Beiträge von GSP-Komet

Royal Gold Inc. (RGLD) and Battle Mountain Gold Exploration Corp. (BMGX) have amended their definitive merger agreement, under which Royal Gold agreed to acquire all the shares of Battle Mountain.
Royal Gold said the amended merger agreement provides that Battle Mountain's shareholders will be offered an election to receive either cash consideration of 55 cents a share or 0.0172-0.0179 shares of Royal Gold common stock a share.
Royal Gold said the addition of the cash election reflects the desire to provide Battle Mountain shareholders a choice to receive either cash or shares of Royal Gold. The share consideration remained unchanged and is based on the average closing price per share of Royal Gold's common stock for the five trading day period up to and including the second business day preceding (but not including) the closing date of the merger transaction.
Battle Mountain has postponed the previously announced record date of June 28 for the Battle Mountain shareholders meeting to vote on the merger transaction. A new record date will be announced by Battle Mountain in the near future.
The amended merger agreement has been approved by both companies' boards.
Denver's Royal Gold is a precious metals royalty company.

JOHANNESBURG, Jul 31, 2007 (Dow Jones Commodities News via Comtex) -- Harmony Gold Mining Co. (HMY), Africa's third-largest gold producer, Tuesday said it has agreed to sell the rights, title and its interest in the South Kal mine in Western Australia to ASX-listed mineral company Dioro Exploration NL (DIO.AU).

TORONTO, ONTARIO, Jul 31, 2007 (MARKET WIRE via COMTEX) -- In response to the outstanding offer by YAMANA GOLD INC. (CA:YRI) (AUY:
yamana gold inc com) (UK:YAU) to acquire the outstanding shares of Meridian Gold Inc., the Meridian Board of Directors today filed its Directors' Circular as required by applicable securities laws.
Yamana expresses disappointment with the conclusions of the Meridian Board as outlined in the circular, and notes that the circular failed to address the many benefits which Meridian shareholders stand to gain by becoming part of the combination of Yamana, Northern Orion and Meridian. Moreover, after careful review of Meridian's Directors' Circular, investor presentation, and audit of their conference call, Yamana believes that there is no new material information concerning Meridian that is not already publicly known and inherent in their share price. Yamana has been offered no new information that would change its view that its offer is full and fair.
Yamana's chairman and chief executive officer, Peter Marrone, commented, "At the time we made public our intention to launch an offer for Meridian, we laid out several compelling reasons why the combination of these three companies would generate significant value for the shareholders of all three companies. These reasons have not changed. We encourage shareholders to consider these benefits. Meridian has also communicated its intention to explore value-maximizing alternatives and Yamana believes that the most attractive alternative is this combination. We continue to welcome the opportunity to discuss this further with Meridian and its shareholders."
The combination would result in the creation of a pre-eminent mid-tier gold producer with the following attributes:
A Leader in Production Growth
- estimated annual gold production increasing to a sustainable level of approximately 1.5 million ounces of gold and 2.5 million ounces of gold and gold equivalent by 2009 from a combined base of approximately 660,000 ounces in 2006
Low Cash Cost Producer
- sustainable negative cash operating costs per ounce of gold produced on a by-product basis and cash operating costs per ounce of gold produced amongst the lowest in the industry on a co-product basis
Unparalleled Cash Flow - Over $600M Annual Operating Cash Flow
- growth in cash balances after fully funding growth
Core Asset Base Deepens Latin American Presence
- six principal mining and development projects in Brazil, Chile and Argentina estimated to account for over 74% of the combined company's pro-forma net asset value
Highly Liquid Gold Vehicle
- combined daily average trading volume of more than US$150 million through three leading global stock exchanges based on current trading volumes
Yamana is now the best value gold mining company and this combination would allow Meridian shareholders to participate in that value.
Meridian's assets will make an excellent addition for Yamana and the offer fully values these assets. There is nothing in the Meridian response or in their recent second quarter 2007 results that would lead Yamana to conclude that there is any additional value in Meridian that was not fully understood when the original offer was announced on June 27, 2007. Yamana is confident of the success of its bid as the offer represents full and fair value for the Meridian shareholders. Yamana's offer represents an approximate 25% premium to the average closing price of Meridian's shares for the 20 trading days on the TSX prior to the original announcement or an approximate 23% premium to the closing price on June 27, 2007.
"We have met and discussed our offer with Meridian's shareholders and these discussions have confirmed our belief that the strategic fit and logic of the combination with Yamana and Northern Orion is embraced by them," added Mr. Marrone. "In addition to the immediate premium, Meridian shareholders will participate in the additional value creation available to them as shareholders of the combined company."
Yamana takes this opportunity to address specific key issues for consideration with respect to its offer to acquire Meridian.
PREMIUM OFFERED TO MERIDIAN SHAREHOLDERS
- Based on respective average closing prices for the 20 trading days on the TSX prior to the original announcement, Yamana's offer represents a premium of approximately 25% for the Meridian shareholders.
- Using Meridian's methodology to calculate "hypothetical unaffected stock prices", Yamana's offer represents a premium of approximately 22% for the Meridian shareholders.
- Yamana believes that Meridian's share price is, and has been for some time, generally viewed as fully valued, with trading multiples at the upper end compared to its peers. This was taken into consideration by Yamana in determining an appropriate premium.
- Yamana's offer has contributed to Meridian's recent above average share price performance.
- Yamana reiterates that it has offered full and fair value to the Meridian shareholders, particularly considering the profile of the company in which they will be holding shares following the successful completion of the transaction.
DELIVERING ON PROMISES
- Meridian has had a strategic objective to become a million ounce producer by 2008 through organic means while not disregarding earnings. Yamana's goal for only a short period has been to sustain 1 million ounces of gold production by 2009 and it has executed on this plan while also focusing on cash flow, earnings and returns for shareholders and, in that time, Yamana has achieved that goal.
- Yamana offers Meridian shareholders the opportunity to achieve their stated production objective by merging with Yamana which has already achieved this objective.
- Yamana's share price has out-performed its peers over the past five years and Meridian's share price in particular:

-----------------------------------------------------------------
Compo
und Annual Return(1) Meridian Peers(2) Yamana
-----------------------------------------------------------------
1 year (23%) (7%) 5%
-----------------------------------------------------------------
2 year 9% 20% 59%
-----------------------------------------------------------------
3 year 15% 15% 65%
-----------------------------------------------------------------
5 year 1% 10% N/A(3)
-----------------------------------------------------------------
(1) Trailing annualized returns.
(2) Includes Barrick, Goldcorp, Kinross, Agnico-Eagle, IAMGOLD, Rangold.
(3) Yamana Gold was formed in July 2003.

YAMANA IS A GOLD MINING COMPANY
- All of the future growth in Yamana is attributed entirely to gold.
- Production at four of its five operating mines is gold only production and Yamana has a pipeline of significant gold only development and exploration properties. Yamana's plan has been to increase its gold production to more than one million ounces of gold and has the mines and projects to achieve that goal by 2009. It is already producing gold this year at a level that is a multiple of Meridian's gold production.
- Comparable gold producers derived on average 34% of their revenue from metals other than gold and 26% of their revenue from base metals in 2006. This is consistent with Yamana's sustainable revenue levels.
- Following the three-way transaction, core gold production continues to increase and copper production declines to levels resulting in less than 30% non-gold revenue, consistent with Meridian and comparable companies.
- Yamana's success derives from a focus on gold and its inherent value along with returns for shareholders. Financial prudence and discipline comes from delivering returns and sustaining and growing cash flow and earnings from all sources.
OPERATIONAL TRACK RECORD
- Yamana has successfully permitted, built and commissioned two major mines (Chapada and Sao Francisco) in a two-year period and thereby demonstrated significant operational depth.
- Growth in cash flow and earnings arises from organic growth.
- At Chapada, production was forecast in 2004 to grow to 103,000 ounces of gold in 2007 and 160,000 ounces of gold in 2008. Current forecasts are for 180,000 to 205,000 ounces of gold in 2007 and between 170,000 and 190,000 ounces of gold in 2008.
- Yamana has continued to build its operations and technical expertise by retaining in-country teams from acquisitions.
- Yamana has demonstrated a consistent approach of increasing revenue, operating profit, cash flow and earnings and will continue to do so.
CONTINUED RESOURCE BASE GROWTH
- Yamana has been successful in adding to its resource base, growing it from approximately 5.1 million ounces of measured and indicated mineral resources at the company's inception in 2003 to 13.7 million ounces by year-end 2006.
- Based on respective pre-announcement share prices, on a per US$1,000 invested basis, Yamana's gold equivalent measured and indicated resources total approximately 4.41 ounces versus 3.07 ounces for Meridian.
- On a per US$1,000 invested basis, the combined company will offer gold equivalent measured and indicated resources of 9.24 ounces.
CULTURE OF VALUE CREATION AND SUSTAINABLE GROWTH
- Yamana has been successful implementing a Latin American focused strategy with a track record of adding value by increasing resource estimates and exceeding production targets.
- Yamana has a culture of capitalizing on its opportunities to add growth and value for shareholders through exploration, development and strategic acquisitions. Each of these is of equal importance to Yamana.
- Yamana uses several criteria before investing in a country, including geological potential, political stability, infrastructure, personnel skill, favourable mining regulations, friendliness toward the mining industry and the measures it can undertake to develop sustainability and good community relations. Yamana's operations are located within some of the most stable countries in Latin America.
- Brazil is the largest, fastest growing economy in Latin America. The proposed transaction actually reduces risk for shareholders of Meridian, Northern Orion and Yamana through geopolitical and project diversification.
- Yamana has over one million hectares of exploration concessions in Brazil and a considerable exploration package with a substantial budget (US$32 million in 2007). More information on exploration upside will be provided in due course.
- Resources and production have increased at all three mines acquired by Yamana in 2006. Yamana undertakes strategic acquisitions in a manner where it can provide value added. Shareholders from all three acquisitions received liquid shares that have outperformed the market post-closing.
- Meridian shareholders will benefit from this track record and management competence.
RETURN ON CAPITAL EMPLOYED
- As highlighted in the public record, 2007 is the year in which Yamana has become an earnings and cash flow generating company.
- Meridian's comparison to Yamana with respect to return on capital employed for the years leading up to year-end 2006 is not particularly relevant.
- Yamana projects that its return on capital employed for 2007 will be one of the highest in the industry and significantly higher than Meridian's.
- With the earnings and cash flow contributed by its existing operations, Yamana projects that the return on capital employed for the combined company will continue to be one of the highest in the industry.
STRONG BALANCE SHEET
- The combined company would have a pro forma cash position of approximately US$575 million, and the ability to finance the successful development of the combined pipeline of projects without the issuance of new equity.
A STRAIGHTFORWARD TRANSACTION
- The proposed transaction is simply two concurrent acquisitions and from the perspective of a Meridian shareholder is a conventional take-over bid
- Yamana has a proven track record of successfully completing acquisitions and business combinations.
- Yamana encourages shareholders to focus on the strategic fit of the three companies and the profile of the combined company.
- Northern Orion's Board of Directors is unanimously recommending that the Northern Orion shareholders vote in favour of the combination with Yamana at their shareholders meeting currently scheduled for August 22, 2007, prior to the expiry date of the offer.
About Yamana
Yamana is a Canadian gold producer with significant gold production, gold development stage properties, exploration properties, and land positions in Brazil, Argentina and Central America. Yamana is producing gold at intermediate company production levels in addition to significant copper production. Yamana's management plans to continue to build on this base through the advancement of its exploration properties and by targeting other gold consolidation opportunities in Brazil, Argentina and elsewhere in the Americas.

TORONTO, ONTARIO, Jul 31, 2007 (MARKET WIRE via COMTEX) -- In response to the outstanding offer by YAMANA GOLD INC. (CA:YRI) (AUY:
yamana gold inc com) (UK:YAU) to acquire the outstanding shares of Meridian Gold Inc., the Meridian Board of Directors today filed its Directors' Circular required by applicable securities laws.
Yamana will provide a detailed response to the Meridian Directors' Circular in due course.
About Yamana
Yamana is a Canadian gold producer with significant gold production, gold development stage properties, exploration properties, and land positions in Brazil, Argentina and Central America. Yamana is producing gold at intermediate company production levels in addition to significant copper production. Yamana's management plans to continue to build on this base through the advancement of its exploration properties and by targeting other gold consolidation opportunities in Brazil, Argentina and elsewhere in the Americas.

Meridian Gold Inc.'s (MDG) board is unanimously recommending that shareholders reject Yamana Gold Inc.'s (AUY) unsolicited C$3.35 billion (US$3.14 billion) cash-and-stock takeover offer.
Meridian said its board has determined that the offer "fails to provide full value for Meridian Gold shares."
The boards recommendation is contained in a directors' circular being mailed to all Meridian shareholdrs.
Meridian said it's exploring "value-maximizing alternatives."
Reno, Nev.-based Meridian and Toronto's Yamana are gold companies.

TORONTO, ONTARIO, Jul 25, 2007 (MARKET WIRE via COMTEX) -- IAMGOLD Corporation (CA:IMG) (IAG: iamgold corp com) (BSE: IAMGOLD) ("IAMGOLD" or "the Company") is pleased to announce a new resource estimate and exploration update for the Buckreef Project in the Lake Victoria Goldfields Region of northern Tanzania. The measured and indicated resource base now consists of 16.7 million tonnes at an average grade of 1.9 g/t Au for 1.0 million ounces of gold and represents an increase of 9% from resources reported on December 31, 2006(a). At a 1.0 g/t cut off, the total measured and indicated resources on the Buckreef project contain 16 million tonnes at an average of 1.9 g/t Au for 1.0 million ounces Au and an inferred resource of 10.9 million tonnes with 2.4 g/t Au for 0.8 million ounces Au.
"These results further our understanding and confidence in this resource," commented Joseph Conway, President & CEO. "With continued exploration and resource development, including the evaluation of processing options, this project is moving toward the pre-feasibility stage of development. We expect to announce the initiation of a pre-feasibility study before the beginning of 2008."

LAS VEGAS, July 26, 2007 /PRNewswire-FirstCall via COMTEX/ -- Hemis Corporation (HMSO: hemis corp com) is an international resource company with three exploration properties in Mexico and a project in Alaska. Hemis' Santa Rita property in Mexico has an Earn-In Agreement with Goldcorp Inc. (CA:G) (GG: goldcorp inc new com) through Goldcorp's Mexican subsidiary Glamis Exploration.
Hemis Corporation is pleased to announce that a comprehensive research report on the company and its properties has been issued by DiscoverSmallCaps.com.
Norman Meier, CEO of Hemis, stated, "We are pleased that someone has taken the time to really understand and recognize the true value of Hemis Corporation." To obtain a copy of the report please visit the Hemis website. http://www.hemiscorporation.com

Norman Meier
Hemis Corporation
President

About Hemis Corporation
Hemis Corporation is a precious metals exploration company trading on the OTCBB under the symbol HMSO and listed on the Frankfurt stock exchange under the symbol XZA. Hemis Corporation is comprised of both a resource division and a resource investment unit. Hemis' high profile team is focused on evaluating gold projects with strong potential. The resource investment unit is actively reviewing other natural resource companies for joint ventures and investment.
Hemis is incorporated in Nevada, USA with its head office in Zurich, Switzerland and North American corporate communications representatives in Canada and the United States. Led by an experienced team of exploration geologists and financial professionals, this company has extensive international capital markets experience and proven track records.

VANCOUVER, BRITISH COLUMBIA, Jul 25, 2007 (MARKET WIRE via COMTEX) -- Silver Wheaton Corp. ("Silver Wheaton") (CA:SLW) (SLW: silver wheaton corp com) has completed the previously announced acquisition from Goldcorp Inc. ("Goldcorp") of 25% of the life of mine silver production from Goldcorp's Penasquito Project, located in Zacatecas, Mexico, for an upfront cash payment of US$485 million. In addition, Silver Wheaton will pay an ongoing per-ounce operating cost payment equal to the lesser of US$3.90 (subject to annual inflationary adjustments) and the prevailing market price per ounce of silver delivered under the contract.
The Penasquito Project is a gold-silver-zinc-lead deposit that is expected to become the largest mine in Mexico, containing (as of June 2007) proven and probable silver reserves of 864 million ounces and measured and indicated silver resources, exclusive of reserves, of 413 million ounces. Construction progress at Penasquito remains on schedule for initial heap leaching of oxide ore during 2008 and start-up of the first milling and flotation circuit by late 2009.
Silver Wheaton is not required to fund any capital expenditures at Penasquito, including any expansion scenarios. Goldcorp has provided a completion guarantee to Silver Wheaton that the Penasquito Mine will be constructed with certain minimum production criteria by certain dates. As a result of this transaction, Silver Wheaton has retained a right of first refusal on any further sales of silver streams from Penasquito for the mine life for so long as Goldcorp maintains at least a 20% interest in Silver Wheaton. Goldcorp's right to maintain its pro-rata interest in Silver Wheaton has been extended to December 31, 2009. Goldcorp currently owns approximately 49% of the issued and outstanding shares of Silver Wheaton.
In order to fund the US$485 million cash consideration, Silver Wheaton has entered into a credit agreement with the Bank of Nova Scotia and BMO Capital Markets, as co-lead arrangers and administrative agents, to borrow US$200 million under a non-revolving term loan (the "Term Loan") and up to US$300 million under a revolving term loan (the "Revolving Loan"). The Revolving Loan is for a period of seven years and the Term Loan is to be repaid in equal instalments over a period of seven years, however, prepayments are permitted at any time. In connection with the Penasquito transaction, the Term Loan was drawn down in full and the Revolving Loan was drawn down in the amount of US$246 million with the balance of the upfront consideration paid from cash on hand.
Mr. Randy Smallwood, P.Eng., Executive Vice President of Corporate Development of Silver Wheaton, who is a "qualified person" as such term is defined under National Instrument 43-101, has reviewed and approved the contents of this news release.

VANCOUVER, BRITISH COLUMBIA, Jul 25, 2007 (MARKET WIRE via COMTEX) -- (All figures are in US dollars unless stated otherwise) -
GOLDCORP INC. (CA:G) (GG: goldcorp inc new com) has completed the previously announced sale to Silver Wheaton (CA:SLW) (SLW: silver wheaton corp com) of 25% of the life of mine silver production from Goldcorp's Penasquito project for a cash payment of $485 million. The agreement also requires Silver Wheaton to pay an ongoing per-ounce payment equal to the lesser of $3.90 (subject to annual inflationary adjustments) and the prevailing market price per ounce of silver delivered under the contract.
"This transaction builds powerful leverage into the Penasquito project," said Kevin McArthur, President and Chief Executive Officer. "We are pleased to have accomplished this without risk, debt or share dilution, while preserving upside potential in this world-class asset."
Goldcorp is one of the world's lowest cost and fastest growing multi-million ounce gold producers with operations throughout the Americas. Its gold production remains 100% unhedged.

...

Everton is well funded and actively exploring in the Opinaca region of James Bay, Quebec where Everton has amassed one of the largest land claims adjacent to Goldcorp's (GG: goldcorp inc new com) (CA:G) Eleonore gold deposit where Goldcorp recently announced an initial gold resource of 2.8 million ounces. Everton is also actively exploring in the Dominican Republic adjacent to where the world's largest gold mining company, Barrick Gold (NYSE/TSX:ABX) is partnering with Goldcorp to develop, at an estimated cost of $2.3 billion, the Pueblo Viejo deposit, that contains 18.1 million ounces of gold, 2.6 billion pounds of zinc, 358 million pounds of copper and 88 million ounces of silver.

But the knock-on effect of the hike in the value of the rand is being sorely felt in the earnings of South African gold miners such as Gold Fields (GFI), Randgold Resources (GOLD), Harmony Gold Mining (HMY), and AngloGold Ashanti (AU). With a stronger rand, the miners' exports are becoming less competitive. And the evidence is in the companies' recent results.

JOHANNESBURG, Jul 25, 2007 (Dow Jones Commodities News via Comtex) -- Harmony Gold Mining Co.'s (HMY) gold ore reserves were 53.6 million troy ounces at June 30, a decline from 56 million ounces a year earlier, the South African miner said Wednesday.
Harmony, the world's fifth-largest gold producer, has operations and projects in South Africa, Australasia and Papua New Guinea.
Company Web site: http://www.harmony.co.za

DENVER, July 24, 2007 /PRNewswire-FirstCall via COMTEX/ -- ROYAL GOLD, INC. (RGLD: Royal Gold Inc) (CA:RGL) , the leading precious metals royalty company, will report its fourth quarter and year-end fiscal 2007 results before the market opens for trading on Thursday, August 16, 2007. There will be a conference call that day at Noon Eastern Time (10:00 a.m. Mountain Time) which will be accessible via live internet broadcast and dial-in conference capabilities.

Dial-In Numbers: 800-603-2779 (U.S. and Canada)
706-634-7230 (International)
Internet Broadcast: http://www.royalgold.com under Investor Relations,
Presentations

Tony Jensen, President and Chief Executive Officer, will host the conference call. There will be a question and answer period at the end of the call. Please log on or call in at least five minutes prior to the conference call start time. In addition, the call will be archived on the Company's web site.
A replay of the call will be available through August 23, 2007. The replay dial-in numbers are 800-642-1687 (U.S. and Canada) or 706-645-9291 (International), and the access code is 6144722.
Royal Gold is a precious metals royalty company engaging in the acquisition and management of precious metals royalty interests. Royal Gold is publicly traded on the NASDAQ Global Select Market under the symbol "RGLD" and on the Toronto Stock Exchange under the symbol "RGL." The Company's web page is located at http://www.royalgold.com.
SOURCE Royal Gold, Inc.

But the knock-on effect of the hike in the value of the rand is being sorely felt in the earnings of South African gold miners such as Gold Fields (GFI), Randgold Resources (GOLD), Harmony Gold Mining (HMY), and AngloGold Ashanti (AU). With a stronger rand, the miners' exports are becoming less competitive. And the evidence is in the companies' recent results.

COEUR D'ALENE, Idaho, Jul 26, 2007 (BUSINESS WIRE) -- Coeur d'Alene Mines Corporation (CDE: Coeur d'Alene Mines Corporation) (CA:CDM) today announced that Stuart Mathews, the Technical Director of Coeur Australia who has been assigned to the Company's South American properties, has been appointed interim project manager for the Palmarejo project in Mexico. Mathews is expected to be named General Manager at Palmarejo once the transaction is completed in the fourth quarter of 2007.
Mathews will direct the newly established Project Development Committee at Palmarejo, whose focus is to develop the Rosario deposit at the project utilizing open pit mining methods. The Project Development Committee will complete a pre-feasibility study by the end of August, which will include a combined open-pit and underground mine development scenario.
"Stuart's more than 20 years of experience and broad range of technical skills in exploration, mine geology, resource modelling and grade control methodology fit perfectly with our objectives in taking Palmarejo to the next level of development during this interim period," said Richard Weston, Coeur's Senior Vice President of Operations. "Stuart's new role will allow him to make an easy transition to General Manager of the Palmarejo Project once the transaction is completed, and the mine moves toward production."
Mathews, who has a Master's Degree in Geology from the University of Canterbury, Christchurch, New Zealand, has worked in a number of senior geology, project development and management positions at major mines and mining projects throughout Australia, New Zealand, South America and Mexico.
Coeur, Bolnisi Gold NL (ASX:BSG) and Palmarejo Silver and Gold Corporation (CA:PJO: news, chart, profile) expect to begin mailing information to shareholders in September. All three companies' shareholder meetings are expected to be held in October. Assuming timely completion of the required regulatory processes and receipt of the required shareholder and court approvals, the companies expect the transaction to be completed in the fourth quarter of 2007.
About Coeur d'Alene
Coeur d'Alene Mines Corporation is one of the world's leading primary silver producers and a growing gold producer. The company has mining interests in Alaska, Argentina, Australia, Bolivia, Chile, Nevada, and Tanzania.

DENVER, July 24, 2007 /PRNewswire-FirstCall via COMTEX/ -- Newmont Mining Corporation (NEM: Newmont Mining Corporation) today announced the following executive management appointments, as approved by the Company's Board of Directors on July 18th:

-- Russell Ball as Senior Vice President and Chief Financial Officer.
Mr. Ball has been with the Company for 14 years and was elected Vice
President and Chief Accounting Officer in April, 2007. He previously
served as Vice President and Controller, Group Executive, Investor
Relations, and as Financial Director and Controller for the Company's
Indonesian Business Unit. Mr. Ball will oversee the Company's
Accounting, Tax, Information Technology, Supply Chain Management and
Capital Effectiveness functions.

-- Guy Landsdown as Senior Vice President, Project Development and
Technical Services. Mr. Landsdown has been with the Company for 14
years and was elected Vice President, Project Engineering and
Construction in 2006. He previously served as Project Executive on
the Boddington project in Australia and held key project and operating
positions in Indonesia, Peru and Australia. Mr. Landsdown will
oversee the Company's Technical Services, Global Health and Safety,
and Capital Projects functions.

-- Randy Engel as Senior Vice President, Strategy and Corporate
Development. Mr. Engel has been with the Company for 14 years and was
elected Vice President, Strategic Planning and Investor Relations in
April, 2007, and previously served as Assistant Treasurer. Mr. Engel
will oversee the Company's Corporate Development, Treasury, Investor
Relations, and Strategic Planning functions.

Richard O'Brien, the Company's newly appointed CEO and President, said, "These management appointments will fill several open positions and create better functional alignment, enabling us to anticipate, prepare for, and execute the critical transitions ahead. Together with our Regional Vice Presidents of Operations, we continue to take the necessary steps toward renewing our focus on our core gold operations, while improving costs applicable to sales and ensuring industry leading environmental and social performance."

Conversely, though, says one corporate financier for J.M. Finn in London, a carry-trade-weighted rand would make non-South African miners such as Freeport-McMoRan (FCX), Newmont Mining (NEM), which has mines in New Zealand, and Apollo Mining (AGT ) more competitive.

Newmont Mining will be more acquisitive in the next few years, with the focus on developing small reserves, the new chief executive of the world’s second largest gold miner said Tuesday.

In his first newspaper interview since taking over on July 1, Richard O’Brien said his strategy to ensure the US-based company becomes the world’s gold company of choice would involve concentrating on the core business of gold production and intensifying efforts to cut costs.

Newmont has been blighted by a 21-month pollution trial – it was recently acquitted – opposition to a new mine in Indonesia, and protests in Peru. Last year the Denver-based company was forced to cut its production estimate and increase its costs prediction three times, and it was overtaken by Barrick Gold in gold sales

Its stock price has fallen 15 per cent in the past year while Barrick’s has risen 21 per cent and the price of gold has climbed 11 per cent.

Mr O’Brien, 53, who was Newmont’s chief financial officer, told the FT Newmont needs to be “more outward looking” after several years of few acquisitions but that this would require a radical re-think of the company’s traditional practice of developing large deposits.

“I think we have to have a realisation that . . . the distribution of deposits in the gold world are really such that significant deposits are a small percentage of all the deposits,” he said. “We should over time be able to figure out a way to take what might be an uneconomic deposit for us today and turn it into something economic. That’s what we haven’t done and I hope we can.”

It will only happen, Mr O’Brien admits, if he can bring down costs, although he claims Newmont’s are lower than the industry average of 12 per cent. “In a period of expanding gold prices we haven’t seen our margin expand as much and I think investors are concerned that we are going to get costs under control,” he said. “The issue for us is to make sure we get [them] under control and make sure that we communicate [this].”

Newmont’s major assets are in Nevada in the US, Australia, Yanacocha in Peru, Batu Hijau in Indonesia and Ghana. The Boddington mine in Australia, from which Newmont expects to initially get 670,000 ounces a year, is expected to start production in late 2008.

Newmont sold 5.88m ounces of gold last year and expects sales this year to be between 5.2m and 5.6m ounces. Gold, which was trading Tuesday at approximately $683 an ounce, is likely to continue rising, driven by the weak US dollar, rising costs and rising demand from the burgeoning middle class – particularly in India and China, Mr O’Brien said.

Mr O’Brien, who is visiting Indonesia, insisted he was still committed to the country despite the costly pollution trial at its Buyat Bay mine in Sulawesi and opposition to a new development near the Batu Hijau mine.

Additionally, dollar strength would likely be accompanied by weakness in commodity prices and related producers like Exxon Mobil (XOM), Newmont Mining (NEM) and Freeport McMoran Copper & Gold (FCX ), which led the S&P 500's run to an all-time high Thursday even as the financials came unglued.

Newmont Mining Corp. (NEM: Newmont Mining Corporation) said Tuesday that it has promoted Chief Accounting Officer Russell Ball as chief financial officer.
The Denver-based mining company said in a Securities and Exchange Commission filing that it increased Ball's salary by $50,000 to $420,000.
Newmont Mining also said it promoted Assistant Controller Roger Johnson to succeed Ball as chief accounting officer.
Separately, the company said it increased President and Chief Executive Richard T. O'Brien's salary by $200,000 to $900,000 in connection with his promotion to the top post on July 1.