Beiträge von Ulfur

DRDGOLD share price fall on Fiji mine closure an "overreaction" - Mark Wellesley-Wood

In an interview on ClassicFM @ 18:30 on 05 December 2006
[miningmx.com] -- THE 11% fall in DRDGOLD’s share price on Tuesday after news that its subsidiary Emperor Mining had shut down its Vatukoula gold mine was an “overreaction” and should be seen as good news rather than bad, DRDGOLD CEO Mark Wellesley-Wood said on Tuesday.

The Vatukoula mine was put in a care and maintenance programme on Tuesday after a three-month review found that it was not longer economically viable to continue mining the deposit in Fiji.

“The share price reaction was an overreaction. We have been flagging the problems at Vatukoula from some time, so it shoulnd’t be new news,” Wellesley-Wood said on the Classic Business Day week-nightly radio show.

....

Asked whether the share price made DRDGOLD vulnerable to a takeover bid, Wellesley-Wood said: “The current share price undervalues the company. I do think of some of the options on the overseas operations and I know how to reach the value and unlock the cash. If I know how to do it, it won’t be surprising if someone else also knows how to do it.”

Emperor’s shares fell 26% to A$0.21 a share in Sydney.

“You don’t want value destroyers in your portfolio. I’m afraid Vatukoula and the politics and the economics and the mining turned negative. We are not blind to realities,” he said.

“We take commercial decisions in the interests of shareholders. And the decision Emperor has made is in the best interests of shareholders and it should be good news and not bad news,” he added.

DRDGOLD, with its 79% stake in Emperor, along with ANZ Bank are the biggest creditors to Emperor and they will work together to find the best way forward for the company.

“We will look at the new plans and options for Vatukoula and it may well be that we will sell out of Fiji or get offers to buy the mine or some small scale mining will be viable. Those are the options we will look at,” Wellesley-Wood said.

Wellesley-Wood will leave DRDGOLD at the end of the year.[Blockierte Grafik: http://www.cosgan.de/images/smilie/traurig/a010.gif] He told Miningmx at the start of November that the company’s board had asked him to step down once his contract expired at the end of this year.
http://www.miningmx.com/radio/?print.x=25&print.y=13

Aber warum ist Kiernan schreiend weggelaufen, als er den Coyoten gesehen hat?

@Ohne Rente,

lange verschollen, aber wieder rechtzeitig da zum nächsten Akt der Droopy Tragödie.

gogh,

das Batavia Kraut hat halluzinogene Effekte - Vorsicht!
0,50$ hat unsere Südafrika-Rakete nicht in den Koordinaten!

Übrigens, anständiger Zug von MWW, daß er das Haus besenrein übergeben will und den Schlußstrich unter Vatukuola ziehen läßt.

DRDGOLD caned for Fiji gold mine closure
Allan Seccombe
http://www.miningmx.com/gold_silver/508935.htm

Emperor and DRDGOLD have tried a number of different strategies and managers at the multi-shaft mine, but none of them have been able to turn the operation around , outgoing Mark Wellesley-Wood, CEO of DRDGOLD told Miningmx.

“We tried bringing in the better mining brains, but nobody found the solution or the magic bullet to resurrect Vatukoula,” he said. “The sensible thing for us to do was to face reality. We’ve run out of road at Vatukoula.”

...

Emperor has $90m in debt and DRDGOLD wants to restructure the company, which might entail selling assets , to kick start cash flows, Wellesley-Wood said.

“Basically the group (DRDGOLD) is falling to bits. They’ve got negative cash flow. This is quite a serious blow for them,” said an analyst who declined to be named. “The only real hope for DRDGOLD is to sell off some of their assets.”

The next step for DRDGOLD is to work closely with Emperor’s largest credit provider ANZ Bank, which has lent the listed Australian mining company $45m, Wellesley-Wood said.
..
“The assets in Emperor are worth more than Porgera and Tolukuma and we need to restructure the company to optimise cash flows,” he said.

Aus einer Reuters Mitteilung, IR Ilja Gräulich:

"You just look at the history of Vakukoula and the announcements and the losses they've been making, I think this is not a surprise. All the other operations in South Africa and offshore are all doing very nicely and this thing was just burning cash."

Droopy nun endlich wieder unter 1 Dollar !

"Bei Drooy denkt man immer die schlechten Nachrichten sind drin,
aber dann kommt es noch schlechter"

[Blockierte Grafik: http://www.smiliemania.de/smilie132/00000285.gif]

Ich spekulier ja auch auf den dead rat bounce - leider viel zu früh!

Zu Preisen von 20 USD/lb Moly und 200 $/MTU Wolfram gerechnet. Soll das konservativ sein?

Möchte mal wissen, wie hoch der negative Kapitalwert bei 10$ Moli und 100$ Wolfi ist. Aber das verraten die Aussies nicht. Die technischen Studien werden nicht veröffentlicht und nur opportune Angaben vom Management verbreitet.

Andvari,

danke für Deine Einschätzung von der Präsentation. Der Kauz war vermutlich Simon Booth. In den nächsten 3-4 Monaten wird sich herausstellen, ob der Trumpf sticht und die Jessie-Ader den Hoffnungen gerecht wird.

Thor Mining looks for rapid project payback
By: Rhona O’Connell
http://www.mineweb.net/junior_mining/506629.htm

[Blockierte Grafik: http://www.smiliemania.de/smilie132/00000116.gif] [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000116.gif] [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000116.gif] Emperor closes Fiji gold mine [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000116.gif] [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000116.gif] [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000116.gif]
Source: MELBOURNE, Dec 5 AAP
Published: December 05 2006, 4:10PM

Gold explorer and miner Emperor Mines Ltd has closed its Vatukoula mine in Fiji after a three-month review found it to be no longer economically viable.

Emperor said the mine would cease production today. [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000116.gif]

"While I am saddened and disappointed that it was not possible to return Vatukoula to profitability as planned, it is clear that years of under-capitalisation and an ageing mine infrastructure present significant barriers to rapid redevelopment," Emperor Mines chief executive Brad Gordon said.

"There may be future potential for limited mining at Vatukoula, and it may be possible to carry out further exploratory work in the coming years in order to look for ore resources that could be mined profitably, but more work is needed to clarify whether such potential exists."

Mr Gordon said Emperor would work closely with majority shareholder DRDGold in coming weeks to develop a new financing strategy to take the company forward.

Shares in Emperor Mines closed 7.5 cents, or 26.3 per cent, lower today at 21 cents.
http://www.tradingroom.com.au/…f_061205_161000_6333.html

Lafayette (LAF) suffered another set back at its Rapu Rapu copper and zinc project in the Philippines, this time from storm damage. Just how painful remains to be seen with trading halted at Thursday’s closing price of A9.8 cents
(minesite)

Fusion Monarch Gold / Tanami abgesagt !

Hier noch ne Horrorstory aus SA:

Bei lebendigem Leib
Grausame Mordserie erschüttert Südafrika
http://www.fr-aktuell.de/in_un…tergrund/?em_cnt=1019543&

Goofey´s "Huge Buy" wird immer riesiger!

Auch wenn sich das Superhirn von Droopy verabschiedet, das Pech bleibt treu.
Feuer in Blyvoor und Ausfall von Schacht 5 bis Ende nächster Woche. Ausfall der
Goldproduktion in Tolukuma für drei Wochen, wegen ernsthafter Schäden an der Mühle.

Armer Clive!

Hoffentlich keine Gefahr für MTX:

28.11.2006 - 13:35 Uhr
Kongo: Joint Ventures von Gecamines auf dem Prüfstand

LONDON (Dow Jones)--Das neu gewählte Parlament der Demokratischen Republik Kongo hat mit einer Untersuchung der Joint Ventures zwischen der staatlichen Bergbaugesellschaft Gecamines und ausländischen Partnern begonnen. Nach Aussage des Regierungsberaters Georges Ndebolo könnte im Ergebnis eine komplette Umgestaltung des Managements stehen. Außerdem sei es möglich, dass bestehende Joint Ventures erneut ausgeschrieben würden. Zum gegenwärtigen Zeitpunkt ist Gecamines an 40 Ventures mit ausländischen Bergbaugesellschaften beteiligt. Für 2006 wird eine Produktion von 25.000 t Kupfer, 2.000 t Kobalt und 5.000 t Zink erwartet.
...
http://www.finanztreff.de/ftre…n&awert=nemetalle&u=0&k=0

Johann de Bruijn, SIM portfolio manager

In an interview on ClassicFM @ 18:00 on Friday, 24 November 2006

[miningmx.com] -- INVESTORS should consider adding rand hedge stocks to their portfolio including counters such as Eland Platinum and Simmer & Jack Mines (Simmers), said Johann de Bruijn, a portfolio manager at Sanlam Investment Management.

De Bruijn said he considered platinum to have good prospects. Although uranium had performed well, he was nonetheless slightly more cautious about the metal. De Bruijn was speaking on Classic Business.

...

Simmer & Jack (Simmers) gives a nice gold exposure ... It has some good gold assets, and there’s the uranium story," he said.

Simmers was trading at about 95c a year ago and was now trading at just under R5/share.[anfangs zitiertes Kursziel damit bald erreicht ! ]

"One needs to treat the uranium story with a little bit of caution, but at this stage their uranium prospects look very good. A high quality rand hedge stock," said De Bruijn.
http://www.miningmx.com/radio/

Hallo Gogh,

mich nervt das Software/Serverproblem. Vielleicht sollte man wie Freefly die IT hier etwas mehr schonen.

Erstaunlich, daß Vestrum so viel Geld für Crew Minerals einsammeln konnte. Außer den 1-2 Mios jährlich für Seqi steht im wesentlichen nur das vage Mindoroprojekt dahinter. Er scheint wirklich gute Verbindungen zu Institutionellen zu haben, daß die Plazierung so gut ging. Börsenwert von Minerals wäre 180 Mio $ ; denke, mir wird die Aktie von Cru Min zu teuer sein.

IGE hat nun auch Prospektionsgebiete in Burundi (wo ist das?), aber dem Kurs hilft´s noch nicht.

Der juristische Knackpunkt ist weiterhin, ob die BLEG A Daten unter die Vertraulichkeitserklärung, die IMA nun mal unterschrieben hat, fallen. Da können sich die Juristen trefflich streiten.

IMA hat anscheinend selbst an die Vertraulichkeitsverpflichtung geglaubt, sonst hätten sie nicht bis zum Prozeßbeginn geleugnet, daß die BLEG A Daten der einzige Grund für die „Entdeckung“ von Navidad war.

Interessant finde ich, daß die berühmte 2 km Grenze, ab der die Vertraulichkeit angeblich nicht mehr gelten sollte, in IMA Revisionsbegründung gar nicht mehr auftaucht. Damit hat die Richterin wohl gründlich aufgeräumt.

Die Bleg A Daten hingen übrigens nicht an der Officetür, lediglich die Orte der Bohrungen waren auf der Satellitenkarte. Erst beim das Prüfen der BLEG A Daten fielen die außergewöhnlichen Silberanormalien auf.

Strong top line, expanded asset base

Crew displayed Q3 2006 revenues above our estimates. The sold Nalunaq gold comprised 21.932 ounces versus our estimate of 26.000 ounces. The average realized price of $634 per ounce (before accounting for processing costs) slightly exceeds $622 per ounce, which was expected by us. The sold LEFA gold amounted to 22.029 ounces versus 12.500 ounces expected by us. The average gold price realized in LEFA was $622 per ounce, spot on our estimate. Direct costs of gold sales were above our estimates.

Lately, the company has reached an agreement to acquire the Nugget Pond processing facility. Crew intends to refurbish this facility and utilize it to process ore produced from its Nalunaq project. Crew will spend approx. $ 14 mill on the plant acquisition and refurbishing. Under the company’s guidance, Crew’s cost savings are expected to be $ 20-30 per ounce in Nalunaq. We calculate that the total cost savings based on the cost reduction of $ 20 per ounce is $ 29 mill, and based on $ 30 per ounce cost reduction we derive $ 44 mill. This means that the price paid for the facility is attractive, if Crew manages to maintain the guided cost control.

In addition, Crew has reached a joint venture agreement with the aforementioned company to earn a 60% interest in the Glover Island project. Under the terms of the agreement, Crew must spend CAD 5 mill in exploration expenditures over 5 years to take over control of 60% stake. To date, 318.500 ounces of inferred mineral resources were detected in Glover Island, which is expected to host a significant gold deposit.

The listing of Crew Minerals ASA on the Oslo Stock Exchange is still scheduled to take place by the end of this year. 35-40% stake in Crew Minerals is negotiated to be sold through IPO in order to raise funds for continued devel-opment of the huge Mindoro Nickel project and other non-gold projects. The company expects to receive approx. $60 mill that is below our DCF derived value. Thus, we now estimate the value of Crew Minerals to $180 mill.

An equity financing with the net proceeds of NOK 637 mill has been implemented recently. The funds will be used to finance Crew’s working capital requirements and exploration programs of gold projects. Increase in the number of shares somewhat deteriorates the P/E multiples, which read 9,1 in 2007 and 6,5 in 2008 under our current estimates (peers trade at P/E of around 15 for the corresponding years). The share issue leaves our NAV intact as the capital expenditures were anticipated. However, due to lower than previously forecasted value of Crew Minerals, we reduce our NAV from NOK 20,00 to NOK 17,00. We reiterate our Buy recommendation with the reduced price target of NOK 17,00 per share.

Conclusion Q3 2006 revenues from Crew slightly exceeded our estimate, but reported costs were still a disappointment. Several acquisitions have been announced lately, leading to some cost savings and increased gold production potential. The capital raise somewhat deteriorates P/E multiples, and NAV of the company has been re-duced. We reiterate our Buy recommendation with the reduced NOK 17,00 per share price target.

Empfehlung aus den Philippinen für Apex Mining (20.09.06)
http://business.inq7.net/money…icle.php?article_id=22128

Crew kämpft weiter um den Goldberg (Monte de Oro, North Davao Mining Corp):
Apex appeals ruling on mining claim (06.10.06)
http://www.manilatimes.net/nat…usiness/20061006bus7.html

AQI hätte also vorab Infos über die Daten gehabt, aber mit der Verwertung solange gewartet, bis sie diese rechtmäßig erworben hatten.

Ob dieser Sachverhalt IMR vor Gericht nun wirklich weiterhilft ??? [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000285.gif]