@ Ulfur
Danke für die Info.
"Jens Ulltveit-Moe still heads up the company - as president and CEO - and owns the Group, together with his family."
Dann kann es wohl kein Fehler sein, noch bei CRU engagiert zu bleiben und die weitere Entwicklung abzuwarten. Es hat mich eigentlich auch immer positiv gestimmt, dass das Management von CRU fleißig gekauft hat.
Gruß Kuddel.
Jens Dag Ulltveit-Moe Acquires Control of Securities of Crew Gold Corporation
Tuesday September 18, 2:34 pm ET
LYSAKER, NORWAY--(Marketwire - Sept. 18, 2007) - To comply with Canadian statutory reporting requirements, Mr. Jens Dag Ulltveit-Moe, of Fornebuveien 84 1324 Lysaker, Norway, wishes to announce that on Friday, September 14, 2007, an entity controlled by Mr. Ulltveit-Moe acquired control over 1,690,000 common shares in the capital of Crew Gold Corporation (TSX:CRU - News; "Crew Gold"). As a result of this transaction, Mr. Ulltveit-Moe controlled 74,201,000 common shares of Crew Gold and forward contracts to purchase 15,080,000 common shares of Crew Gold, in the aggregate representing approximately 19.21% of Crew Gold's outstanding common shares.
The September 14, 2007 transaction occurred through the facilities of the Oslo Stock Exchange. This acquisition was for investment purposes only and Mr. Ulltveit-Moe, or entities owned or controlled by Mr. Ulltveit-Moe, may increase or decrease their security holdings in Crew Gold in the future.
To obtain a copy of the early warning report filed on SEDAR with respect to this trade, please contact Mr. Erlend Grimstad at +47 977 42 140.
+++++++++++++++++++++++++++++++++
Wer weiss was über den Herrn Jens Dag Ulltveit-Moe ??
September 4, 2007
News Release
Yukon Zinc Announces Selection of Wolverine Concentrate Buyers
Vancouver, B.C., September 4, 2007 - Yukon Zinc Corporation (YZC.TSX-V) is pleased to announce that it has selected Glencore and MRI Trading AG as the buyers for all of its initial projected Wolverine concentrates production. "Yukon Zinc is very pleased to have reached agreements-in-principal with two global leaders in metals concentrate markets with their excellent worldwide market access. These agreements, once executed, will provide a secure market for the concentrates from Wolverine and supports our continuing financing efforts" says Robert McKnight P.Eng., Yukon Zinc's Vice-President, Corporate Development.
Concentrate purchase contracts with the two buyers have been drafted based on their proposals.
The key concentrate purchase terms are summarized as follows:
Concentrates: Zinc, copper and lead concentrates containing significant silver and gold credits
Buyers: Glencore and MRI Trading AG
Volume: 100% of the projected Wolverine output of zinc, copper and lead concentrates with the associated silver and gold contained within the concentrates.
Term of Contract: approx. 5 years of Wolverine production for a period ending December 31, 2013
Concentrate Terms: competitive for all concentrates; the treatment charges for the concentrates are based on Asian benchmark with payment factors for primary and precious metals within industry-standard norms.; penalties for deleterious elements aggregate less than 2.5% of payable metal returns,
Concentrate Delivery: Port of Stewart, or other agreed loadout port; FOB mine site option
Markets: Primarily Asia, including China and Korea
The concentrate purchase contracts are two of the many contracts covering the delivery of Wolverine Project construction and operations services. The draft concentrate purchase contracts will be finalized with completion of project financing and executed as part of the documentation required for financial close of the senior debt arranged by Barclays Capital (see August 27, 2007 News Release).
Wolverine Development Program
Yukon Zinc has an experienced development team in place spanning engineering, procurement and construction management and commissioning and operations. The current development plan would see a production decision being made in fall 2007 following completion of project financing. The team has made good progress in planning for the development of the Wolverine Project as an underground mine and milling project. Construction management, underground mining and detailed design engineering contracts have been prepared and strategic agreements have been formed with major suppliers, Metso Minerals Canada and Finning Canada Ltd to secure long lead time equipment. Orders have been placed for ball and rod mills, diesel modular power plant and fabrications slots have been secured for other major process equipment.
Yukon Zinc recently announced that Barclays Capital has issued a commitment letter for a US$140 million senior debt financing for the Wolverine Project. This facility forms the lead portion of the Wolverine project financing and its availability is subject to the customary conditions precedent, including the raising of sufficient additional capital to complete the project development. The Company continues to advance the Wolverine Project as the Yukon's next significant zinc-silver mine while it works to secure the remaining project financing.
This news release contains forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of failure to complete the proposed senior debt financing, failure to obtain the required equity, failure to obtain necessary regulatory approvals, failure to secure key permits, senior project debt and equity financing, mine development and operational risks and other risk factors beyond Yukon Zinc's control; and actual results may differ materially from the expected results.
For more information contact:
Dr. Harlan Meade, President and CEO
Shae Dalphond Manager, Investor Communications
Telephone: (604) 682-5474 Toll-free: 1-877-682-5474
Facsimile: (604) 682-5404
info@yukonzinc.com http://www.yukonzinc.com
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OF THIS NEWS RELEASE.
Harmony officially signs deal with Pamodzi Gold
4 September 2007
Harmony Gold Mining Company Limited (Harmony) announces that it has officially signed formal agreements with Pamodzi Gold Limited (Pamodzi Gold) for the sale to all rights, title and interest of Orkney shafts located near Orkney in the North West province.
Pamodzi Gold has engaged Harmony in order to take management control of the Orkney operations under a contracting agreement by the 1 October prior to the all conditions precedent being met. Harmony has agreed in principle to this arrangement and both parties envisage signing a formal agreement within the next three weeks.
The initial purchase consideration payable to Harmony by Pamodzi Gold for the Orkney shafts is equal to R550 million, and a secondary consideration is calculated as follows: –
3% of the net smelter revenues in respect of the first one million ounces of gold produced by Orkney after the effective date of the transaction; and
1.75% of the net smelter revenue in respect of all gold produced by the Orkney thereafter subject to an maximum aggregate amount of R450 million.
The initial Orkney purchase consideration will be settled by Pamodzi Gold through:
the payment of a cash amount of R350 million; and
the issue of 9,272,903 ordinary consideration shares to Harmony.
The number of Pamodzi Gold ordinary shares to be issued to Harmony has been calculated based on the 30 day VWAP of the Pamodzi Gold ordinary share price on the JSE up to the business day immediately preceding the date upon which the detailed cautionary was announced, being 24 April 2007, which VWAP is equal to R21.57.
The transaction is subject to, amongst others, the following conditions precedent:
the shareholders of Pamodzi Gold passing all resolutions necessary in order to approve and implement the Orkney transaction;
Harmony converting its Old Order Mining Right to a New Order Mining Right in terms of Item 7 of Schedule 2 of the MPDRA;
the Minister of Minerals and Energy consenting to the transfer of the New Order Mining Right to Pamodzi Gold in terms of section 11 of the MPRDA; and
Pamodzi Gold obtaining funding for payment of the initial Orkney purchase consideration.
Graham Briggs, acting Chief Executive says, “The official signing of the agreement highlights the willingness of both parties to meet the conditions precedent in order to successfully conclude the transaction by October 2007.”
Graham Briggs
Acting Chief Executive
+27(0)83 265 0274
Der Quartalsbericht von Harmony (06.2007) liegt als PDF vor:
Link:
http://www.harmony.co.za/im/fi…/fy07_q4_presentation.pdf
Ich habe schon schlechtere Berichte (Zahlen) gelesen!!
Kuddel
Posted to the web on: 28 August 2007
Harmony battles sharply rising costs, debt
Charlotte Mathews
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Resources Editor
HARMONY Gold Mining’s financial results for the quarter and year to June released yesterday refuted last week’s rumours that it would show a R2bn “hole” in its accounts.
But the figures showed sharp increases in costs and debt, which interim management has promised to address.
Harmony’s stock, which shed about a third of its value after the sudden departures from the group of CEO Bernard Swanepoel and financial director Nomfundo Qangule this month, strengthened 3% to R65,60 yesterday.
The group made its first headline profit in three years of 43c a share against last year’s loss of 263c a share. But for the June quarter the group returned a headline loss of 133c a share from the March quarter’s 58c profit, mainly because of a substantial increase in cash costs.
These rose because about R250m of costs incurred in the March quarter were omitted after errors in implementing a new accounting system. They had to be included in the June quarter. There was also a decline in production, which swelled unit costs.
The group produced 16 396kg (18 010kg) of gold in June at a cash cost of R149 180/kg, 44% higher than March’s R103 608/kg. Revenue was almost flat at R151 522/kg (R151833/kg) in the June quarter. At the end of last week, Harmony’s total debt was R3,4bn after it sold its 2% stake in Gold Fields to repay all its R1,3bn long-term debt to RMB.
Harmony’s debt includes a R1,0bn guarantee to the ARM Empowerment Trust. Harmony’s acting financial director, Frank Abbott, who has been seconded to the company for six months from Harmony’s major shareholder, African Rainbow Minerals (ARM), said talks were being held with the banks to eliminate this guarantee because of the appreciation in ARM’s share price. The guarantee was provided jointly by Harmony and ARM.
T-Sec analyst Nick Goodwin said Harmony’s high debt, on which the interest would have to be serviced, remained a concern, as did high head office operating costs. He believed the best option for Harmony would be to list its various developing mines separately.
In the year to June all the group’s divisions improved working profit, but in the June quarter only the growth projects and surface operations improved profitability. The main problems were lower grades at Tshepong and Target and a halving of tonnage at Bambanani because of an ore-pass blockage. In the group’s Australian assets, a seismic event at Mount Magnet disrupted production, and will incur rehabilitation costs. Harmony acting CEO Graham Briggs said Mount Magnet would be closed and sold.
In other steps to address Harmony’s funding issues, it had also sold its South Kal mine in Australia for A$55m in cash and shares and had signed draft agreements with Pamodzi Gold for the sale of its Orkney shafts in SA.
Briggs said Harmony was in early stage talks on selling its Cooke uranium dump at Randfontein, which contained about 39-million pounds of uranium. It had started to assay its underground assets to determine whether the ratio between its gold and uranium deposits made it viable to exploit the uranium.
In Papua New Guinea, Harmony intended to enter into a joint venture to develop its Wafi/Golpu property, which could cost about $1bn to develop, Briggs said.
But he said that Harmony had no plans to sell its South African operations.
To address Harmony’s problems, Briggs had recruited two new members to the executive team, and intended to bring in at least another mining expert and a financial executive. Harmony needed to revive a culture of reviewing and budgeting, and would be looking at the way middle and lower management on the mines were incentivised to increase production. Overhead costs would have to be trimmed, including some nonproduction costs such as sponsorships.
The group was reviewing its capital expenditure programme on its five developing projects to “cut our cloth according to our wallet size”, but it was too early to give details, he said.
Briggs said it would take about six months to stabilise the accounting system, and operationally the current quarter “is not looking good”, although it was unlikely to be as poor as the June quarter.
Bambani’s problems continued throughout July but it was now back in production.
Dann kann's ja mal langsam wieder aufwärts gehen mit dem Kurs.
Gestern in USD 16.59, war im Mai schon mal deutlich über 22 (und die Umsätze sind auch eingeschlafen).
Von der Harmony-Webseite
= Link: http://www.harmony.co.za/im/press_display.asp?pressId=81
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Trading statement
6 August 2007
Harmony Gold Mining Company Limited (Harmony) announces that its financial results for the quarter ending 30 June 2007 are expected to differ significantly from those of the three previous quarters as well as from the analysts’ consensus.
Shareholders are advised that Harmony expects to announce a headline loss per share of between 130 and 160 SA cents per share for the June 2007 quarter, compared with the March 2007 quarter headline profit of 58 SA cents per share. It is expected that a headline profit of between 20 and 30 SA cents per share will be reported for the 2007 financial year compared with a headline loss of 269 SA cents per share for the 2006 financial year.
This quarter-on-quarter variance is attributable to a combination of lower production and an increase in costs. Gold production is expected to be down by between 8% and 12%, mainly due to, and as previously disclosed, production incidents at Bambanani and Joel, lower grades mined at Tshepong as well as the underperformance at Mt Magnet’s underground operations in Australia. Progress on rectifying this situation will be reported at the June 2007 results presentation to the investment community.
The combination of lower production and higher cost will result in the June 2007 quarter’s cash cost per kilogram being up by between 35% and 45%. Harmony’s total cash operating costs are up by between 25% and 28% quarter-on-quarter. The company ascribes this in part to the newly installed accounting software system that resulted in some of the March quarter’s costs being captured in the June 2007 quarter and thus the average of the last six months’ cost would be a more accurate reflection of the company’s current cost base.
During the last six months, the company’s cost base increased by between 8% and 12% on the previous six months. The increase in costs is mainly due to consumables (stores) and supervisory labour and detailed plans are being implemented to address the production and cost issues.
Shareholders are advised of the resignation of the Chief Executive, Bernard Swanepoel, with immediate effect and the appointment of Graham Briggs as acting Chief Executive.
“Harmony’s management remains committed to creating shareholder value by addressing the company’s cost issues, through disciplined mining and a back to basics approach.” says acting Chief Executive Graham Briggs.
The financial information on which this trading statement is based has not been reviewed nor reported on by the company’s auditors. Due to the time taken to install new software and the need to have externally audited numbers available, the announcement of Harmony’s quarter and year-end financial results has been postponed to Monday, 27 August 2007.
Johannesburg
6 August 2007
"Neue Besen kehren gut."
Mal sehen, was da für ein Schmutz zu Tage kommt!
Ist mal sauber gemacht, zieht man gerne wieder ein.
... und übrigens hat auch GFI in den letzten 3 Wochen rund 20 % verloren.
Ist im Moment der Wurm drin bei den Südafrikanern, trotz des eigentlich ja doch schwachen Rands (über 7 $ für den Rand, war vor gut einem Jahr schon mal deutlich unter 6 $).
... und die Reserven und Ressourcen von HAR sind letztlich beachtlich.
Da werden sich jetzt einige Investoren eindecken und später ins Fäustchen lachen.
Von heute:
Posted to the web on: 07 August 2007
Swanepoel joins exodus of bigwigs
Charlotte Mathews
--------------------------------------------------------------------------------
Related Links
Classic Business Day transcript: Harmony expects loss
Classic Business Day Transcript: Who is resigning today?
Resources Editor
THE third shock resignation of a top mining executive within a week hit the markets yesterday with the announcement that Harmony Gold Mining CEO Bernard Swanepoel would leave the company immediately.
The news follows last week’s resignations of Anglo Platinum CEO Ralph Havenstein and AngloGold Ashanti CEO Bobby Godsell. Harmony is SA’s third-largest gold company after AngloGold and Gold Fields.
Harmony’s share price shed up to 19,5% after the announcement, which was combined with a separate trading statement warning that Harmony’s June quarter results would be worse than those of the preceding three quarters and below analysts’ expectations. The share price ended 16% lower at R80,60.
No reason for Swanepoel’s resignation was given in the announcement. Asked if and why he had resigned, he said he was not in a position to talk about it or provide any more detail.
African Rainbow Minerals CEO Andre Wilkens, who was appointed nonexecutive director at Harmony yesterday, said Swanepoel had resigned of his own will. Asked if this was related to the trading statement, Wilkens said: “Yes, I think it is. He was not happy with the results, and decided to move on.”
In response to the question on whether Swanepoel’s departure would be a blow to the company, Wilkens said Graham Briggs, who had been appointed acting CEO, knew the company well, and his (Wilkens’s) appointment to the board would bring mining skills.
“We are looking at all the factors, and in the next few days we will formulate a plan,” he said. In the longer term, Harmony had new projects coming on stream while in the shorter term management would ensure it would deliver performance.
African Rainbow Minerals owns 16% of Harmony’s shares.
Harmony said it expected to report a headline loss of 130c- 160c a share for the quarter, against a profit of 58c in the March quarter, because of lower production in SA and Australia and a 35%- 45% increase in cash costs a kilogram. Part of the cost increase resulted from the implementation of new accounting software, which had captured some of the March quarterly costs in the June quarter.
Renaissance Specialist Fund Managers’ Andrew Joannou said Swanepoel’s resignation was completely unexpected.
The company’s share price had reacted badly, although it was hard to tell whether this was related to the resignation or the trading statement.
Renaissance had forecast a loss in production of 5%-6%, not the 8%-12% Harmony announced yesterday.
Joannou said there were numerous questions about Swanepoel’s resignation, including why he had resigned with immediate effect.
Asked if any special tensions were being experienced by mining CEOs in SA, he said it was quite likely that CEOs of gold companies in particular were coming under pressure from disappointed shareholders to deliver on margin and production expectations.
Link: http://www.businessday.co.za/P…iendly.aspx?ID=BD4A534150
.. noch ne frische Meldung dazu:
Posted to the web on: 06 August 2007
Harmony shares slide on forecast loss, CEO resigns
Reuters
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Related Links
Godsell to join exodus from Anglo
HARMONY Gold said it expects to post a headline loss of 130-160 cents per share for the June quarter and its CE had resigned, hammering its shares.
Harmony, the world’s fifth-biggest gold producer, said it expected to report headline profit of between 20 and 30 cents per share for the 2007 financial year, compared with a headline loss of 269 cents in 2006.
Shares in Harmony slid 12% to R84 in late afternoon trade, with the JSE blue-chip top 40 index 1,44% weaker.
Headline earnings, the key profit measure in SA, strip out capital, non-trading and certain extraordinary items. Harmony also announced the resignation of CEO Bernard Swanepoel with immediate effect, and said it had appointed Graham Briggs acting CEO.
Swanepoel said in a statement he was confident Harmony would continue to grow under new leadership and benefit from the strategy developed over the past few years, without giving reasons for his resignation.
Gryphon Asset Management’s chief investment officer Abri du Plessis said Swanepoel’s resignation was concerning and a surprise to the market. Swanepoel’s resignation comes hot on the heels of the resignation of Anglo Platinum CEO Ralph Havenstein and AngloGold Ashanti CEO Bobby Godsell.
"I hope it is just a case of the guys getting tired and not indication of something negative about the country’s mining industry," Du Plessis said. Harmony Gold failed in its hostile takeover of larger rival Gold Fields in May 2005 after months of bitter fighting and costs of more than $50m.
Link: http://www.businessday.co.za/a…tories.aspx?ID=BD4A533740
Habe ich auch gerade gesehen, und die NYSE reagiert aktuell mit einem Abschlag von 16 % !
Aber eigentlich sollte es doch eine gute Nachricht sein, wo Swanepoel mit seinen Entscheidungen der letzten Jahre (siehe Gold Fields) wohl unnötig viel Geld verbrannt hat.
Morgen sieht der Kurs schon wieder anders aus - oder?
Kuddel
Bei "SEC" und "SEDAR" wird man fündig, wenn die Homepages der Gesellschaften nix bringen.
Kuddel
ZitatOriginal von Tschonko
Und hier noch der Grandich Kommentar von gestern:
wie immer absolut lesenswert!:
In der Tat liest sich sich Grandich immer recht nett.
Aber - seine Briefe über die Firmen läßt er sich wohl bezahlen (siehe letzte Seite seiner Briefe). Auffällig ist für mich auch, dass alle vorgestellten Firmen auch, oder vor allem, in Deutschland gehandelt werden.
Deshalb bin ich, was seine Empfehlungen betrifft, sehr kritisch und nehme sie ohne weitere Recherchen nicht so ernst.
Das ist meine ganz persönliche Einstellung dazu.
Gruß Kuddel.
Sehe ich genauso, wie gogh.
Geschäftsberichte sind Facts.
Das "schöne" bei den Goldminen ist, dass sich von Quartal zu Quartal die Situation so schnell ändern kann. Deshalb bin ich auch mehr fürs Abwarten.
Was mir an CRU gefällt, ist, dass das Management so fleißig kauft. Eigentlich müßten die es am besten wissen. Wenn die das Verkaufen anfangen, dann auch nichts wie weg.
Kuddel
Bin mal gespannt, ob das Management weiter zukauft (wie bisher).
Wäre ja dann wohl eher ein gutes Zeichen?!
Kuddel
Link:
http://www.businessday.co.za/P…iendly.aspx?ID=BD4A465121
Posted to the web on: 17 May 2007
DRDGold’s Emperor erases its hedge book
Charlotte Mathews
-------------------------------------------------------------------------
Resources Editor
AUSTRALIAN-listed Emperor Mines, whose major shareholder is DRDGold, had eliminated its gold hedge book at a cost of $34,2m (R236m) in line with its intention of eliminating all its debt and hedging liabilities, it said yesterday.
Many large gold producers that sold future gold production in the late 1990s at the prevailing prices of $300-$350/oz have been eliminating these commitments in the past two years to be able to take advantage of a gold price now almost twice as high and still rising. Yesterday gold was trading at $670,65/oz.
Earlier this year, Gold Fields bought out the hedge book it acquired when it took on Western Areas, while Barrick Gold has sold down the hedge it acquired with Placer Dome.
Emperor said in a statement to the Australian exchange that ANZ Bank had agreed to defer payment of the amount owed on the hedge book until the end of December when Emperor would receive funds from the sale of its 20% stake in Porgera to Barrick for $250m. The deferred payment would attract interest at Libor plus 3,7%. Emperor Mines CE Brad Gordon said closing the hedge book and retiring ANZ Bank’s financing facilities would enable the group to consider future opportunities from a stronger financial base.
Earlier this year, Emperor closed its loss-making Vatukoula mine in Fiji and sold it to Westech and this, together with the sale of its stake in Porgera, leaves the company with only one operating mine, Tolukuma in Papua New Guinea, and some exploration properties.
It had been speculated that Emperor’s precarious financial position would require assistance from DRDGold, possibly through a share issue, but the sale of assets has alleviated those fears.
DRDGold CE John Sayers said at the group’s latest quarterly results presentation that DRDGold might need funding for other projects in Australasia but it depended how it approached the issue with Emperor Mines.
DRDGold’s shares, which slid from R11,70 at the beginning of last year on news of Emperor’s difficulties to a low of R4,15 last month, have since recovered to almost R6,50.
Endlich mal wieder positive Nachrichten:
siehe Link:
http://www.businessday.co.za/P…iendly.aspx?ID=BD4A442985
Posted to the web on: 20 April 2007
Harmony sets up unit to sell less-profitable mines
Reuters
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HARMONY Gold will create a new unit headed by a former London analyst to sell off some less-profitable mines and collect royalties from the new owners, it said on Friday.
The company, the world’s fifth biggest gold producer, has previously said it was looking at disposing of some of its mines that have high costs which drag down overall profit.
Georges Lequime, a London-based analyst with RBC Capital, has been hired to head up the new unit, Investor Relations Manager Amelia Soares said.
"We are going to be relooking at our leveraged assets ...it’s not as if we’re going to be selling everything, we are looking which of those no longer conform to our cost levels."
The firm would seek to place a royalty on the gold produced from the sold assets so it could continue to receive some income from the mines. Soares said there could be one deal in progress, but Harmony was not in a hurry to sell off its lower-quality mines.
Harmony last year sold its Randfontein No 4 shaft to Simmer & Jack Mines for R55m, which Simmers has renamed Ezulwini.
In its last results statement, the firm said it was in advanced negotiations about the disposal of the surface infrastructure at its closed Deelkraal mine.
Harmony classifies its mines into three categories: quality, growth and leveraged. The leveraged operations consist of 12 shafts that produced 189,211 ounces of gold during the three months to end December, 31% of total production.
It also has seven closed shafts where maintenance is continuing so they can be reopened in the future. Costs at the leveraged mines averaged R109,680 per kg compared to R99,318 per kg at the quality mines. Costs are some of the individual leveraged mines were sharply higher than the average, with West at R240,007 per kg and St. Helena at R219,062.
Harmony Gold Mining Company is the least internationally diversified of major South African gold miners with 90% of output from its home base. Its shares rose 0,2% to R113,25 in early trade, largely in line with the gold mining index. The firm is due to release its quarterly results next Wednesday.
