tuesday that Eskom has said 80% of total average power consumption will be restored to its mines by Tuesday night. South Africa's largest gold miners, which operate the deepest mines in the world, were forced to suspend operations last week due to a power shortage.

    JOHANNESBURG, Jan 28, 2008 (Dow Jones Commodities News via Comtex) -- Edited Press Release
    Gold Fields Ltd. (GFI) Monday said power supply has been restored to 71% of total average consumption at its South African operations.
    The 50% level of normal electrical consumption is required simply to pump, ventilate and refrigerate its operations.
    "The amount currently available is sufficient for essential maintenance, pumping, ventilation, refrigeration, opening up faces and making safe, but not for production or beneficiation purposes," Gold Fields said.
    It said the situation will be maintained until at least Wednesday, at which time a further meeting will be held with state utility Eskom and other stakeholders with a view to increasing sustainable power supply from the current 71%, and a commensurate resumption of production.
    Shareholders will be informed of any new developments as they occur, the Johannesburg-based company said.

    JOHANNESBURG, Jan 29, 2008 (Dow Jones Commodities News via Comtex) -- Edited Press Release
    Gold Fields Ltd. (GFI) said it has been informed by South African power company Eskom that 80% of total average power consumption will be restored to its mines by Tuesday night and to 90% by Wednesday.
    The Johannesburg-based company said the restoration of power will be phased in, in a carefully controlled manner with consideration for health and safety matters, and in close consultation with Eskom to ensure the safe and sustainable resumption and build-up of production.
    Eskom has undertaken to give the industry at least four hours warning prior to any future interruption in supply.

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