Schau dir mal Mincor Resources (MCR.AX - wird aber auch in Deutschland gehandelt) an.
Haben auch eine aussagefähige Webseite:
http://www.mincor.com.au.
Fängt langsam bei hohen Umsätzen an zu steigen. Liegt wohl nicht nur an den steigenden Nickelpreisen, sondern auch an guten Bohrergebnissen.
Kuddel
Bei FSR warte ich schon seit einiger Zeit auf den "Ausbruch".
Vielleicht hat ja diese Meldung ein wenig nachgeholfen:
First Majestic Resource Corp.: Acquisition of Majority Interest in First Silver Reserve Inc.
Wednesday April 5, 8:05 pm ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Apr 5, 2006 -- FIRST MAJESTIC RESOURCE CORP. (Vancouver:FR.V - News)(Other OTC:FMJRF.PK - News)(Frankfurt:905910.F - News) (the "Company") is pleased to announce that it has entered into an irrevocable Share Purchase Agreement to purchase approximately 63% of the issued and outstanding shares of First Silver Reserve Inc. (Toronto:FSR.TO - News) from the major shareholder of FSR. The major shareholder has been integral in the success of FSR's San Martin Mine which produced 2,100,000 ounces of silver in 2005.
Pursuant to the terms of the Agreement, the purchase price was determined by calculating the 10 day average trading price of FSR's shares on the TSX at the close of trading on April 3, 2006 which equated to $2.165 per share. The total number of shares being purchased by First Majestic is 24,649,200 for an aggregate of $53,365,518 payable in three installments. The purchase price is divided into three payments, the first being $26,682,759 payable on closing and $13,341,380 payable on each of the 12th and 24th month anniversaries of the closing. A 60 day due diligence period has been initiated and will be completed by June 2, 2006. Closing of this transaction will occur following the due diligence period and is anticipated to occur on or before June 2, 2006. An interest fee of 6% per annum will be payable on the two outstanding payments due after closing.
@bobelle
Das ganze erinnert mich ein wenig an die Übertreibungen des "Neuen Marktes", wo die IPO's vor/auf dem Höhepunkt der Blase plaziert wurden.
Es gibt noch eine ganze Reihe von australischen Exploratoren und Junior-Produzenten, die noch gar nicht richtig gelaufen sind und wo man über Jahre Ergebnisse des Managements (positiv wie negativ) beurteilen kann. Da hat man mehr Grund unter den Füßen und da würde ich mich schon eher ranwagen.
Nichts für ungut - ist halt meine persönliche Meinung.
Kuddel
So kann man auch an Steuereinnahmen kommen, in dem man Windfallprofite versteuert. Macht hoffentlich keine Schule anderenorts.
Kuddel.
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Posted to the web on: 04 April 2006
Timeframes set for fuel and mine royalty taxes
Hilary Joffe
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FINANCE Minister Trevor Manuel has set tight timeframes for two long-awaited tax measures, committing the national treasury to release a new draft of the controversial mining royalty bill by mid-May and promising that a task team to probe a possible windfall tax on synthetic fuels will be announced this week.
This came as Manuel released year-end figures showing the South African Revenue Services had collected R418,1bn by midnight on 31 March — R1bn more than February’s revised estimate and R45bn above the original estimate in last February’s budget.
The revenue overrun is expected to reduce the fiscal deficit for 2005-06 to a mere 0,3% of gross domestic product.
The market has been waiting for new mining royalty proposals for three years, since the original draft of the Minerals and Petroleum Royalty Bill was released for public comment in March 2003. That followed the enactment of SA’s new Mining Act, which required mines to convert from old-order to new-order mining rights. The mining legislation is based on the principle that SA’s mineral rights belong to the nation and can only be leased by private companies, which must pay royalties for the right to exploit the resources.
The royalty bill proposed levying royalty taxes ranging from 1%-8% of sales revenue, depending on what was being mined. The proposals drew intense criticism from mining companies and investors on the grounds that they would cut profit margins and reduce investment in the industry, particularly in new projects.
The proposal that the royalties would be levied on mines’ gross sales revenue, rather than on their profits, generated far more controversy than the rates themselves, because this could cut the life of mines by reducing the amount of ore that is profitable to mine. Though there have been indications that government might well cut the royalty rates, it is not clear whether it is open to changing the basis from sales to profits — which is what the mining industry called for.
Manuel gave no hint yesterday of what changes might appear in the new draft of the bill. But he apologised for government’s failure to come up with a new draft so far, conceding it had created uncertainty in the market.
However, he expressed exasperation at the way the market had gone “berserk” in February, when Sasol’s share price fell sharply on news of a proposal to investigate a windfall tax on the synthetic fuel industry.
Manuel emphasised yesterday that he had mentioned the possi-bility in his October medium-term budget speech. In that speech, Manuel said the fiscal regime that applied to the synthetic fuel industry was “under review”.
He said yesterday that a task team would be announced this week. “That will allow us to take the whole process forward,” he said. The same trends were being followed by many countries around the world, Manuel said.
The budget review said the synthetic fuel industry, which accounts for about 35% of SA’s domestic liquid petroleum sales, was in a position to reap substantial “economic rents” when crude oil prices were high.
“Such windfall gains should be shared with the public,” the review said, pointing out that the synthetic fuel industry had developed with extensive government support. The industry includes Sasol and Mossgas, now called PetroSA.
But a leading economist has questioned whether government is not simply using the windfall tax threat as a bargaining chip to get Sasol to up its investment in SA.
Merrill Lynch economist Nazmeera Moolla wrote in a recent report that “with government not needing extra revenues, we think they would be quite happy to take the windfall tax issue off the table, if Sasol increased its SA investment plans”.
Of the R16bn Sasol plans to invest over the next five years, only R2bn is in SA.
Posted to the web on: 03 April 2006
CEO plans merger of pillaged Kebble firms
Rob Rose
--------------------------------------------------------------------------------
Chief Reporter
FORMER Brett Kebble companies JCI, Randgold & Exploration (R&E) and Matodzi may be merged in the next few months. R&E CEO Peter Gray said on Friday that “ideally”, the three JSE-listed companies in the wider group — JCI, Randgold and Matodzi — would be merged into one entity.
“This makes sense if you look at the group, because it doesn’t appear to justify having three listed entities,” he said. “But we would have to determine the ratios for such a merger, and put this to shareholders.”
Gray made the comment as R&E released its overdue accounts for 2004 and 2005, as well as details of its forensic audit showing that nearly R2bn in shareholders’ money was stolen during Kebble’s tenure as CEO.
JCI is expected to release a similar report this week, which is likely to be equally intriguing.
Gray said the theft at R&E was “in some ways worse than Enron”, and the sheer scale of the fraud and theft of shareholders’ assets made the Kebble case one of the largest instances of corporate deceit in SA.
R&E’s main asset, 48% of Randgold Resources, was entirely sold without shareholder permission for R1,8bn (partly through fraudulent deals), and less than a quarter of the proceeds went back to the company. In some instances, brokers’ notes and bank balances were faked to make it seem as if the shares sales were legitimate.
Other deals, including one of the company’s empowerment deals with three ANC Youth League leaders that cost R&E R268m, was found to be a sham transaction where the black-owned company was propped up by “fictitious investments … supported by false brokers’ notes … and false legal agreements”.
Other companies and people also made off with millions of rand belonging to R&E, and Gray said the company was “pursuing various civil and criminal claims” to recover the assets.
While the forensic report itself will not be released, R&E will forward details to the South African Reserve Bank, the Financial Services Board and criminal prosecuting authorities for them to determine whom to pursue. The forensic report is understood to have recommended that Randgold’s former auditors, PricewaterhouseCoopers be held liable.
The accounts released on Friday show that R&E’s 2003 accounts signed by Pricewater-houseCoopers were wrong, in that they overstated investments by R235m and “did not fairly reflect the (company’s) affairs”. The original accounts also said R&E made a profit of R177m in 2003, but the revised figures show this was actually a loss of R159m — a R336m error.
But even though the restated financials are finally out, Gray said there were no immediate plans for the company to begin trading on the JSE soon.
The company was suspended from trading on the JSE and Nasdaq last year when it failed to publish its accounts. It has since been entirely delisted from Nasdaq, and it looks unlikely at this stage that it will relist in the US. Gray said that before R&E considers trading again on the JSE, “we first need to get the accounts finally audited, and then hold a shareholders’ meeting some time before June”.
While the company would also appear to be technically insolvent because its liabilities of R133m dwarf its assets of R9,1m, Gray said there were certain assets that could be realised quickly should the company need to. This included a claim of R1,1bn against JCI, currently headed by Gray.
Posted to the web on: 03 April 2006
CEO plans merger of pillaged Kebble firms
Rob Rose
--------------------------------------------------------------------------------
Special Report: Brett Kebble
Chief Reporter
FORMER Brett Kebble companies JCI, Randgold & Exploration (R&E) and Matodzi may be merged in the next few months. R&E CEO Peter Gray said on Friday that “ideally”, the three JSE-listed companies in the wider group — JCI, Randgold and Matodzi — would be merged into one entity.
“This makes sense if you look at the group, because it doesn’t appear to justify having three listed entities,” he said. “But we would have to determine the ratios for such a merger, and put this to shareholders.”
Gray made the comment as R&E released its overdue accounts for 2004 and 2005, as well as details of its forensic audit showing that nearly R2bn in shareholders’ money was stolen during Kebble’s tenure as CEO.
JCI is expected to release a similar report this week, which is likely to be equally intriguing.
Gray said the theft at R&E was “in some ways worse than Enron”, and the sheer scale of the fraud and theft of shareholders’ assets made the Kebble case one of the largest instances of corporate deceit in SA.
R&E’s main asset, 48% of Randgold Resources, was entirely sold without shareholder permission for R1,8bn (partly through fraudulent deals), and less than a quarter of the proceeds went back to the company. In some instances, brokers’ notes and bank balances were faked to make it seem as if the shares sales were legitimate.
Other deals, including one of the company’s empowerment deals with three ANC Youth League leaders that cost R&E R268m, was found to be a sham transaction where the black-owned company was propped up by “fictitious investments … supported by false brokers’ notes … and false legal agreements”.
Other companies and people also made off with millions of rand belonging to R&E, and Gray said the company was “pursuing various civil and criminal claims” to recover the assets.
While the forensic report itself will not be released, R&E will forward details to the South African Reserve Bank, the Financial Services Board and criminal prosecuting authorities for them to determine whom to pursue. The forensic report is understood to have recommended that Randgold’s former auditors, PricewaterhouseCoopers be held liable.
The accounts released on Friday show that R&E’s 2003 accounts signed by Pricewater-houseCoopers were wrong, in that they overstated investments by R235m and “did not fairly reflect the (company’s) affairs”. The original accounts also said R&E made a profit of R177m in 2003, but the revised figures show this was actually a loss of R159m — a R336m error.
But even though the restated financials are finally out, Gray said there were no immediate plans for the company to begin trading on the JSE soon.
The company was suspended from trading on the JSE and Nasdaq last year when it failed to publish its accounts. It has since been entirely delisted from Nasdaq, and it looks unlikely at this stage that it will relist in the US. Gray said that before R&E considers trading again on the JSE, “we first need to get the accounts finally audited, and then hold a shareholders’ meeting some time before June”.
While the company would also appear to be technically insolvent because its liabilities of R133m dwarf its assets of R9,1m, Gray said there were certain assets that could be realised quickly should the company need to. This included a claim of R1,1bn against JCI, currently headed by Gray.
@ Ulfur
Der Herr Direktor ist kein Geringerer als der CEO Mr Vestrum.
Der ist seit geraumer Zeit dabei, Shares und Optionen zu kaufen und zu verkaufen - so im Durchschnitt alle 14 Tage = siehe Notification of Trade.
Solange er kauft ist das für mich wohl eher ein gutes Zeichen.
Mal ganz interessant, wie hoch die "Nebenkosten" so sind.
Kuddel
Posted to the web on: 15 March 2006
Harmony, DRDGold battle Mittal SA over steel prices
Reuters
HARMONY Gold and DRDGold today reignited a battle, launched more than two years ago, to persuade competition authorities to curb what they call Mittal SA’s excessive pricing of flat steel products.
Harmony and DRDGold accused Mittal at the Competition Tribunal of contravening competition law and abusing its market dominance by over-charging for steel products.
They say steel, heavily used in the infrastructure of deep mines, makes up 5-10% of their production costs.
They miners want Mittal SA to abandon a policy which they say is based on import parity pricing (IPP).
The two gold producers also accuse Mittal SA of inducing its customers not to deal with other steel making competitors.
"This is an entrenched firm with a dominant market position. It’s a company that is making excessive profits as a result of excessive pricing," lawyer David Unterhalter, appearing for Harmony at the Tribunal, said.
Mittal SA, a unit of Mittal Steel, denies the accusations. The firm is the top supplier of steel products to SA, including its key mining industry, and the top steel exporter.
"Mittal SA’s prices track international prices... that disputes efforts by Harmony to say that we are a rogue setter of prices," Chris Loxton, appearing for Mittal SA, said.
Loxton said Mittal SA had also moved away from the contentious IPP model it had used in the past, which has been criticised by its customers and by government.
This model attempts to approximate and match the price at which a foreign exporter would land its steel products in SA. It also adds on transport costs to the would-be customer.
Mittal SA said that instead of IPP, it now benchmarks its prices on the basis of the domestic prices of other comparable markets.
Mittal SA has been involved in confidential talks since late 2004 with the department of trade and industry, which wants the company to produce a new pricing model that would see prices fall to benefit local users.
Mittal SA has since made price cuts to some of its domestic products, saying these were in the spirit of the talks.
The latest round of hearings follow a similar action taken by Harmony and DRDGold against Mittal SA.
In January 2004, the Tribunal’s sister body, the Competition Commission, declined to declare Mittal SA’s pricing excessive as sought by Harmony.
The Tribunal will hear submissions until April 5 from witnesses lined up by Harmony and DRDGOLD, including officials from packaging firm Nampak, Toyota SA Motors, a branch of Toyota Motor Corp., SA’s Volkswagen as well as various steel sector experts.
Posted to the web on: 10 March 2006
Harmony acquires 29,2% stake in Western Areas
Reuters
--------------------------------------------------------------------------------
HARMONY Gold has bought a 29,2% stake in smaller rival Western Areas for around R1,99bn, the mining firm said on Friday.
Harmony said in a statement that the purchase, to be funded through R985m in cash and a R1,0bn loan facility provided by Rand Merchant Bank, will give it a strategic 14,6% stake in the South Deep gold mine.
The group said it bought 37,37 million shares from asset manager Allan Gray and a further 7,62 million shares on the market.
"We see this as a strategic exposure to one of the best ore bodies in the world and we look forward to working with the board of Western Areas on realising this assets’ full potential," Harmony’s Chief Executive Bernard Swanepoel said.
"The similarities in ore bodies and mining methods between the South Deep mine and our own Target mine, and the lessons we have learned at Target, gives us confidence in our valuation of Western Areas."
The South Deep gold mine is a 50/50 joint venture between Western Areas Limited and the world’s top gold producer, Canada’s Barrick Gold Corporation, which got the 50% stake from its recent takeover of Placer Dome.
It contains a reserve of 29,2 million ounces and a resource of 67 million ounces, which represents one of the biggest high quality gold ore bodies globally.
Hey, Eldorado,
du wolltest doch keine Zeilen mehr mit mir wechseln !! Vergessen ??
Es gilt wohl nur deine Meinung, andere ist unverwünscht !?
Kuddel
Außer den täglichen Meldungen über Stromausfälle (... gähn ...) aufgrund eines Schaden im Koeberg-AKW mal was vielleicht wirklich Interessantes.
Am 1.3. waren die Kommunalwahlen in Südafrika, bei denen der (schwarze) ANC seine Mehrheit in Kapstadt an die DA verloren hat. Kapstadt ist ja nicht wirklich „schwarz“(da 1,5 Mio Caloured, 0,8 Mio Schwarze und 0,7 Mio Weiße), wurde aber von der ANC regiert. Das Wahlergebnis ist insoweit bemerkenswert, als es möglicherweise einen Stimmungswandel nicht nur am Kap markiert.
Dazu folgender Zeitungsartikel von heute:
Posted to the web on: 03 March 2006
DA, ANC in scramble to lead divided Cape Town
Linda Ensor, Karima Brown and Vukani Mde
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CAPE TOWN — The Democratic Alliance (DA) was last night hanging on to its lead in the fiercely contested Cape Town metro, setting up a battle with the African National Congress (ANC) over who would form a governing coalition to lead the divided city.
The neck-and-neck race in the Mother City was in stark contrast to results in the rest of the country, with the ANC well ahead on 67,1% of the overall vote, winning outright 140 of SA’s 283 councils.
Trailing it was the DA with 14,8%, the Inkatha Freedom Party (IFP) on 7,3% and the Independent Democrats (ID) with 2%, with 94% of votes counted. Overall turnout was put at about 49%.
But it was in Cape Town that the most interesting battle of the 2006 local government elections was shaping up, and where analysts predicted increased political instability as the city headed for a coalition government.
With 95% of votes in the metro counted, the DA had 43%, the ANC 37%, the ID 10,5% and the African Christian Democratic Party (ACDP) 3,3%, leaving the ID and ACDP as kingmakers.
Negotiations to form alliances are now under way, with the focus on ID leader Patricia de Lille, who has said her party would not form part of any coalition government in Cape Town. But DA mayoral candidate Helen Zille yesterday made another offer to form a coalition with the ID.
Analysts said the results had put De Lille in a “difficult strategic position”. The party promised voters it would be an alternative opposition voice that remained untainted by DA-ANC power games. Co-operating with either of the two big parties would undermine the ID’s message.
“A cost-benefit analysis for the ID might mean remaining independent of any government and holding its veto mandate, but voting strategically on issues that come before the council. This will be very difficult in practice though,” said Jonathan Faull of the Institute for Democracy in SA.
The ID would also have to negotiate two floor-crossing window periods with both the DA and ANC likely to target its councillors for poaching. Faull said this would require “astute political management” of the party caucus in the city council.
De Lille’s stance against a coalition is not universally accepted in the party and some ID councillors will be attracted by the prospect of a place on the mayoral committee.
The ANC and the ID would not by themselves have enough votes to govern the city and would need the support of the ACDP and other smaller parties or independent councillors.
The other possibility for the DA would be to form an alliance with the ACDP and independents, if the ID rejects Zille’s overtures.
Faull said this week’s results would have serious implications for political stability in the city over the next five years. If an incoming government continued with the trend of “decapitating” the city’s senior management, this would lower morale among municipal workers and negatively affect governance, he said.
The ANC’s share of the vote represented a marginal decline from the 39% it won in 2000 and the 45% it obtained in Cape Town in the 2004 general election.
Posted to the web on: 23 February 2006
Anglo plans to return $1,5bn to shareholders, spin off unit
Antony Sguazzin
--------------------------------------------------------------------------------
Related Links
The Bottom Line: Trahar takes a careful line on Anglo acquisitions
Bloomberg
ANGLO American, the world’s second-biggest mining company, plans to return $1,5bn to shareholders and spin off a paper unit after its 32% gain in half-year profit failed to match growth at larger rival BHP Billiton.
Net income for the six months to December climbed to $1,68bn from $1,28bn a year earlier, London-based Anglo said yesterday.
The payback to shareholders includes a $500m special dividend.
CEO Tony Trahar is seeking acquisitions to transform Anglo into a group focused on raw materials that are building blocks for the booming economies of China and India, and away from gold and platinum.
He is trying to replicate growth at rivals BHP and Rio Tinto Group. Anglo took control of SA’s iron ore mines in 2003 and opened a zinc deposit in Namibia last year.
“Growth in precious metals prices has lagged that in base metals,” said Imtiaz Ahmed, deputy chief investment officer at Johannesburg-based Investment Solutions Holdings. The reorganisation “may very well be too late”.
Last week BHP posted a 48% rise in half-yearly net income to $4,36bn, while . Rio said on February 2 that its second-half profit jumped 78% to $3bn. Anglo said it would spend $2bn on dividends and share buybacks, while Rio pledged twice that amount.
Anglo’s full-year net income rose 0,6% to $3,52bn, or $2,36 a share, from $3,5bn, or $2,35, a year earlier, it said yesterday. The capital return to shareholders includes a $1bn share buyback. The total return is more than the $1bn Anglo said it planned to return on October 26.
Numis Securities analyst John Meyer said the payout was “not really keeping pace with the strong returns coming out of Rio Tinto and other companies”.
Annual profit before once-off items and goodwill amortisation rose 38% to $2,58 a share, Anglo said yesterday. That compares with the $2,54 median estimate of six analysts surveyed by Bloomberg News. Finance director Rene Medori said the mining group planned to cut costs as much as $500m this year, following $730m of reductions last year.
Anglo said it would sell part of its stake in AngloGold Ashanti in coming months. Trahar said Anglo might return more money to shareholders “in due course”. At the same time, the group was spending $6,7bn on expansion, and might spend $10bn-$15bn more, he said. Anglo has debt of $5bn. China’s economy grew 9,9% last year, overtaking the UK to become the world’s fourth-biggest.
Trahar in 2000 lost out in the bidding for Australian iron ore producer North. Last year Rio bought a stake in Australia’s Hope Downs iron-ore project after Anglo’s Kumba Resources unit was forced to sell its interest following a legal battle.
Anglo has made some progress since an October 26 announcement of its change in strategy. It has received bids for its 79% stake in Highveld Steel & Vanadium, and on February 20 Tongaat Hulett, controlled by Anglo, said it would spin off its aluminum-rolling business.
Trahar may struggle to find metals acquisitions as company values surge amid rising prices. Copper prices have risen 52% in a year, while aluminum went up 23% and zinc 56%. Anglo’s second-half profit was calculated by subtracting first-half earnings from full-year figures.
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Posted to the web on: 23 February 2006
Anglo unveils plans to reduce AngloGold stake
Charlotte Mathews
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Related Links
Anglo plans to return $1,5bn to shareholders, spin off unit
Classic Business Day Transcript: Anglo American profit up 36%
Resources Editor
ANGLO American plc planned to sell part of its 51% stake in gold miner AngloGold Ashanti in the coming months through a public secondary offering, in a move that could see more cash distributed to its shareholders.
It made the announcement yesterday at the same time as it declared a 29% increase in its total dividend for the year to December to $0,90 a share and a special dividend of $0,33 a share, reflecting buoyant conditions for commodities companies. The group would buy back $1bn of its shares this year, it said.
Anglo American said it planned to remain a significant shareholder in AngloGold Ashanti in the medium term. The statement followed months of speculation on how the group would reduce its holding in AngloGold.
Last October Anglo said in its annual strategic review that it had decided to reduce its stake in AngloGold Ashanti to below 51%, sell its 79% stake in Highveld Steel & Vanadium, establish paper and packaging group Mondi as a separate business and unlock value in Tongaat-Hulett.
Anglo American CEO Tony Trahar said yesterday from London that Securities Exchange Commission rules prohibited him from adding more details to the announcement on AngloGold.
Asked by an analyst whether the cash raised from the sale of part of Anglo’s stake would be distributed to shareholders, he said the transaction had not yet been processed, but “it is an area where we would look to return cash to shareholders”.
An analyst said that in view of the soaring share prices of companies such as Placer Dome and Lonmin, it did not appear consistent with Anglo American’s stated objective of realising value for shareholders to be selling out of AngloGold Ashanti at this point in the commodities cycle.
Trahar said the company was following a long-term strategy. In the past, shareholders had said it was inconsistent to have a differently rated gold company within a diversified mining portfolio, and Anglo could capture some of that value by reducing its stake.
It was also difficult for AngloGold to issue shares to make acquisitions when it was constrained by Anglo American’s desire to maintain a 51% stake. By lifting this restriction, Anglo American could end up with a smaller stake in a larger company.
“Yes, fundamentals for gold are good but there have been long periods when fundamentals for gold have been bad,” he said.
Mondi would be listed on the London Stock Exchange this year or next year, the group said.
The listing could take many forms, including an initial public offering, and if so Anglo would consider floating 20%-25% of Mondi, Trahar said.
The group did not require cash, but Mondi was looking at a $1,5bn expansion project in Russia.
Asked why Mondi would be listed in London rather than Johannesburg, Trahar said London was an attractive market for a listing, it was the site of Anglo’s head office and Anglo American was listed there.
There were synergies and technical attractions in listing Mondi in London. It was a premier stock exchange in Europe and Mondi was a European company, although with a strong South African contribution.
Management would have to study the implications of Mondi’s London listing for Anglo’s South African shareholders, in relation to foreign-exchange restrictions, in the next few months.
A number of bids had been received for Highveld Steel, and short-listed buyers were currently completing their due-diligence investigations, he said.
Anglo hoped to make progress in the months ahead.
Earlier this week Tongaat-Hulett said it would unbundle and list Hulett Aluminium separately within a year. Tongaat holds a 50% stake in Hulamin, and Anglo American owns 51% of Tongaat.
In the group’s industrial minerals business, Tarmac, operations in Germany, Hong Kong and UK paving would be sold. Tarmac had also made three acquisitions in its aggregates business.
Trahar said Anglo had a long-term strategy for Tarmac, as it fitted the definition of an extractive mining business and generated strong cash flows.
Die Medaille hat zwei Seiten. Schlechterer Abschluss als 2004, aber
deutlich höhere Verkäufe und höhere Reserven/Resourcen.
2005 RESULTS
· A net loss of $12.1 million, or $0.08 per share
· Increase in revenues of 47% to $96.0 million
· Record gold sales of 200,968 ounces from the Bogoso/Prestea and Wassa mines in Ghana
· Realized gold price of $446 per ounce
· Average cash operating cost of $365 per ounce, before deferred stripping writedown
FOURTH QUARTER RESULTS
· Net loss of $3.9 million, or $0.03 per share
· Revenues of $28.1 million
· Gold sales of 54,196 ounces from the Bogoso/Prestea and Wassa mines.
In Kanada hat der Kurs gestern zugelegt auf 4,27 Can$ (beinahe 52-Wochen-Hoch). Schöner Umsatz von über 9 Mio.
Halten, verkaufen oder kaufen?
Ist eine Frage der Einschätzung. Auch wenn die Gewinne kräftig gestiegen sind, ist das mehr auf die Goldpreisentwicklung als auf die Erfolge im Unternehmen zurückzuführen (siehe "Earnings").
Die Dividende ist historisch gesehen ziemlich mager, aber natürlich noch immer ein Resultat des zu starken Rand (siehe "Dividend").
Wenn man auf eine künftige nachhaltige Schwächung des Rand spekuliert, dann wird der Gewinn und die Dividende und natürlich auch der Aktienkurs ansrpingen.
Es gibt ziemlich viele Stimmen (Politik, Wirtschaft, etc.), die einen schwächeren Rand wünschen (Exportwirtschaft), aber die wirtschaftliche Situation ist momentan einfach zu positiv und eine Erhöhung der Repro Rate steht nicht zur Diskussion.
Insgesamt ist meine ganz persönliche Einschätzung, dass man kaum auf eine nachhaltige Randschäche setzen sollte. Wenn man auf einen weiter steigenden Goldpreis setzt, dann wird sich auch der Aktienkurs von Goldfields moderat weiterentwickeln (trotz der erheblichen Investitionen die Goldfields z.B. in die Minen Kloof und Driefontein plant).
Earnings
Net profit attributable to ordinary shareholders amounted to R262 million (US$40 million) or 53 SA cents per share (US$0.08 per share), compared with R39 million (US$6 million) or 8 SA cents per share (US$0.01 per share) in the previous quarter.
Headline earnings i.e. earnings less the after tax effect of asset sales, impairments and the sale of investments, was R261 million (US$40 million) or 53 SA cents per share (US$0.08 per share), compared with earnings of R36 million (US$6 million) or 7 SA cents per share (US$0.01 per share) last quarter.
Earnings excluding exceptional items as well as net gains and losses on financial instruments and foreign debt net of cash amounted to R275 million (US$42 million) or 56 SA cents per share (US$0.09 per share), compared with earnings of R44 million (US$7 million) or 9 SA cents per share (US$0.01 per share) reported last quarter.
Dividend
In line with the Company's policy of paying out 50 per cent of its earnings, subject to investment opportunities, an interim dividend has been declared payable to shareholders as follows:
-- Interim dividend number 64: 40 SA cents per share -- Last date to trade cum-dividend: Friday, 10 February 2006 -- Sterling&US dollar conversion date: Monday, 13 February 2006 -- Trading commences ex-dividend: Monday, 13 February 2006 -- Record date: Friday, 17 February 2006 -- Payment date: Monday, 20 February 2006
Share certificates may not be dematerialised or rematerialised between Monday, 13 February 2006 and Friday, 17 February 2006, both dates inclusive.
Posted to the web on: 24 January 2006
Randgold sheds light on Kebble share riddle
Charlotte Mathews
--------------------------------------------------------------------------------
Resources Editor
PART of the year-long mystery stemming from contradictory statements issued by the late Randgold & Exploration (R&E) CEO Brett Kebble on the company’s ownership of shares in Randgold Resources was cleared up yesterday.
Randgold Resources CE Mark Bristow said that Société Générale SA had notified it last week it had acquired, and sold into the market at $16,50 each, 4-million Randgold Resources shares. The transaction was worth $66m.
Bristow believed these shares were the last remaining holding in Randgold Resources by R&E.
Their sale underlined Randgold Resources’ status as a fully independent business with a broad shareholder base.
Randgold Resources said last February its share register showed R&E owned only 5,7% or 4-million of its shares. But Brett Kebble insisted at the time R&E remained the beneficial owner of 31% or 18,4-million Randgold Resources shares, which it was entitled to get back as they formed part of financing arrangements.
After Kebble stepped down as head of JCI & R&E in August as a condition of the JCI group’s refinancing arrangements, new management said there was a scrip-lending arrangement in place on the Randgold Resources shares, and the method of accounting would be changed, which would have a major effect on its financial results.
Bristow said Randgold Resources’ share register showed a string of trades in the R&E shareholding, most of which occurred in 2004.
R&E spokesman Brian Gibson said last night the company would issue a statement today on the issue.
The shares in Randgold Resources were R&E’s main asset. Concerned R&E shareholders had called for a special meeting soon after Kebble died to discuss the whereabouts of the Randgold Resources stake, or the cash it must have received for selling them.
But the meeting was postponed indefinitely as new R&E management said a forensic audit would first be carried out into its affairs and those of parent JCI.
R&E and JCI’s shares are currently suspended from trade.
R&E was also ejected from Nasdaq in September for failing to report within the exchange’s regulatory timeframe.
Geld ist ja genug da:
Trailing 12 Month Results
12 Months ended
Sep 30, 2005, us$ Sep 30, 2004, us$ %Change
Total Revenue ($000): 956 753 16.40
Profit/Loss ($000): -4,348 -4,023 1.31
Earnings per Share: -0.11 -0.12 16.25
Dividends Per Share 0.00 0.00
Number of Shares: 36,601,841 36,451,841
Kuddel
Von 7,50 € im Mai 2005 auf 17 € im Januar 2006 !
Nicht schlecht für einen - von manchen - vielgeschmähten Südafrikaner.
Kuddel
Posted to the web on: 03 January 2006
Rand set to be king of currencies this year
Ayanda Shezi
Economics Correspondent
THE rand is in for a rollercoaster ride this year, buoyed by expected strong precious metals prices and prospects for further foreign direct investment in SA.
Last year, the rand ended a three-year rally as the best performer among the 16 most actively traded currencies, falling 10,5% in 2005. It is trading at about R6,32 to the dollar.
However, expectations of a strong gold price and solid economic growth could help the rand reclaim its position as best performer. This would be bad news for the country’s export sector, but positive for the South African economy, for inflation, as well as for the local equity market, according to analysts.
JPMorgan economist Marisa Fassler said 2006 was set to be a “rollercoaster ride for the rand, which would also largely be driven by the outlook for the dollar”.
“Nevertheless, forex reserve accumulation by the Reserve Bank should help to smooth at least some of the volatility in the market,” Fassler said.
Further, economic growth would accelerate this year “and beyond and this will help support the rand”, said Chris Hart, a senior economist at Absa Group. Hart said recently that government’s plan to boost growth could result in the rand rallying to R5,70 to the dollar by the end of the year.
A continuation of the current strong gold price is a key reason for the rand’s expected strength this year. Gold traded near its highest annual close in 25 years as hedge funds and other large speculators were expected to buy more bullion to diversify their holdings. Gold ended 2005 at $517/oz, its highest since 1980.
“Expect gold to remain firm in 2006 as huge Indian and Chinese jewellery demand outstrips supply, and as the world’s central banks start increasing their depleted gold resources,” said Investec Asset Management director Jeremy Gardiner.
In the past three months alone, the rand gained 6% on the back of a resurgence in precious metals prices — particularly gold and platinum. The metals account for about 20% of South African exports.
Last year the currency came under pressure from both political and monetary authorities. In June, the Congress of South African Trade Unions staged a week-long strike, in part to protest against job losses that resulted from the currency’s strength. These losses have been felt largely in the mining and manufacturing sectors, which together make up about 23% of SA’s gross domestic product.
The ruling African National Congress (ANC) also called for a more “competitive” exchange rate. This reflected concerns about SA’s high unemployment rate which is officially estimated at about 26%, although unions say that the figure is much higher.
The production side of the economy has shed hundreds of jobs as a result of the firm local currency. “Authorities hinted at a bias for a softer rand” by cutting rates to support the manufacturing and mining industries, said Goolam Ballim, chief economist at Standard Bank.
To help the production side of the economy, the Reserve Bank has implemented seven reductions in interest rates since 2003, in the process fuelling consumer and business spending. Economic growth reached about 5% in 2005, the fastest pace in 21 years.
And while the rand was not the star performer last year, it nevertheless put in a solid performance. It received a boost when UK bank Barclays bought a 56% stake in local banking group Absa for about R28bn, resulting in the largest inflow to date of foreign direct investment.
More recently, global telecoms company Vodafone announced plans to buy a further 15% of Vodacom for as much as R16bn. This is expected to further boost the rand in 2006.
With Bloomberg
Posted to the web on: 03 January 2006
Canadian firm backs Gold Fields’ Bolivar bid
Charlotte Mathews
Resources Editor
GOLD Fields’ plans to take control of Venezuelan miner Bolivar Gold, which have come under fire from a major institutional shareholder, received a boost at the weekend as an independent proxy firm urged institutions to support the offer.
Gold mining companies, especially South African mining houses, are seeking new viable resources around the world as the gold price has risen to new peaks in the past few months.
For South African companies, there is particular urgency to look elsewhere because local resources are diminishing and the strength of the rand has put pressure on margins.
Independent proxy firm Institutional Shareholder Services (ISS) Canada said on Friday its clients, which include US and global institutions, should vote in favour of Gold Fields’ C$3 a share buyout offer, Bolivar Gold said.
Bolivar Gold is a Toronto-listed gold mining company, whose main asset is the Choco 10 gold mine. The mine came on stream in August and is targeting production of 400000 ounces of gold a year.
Gold Fields tabled its offer, which values Bolivar Gold at about R2,2bn, in November. The offer price represents a 40% premium to the share’s trading price in the preceding 30 days.
But institutional shareholder Scion Capital, which has increased its stake in Bolivar to 19%, has said the offer was inadequate because the shares were above C$3 before political events in Venezuela hit the price.
On Friday Scion Capital continued to urge other Bolivar shareholders to vote against the offer. It said that, unlike ISS, it had spent considerable time and money visiting Bolivar Gold’s operations and meeting management, and believed it had a much better understanding of Bolivar Gold’s assets and prospects.
It said ISS’s valuation overestimated Bolivar Gold’s costs and ignored its tax shields.
Bolivar chairman and CEO Serafino Iacono said ISS Canada’s recommendation was consistent with the independent valuation by GMP Securities and Sprott Securities.
The meeting to vote on the offer will be held in Toronto next week. It requires a two-thirds majority of shareholders voting in favour of it.
