Beiträge von Ulfur

Gogh,

Glückwunsch zum schnellen Gewinn bei IGE. Habe gestern erst gesehen, daß die schon an den 5 NOK vorbei sind. Wollte doch noch unter 4 einsteigen .

Gruß
Ulfur

gutso,

Ovoca liegt zwar seit geraumer Zeit in meiner Watchliste, aber ich habe auch schon lange nicht mehr die Nachrichten verfolgt.

Gruß Ulfur

And UP!

Forum technisch immer noch desolat !

Minesite 21.08.

Shares in Thistle Mining (AIM: TMG) advanced 14 per cent to 20p thanks to an improved set of quarterly results. The company sold 36,521 ounces of gold from its President Steyn Gold Mines (PSGM) project in South Africa during the last quarter, produced at an average cash cost of US$519, down by 6.3 per cent, and an average total cost of US$556 per ounce, down 3.6 per cent. The company now expects to 157,500 ounces of gold from PSGM this year. Negotiations to bring a Black Economic Empowerment (BEE) partner into PSGM, which is necessary to secure New Order Mining Rights from the South African government, are at an advanced stage, while a decision is expected on whether to proceed with the Golden Triangle expansion at the project is expected in early 2007. Thistle also stated that it is looking at ‘strategic alternatives’ for its development stage Masbate gold project in the Philippines, meaning that it is looking for a buyer or partner. At the same time, project finance for Masbate is being sought and detailed design and engineering is underway.

Totale Cashkosten nur noch 556$. !

Masbate doch wohl eher ne Zitrone: Käufer oder Geldgeber gesucht.

And UP!

Marakand Minerals Finds Itself In A Major Muddle

By Rob Davies

In a great demonstration of the risky realities of exploring and developing mines in emerging markets AIM listed Marakand Minerals suddenly learnt on Tuesday the 15th August that it didn’t own the Khandiza project in Uzbekistan as it thought. At the start of the day the company was capitalised at £12 million, by the end of the day it was worth £8 million. The market had already got frustrated with Marakand’s lack of progress on Khandiza as well as the unusual corporate structure of Oxus Gold holding 85.78 per cent of the equity and the recent change of tack to acquire two copper gold interests in Turkey. But this news was the final straw.

Prior to yesterday’s news the last specific statement on Khandiza was in May 2005 when the company stated the project was not affected in any way by the civil unrest in Andijan. At the time of the 2005 Annual Report the company said that the feasibility study was complete and that it was waiting on permitting and negotiating the final ownership and fiscal structure. There is no doubt that it is a substantial resource with a contained metal value of over US$3.5 billion in over 1 million tonnes of contained zinc together with the other metals - lead, copper silver and gold - normally found in volcanogenic massive sulphides.

Marakand funded the feasibility study that called for this to be mined over 15 years at a rate of 650,000 tonnes a year. With a capital cost of US$71million and, by today’s standards, fairly modest metal price assumptions it was calculated that the payback of the project capital could be achieved in two and half years. Annual production of 102,000 tonnes of zinc concentrate, 36,000 tonnes of lead concentrate and 23,000 tonnes of copper concentrate would also be a great help to the supply side of all three markets.

The study was executed on the basis that Marakand would be granted a concession. However, by the time of the interim report in March 2006 the only additional progress had been the inclusion of the project into the National Investment Programme for 2006 and an agreement in principle with Goscomgeology, its Uzbek partner, on the joint venture legal and financial documentation. The statement that “Marakand continues to engage all levels of national, local and regional Government in an effort to secure the Khandiza license” clearly hints at the underlying tension.

In reality the complexity of detailing the terms of the concession appear to have been too much for the Uzbeks and they wanted to revert to the more traditional joint venture approach. But yesterday’s news that the Government appears to be revoking all previous decrees and was handing the mine over to AGMK (Amalyk), the state owned miner and smelter, has clearly taken everyone by surprise. Marakand is seeking a meeting to get clarification of the statement, which appears to be somewhat vague, and is understandably reluctant to comment at this stage.

Marakand’s position is not helped by its lack of funds. With only US$625,000 of cash in the coffers at the start of the year it is not really in a position to do anything. Fortunately, the Turkish deals are option agreements that won’t require hard cash until 2007 and 2008.

So the focus of attention returns to Oxus. Oxus is essentially a gold explorer and miner but has become embroiled in a complex struggle with the government of Kyrgyzstan over the Jerooy mine. But Oxus too has issues with the Uzbek Government over proposed changes to the tax regime for its Amantaytau project. While Uzbekistan hasn’t done much for its inward investment programme in the last few days it will certainly help to keep commodity markets buoyant.
Minesite

Oxus Gold und Marakand

Shares in Moto Goldmines (AIM: MOE) advanced 24 per cent to 272p on the back of a set of drill results featuring various eye catching intersections from the Moto gold project in the Democratic Republic of the Congo , including one of 182 metres at 5.93 g/t. Optimism about Sunday’s elections in the DRC may also have played a role. It is worth noting that Moto shares are still significantly down on their float price, but views may be changing.
Minews

[Blockierte Grafik: http://www.smiliemania.de/smilie132/00000563.gif]

Minesite:

Marakand Minerals (AIM: MKD) shares tumbled 32 per cent to 10.5p. Oxus Gold (AIM: OXS) now holds around 85 per cent of Marakand, and knowledge of Oxus’ various missteps may be causing other Marakand shareholders to make their exit. Rather a sad little story.

Die Behauptung, daß die Vertraulichkeitserklärung nur im Umkreis von 2 km gilt, hat die Richterin ausführlich widerlegt.

Wer dennoch behauptet, daß dem so sei, muß sich schon mit den Argumenten des Urteils auseinandersetzen. Das Gleiche gilt für die Wischiwaschi-Behauptung, daß das Minenrecht auf den Kopf gestellt worden sei. Handfeste Gründe, warum das Urteil falsch sei, habe ich bislang noch nicht gesehen.

Ein Knackpunkt ist womöglich die Zuständigkeit von kanadischem od. argentinischem Recht. Aber wer hat so viel Durchblick, daß er darüber eine profunde Aussage machen könnte?

Auf den ersten Blick wieder mal keine überzeugende Zahlen von Silly Sally.

Die noch im letzten Quartalsberichts angestrebten 8000t für die Sally Malay Mine wurde erheblich unterschritten, trotz der guten Quartalsproduktion bei Lanfranchi bleiben dort die Cashkosten weiterhin recht hoch.
Auffällig, daß es ihnen nicht gelungen ist, die Hedges im letzten Jahr abzubauen (31.08.05 6410 t Ni, jetzt 6468t Ni ) . Sie mussten offensichtlich vorwärtsgerollt werden; der Hedgingpreis ist schwach von 4,64 USD auf 5,18 gestiegen.
Zusätzlich sind noch die neuen Kupferhedges hinzugekommen.

Hunderte Schafe galoppieren in den Abgrund

Im Südosten der Türkei sind mehrere hundert Schafe in eine zwölf Meter tiefe Schlucht gestürzt. 103 Tiere starben, der Rest hatte Glück im Unglück.

Istanbul - Ein Hirte versuchte noch vergebens, die Tiere aufzuhalten, berichtet die Zeitung "Yeni Safak". Ohne Erfolg. Die Schafe folgten - ohne sich beirren zu lassen - zwei Ziegen, die vorausgerannt waren.
...
http://www.spiegel.de/panorama/0,1518,428634,00.html

Yet another year of losses for Emperor
http://www.mineweb.net/gold_silver/775655.htm

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

In a report on DRDGOLD earlier this month, Merrill Lynch analyst David Hall rates the company “neutral”, despite the fact that on the basis of a simple comparative valuation or forward price-earnings ratio it looked significantly cheaper than other South African gold companies.

He said the main reasons for the “neutral” rating included market perceptions that DRDGOLD did not have a good record of delivering results in line with production and cost expectations and it had not, according to Merrill Lynch’s records, paid a dividend for at least 10 years.

DRDGOLD also tended to be among the highest-cost producers, and with estimated cash costs of R95,000/kg ($13,570/kg) in the next financial year, it was most susceptible to falls in the gold price.

Hall expected DRDGOLD had about six good years of production life but within two years after that its output could drop 75%.
Aus:
Emperor Bulks Up Ore Reserves On Gold Bonanza
http://www.resourceinvestor.com/pebble.asp?relid=21898

aber nicht Harmony.

Harmony left in the shade
Posted: 23 Jul 2006 - | South African gold companies are making hay while the sun shines, but not Harmony.

David McKay
Posted: Sun, 23 Jul 2006

[miningmx.com] -- THERE’S MANY A REASON to be cheerful if you’re a gold producer in South Africa.

The June quarter results for the sector, starting with AngloGold Ashanti on 27 July, are likely to show the benefits of a 19% increase in the rand gold price. That’s a massive leap in the revenue line in just three months.

Sadly, very sadly, the company best positioned to benefit from this environment – Harmony Gold – will continue to bleed.

Estimates are that cash costs at Harmony are likely to remain high: at R92 000/kg compared to an estimated R62 000/kg at AngloGold Ashanti. Moreover, Harmony will be hit by a R150m loss on its Australian hedge book and a book loss on its 29% stake in Western Areas, which it bought for about R2bn earlier this year.

Though Harmony invested in youth about two years ago at the mine management level, the strategy doesn’t appear to have paid off. More than 90% of Harmony’s mines are exposed to SA, which is experiencing record revenue figures.

There’s great pathos in its inability to participate, notwithstanding an 18-month restructuring programme in which more than 10 000 of its workers were retrenched.

OPPORTUNITIES

* The US dollar gold price improves and/or the rand exchange rate against it weakens considerably so that even Harmony starts to look in fine fettle.

* The possibility of corporate action could add some spice to the share. That would be if it succeeds in a bid to reverse its high quality mines into Western Areas and/or splits its assets between high and low quality into two separately listed companies.

RISKS

* The gold price comes off or the rand strengthens. These options are more likely than unchecked gold price appreciation.

* CEO Bernard Swanepoel has lost the plot and the heart to continue driving the company forward. He either quits (unlikely) or Harmony’s downward spiral continues indefinitely.
http://www.miningmx.com/gold_silver/748899.htm

Zahlen des Juniquartals am 7. August.

RBC Captial Markets setzen Kursziel für Moto Goldmines Ltd. auf 7 CAD

24.07.2006 Sven Olsson - GOLDINVEST.de - http://www.goldinvest.de

“Bingo, Bango, Bongo, I Don’t Want To Leave the Congo”, mit dieser launigen Zeile überschreiben die Analysten von RBC Capital Markets ihre Erststudie über Moto Goldmines. Als Kursziel sehen die Rohstoffexperten auf Sicht von 12 Monaten einen Aktienpreis von 7 CAD (aktuell: 4,62 CAD). Eines der stärksten Argumente für den Kursanstieg sehen sie darin, dass Moto gegenüber anderen Gesellschaften - auch aus dem Kongo - erheblich unterbewertet sei.

Moto habe das Potenzial zu einer Weltklasse Goldprovinz. Die gegenwärtige Ressource liege bei 16,1 Millionen Unzen, wovon Moto direkt 9,95 Millionen Unzen zuzurechnen seien. Das Projekt habe eine Ausdehnung von 5.375 Quadratkilometern im goldhaltigen Grünsteingürtel des Kongo. Die definierten Ressourcen seien sehr oberflächennah, außerdem bestehe erhebliches Potenzial zur Erweiterung, da Moto bisher nur 5 Prozent des Lizenzgebiets exploriert habe. Die Anlaysten von RBC erwarten, dass Moto die Ressourcen in der Kategorie „indicated“ bis zum 3. Quartal 2006 auf 5 Millionen Unzen erhöhen kann.

Moto besitzt laut RBC echtes Potenzial zur Produktion: Moto arbeite an einer Pre-Feasibility Studie, die im 3. Quartal fertig gestellt werden soll. Die Durchführbarkeitsstudie sei für das zweite Halbjahr 2007 geplant. Die ersten Anhaltspunkte deuteten darauf hin, dass das Projekt eine Tagebauproduktion von 360.000 Unzen Gold pro Jahr bei Kosten von weniger als 275 USD pro Unze ermöglichen soll.

RBC bezeichnet Moto als attraktiven Investment Case angesichts des Chancen/Risiko-Verhältnisses: Moto Aktien handelten derzeit bei umgerechnet 19 USD pro Unze/Ressource. In der Vergleichsgruppe (Peer Group) liege der Durchschnitt bei 73 USD pro Unze/Ressource, bei Banro Corp., einem ebenfalls im Kongo aktiven Unternehmen, zahlten Investoren 38 USD pro Unze/Ressource. Beim erwarteten Zielkurs von 7 CAD würde Moto bei 32 USD pro Unze/Ressource handeln, was immer noch einen Abschlag von 56 Prozent gegenüber dem Marktdurchschnitt bedeuten würde.

Das Risikoprofil von Moto werde sukzessive abnehmen, wenn die Gesellschaft sich in Richtung Durchführbarkeitsstudie entwickle, argumentieren die Analysten. Für die Berechnung des Kurszieles sei insbesondere wichtig, dass die Abzinsungsrate nach dem DCF-Modell (Discounted Cash Flow) abnehme, andererseits der Mulitplikator für die Berechnung des Net Asset Value (NAV) zunehme.

RBC setzt Moto auf „Outperform“. Die Analysten halten ihre Bewertung jedoch nur für einen Basisfall, da es eine hohe Wahrscheinlichkeit gebe, dass Moto seine Ressourcenbasis weiter erhöhen könne.
http://www.goldinvest.de/publi…0020&i=&y=6613&s=&offset=

Schöner Bericht, danke Eldo.

Nun hat eine Firma namens Jerooy Altyn die Konzession erhalten. Jetzt soll Tony Blair helfen; aber das ging schon mal nach hinten los.

CEO von Oxus:
“We are not entirely surprised at this latest announcement from Jerooy Altyn, claiming to have been awarded the licence for the Jerooy gold deposit, following so closely on the attempted assassination of Oxus’s representative in Bishkek. There was always the possibility that the attempt on Sean Daly’s life was meant as a warning to Kyrgyz government ministers as much as to Oxus"

Oxus

Posted: Sun, 23 Jul 2006

[miningmx.com] -- OXUS Gold wants British Prime Minister Tony Blair to intervene in the company's two-year old dispute with the Kyrgyzstan government, CEO Bill Trew said.

"Tony Blair should write to the president of Kyrgyzstan again and ask him for an explanation," Trew told the Telegraph newspaper in the UK.

"The country is receiving EU aid and that is effectively being paid for by our shareholders who have been deprived of their mine," he is quoted as saying.

Trew's comments come after the attempted murder of the company's representative in Kyrgyzstan a week ago and a move by the government there last week to hand the gold concession to another company, the newspaper reported.

Oxus has been in dispute with the government of Kyrgyzstan for the past two years, after it revoked a licence previously granted to Oxus to develop a lucrative gold mine in the country. Oxus claims that it has already spent $50m in developing the Jerooy project, which is thought to contain more than 3m ounces of gold and to be worth $300m, Telegraph reported.
http://www.miningmx.com/wts/748675.htm

Glückwunsch, Edel Man.

Aber das Warten hat sich doch gelohnt.