Beiträge von Ulfur

  • Simmer and Jack Mines Ltd. WKN ZAE000006722 SIM

    Wayne McCurrie, a fund manager for ADvantage Asset Management, said that although the dispute was unfortunate for Simmers, the recent decline in the share price had created some value.


    "It went from 65c-odd to R2.40, R2.50, and it’s literally halved since then," McCurrie said.


    "Maybe at this price, if you are a bit of a punter, maybe it’s not a bad time to get in and actually buy it," McCurrie said.



    Gordon Miller, chief executive of Simmer & Jack
    By: Alec Hogg
    Posted: '20-MAR-06 09:10' GMT © Mineweb 1997-2004
    http://www.mineweb.net/radio/mineweb_radio/981774.htm

  • Croesus Mining N.L. WKN 871 679 ISIN AU000000CRS5 CRS

    Tough times at Croesus


    Ben Sharples
    Friday, March 17, 2006


    CROESUS Mining will remain in a trading halt for at least another two weeks as a new mine plan for its mainstay Norseman operation is developed, but chairman Michael Kiernan is adamant [darauf bestehen] the problems do not signal the end of the company.


    Croesus Mining's Norseman gold plant


    "What I can say quite clearly is Croesus is not going down the tube," Kiernan told MiningNews.net.


    Alarm bells started ringing yesterday after the Kalgoorlie-based gold producer posted a $A27.38 million loss for the first half of fiscal 2005-06, two directors resigned and the company entered into a trading halt.


    The company called the halt pending a release regarding "a strategic review" three hours before it announced its half-year report, which was followed by news that directors Campbell Ansell and Robert Crew had resigned.


    Kiernan said productivity at the Harlequin underground mine was a serious problem with major flaws in the mine plan, which has been compounded by very little capital development over the past 12 months.


    "Bullen is a good mine and it's producing well, Harlequin is an absolute nightmare, it's worse than a basket case," [hoffnungslose Sache] Kiernan said. "Its productivity is about 25% of the industry average."


    "The volumes and the ounces are simply not there, and to compound that they've hedged themselves based on the forward delivery of ounces ... now it has to produce 10,000 ounces per month to adequately deliver into the hedge.


    "At best, it's done 7000oz per month.


    "We think we can build Bullen up to 4000oz [per month], and it looks like Harlequin at best is going to 3000 or 4000oz, so we're about 2000oz behind the eight ball.


    "We may well have to stop mining in one of the mines, we may have to stop mining in both of the mines [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000116.gif], but it's a great orebody, there's great exploration prospectivity and it hasn't been run properly."


    Kiernan said the company would try and maintain the mine going forward, but it would take an attitude and commitment from five groups including Croesus, the workforce and the community of Norseman, the shire, the state government, and the hedging counterparties.


    "If the five parties want to work together and pull in the same direction we'll have a great company," Kiernan said. "I will work like hell to keep the business going, but if one of those five groups wants to be a loose cannon, they will bring the whole castle down."


    "When the going gets tough the tough get going, and it's tough.


    "Quite clearly we've got a case where a previous group hedged and they couldn't deliver into that hedge, and now we've got to modify the operation accordingly.


    "We're developing a new mine plan based on reality and not fiction. I've given the guys two weeks to come back and based on reality we will develop strategies and we will then telegraph it to the world."


    Hedging contracts bit hard at Croesus during the half, contributing $25 million to the loss.


    At the end of December, the company's hedge book comprised 159,750oz with an average delivery price of $A582/oz, representing around 35% of the ore reserves, and 60,000oz of sold call options at a strike price of $623/oz.


    Paterson Securities analyst Alex Passmore told MiningNews.net that although hedging was biting hard, the company's weighted average hedge price is $602/oz, which the company should still be able to make money out of.


    "I think they have a good relationship with their bankers and they'll try and roll that forward but I don't think the hedge book will cripple the company," he said.


    Croesus produced 62,700oz during the half at cash costs of $604/oz, compared with 112,705oz at cash costs of $370/oz for a profit of $5 million in the corresponding period in 2004.


    At the end of the half, Croesus only had $2.6 million in cash, despite banking $5 million for the sale of its idle Davyhurst operation to the Kiernan-chaired Monarch Resources. A further $8.6 million was subsequently raised from a share rights issue in January.


    Naja, Kiernan malt vielleicht aus bestimmten Gründen ein bißchen zu schwarz, er will Druck auf Banken, Belegschaft und staatliche Stellen ausüben.
    10.000 Unzen müsste Norseman für die Hedges produzieren, 7.000 sinds tatsächlich; nach Optimierung vielleicht 8000, fehlen immer noch 2.000.

  • Oxus Gold Plc. WKN 662 578 ISIN GB0030632714 OXS

    [Blockierte Grafik: http://www.oxusgold.co.uk/images/oxus_logo.jpg]




    Minews Story
    Date: March 16, 2006


    Oxus May Be Bringing Marakand In From The Cold

    By Jack Hammer


    Is it hubris or unbridled optimism that leads Oxus on in its dealings with the Kyrgyz government? Oxus states in its interim results, released recently, that Jerooy has now been 80 per cent completed “pending reinstatement”. This project has been “pending reinstatement” ever since it was suspended the first time back in 2004. The company has been confident ever since that Jerooy would be reinstated - getting on for two years later Oxus’ chief executive Bill Trew says: “Everybody’s accepted it’s an important issue that needs to be resolved. Both parties seem to be negotiating in good faith”. Executive director Richard Wilkins is out in Bishkek now, conducting the negotiations, although these haven’t been helped by an article which appeared on Oxus’s website falsely stating that the Kyrgyz prime minister had been convicted of stealing gold. [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000285.gif] “It doesn’t help. I don’t think he’s forgiven me,” says Mr Trew, “But we’re still very hopeful of a solution at Jerooy.”


    Oxus has plenty of other irons in the fire – it’s on the hunt for deals, profits are up, it’s building new mines, it has closed its hedge book, but Jerooy remains the litmus test. Analyst comment on the recent interims was muted – the only Oxus watcher who even bothered putting pen to paper was Charles Kernot at Seymour Pierce and all he wrote was a one-line remark noting that the results were “broadly in line with expectations”. In conversation he’s unequivocal, though: “The key, of course, is Jerooy”, he says. “The company might end up writing off the US$47million it’s spent, and that would materially affect my valuations”. Mr Kernot’s former protégé, Jonathan Guy at Seymour Pierce, thinks similarly: “The real issue with Oxus is, and will continue to be, Jerooy”. But both are supporters of Oxus. “From the headlines I’m quite relaxed”, says Mr Kernot. “The company should be on track to hit my US$11million forecast.”


    With all that out in the open it’s interesting to contemplate what Bill Trew will do next. “We’re constantly trying to grow,” he says, and he means several things by that. More tonnes are going through at Amantaytau than ever before, although the number of ounces produced in the six months to December fell from last year’s 88,822 to 84,119 as grades and recoveries both dipped. But the company is now looking to mine down to the sulphides and has also just started mining silver and gold from the neighbouring Vysokovoltnoye project. That counts as three mines, and puts Mr Trew on track to meet his eye-catching 2004 target of building five mines in five years.


    He’s moved on from there though. “That’s an old target,” he says, “and we’re very comfortable with it. But the new target is seven mines in seven years”. He highlights the recent appointment of former Anglo geologist Gordon Wylie whose purpose in Oxus is to get the company’s mineable reserve up to 10 million ounces. That goal will be more easily achieved if Mr Trew succeeds in his plans to bring in new assets. “We’re going to make a number of forays. We’ll be very, very aggressive on acquisitions over the next few months,” he says, although this time round it won’t be RAB’s Philip Richards pulling the strings. “Philip hasn’t got anything of interest to me at the moment,” he says, “but in the last couple of months we’ve been in discussions with 8 different companies”.


    The recent stakebuilding in Marakand points one way forward. The plan there is to acquire a new asset and pair it up with Marakand’s Khandiza. “It wasn’t a mistake to spin out Marakand at the time,” Mr Trew reminisces, “I thought it was a good idea. But then I changed my mind. The market has no idea what it’s got there – there’s US$5billion worth of metals in the ground. But polymetallics are just not that sexy”. So it looks as though Marakand is coming back in from the cold.

  • Simmer and Jack Mines Ltd. WKN ZAE000006722 SIM

    Interview mit dem Vertreter der Vulisango-Partei scheint mir zu bestätigen, daß Millers Vorwürfe gerechtfertigt sind.


    Wenn der Vulisangovertreter ausführt, daß das JCI-Darlehen 7 Jahre nicht performt hätte, somit wertlos gewesen sei, erwähnt er nicht, daß durch dieses "wertlose" Darlehen Jaganda eben in den Besitz der Simmersaktien gekommen ist, die nun einen erheblichen Wert haben. Von deren Rückgabe spricht er nicht, wenn die Verpflichtungen an JCI bestreitet.


    Tensions Still Simmering in Simmers' Saga
    http://www.resourceinvestor.com/pebble.asp?relid=17937

  • Simmer and Jack Mines Ltd. WKN ZAE000006722 SIM

    Vulisango
    [miningmx.com] -- THE JSE Securities Exchange would decide whether to suspend the shares of Simmer & Jack Mines (Simmers) after the mining company had formally responded to calls for its CEO, Gordon Miller, to resign.
    ....
    Miller has called for calm. "We are already trading at a huge discount - to Simmers' net present value even without Ezulwini (a gold shaft it wants to mine) and this is partly due to the uncertainty caused by the vicious attack on the company due to a shareholder dispute," he told Business Day.


    Miller told the newspaper, he had no intention of resigning. "I will absolutely not resign. I've been put here by shareholders to do a job, which I will do," he said.
    ...
    According to Business Report, Vulisango has alleged fraud, conflicts of interest, poor corporate governance and irregularities in the handling of raising capital for Simmers.
    http://www.miningmx.com/wts/976500.htm

  • Croesus Mining N.L. WKN 871 679 ISIN AU000000CRS5 CRS

    Crunch time for Croesus


    JOHN PHACEAS


    Kalgoorlie gold icon Croesus Mining was fighting for survival last night after calling crisis talks with its bankers and launching a strategic business review after a disastrous first half.


    Croesus called a trading halt before revealing a $27 million loss in the December half in the wake of a massive blowout in production costs and hedging liabilities.


    At the same time, former Kalgoorlie Consolidated Gold Mines chief Bob Crew and former Joondalup City Council chairman Campbell Ansell stepped down as non-executive directors.


    Chairman Michael Kiernan, who joined the company in early November, said the halt had been called to give the company time to review its operations and map out a sustainable business plan.


    "What we can say is that we intend to make a release by Monday morning about the future direction of Croesus," he said.


    "We need to review the current operations and future operations of Croesus, we need to review the mine plan and exploration - we've just come off a $27 million loss - and felt it was appropriate to put a trading halt on so that we're able to put a release out that talks about the total future and the way forward.


    "I didn't want things coming out in dribs and drabs."


    Mr Kiernan declined to comment further, but Croesus is understood to have started talks with its bankers, most notably key hedging counterparty Macquarie Bank, to defer its forward sales commitments and allow the company to sell gold on to the spot market.


    A $25 million loss on the mark-to-market value of its hedgebook was the biggest contributor to its first half loss, wiping out $9.6 million in related tax benefits.


    At the end of December, Croesus' hedgebook commitments stood at 159,570 ounces at an average delivery price of $582/oz, and 60,000oz in sold call options at a strike price of $623/oz, representing about 35 per cent of its ore reserves.


    Revenue also plunged 40 per cent to $40.3 million in the half as production slumped to 62,710oz and costs blew out to $604/oz, reflecting the forced closure of the tired Davyhurst operation near Kalgoorlie in August and declining grades at its core Norseman operations.


    In the same half of the previous year, Croesus - then WA's biggest home-grown gold miner after the collapse of Gwalia - produced 112,000oz at $372/oz for first half profit of $5 million.


    While Croesus then boasted cash reserves of $19 million, it only had $2.6 million left in the tin at the end of December - despite banking $5 million from the sale of Davyhurst to Kiernan-chaired junior Monarch Resources in December - before raising $8.6 million in a rights issue in January.


    Management is believed to have already determined that insufficient mine planning and underground development has been completed at Norseman to keep Croesus' head above water.


    Norseman is understood to be producing only 7000oz a month versus the 10,000oz needed to remain profitable, resulting in operating losses of more than $1 million a month as costs have ballooned above $800/oz.


    In what was already shaping as its worst ever year, Croesus warned in late November that it expected to book a pre-tax loss of $28 million, including an $18 million paper loss on the value of its hedgebook under new accounting rules.

  • Thai Guru's Gold und Silber ... (Informationen und Vermutungen)

    Vier Tote bei Protesten gegen US-Minenbetreiber in Ost-Indonesien
    Donnerstag 16. März 2006, 16:08 Uhr



    Jayapura (AFP) - Bei Protesten gegen den Betreiber der weltgrößten Gold- und Kupfermine in Indonesien sind drei Polizisten und ein Soldat getötet worden. Die Kundgebung am Donnerstag in der Hauptstadt der Provinz Papua, Jayapura, richtete sich gegen die US-Firma Freeport-McMoRan. Nach Angaben der Polizei verbrannten die Demonstranten zwei der drei getöteten Polizisten bei lebendigem Leibe. Darüber hinaus töteten sie einen zufällig vorbeikommenden Offizier der Luftwaffe. Mindestens 19 Sicherheitskräfte und ein Journalist wurden verletzt.

  • Crew Gold Corp. WKN A0B L46 ISIN CA2265341057 CRU

    Noch mehr als die Deutsche Bank halten Credit Suisse, Bank of New York und gar Goldman Sachs. Mir ist aber nicht immer klar, ob das Eigen- oder Kundenbeteiligungen sind.
    Dann hat der Gandhara Capital Master Fund bekanntgegeben, daß er seine Beteiligung auf über 10% erhöht hat. Merkwürdigerweise ist der Fonds gar nicht als Major Shareholder aufgeführt.


    -----------------------


    Referat von heutiger Crew Präsentation bei Odin durch Navnlos (kopiert von Stocktalk)


    Navnlos 15.03.06 22:28


    Heute hörte ich Vestrum zum 4.Mal. Da waren 10-12 anwesend bei der Odin Präsentation. JV wirkte etwas erschöpfter als ich ihn früher gesehen habe, aber desto selbstsicherer und sicher, daß Crew liefern wird. Hier ein wenig von dem, was ich aufgeschnappt habe:


    APEX Erste Produktion startet im Mai mit 500 t/d, 1000t/d von August/September. Rechnet mit Produktion von 50k+ Unzen und 150k+ Unzen in 2007. Möglichkeit für Tagebau (nicht geklärt). Bohrresultate kommen „nicht so lange hin“. Neue Ausrüstung komt im Juli. Erwarten bald, die Beteiligung zu erhöhen.


    LEFA: Angebot, den Besitzanteil zu erhöhen und erwartet, daß das geschieht. Ganze Prozeßanlage ist On-Site und man kann dem Bauprozeß auf http://www.crewgold.com folgen. Refinanzierung eines Teils der (alten) Guinor Schulden kommt ( um ein Hedging gegen den Goldpreis zu vermeiden ). Darüber kommt bald eine Meldung
    Rechnet mit 50k Unzen im Jahr oder 360k in 2007.


    MINDORO Crew hat Angebot von großem Nickelproduzenten erhalten, aber nicht akzeptiert. Kommt wohl kein Abkommen bis Jahresende (?). Traum für Vestrum ist die 1. Phase selbst zu machen! Wirkte auf mich, als ob ein Spinoff von Crew Minerals mit Bookbuilding Emission und 1.Phase von Mindoro der Weg ist, den Vestrum gehen will. Nun arbeiten sie an der Aufwertung der Feasibility von 1998 ( 5-600000 $).


    DIVERSES
    - Haben mehrere neue fähige Mitarbeiter in 2006 bekommen (Simon Booth und PHD Sven Monrad Jensen )
    - Haben Anfrage, ob Crew zu verkaufen sei ... (von einer Firma, die an Guinor interessiert war ) aber mein Eindruck, daß das nicht geschehen wird
    - North Davao kommt – einmal. Waren Gespräche mit Kupferproduzent über den Kupferanteil.
    - ...? ist es aktuell mit mehreren Aufkäufen. Hat 2 Gesellschaften auf der Liste. Eine in Westafrika...
    - Hurdal: Nette Neuigkeiten im Laufe des Frühlings
    - Crew ist in der Phase, in der es 2 große Goldprojekte hat und steht ein Jahr vor voller Produktion, und Neubewertung muß bald kommen.
    (Übersetzungsversuch mit Wörterbuch, Mißverständnisse leicht möglich!)


    Die Nachricht von Mindoro bewerte ich negativ. Daß Crew jetzt Geld reinsteckt, um die Prefeasibility zu „oppgradere“ , paßt nicht zur bisherigen Unternehmensphilosophie.
    Aus einem zweiten Bericht zu einer Präsentation bei DNBNor entnehme ich, daß Crew einen Partner will, der das ganze Projekt wuppt, was der chinesische Partner aber nicht kann. Das Angebot eines großen Akteurs wurde abgelehnt, da open-ended. Problem mit den wirklich großen Produzenten sei, daß sie an langfristigen Verträgen (10-12 Jahre) interessiert seien und selbst bestimmen wollten, wann das Projekt in Gang gesetzt würde. Neue Feasibility soll Saprolith Informationen ausarbeiten ( anfängliche Resourcenabschätzung nur für Limonit)


    Orginal:
    Referat fra dagens Crew presentasjon hos Odin ved navnløs (kopiert fra ST).


    navnløs 15.03.06 22:28
    I dag hørte jeg på Vestrum for 4. gang. Det var 10-12 stykker tilstede på presentasjonen hos Odin. JV virket litt mer sliten enn jeg har sett han tidligere, men desto mer selvsikker og trygg på at Crew kommer til å levere! Her er litt av det jeg plukket opp:


    APEX: Første produksjonen starter i mai med 500 t/d. 1000 t/d fra august/september. Regner med produksjon på 50K+ unser i 2006 og 150K+ i 2007. Mulighet for open pit (ikke avklart). Boreresultater kommer om ”ikke så lenge”. Nytt utstyr kommer i Juli. Forventer snart å øke eierandelen.


    LEFA: Fått tilbud om å øke eierandelen og forventer at dette kommer til å skje. Hele prosesseringsanlegget er on-site og man kan etterhvert følge byggingsprosessen på http://www.crewgold.com. Refinansiering av en del av (gammel) Guinor gjeld kommer (for å unngå hedging mot gullpris). Kommer en melding om dette snart. Regner med ca 50K unser i år og ca 360K i 2007.


    Mindoro: Crew har fått tilbud fra stor nikkelprodusent, men ikke akseptert. Kommer nok ikke en avtale før mot slutten av året. Drømmen til Vestrum er å bygge første fase selv! Virket på meg som at en spin-off av Crew Minerals med bookbuilding emisjon og første fase av Mindoro er veien Vestrum helst vil gå. Nå jobbes det med å oppgradere Feasibility Study fra 1998 (bruker 5-600.000 dollar).


    Diverse
    - Fått flere nye dyktige ansatte i 2006 (Simon Booth og PHD Sven Monrad Jensen). (Monrad Jensen kommer fra danske http://www.geus.dk, joergen)
    - Har fått henvendelse om Crew er til salgs.... (fra et selskap som var interessert i Guinor), men mitt inntrykk var at det ikke skjer noe her..
    - North Davao kommer - en gang. Har samtaler med kobberselskap om å ta kobberdelen.
    - Hvis/når Crew kursen stiger nok (ville ikke si hvor mye) er det aktuellt med flere oppkjøp. Hadde 2 selskaper på lista. Et i vest Afrika...
    - Hurdal: ”Greie hyggelige nyheter utover våren”..
    - Crew er nå i en fase der de har 2 store gullprosjekter som er ett år fra full produksjon, og reprising må komme snart.
    - Jeg håper Crew Minerals tar alene!

  • Simmer and Jack Mines Ltd. WKN ZAE000006722 SIM

    Interview mit Miller:
    Ende 2004 stand Simmers vor dem Aus – Umstrukturierung – 86%iger Anteilseiger JCI gab seine Forderung von 94 Mio Rand gegen Simmers an Jaganda ab und erhielt Vorzugsaktien – Jaganda erhielt für die 94 Mios von Simmers 377 Mio Aktien. Bedauerlicherweise wurde als BEE Partner Vulisango ausgesucht. Der wollte vom ersten Tag mehr haben. Zentraler Punkt der Auseinandersetzung zwischen Management und Vulisango: Vulisango wollte, daß Simmers den Antrag auf Schacht 4 zurückzieht, damit Vulisango seinerseits die Rechte bekäme, um sie dann wieder an Simmers gegen zusätzliche Aktien zu verschachern.


    Das verspricht wieder eine interessante Geschichte zu werden, auch wenn das Hippo nur am Rande mitmischt.


    Kurs von SIM heute um knapp 11% auf 130 Randcent gefallen.


    Gemüter erhitzen sich bei SIM
    Tempers Flare at Simmer & Jack
    http://www.resourceinvestor.com/pebble.asp?relid=17897

  • Pan American Silver Corp./ PAAS (NASDAQ)

    Aus Martin Siegel´s Analyse
    Problematisch ist die aktuelle Gewinnschwäche. Positiv sind die umfangreichen Ressourcen, die Wachstumspotential eröffnen. Sollte Pan American eine Gewinnspanne von 5 $/oz umsetzen können, was bei einem Silberpreis von 15 $/oz möglich erscheint und dabei die Produktion planmäßig auf jährlich 25 Mio oz ausweiten, würde das KGV auf 12,4 zurückfallen. Pan American bietet damit nur ein unterdurchschnittliches Aktienkurspotential. Empfehlung: Halten, unter 15,00 $ kaufen, aktueller Kurs 23,14 $, Kursziel 37,00 $. Pan American wird an mehreren deutschen Börsen gehandelt.
    http://www.goldseiten.de/conte…berichte.php?storyid=2347


    Also Verdopplung der Produktion und 50%iger Silberpreisanstieg für KGV 12,4 nötig. 8o


    Kursziel 37$ ? Welcher Silberpreis wird unterstellt?