In the gold patch, Newmont Mining (NEM) reaffirmed its operating outlook for the year, with gold sales likely to be in the 5.2 million ounce to 5.6 million ounce range, down from the 5.9 million ounces sold in 2006. Unit costs for 2007 are expected to be between $375 and $400 an ounce, marking an increase from $304 an ounce last year.
The company also announced it would make a $1 billion convertible bond offering to cover funds currently borrowed under its revolving credit facility.
Last Update: 11:54 AM ET Jul 11, 2007
DENVER, Jul 11, 2007 (Dow Jones Commodities News via Comtex) -- Gold producer Newmont Mining Corp. (NEM) on Wednesday affirmed its forecast for 2007 sales of 5.2 million to 5.6 million equity ounces and said second-quarter results would likely be similar to those of the first quarter.
The Denver-based company, one of the world's largest gold producers, said costs applicable to sales would likely be $375 to $400 per ounce.
Chief Executive Richard O'Brien said the temporary closing of the Midas mine in northeast Nevada after a June 19 accident that left one miner dead would not likely affect the company's forecasts for the rest of the year. He did not say how long the mine would remain closed.
Newmont also affirmed its forecast for 2007 copper sales of 210 million to 230 million equity pounds, with costs applicable to sales of $1.10 to $1.20 per pound.
The company said it still expects consolidated capital expenditures for 2007 to be between $1.8 billion and $2 billion.
Last Update: 8:26 AM ET Jul 11, 2007
Jul 11, 2007 (Dow Jones Commodities News via Comtex) -- DOW JONES NEWSWIRES
Newmont Mining Corp. (NEM) said it expects 2007 gold sales of 5.2 million to 5.6 million equity ounces at $375 to $400 an ounce.
The Denver mining company projected copper sales at 210 million to 230 million equity pounds at $1.10 to $1.20 a pound.
Consolidated capital expenditures are expected to be between $1.8 billion and $2 billion, Newmont said.
Last Update: 9:02 PM ET Jul 10, 2007
Jul 10, 2007 (Dow Jones Commodities News via Comtex) -- The following is a press release by the company:
DENVER, July 10 --Newmont Mining Corp. (NEM) today announced its intention to offer, in the aggregate, $1.0 billion of Convertible Senior Notes. The Company intends to use the net proceeds from the offering to repay all amounts outstanding under its corporate revolving credit facility, to enter into the convertible note hedge and warrant transactions described below, and for general corporate purposes. Together with other pending initiatives, including the anticipated realization of value from certain non-core Merchant Banking assets, the Company expects this will provide capital funds to complete Boddington in Australia and the gold mill at Yanacocha in Peru, as well as provide for the potential development of future projects such as Conga in Peru, Akyem in Ghana, and other corporate opportunities.
The Company intends to issue Convertible Senior Notes due 2014 and 2017, each in the principal amount of $500 million, through an offering to qualified institutional buyers under Rule 144A of the Securities Act. Upon conversion, holders will be entitled to receive cash for that portion of the value of the common stock into which the notes are convertible up to the principal amount of the notes, and excess conversion value, if any, will be satisfied at the Company's election in cash, common stock or a combination of cash and common stock. Newmont also expects to grant the initial purchasers an option to purchase up to an additional $75 million of each of the 2014 and 2017 Senior Convertible Notes to cover over-allotments.
In connection with the offering of the notes, the Company expects to enter into convertible note hedge transactions with affiliates of one or more of the initial purchasers (the "hedge counterparties") and intends to use a portion of the net proceeds of the offering to pay for the cost of the convertible note hedge transactions. The convertible note hedge transactions are expected to reduce potential dilution to Newmont common stock upon conversion of the notes. The Company also expects to enter into separate warrant transactions with the hedge counterparties, which would result in additional proceeds to the Company and partially offset the cost of the convertible note hedge transactions. The warrant transactions could result in dilution to Newmont common stock in the event that, at exercise, the market value per share of Newmont common stock, as measured under the terms of the warrant transactions, exceeds the applicable strike price of the warrant transactions. If the initial purchasers of the notes exercise their over-allotment options, the Company expects to enter into additional convertible note hedge and warrant transactions.
In connection with the convertible note hedge transactions and the separate warrant transactions, the hedge counterparties have advised the Company that they, or their affiliates, expect to enter into various derivative transactions with respect to Newmont common stock concurrently with, or shortly after, the pricing of the notes and may enter into, or may unwind, various derivatives and/or purchase or sell Newmont common stock in secondary market transactions following the pricing of the notes. These activities could have the effect of increasing, or preventing a decline in, the price of Newmont common stock concurrently with or following the pricing of the notes. If the hedge counterparties or their affiliates were to unwind various derivatives and/or purchase or sell Newmont common stock in secondary market transactions prior to the maturity of the notes, such activity could adversely affect the price of Newmont common stock or the settlement amount payable upon conversion of the notes.
This notice does not constitute an offer to sell or the solicitation of an offer to buy securities. Any offers of the securities will be made only by means of a private offering memorandum. The notes and the shares of Newmont common stock issuable upon conversion have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
...Newmont Mining Corp.'s announcement last week that it is abandoning its hedging position has been constructive for the gold market,...
Analyst opinions on stocks making headlines Friday
Newmont Mining (NEM; $40.81)
Retains 3 STARS (hold)
Analysts: L. Larkin, S. Benway-CFA
Newmont announces that with the elimination of its 1.85M-ounce gold hedge position, it is now fully unhedged. The move will result in a $531 million second quarter charge. It also plans to discontinue its Merchant Banking unit and sell some of those assets, leading to a second quarter impairment charge of about $1.7 billion. We see these moves as steps to position Newmont as a pure play on gold price movements. Although we expect gold prices to trend higher, our recommendation is based on valuation, reflecting a stagnant production profile we see for Newmont in coming quarters. We maintain our $45 12-month target price.
The mining concern eliminates its downside price protection for gold as it seeks to take advantage of the metal's rise
by David Bogoslaw
Story Tools
It took five years of sustained increases in the price of gold, but Newmont Mining Corp. (NEM) has finally decided to call a halt to its bets that gold prices won't continue to rise.
After the close of trading on July 5, Newmont said it had eliminated its entire 1.85 million ounce hedge position on its gold production and that it was discontinuing its merchant banking business as a separate unit.
The Denver company spent $578 million in June to buy back all of its price-capped forward sales contracts, for which it will take a pre-tax loss of roughly $531 million, after reversing $47 million in deferred revenue that was recognized previously.
Newmont is shutting down its merchant bank operations as it sells portions of its royalty and equity portfolio, which will allow it to focus on improving gold production. It expects to incur a non-cash impairment charge of about $1.7 billion, which will be reported as part of its discontinued operations in the second quarter.
Relative to other gold producers, Newmont has historically been one of those with the least amount of hedges. But it has arrived at its decision to jettison its entire hedge book fairly late in the game, two to three years after lifting hedges became an industry trend, said Victor Flores, senior analyst at HSBC Securities USA Inc. Other producers who had much larger hedge positions have been much more aggressive in reducing them in the past few years, he said.
Five years ago, when prices were depressed around $270 per ounce amid relentless selling of reserves into the market by central banks, the industry had a greater need to sell production forward at fixed prices. In a news release, the company said it was re-committing to enabling its shareholders to benefit from the uptrend in gold prices.
Considering how little of its production Newmont had hedged – less than half a year's worth of production and just 2% of its 90 million ounces in gold reserves – Flores called the move more cosmetic than anything else.
He said it was an effort by Richard O'Brien, who became Newmont's president and chief executive on July 1, to jumpstart the company, "a fairly safe way to put a bit of zing in the stock," which has lagged recently.
The central problem that O'Brien needs to address is the company's declining production profile, Flores said.
"They haven't developed enough of their own properties to keep the production profile flat to growing, as opposed to flat to declining," he said.
Since the three-way merger in 2002 between Newmont, Normandy Mining Ltd. and Franco-Nevada Mining Corp., which gave birth to the present company, it has been less aggressive in pursuing mergers and acquisition than had been expected, says Flores. It's O'Brien's job now to reverse the company's conservative bent.
With gold prices substantially higher than they were three or four years ago, however, acquisitions have become much more expensive to do.
"On a relative basis, [Newmont's] shares have declined as the shares of potential acquisition targets have risen," Flores said.
In a research note on July 6, RBC Capital Markets said the cash Newmont raises by selling its merchant holdings should more than offset the $578 million Newmont spent to buy back its hedges and will bolster the company's ability to invest an estimated $1.9 billion in capital expenditures this year and make acquisitions.
Newmont is likely to hold onto its 18.9% stake in Gabriel Resources, its 15.4% interest in Miramar Mining and a 9.7% interest in diamond-producer Shore Gold, but it could sell some of its estimated 30 million units of the Canadian Oil Sands, according to RBC.
Based on Newmont's lifting of its gold hedges, RBC raised its 2008 earnings forecast to $1.17 from 76 cents a share and boosted its cash flow projection to $3.54 from $3.14 a share.
Flores has a neutral rating on the stock and his target price is $45 a share. Newmont shares traded 5.6% higher on July 6, closing at $41.78.
Gold miner leaves full-year forecasts unchanged
SAN FRANCISCO (MarketWatch) -- Gold miner Newmont Mining Corp. laid out its second-quarter operating estimates Wednesday, saying they looked pretty much in line with its first-quarter results.
"While we expect second-quarter results similar to the first quarter, we are benefiting from lower than anticipated costs at Ahafo in Ghana and the planned reduction in stripping at Batu Hijau in Indonesia," the company said in a statement.
The news put a damper on Newmont's (NEM: NEM) share price, which fell 2.5% to $40.18. So far this year the stock is down 11% while gold prices are up 3.7% at $662.10 an ounce.
Newmont's first-quarter results generated net income of 15 cents a share, down from 47 cents a year earlier, as higher costs and a weaker dollar bit into earnings. Analysts polled by Thomson Financial are looking for second-quarter 2007 earnings of 23 cents a share when the company reports on Aug. 2.
Denver-based Newmont told investors it remains on track this year to sell between 5.2 million and 5.6 million ounces of gold from its mining interests and 210 million to 230 million pounds of copper.
Chart of NEM
The company said it expects its gold output to fetch $375 to $400 an ounce while its copper will likely sell in a range of $1.10 to $1.20 per pound. Newmont said its capital outlay forecast for the full year was unchanged at $1.8 billion to $2 billion.
The company also provided a brief update on its Midas mine in Nevada, saying its emergency closure last month was unlikely to impact the company's operating forecast for the rest of the year.
Part of the underground mine collapsed on June 19, killing one worker. The accident is still under investigation by federal safety regulators and Newmont declined to predict when Midas might reopen. Newmont estimates the Midas mine still holds 550,000 ounces of gold.
In other news, the company said it reached a settlement with Uzbekistan in an ownership dispute linked to its Zarafshan-Newmont joint venture there. According to the terms of the settlement, Uzbekistan will pay Newmont $80 million and Newmont will relinquish its stake in the venture.
On Tuesday, Newmont said it planned to issue $1 billion worth of senior debt, due in 2014 and 2017, to help fund a variety of operations. Last week the company said it plans to unwind its Newmont Capital merchant banking unit over the next year and sell off parts of its royalty and equity portfolio to raise cash for its core mining operations. The move will result in a $1.7 billion non-cash impairment charge to be taken against its second-quarter earnings.
At the same time, the company announced it had closed out its gold hedge book at a cost of $578 million, leaving it completely unhedged in the market. Analysts were mixed on the impact of the decision. While it results in a $531 million pre-tax loss, it also frees the company from future price caps if gold prices continue to head higher.
Last Update: 8:12 AM ET May 11, 2007
May 11, 2007 (Dow Jones Commodities News via Comtex) -- DOW JONES NEWSWIRES
Richmont Mines Inc. (RIC) has signed a binding letter of intent with Osisko Exploration Ltd. (OSK.V) giving Osisko the exclusive right to acquire a 100% interest in the East Amphi property, consisting of 87 claims and one mining concession.
The Montreal mining company said the property is immediately north and west of Osisko's Canadian Malartic property.
It said it will receive C$2.45 million plus Osisko shares valued at C$5 million. As well, it will retain a 2% net smelter return on the property.
ast Update: 9:25 AM ET May 10, 2007
May 10, 2007 (Dow Jones Commodities News via Comtex) -- DOW JONES NEWSWIRES
Richmont Mines Inc. (RIC) had a 28% increase in first-quarter revenue to C$10.3 million from C$8.1 million a year earlier, as results were driven by an increase in precious-metal revenue and a gain on the sale of assets.
In the first quarter, 12,403 ounces of gold produced at a cash cost of US$493 were sold at an average price of US$659. In the same quarter the prior year, 12,108 ounces of gold produced at a cash cost of US$573 were sold at an average price of US$570.
The Montreal gold-exploration, development and mining company earned C$326,003 or 1 Canadian cent a share in the latest quarter, versus C$680,447 or 3 Canadian cents a year earlier.
Main Access Tunnel Completed All Non-tailings Related Construction Set for August Completion
Last Update: 9:01 AM ET Jul 11, 2007
COEUR D'ALENE, Idaho, Jul 11, 2007 (BUSINESS WIRE) -- Coeur d'Alene Mines Corporation (CDE: Coeur d'Alene Mines Corporation) (CA:CDM) today announced that construction work has been completed on the main access tunnel at the Kensington Gold Mine in Alaska, with all remaining, non-tailings related surface facility construction scheduled for completion by mid-August.
The completion of the 12,000-foot horizontal tunnel now allows for clear access between the Kensington Mine and the Jualin property, where the mill and processing facilities are located. Contractors from the Redpath/Kake Native corporation joint venture, along with Coeur Alaska, completed the final 6,800 feet of tunneling over the past year.
The processing facility and mill, located outside the portal in the Jualin Valley, are expected for completion by August 15. In addition to connecting with the Kensington Mine for mining equipment and ventilation, the 18-foot wide by 15-foot high tunnel further opens up new territory in the historic Jualin and Comet mining areas to future exploration potential.
The Kensington Mine is expected to produce 150,000 ounces of gold per year in its initial years at an estimated cash cost of $310 per ounce of gold, with an expected 10-15 year mine life based on current mineral inventory. The mine has 1.35 million ounces of proven and probable gold mineral reserves.
The Company is continuing to review its options, including engaging the environmental organizations' plaintiffs, and hopes to find a solution to the tailings facility at Kensington so it may proceed with production.
Coeur d'Alene Mines Corporation is one of the world's leading primary silver producers and has a strong presence in gold. The company has mining interests in Alaska, Argentina, Australia, Bolivia, Chile, Nevada and Tanzania.
Last Update: 11:44 AM ET Jul 9, 2007
VANCOUVER, BRITISH COLUMBIA, Jul 09, 2007 (MARKET WIRE via COMTEX) -- (All dollar amounts in United States dollars (US$))
GOLDCORP INC. (CA:G) (GG: goldcorp inc new com) is pleased to declare its seventh monthly dividend payment for 2007 of $0.015 per share. Shareholders of record at the close of business on Friday, July 20, 2007 will be entitled to receive payment of this dividend on Friday, July 27, 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.
Last Update: 10:02 AM ET Jul 10, 2007
TORONTO, ONTARIO, Jul 10, 2007 (MARKET WIRE via COMTEX) -- IAMGOLD Corporation ("IAMGOLD" or "the Company") (CA:IMG) (IAG:
iamgold corp com) (BSE: IAMGOLD) is pleased to announce the results of an additional 16 diamond drill holes on its 100% owned Quimsacocha Project in Ecuador, including an intersection of 32.6 metres averaging 5.3 grams per tonne (g/t) gold, 66.5 g/t silver and 0.36% copper. These holes represent 3,000 metres of diamond drilling carried out as part of the infill drilling and resource development program. Previous results of this program were successful in increasing resources at Quimsacocha by over 20%, as reported in September 2006 and identifying new targets to be followed up in the 2007 program. Quimsacocha is located 40 kilometres southwest of the city of Cuenca in southern Ecuador.
"Quimsacocha continues to demonstrate consistency and continuity through its results," commented Joseph Conway, President and CEO of IAMGOLD. "As we move forward with the development of this project, part of the focus will remain on adding to the existing resource. We continue to monitor the political environment in Ecuador and are confident that changes will not impact our timetable. Our drill program is progressing as expected and the pre-feasibility study will be complete in Q1 2008."
These most recent results are distributed in the central and southern parts of the Quimsacocha resource and confirm the continuity of the mineralization in the north / south direction. The mineralization remains open to the east and west of the known resource.
In 2006, $6.2 million was spent on exploration at Quimsacocha to complete 19,000 metres of drilling. The majority of drilling was carried out within the Loma Larga zone which is contained in the known resource. In the first half of 2007, $2.4 million has been spent on exploration and project development work that included more than 5,000 metres of diamond drilling on newly identified targets. The 1H 2007 drill campaign was directed at the Rio Falso Sur and Loma Tasqui targets situated south and southwest of the Quimsacocha resource respectively. Both satellite zones exhibit hydrothermal alteration and characteristics similar to Quimsacocha, and first half drill results will be released before the end of July.
Significant intersections from the recent drilling at Quimsacocha and Loma Larga are presented in Table 1. The collar locations of the drill holes can be found in Figure 1 with additional information provided in the cross sections of figures 2, 3 and 4. These figures can also be found at: http://www.iamgold.com.
Last Update: 10:08 AM ET Jul 9, 2007
MONTREAL, QUEBEC, Jul 09, 2007 (MARKET WIRE via COMTEX) -- Cadiscor Resources Inc. ("Cadiscor") (CA:CAO) (FRANKFURT: DQN) is pleased to announce that it has signed today a Purchase Agreement with a wholly owned subsidiary of IAMGOLD Corporation, ("IAMGOLD"), to acquire a 100% interest in the Flordin Property. The property is located within the Harricana-Turgeon volcano-sedimentary assemblage of the Northern volcanic zone of the Abitibi Greenstone Belt, Province of Quebec. The Flordin property consists of 40 ground-staked claims in Desjardins Township, which covers a surface area of 590.9 hectares. It includes the Flordin and Cartwright gold deposits. It adjoins to the east the Cameron Shear property on which Cadiscor has an option to gain a 50% interest from Canadian Royalties Inc. With this transaction, Cadiscor now has a controlling interest in a 21 kilometres length of the Cameron Shear Zone that host Cadiscor Discovery gold deposit to the West.
To acquire the property, Cadiscor has agreed to issue 300,000 common shares of Cadiscor to IAMGOLD and to grant a 1% Net Smelter Returns (NSR) production royalty on future commercial production from the property. Cadiscor will have a pre-emptive right at any time to purchase back this 1% NSR royalty for $US 1,000,000.
The discovery of gold on the Flordin property dates back to the 1930s. The mineralization is directly related to a major shear zone associated to the Cameron Shear Zone. The Flordin deposit is in the direct eastern extension of the Discovery gold deposit. Cadiscor has released, in May 2007, a new 43-101 resource estimation for Discovery, following a 23,000 meters drilling campaign. The Measured and Indicated resources are estimated at 1,163,186 tonnes at an average grade of 5.53 g/t for a total of 206,624 ounces of gold, representing more than a 150% increase of the gold content and a 204% increase in tonnage over the previous May 2006 43-101 estimate for the same category. In addition to these Measured and Indicated resources, a total of 966,864 tonnes at an average grade of 6.06 g/t for 188,510 ounces of gold are classified as Inferred resources. This represented an increase of 9% of the gold content and a 14% increase in tonnage over the previous May 2006 43-101 estimate for the same category.
The Flordin deposit was last explored in 1988. From 1981 to 1988, some 168 surface drill holes (for a total of 28,602 meters) and 29 underground drill holes (2,280 meters) were done by Sullivan Mines, Cambior inc., and Bachelor Lake Gold Mines Inc. A mineral resource of 815,000 t at 5.1g/t Au was calculated. This resource calculation does not comply with 43-101 regulation. In 1988, Western Premium Resources Corp, a successor to Bachelor Lake gold mines, carried an underground exploration program with the extraction of a 4,053 t bulk sample at a grade of 4.71g/t Au and a mill recovered grade of 4.25g/t Au. A 203 meters ramp was excavated down to 50 meters depth to access the ore. The mineralized zones were not drilled at depths greater than 200 meters, except for one hole.
The Cartwright gold deposit according to the Quebec Ministry of Mines has resources of 82,000 t at 10.5g/t Au. This resource calculation does not comply with 43-101 regulation.
Vincent Jourdain, Ph. D. Ing., Vice-President Exploration, a qualified person under NI 43-101 regulation has not done sufficient work to classify the historical estimate as current mineral resources. Cadiscor is not treating the historical estimate as current mineral resources and the historical estimate should not be relied upon.
Cadiscor intends to aggressively explore the property; especially the depth extensions of the known gold zones of the Flordin and Cartwright gold deposits. An exploration program is in preparation and will include deep drilling.
This acquisition adds and consolidates Cadiscor land position in the Discovery area. It also adds to its gold resource base.
DALLAS, Jul 05, 2007 (BUSINESS WIRE) -- Rox Resources Ltd. (RXRS: rox res ltd com new) has been rated "Speculative Buy" with a target price of $.20 by Beacon Equity Research Analyst, Lisa Springer, CFA.
The full report is available at http://www.BeaconEquityResearch.com
Anyone interested in receiving alerts regarding Rox Resources Ltd. research should email members@beaconequityresearch.com with "RXRS" in the subject line.
In the report, the analyst writes, "Rox Resources Ltd. (RXRS) is acquiring Canadian mining properties and plans to explore for copper, zinc, gold and other valuable metals. The Company's principle mineral property is the Fox Mine, located in the Canadian province of Manitoba. The Fox Mine, situated 44 kilometers southwest of the town of Lynn Lake, Manitoba, covers an area of 8.2 square miles."
"An annual survey of mining companies conducted by the Fraser Institute indicates that Canada's Manitoba region, where Rox Resources' properties are located, is considered to have the world's best potential for significant mineral resources."
Other companies in the mineral exploration market include Teck Cominco Ltd. (TCK: teck cominco ltd cl b) , Gold Fields Ltd. (GFI: gold fields ltd new sponsored adr) Arch Coal Inc. (ACI: arch coal inc com) , and Can Alaska Ventures (CA:CVV) .
Last Update: 5:45 PM ET Jul 5, 2007
Jul 05, 2007 (Dow Jones Commodities News via Comtex) -- DOW JONES NEWSWIRES
Newmont Mining Corp. (NEM) said late Thursday it is eliminating its entire 1.85 million-ounce gold hedge position and plans to discontinue its merchant banking segment.
The Denver based gold producer said that during June it spent $578 million to eliminate its entire price-capped forward sales contracts, and it will report a pretax loss of roughly $531 million on the early settlement of the contracts, after a $47 million reversal of previously recognized deferred revenue.
In addition, as a result of its decision to discontinue its merchant banking segment, Newmont said it will take a non-cash impairment charge of roughly $1.7 billion in the second quarter. The company said it is considering alternatives for the unit, including a possible sale or initial public offering.
Newmont Mining (NEM) has eliminated its entire 1.85-million-ounce gold hedge position and said it plans to monetize components of its royalty and equity portfolio in the next 12 months, resulting in the discontinuation of the company's merchant banking segment as a separate unit.
Last month, Newmont spent $578 million to terminate all of its price-capped forward sales contracts. The company will report a pretax loss of roughly $531 million on the early settlement of the contracts, after a $47 million reversal of previously recognized deferred revenue.
"With the elimination of our gold hedge book, we have renewed our commitment to maximizing gold price leverage for our shareholders," CEO Richard O'Brien said in a press release. "In addition, we are focused on delivering improvements in our operating performance and cost structure going forward."
Because of the decision to discontinue the merchant banking business, the carrying value of the division's goodwill is now classified as impaired. Consequently, Newmont expects to record a noncash charge of around $1.7 billion in the second quarter.
Newmont has hired financial and legal advisers to evaluate alternatives to maximize the realized value of the merchant banking portfolio. Potential options include a public offering or private sales.
By Gabriel Madway
Last Update: 5:39 PM ET Jul 5, 2007
SAN FRANCISCO (MarketWatch) -- Newmont Mining Corp. (NEM: Newmont Mining Corporation) said late Thursday it is eliminating its entire 1.85 million-ounce gold hedge position and plans to discontinue its merchant banking segment. The Denver based gold producer said that during June it spent $578 million to eliminate its entire price-capped forward sales contracts, and it will report a pre-tax loss of roughly $531 million on the early settlement of the contracts, after a $47 million reversal of previously recognized deferred revenue. In addition, as a result of its decision to discontinue its merchant banking segment, Newmont said it will take a non-cash impairment charge of roughly $1.7 billion in the second quarter. The company said it is considering alternatives for the unit, including a possible sale or initial public offering.
Last Update: 9:02 AM ET Jul 5, 2007
VANCOUVER, BRITISH COLUMBIA, Jul 05, 2007 (MARKET WIRE via COMTEX) -- Goldcorp Inc. (CA:G) (GG: goldcorp inc new com) will release second quarter results before market opens on Thursday, August 9th, 2007.
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.
Goldcorp (GG): The short entry was at $25, and the adjusted stop is currently $24.55. No change in that level. Shares closed at $25.67 Friday.
