Beiträge von GSP-Komet

  • Harmony Gold Mining / HMY (NYSE), HAR (SA) und Gold Fields / GFI

    Harmony Gold Mining Co. said Chief Executive Bernard Swanepoel has resigned after 12 years at the helm of one of the world's largest gold producers.


    Mr. Swanepoel's departure marks the third high-profile chief executive to step down from a South African mining company in about a week after the heads of AngloGold Ashanti Ltd. and Anglo Platinum Ltd. quit. In 4 p.m. composite trading ...

  • Harmony Gold Mining / HMY (NYSE), HAR (SA) und Gold Fields / GFI

    JOHANNESBURG, Aug 07, 2007 (Dow Jones Commodities News via Comtex) -- Harmony Gold Mining Co's (HMY) outgoing chief executive is making way from someone with fresh passion to take over the gold producer and will spend the next couple months deciding his future, industry news Web site miningmx.com reported.
    "There is no doubt that in the next three or four years the Harmony we've been building will be visible to everyone, but three years is a long time," Bernard Swanepoel was quoted as saying in an interview with miningmx published late Monday.
    "It needs someone with passion and energy. I've been with Harmony for 12 years and wasn't sure I wanted to be there for another three or four more," Swanepoel said.
    Harmony Monday said Swanepoel had resigned with immediate effect. Graham Briggs, managing director of Harmony Australasia, has been named acting chief executive.
    Swanepoel's departure coincided with a trading update in which Harmony said it swung to headline loss of between 130 South African cents ($0.18) to 160 cents a share for the fourth quarter, against a profit of 58 cents in the previous three-month period, as production declined and costs jumped.
    "It's most unfortunate that after such a long time with the company that my resignation coincides with results like that," miningmx quoted Swanepoel as saying.
    The discussion about his departure from the company had been going on "a long time", Swanepoel said. "I definitely resigned. No doubt. The board had enough reasons to fire me long before this," he said.

  • Harmony Gold Mining / HMY (NYSE), HAR (SA) und Gold Fields / GFI

    JOHANNESBURG (MarketWatch) -- Harmony Gold Mining Co. (HMY:
    harmony gold mng ltd sponsored adr) Monday announced the unexpected resignation of Chief Executive Bernard Swanepoel after 12 years at the helm Africa's third-largest gold producer.
    Swanepoel's departure marks the third high-profile CEO to step down from a South African mining company in about a week after the heads of AngloGold Ashanti Ltd. (AU: anglogold ashanti ltd sponsored adr) and Anglo Platinum Ltd. (AMS.JO) quit. His leaving sparked a sharp fall in Harmony's share price.
    No reason for Swanepoel's resignation was given by the company, and Swanepoel was no longer available at his former offices. The announcement, however, coincided with the release of a trading update that said Harmony had swung to a loss in the fourth quarter.
    Swanepoel, 45, has long been the public face of the gold company he helped grow from a single mine to the fifth-largest gold producer globally.
    The stock ended ZAR15.20, or 16%, lower at ZAR80.60, outpacing a decline in the wider market and a 5.4% drop in AngloGold to ZAR272.50. Ahead of Monday's drop, Harmony's shares were already down 14% on the start of the year.
    "I am confident that Harmony will continue to grow under new leadership and benefit from the strategy that we have developed over the past few years," Swanepoel said.
    Harmony said Graham Briggs, managing director of Harmony Australasia, has been named acting CEO. He joined Harmony in 1995 as manager of new business and has held a number of roles, including operations director of the company's assets in South Africa's Free State province.
    Several analysts said Swanepoel's resignation came as a surprise, but that in all likelihood it is tied to the company's poor fourth-quarter results. However, as the veteran dealmaker has become synonymous with Harmony, his leaving is a blow to the company, they said.
    "For it to have happened so suddenly, and with immediate effect, I wouldn't think the (timing of the) trading update is any coincidence," Mandla Mapondera at boutique investment house Old Mutual Investment Group said.
    The company said it swung to headline loss of between 130 cents ($0.18) and 160 cents a share for the fourth quarter, against a profit of 58 cents in the previous three-month period. For fiscal 2007, it said it moved to a headline profit of between 20 cents and 30 cents a share against a loss for 2006 of 269 cents.
    Headline earnings - the figure generally followed by South African analysts - strips out non-operating, capital and certain other items. Mining companies and analysts tend to review financial results on a quarter-on-quarter basis.
    Harmony said the figures for the quarter to the end of June are expected to differ significantly from analyst consensus expectations.
    Harmony's gold production fell by between 8% and 12% in the fourth quarter from the previous three months, due mainly to incidents at its Bambanani and Joel operations, lower grades mined at Tshepong as well as the underperformance at Mt Magnet's underground operations in Australia. It also said its fourth-quarter's cash cost per kilogram were up by between 35% and 45%.
    "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," acting CEO Briggs said.
    Harmony has postponed the release of its quarter and annual results to Aug. 27. It had previously scheduled the release of the results for Aug. 13.
    Swanepoel began his gold mining career at South Africa's Grootvlei mine in 1983 after graduating from the University of Pretoria with a mining degree. From working underground, he moved up to become director in 1993 of Beatrix Mines, which is now owned by Harmony.
    Since taking over as CEO in 1995, he expanded Harmony to more than 20 individual mines in Australia, Papua New Guinea and South Africa through a series of acquisitions. Swanepoel's most ambitious deal was perhaps the failed takeover offer for Gold Fields Ltd. (GFI: gold fields ltd new sponsored adr) in 2005.
    Last Monday, Angloplat CEO Ralph Havenstein unexpectedly resigned. A day later, AngloGold said CEO Bobby Godsell was retiring after more than nine years in charge and roughly three decades with the company.
    Insiders at Anglo American, which has a majority interest in the platinum producer and an almost 42% share in AngloGold, have insisted the timing of the departure was coincidental. It is widely understood Havenstein was pushed to quit because of the company's poor safety record.
    "You're seeing executives in other industries stepping down after less than 10 years," an analyst said. "The two gold CEOs are probably looking at this and saying they have been in charge longer, so perhaps it's time to resign and introduce new blood."
    Company Web site: http://www.harmony.co.za

  • AngloGold Ashanti -- AU, ANG (NYS, JSE)

    Unions last week declared a dispute with AngloGold Ashanti Ltd. (AU: anglogold ashanti ltd sponsored adr) , Gold Fields Ltd. (GFI: gold fields ltd) and Harmony Gold Mining Co. (HMY: harmony gold mng ltd sponsored adr HMY) , which are being represented in negotiations by the Chamber of Mines.

  • Coeur Mining / CDE (NYSE)

    Bolnisi and Palmarejo transactions on track for fourth quarter close Substantial construction progress at San Bartolome with new safety milestones New veins discovered at the Cerro Bayo and Martha mines -- HIGHLIGHTS -- -- Quarterly net income of $11.9 million, or $0.04 per diluted share -- Cash provided by operations of $11.5 million during second quarter -- 3.0 million ounces of total consolidated quarterly silver production -- 25,453 ounces of gold production during second quarter -- Record budgeted exploration program discovers new veins, expands silver mineral reserves by 64% at Cerro Bayo and 49% at Martha -- San Bartolome construction progresses toward February 2008 startup, as workers surpass one million man-hours milestone without a lost time accident -- Acquisitions of Bolnisi Gold NL and Palmarejo Silver and Gold Corporation, expected to nearly double company production levels and resources, on-track for fourth quarter closing -- $272.5 million cash and short-term investments at June 30, 2007


    COEUR D'ALENE, Idaho, Aug 08, 2007 (BUSINESS WIRE) -- Coeur d'Alene Mines Corporation (CDE: Coeur d'Alene Mines Corporation) (CA:CDM) today reported quarterly net income of $11.9 million, or $0.04 per diluted share, for the second quarter of 2007, compared to net income of $32.6 million, or $0.11 per diluted share for the second quarter of 2006. The second quarter of 2006 included the one-time gain of $11.2 million from the Company's sale of its Coeur Silver Valley (CSV) property, and income of $1.4 million from CSV operations.
    The Company also reported mid-year results from its 2007 exploration program, which resulted in significantly expanded mineral reserves levels at its Cerro Bayo and Martha mines, where several new veins were discovered. These increases, coupled with the previously announced increase to mineral reserves and resources at the Company's large San Bartolome silver project demonstrate the significant growth potential of Coeur's South American properties.
    For the first six months of 2007, the Company reported net income of $25.9 million, or $0.09 per diluted share, compared to net income of $47.0 million, or $0.16 per share, for the same period in 2006. Excluding the one-time gain mentioned above and $2.0 million of income from discontinued operations, the Company's net income for the first six months of 2006 was $33.9 million, or $0.12 per diluted share.
    Metal sales from continuing operations for the first six months of 2007 were $102.5 million, compared to $98.9 million in the year-ago period. Metal sales from continuing operations in the second quarter of 2007 were $51.7 million compared to $54.0 million in the year-ago quarter.
    In commenting on the Company's performance, Dennis E. Wheeler, Chairman, President and Chief Executive Officer, said, "We are pleased with the performance of our operating properties in the second quarter as the operational results were consistent overall with the second quarter of 2006. Operating cash flow for the second quarter was $11.5 million while metals prices for both silver and gold remain strong and at levels that enable the Company to generate healthy earnings and cash flows."
    "We are also very pleased to report significant reserve increases at both Cerro Bayo and Martha yielding from Coeur's strategic decision to invest a record $15.7 million in exploration this year," Mr. Wheeler continued. "This increased investment in exploration confirms a meaningful evolution in the entire Coeur Chilean and Argentinean exploration programs, building on years of geological information about new targets that are leading to discoveries. As this aggressive program continues, we are confident of achieving additional gains in mineral reserves to further extend the mine lives of these two important young mines, with a focus on finding new ore deposits to develop into new mines. The exploration success seen at Martha will have direct benefit to the standalone mill facility currently under construction and which is expected to be completed by the end of the year," Wheeler added.

  • Newmont Mining Corp. / NEM (NYSE)

    KALGOORLIE, Aug 07, 2007 (Dow Jones Commodities News via Comtex) -- U.S.-based gold miner Newmont Mining Corp.'s (NEM) Australian operations are grappling with higher costs as a result of the strong Australian dollar, though its new Boddington mine is largely unaffected, a company executive said Tuesday.
    "The strength of the Australian dollar is an issue since all our costs are converted into U.S. dollars," Russell Clark, regional group executive for Australia and New Zealand, told reporters at the Diggers and Dealers mining forum.
    "At Boddington the Aussie dollar impact isn't huge but we'll have a better flavor for capital cost come September or October. For now costs are at A$1.8-A$2 billion," Clark said.
    Newmont owns a 66.67% stake in Boddington, with the remainder held by AngloGold Ashanti. The mine is due to start production in late 2008 or early 2009, and will churn out 1 million troy ounces a year for the first five years of the mine's life before falling to 850,000 ounces a year over the mine's life of at least 15 years.
    "We're confident to add another two million ounces in reserves this year," Clark said.
    Production costs while taking copper credits into account are due to average US$280/oz.

  • Newmont Mining Corp. / NEM (NYSE)

    KALGOORLIE, Aug 06, 2007 (Dow Jones Commodities News via Comtex) -- Gold production costs throughout the world reached their highest point during the first six months of this year and are set to decline, said Pierre Lassonde, vice president at major U.S.-based gold miner Newmont Mining Corp. Monday.
    Newmont gold production costs have risen sharply to $427 a troy ounce on a year-to-date basis, compared with $293/oz in 2006.
    Cash costs at the company's operations in South America have been kept under control, Lassonde told reporters at the Diggers and Dealers mining forum.
    Its cash costs in Australia grappled with an unfavorable exchange rate, but showed "almost no inflation" when not taking the stronger Australian dollar into account, he said.
    Newmont's operating costs are up this year as a result of lower production at the Yanacocha mine in Peru and in Australia, as well as higher labor, consumables, energy and fuel prices in all operating regions, Newmont said on its Web site.
    After 2007, Newmont expects to bank on cost efficiency from investments in a number of mines, the completion of the Boddington mine in Australia, the construction of the power plant in Nevada and the completion of a gold mill at Yanacocha in Peru.

  • Newmont Mining Corp. / NEM (NYSE)

    KALGOORLIE (MarketWatch) -- Gold will set a fresh record high within the next 12 months, and will break away from its well-trodden sideways pattern to rally beyond $750 a troy ounce by early fall, Newmont Mining Corp. (NEM: Newmont Mining Corporation) Vice Chairman Pierre Lassonde said Monday.
    Gold's performance has disappointed investors so far this year, after failing to break the targeted $700/oz level despite the dollar's slump against other major currencies, and has stuck to a $650-$675/oz range.
    "There has been resistance from the jewelry side when gold is reaching new highs. The price tends to run up, then gets backfilled (shored up) by jewelry demand at a new higher level. But that takes six months or so, particularly in the Middle East and India," Lassonde told reporters at the Diggers and Dealers mining forum, referring to jewelry demand as one of gold's fundamental drivers.
    However, forecasts of gold reaching $1,000/oz were premature and would need a recession in the U.S. economy.
    "There is no recession in the U.S. for another one, two or three years. The current mortgage problems need to be seen in the wider context of the size of the U.S. economy and represent only a burp," he said.
    Global economic growth is motoring ahead and will continue at least for another two years.
    "Fundamental demand will continue. There are 2 billion people in China and India on the road to economic growth," said Lassonde.

  • Goldcorp Inc./ G, GG (TSX, NYSE)

    VANCOUVER, BRITISH COLUMBIA, Aug 09, 2007 (MARKET WIRE via COMTEX) -- (All figures are in US dollars unless stated otherwise)
    Goldcorp Inc. (CA:G) (GG: goldcorp inc new com) today reported adjusted net earnings of $95.3 million(1), or $0.14 per share, for the quarter ended June 30, 2007. This compares to adjusted net earnings of $136.9 million, or $0.36 per share, in the second quarter of 2006. Second quarter 2007 adjusted earnings exclude the effect of a $104.4 million non-cash loss on the revaluation of future income tax liabilities due to the strengthening Canadian dollar. Excluding all adjustments, the Company reported net earnings of $2.9 million compared to $190.4 million.
    - Gold production increases to 539,500 ounces.
    - Gold sales increase to 546,400 ounces.
    - Total cash costs of $133 per gold ounce(2), net of by-product copper and silver credits.
    - Operating cash flows of $142.7 million.
    - Sale of Amapari and Peak mines for $200 million in cash and $100 million in shares.
    - Dividends of $31.7 million paid during the quarter.
    - Proven & Probable gold reserves at Penasquito project increase 31% to 13.0 million ounces; silver increases 50% to 864 million ounces; lead and zinc increase 60% to 2.67 and 5.81 million tonnes, respectively.
    - Agreement with Silver Wheaton to sell 25% of silver production from the Penasquito project completed early in the third quarter.
    For the six months ended June 30, 2007, adjusted for certain non-cash items, net earnings amounted to $178.1 million, or $0.25 per share. Operating cash flows were $265.3 million compared with $314.5 million in 2006. Net earnings were $127.8 million, or $0.18 per share, compared with $282.8 million, or $0.78 per share, in 2006. Gold production increased 63% to 1,097,500 ounces in 2007 compared with 673,900 ounces in 2006. Gold sales increased to 1,077,700 ounces at a total cash cost of $157 per ounce, compared with 687,100 ounces at a total cash cost of minus $108 per ounce in 2006.
    "We experienced solid performances at several of our most important gold mines, including Red Lake, Marlin and El Sauzal," said Kevin McArthur, President and Chief Executive Officer of Goldcorp. "We also experienced short-term challenges at other mines. Despite a slower than planned start-up of heap leaching operations at Los Filos in Mexico, we are excited by the long-term potential at Los Filos and Nukay as the district exploration picture begins to come into focus. The Marigold mine in Nevada experienced grade issues in the Basalt pit, but the mining sequence there favours a stronger second half performance. We were similarly affected by grade issues at San Dimas in Mexico. In light of these items, the Company expects 2007 gold production to be in the range of 2.2 million to 2.3 million ounces. Total cash costs are expected to be less than $150 per ounce-among the best in the industry.
    "We will continue to bring a disciplined approach to containing costs and optimizing production in order to maintain one of the highest margins in the precious metals industry. Our financial strength will enable us to pursue a number of growth programs, including continued optimization activities at Penasquito in Mexico, expansion at Red Lake in Ontario, an enhanced future in the Los Filos gold district, feasibility progress at Eleonore in Quebec and participation in the joint venture with Barrick at Pueblo Viejo in the Dominican Republic. We reiterate our 2007 capital cost expectations of approximately $750 million, exclusive of Pueblo Viejo."
    A conference call will be held Thursday, August 9th at 10:00 a.m. (PT) to discuss these results. You may join the call by dialing toll free 1-866-226-1799 or 416-340-2218 for calls from outside Canada and the US. You can listen to a recorded playback of the call after the event until September 6th, 2007 by dialing 1-800-408-3053 or 416-695-5800 for calls outside Canada and the US. Passcode: 3226942. A live and archived audio webcast will also be available at http://www.goldcorp.com.
    Goldcorp is one of the world's lowest-cost and fastest growing multi-million ounce gold producers with operations throughout the Americas. The Company does not hedge its gold production.
    (1) Adjusted net earnings are reported net earnings adding back foreign exchange loss on revaluation of future income tax liabilities of $104.4 million and the non-hedge derivative after tax loss of $11.6 million less net gain on sale marketable securities after tax of $10.6 million, dilution gain of $6.5 million and an after tax gain on sale of mineral interests of $6.5 million. Adjusted net earnings is a non-GAAP measure, the Company believes that, in addition to conventional measures, prepared in accordance with GAAP, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.
    (2) The Company has included a non-GAAP performance measure, total cash cost per gold ounce, throughout this document. The Company reports total cash costs on a sales basis. In the gold mining industry, this is a common performance measure but does not have any standardized meaning, and is a non-GAAP measure. The Company follows the recommendations of the Gold Institute standard. The Company believes that, in addition to conventional measures, prepared in accordance with GAAP, certain investors use this information to evaluate the Company's performance and ability to generate cash flow. Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

  • Goldcorp Inc./ G, GG (TSX, NYSE)

    VANCOUVER, BRITISH COLUMBIA, Aug 07, 2007 (MARKET WIRE via COMTEX) -- (All dollar amounts in United States dollars (US$))
    GOLDCORP INC. (CA:G) (GG: goldcorp inc new com) is pleased to declare its eighth monthly dividend payment for 2007 of $0.015 per share. Shareholders of record at the close of business on Friday, August 17, 2007 will be entitled to receive payment of this dividend on Friday, August 24, 2007.
    Pursuant to new tax legislation, Canadian resident individuals who receive "eligible dividends" in 2006 and subsequent years will be entitled to an enhanced gross-up and dividend tax credit on such dividends. All dividends paid in 2006 and subsequent years by Goldcorp Inc. are "eligible dividends" for this purpose.
    Goldcorp is one of the world's lowest-cost and fastest growing multi-million ounce gold producers with operations throughout the Americas.

  • Goldcorp Inc./ G, GG (TSX, NYSE)

    Among precious metals stocks, Vancouver-based miner Goldcorp (GG) reported adjusted second-quarter earnings of 14 cents a share, well short of analysts' average forecast of 19 cents. A year earlier, Goldcorp had earnings of 36 cents a share.

  • Goldcorp Inc./ G, GG (TSX, NYSE)

    Aug 09, 2007 (Dow Jones Commodities News via Comtex) -- DOW JONES NEWSWIRES
    Goldcorp Inc. (GG) said Thursday second-quarter net income fell to $2.9 million, or breakeven, from $190.4 million, or 49 cents a share in the year-ago period.
    Adjusted net income fell to $95.3 million, or 14 cents a share, from $136.9 million, or 36 cents a share in the year-ago period.
    Revenue rose to $567 million from $492 million.