@Bobelle,
bin bei HRG leider nicht zum Zug gekommen. 1,50 war mir ja zu teuer und ich wollte unbedingt einen Goldpreis von 450-475 abwartem [Blockierte Grafik: http://www.smiliemania.de/smilie132/00000563.gif]
Da hat Gogh klüger gehandelt.
Hier noch ne Wochenendlektüre über Semafo ( vom 22.12.2005)
Gruß
Is Semafo Undervalued?
By Craig Stanley
22 Dec 2005 at 02:20 PM EST
TORONTO (ResourceInvestor.com) -- Shares of West-African miner Semafo Inc. [TSX:SMF] appear undervalued.
Semafo currently operates the Kiniero mine in Guinea, the Samira Hill mine in Niger and is developing the Mana project in Burkina Faso.
In late November, Morocco-based Managem announced it was selling its controlling stake in Semafo to a company called Georesources Exploration Ltd., reducing its stake from 52% to under 10%. The deal closed today (Thursday).
The news release did not say for how much Managem was selling its 40 million shares. But based on the November 28 closing price of C$1.6 a share, the block would be worth C$64 million.
At the same time as the sale, Semafo announced a private placement that just raised $65.2 million. As part of the sale agreement, the proceeds will be used to pay down debts, reduce next year’s hedge book, and for working capital.
Semafo’s shares jumped around C$0.25 on news of Managem’s sale but have since pulled back by a dime due to dilution from the private placement.
Nevertheless, the company still boosts attractive fundamentals.
It has ramped up production to close to 200,000 ounces on an annualized basis, generating cash flow of around $0.20 per share, at a realized gold price of $385 an ounce. Its below market hedge book applies to half its production and will be essentially gone by the end of next year. At spot prices, cash flow would be doubled, or $0.40 per $1.75 in market value. That roughly equates to a share price trading at four times cash flow.
Also, after the proceeds from the private placement are spent, the company will have no secured loans.
And the late November press release stated that “Georesources anticipates that its right to assign the Managem Block to substituted purchasers will result in a wide distribution of the block.” The result: no controlling shareholder.
Considering its current operations and exploration pipeline (se below), its relatively cheap valuation and discount to its peers, and a widely held float, Semafo shares appear to have room to move higher.
Kiniero
The Kiniero mine (Semafo 85%, with the rest held by the government of Guinea) produces around 50,000 ounces of gold a year at a cash cost of about $250 an ounce. In 2004, Kiniero hosted a resource of 5 million tonnes grading of 3.12 grams per tonne (g/t), giving 500,000 ounces of contained gold.
Samira Hill
Samira Hill in Niger is owned by Semafo (40%), Etruscan Resources [TSX:EET] (40%) and the government of Niger (20%). Production began in October 2004 and the mine is expected to produce an average of 100,000 ounces a year at an average total cash cost of just over $200 an ounce. As at December 31, 2004, the open pittable reserves, including the adjacent Libiri deposit, totalled 9,637,200 tonnes grading of 2.21 g/t. The total resource is estimated at 2.1 million ounces. Both the Samira Hill and Libiri deposits remain open at depth.
Mana
The Mana project in Burkina Faso is 100% owned by Semafo, with the government entitled to a 10% interest in the local operating company once a mining permit is obtained. A bankable feasibility study released in August calculated total mineral reserves of 7.2 million tonnes of ore at an average grade of 2.82 g/t (at $380 an ounce). At $425 an ounce, the total mineral reserves are 8 million tonnes at an average grade of 2.75 g/t, or 706,000 ounces.
http://www.resourceinvestor.co…relid=15601&phrase=semafo
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