DJ PRECIOUS METALS UPDATE: Newmont Ghana Gold Costs To Soar
Last Update: 2:41 PM ET Oct 20, 2006
LONDON, Oct 20, 2006 (Dow Jones Commodities News via Comtex) -- TOP STORIES: Newmont Ghana Gold: Costs To Soar On Environment Report
Ghana's Environmental Protection Agency has asked Newmont Mining Corp. (NMC.T) to revise its initial plan to construct an open cast gold mine, a move the company says will increase its operating costs on the project.
World Gold Council Chairman Speaks
10/20/2006 9:49 AM EDT
Pierre Lassonde, chairman of the World Gold Council and president of Newmont Mining, discusses the future of StreetTRACKS Gold Shares ETF with Simon Constable.
Last Update: 4:58 PM ET Oct 19, 2006
By Rebecca Howard
Of DOW JONES NEWSWIRES
LIMA (MarketWatch) -- Strong metals prices will have boosted third-quarter earnings at Peru's largest mining companies, local brokerages said.
"Prices for the main metals, both base and precious, registered strong increases in the third quarter of this year," Banco de Credito, Peru's largest bank, said in a report.
Among Peru's many miners, the biggest ones, such as Southern Copper Corp (PCU), Compania de Minas Buenaventura SAA (BVN), Sociedad Minera Cerro Verde SA (CVERDEC1.VL) and Volcan Compania Minera SAA (VOLB.VL) are set to report quarterly earnings.
Buenaventura Seen Strong
Banco de Credito also forecasts that Compania de Minas Buenaventura SAA will post third-quarter net income of $103.5 million. That compares to a net income of $40.7 million or $0.32 per share in the same period a year ago.
Centura sees Buenaventura's net income in the third-quarter at $136.5 million.
Buenaventura has a 43.65% stake in Minera Yanacocha, one of the largest gold mines in the world. However, analysts say that Buenaventura will also benefit from its 18% stake copper miner Sociedad Minera Cerro Verde SA.
The brokerages noted that the company will benefit from stronger gold and copper prices at the Yanacocha mine and at Cerro Verde, although that will be offset to some extent by lower production and higher costs at Yanacocha.
By James Attwood
Last Update: 5:07 AM ET Oct 16, 2006
SYDNEY (MarketWatch) -- Consolidation in the global gold industry is expected to gain pace in coming months after the recent merger flurry among industrial metal producers.
Driving the latest round of interest is waning enthusiasm for raising project capital on equity and debt markets as some of the heat comes out of bullion prices against a backdrop of rising costs and a dearth of major discoveries.
"Gold stocks are starting to see consolidation and I'm sure we're going to see a lot more happening...there's a lot of discussion in the industry now," said Wayne Seabrook, an investment banker at Sydney-based Wilson HTM.
Since Canada's Barrick Gold (ABX) acquired Placer Dome earlier this year to replace Denver-based Newmont Mining Corp. (NEM) as the world's top gold producer, the industry has seen a steady flow of mergers and takeovers.
...
Barrick is back in the news as it seeks to tuck in the assets of much smaller Canadian player NovaGold Resources Inc. (NG).
While analysts continue to speculate on how, or who, Newmont may look at to regain its number one status; Australia's largest independent gold producer, Newcrest Mining, is often named as a potential target.
....
Buenaventura Exercises Option to Purchase Remaining 25% of Minas Poracota
LIMA, Peru, Oct 10, 2006 /PRNewswire-FirstCall via COMTEX/ -- Compania de Minas Buenaventura S.A.A. ("the Company" or "Buenaventura") (BVN :
Compania De Minas Buenaventuras S.A ) (Lima Stock Exchange: BUE.LM), Peru's largest publicly-traded precious metals mining company, announced today that it has accepted the decision of Teck Cominco Peru S.A. to sell its 25% interest in Minas Poracota S.A. to Buenaventura.
Buenaventura will purchase Teck Cominco Peru's 25% interest in Minas Poracota S.A. for US$2.25 million in cash, becoming 100% owner of Minas Poracota S.A.
Minas Poracota S.A owns 100% of the Poracota Project, located in the district of Cayarani, 20 kilometers west of the Orcopampa mine in Arequipa in southern Peru. Buenaventura has been exploring this prospect, with promising results, since 2003.
Company Description
Compania de Minas Buenaventura S.A.A. is Peru's largest, publicly-traded precious metals company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly-owned mines as well as through its participation in joint exploration projects.
Buenaventura currently operates three mines in Peru and also has controlling interests in four mining companies as well as a minority interest in several other mining companies in Peru. The Company owns 43.65% in Minera Yanacocha S.R.L. (a partnership with Newmont Mining Corporation), an important precious metal producer, and 18.50% in Sociedad Minera Cerro Verde, an important Peruvian copper producer.
At the same time, as investors we cannot simply put our money into "potential." With the opening up of Africa to both the South African and (to a smaller degree) Israeli companies, growth in Africa is best tapped using companies that know the ground but are based in countries with sufficient shareholder protections. AngloGold Ashanti (NYSE: AU), a $10 billion South African gold-mining concern, has developed mines and interests throughout sub-Saharan Africa, and paper and pulp giant Sappi (NYSE: SPP) has done the same.
The Coming Gold Mergers:
What the Big Boys are Looking At
3rd Hour with Jim & John
Last Update: 4:30 PM ET Oct 6, 2006
LIMA, Peru, Oct 06, 2006 /PRNewswire-FirstCall via COMTEX/ -- Compania de Minas Buenaventura S.A.A. ("Buenaventura") (BVN) (Lima Stock Exchange: BUE.LM), Peru's largest publicly-traded precious metals mining company, announced that the Company's Board Meeting, held today, passed the following resolutions:
1. Approval of the merger project by absorption of Inversiones Mineras del
Sur S.A. by Buenaventura.
2. To call an extraordinary Shareholders Meeting to be held
November 2, 2006, to approve the aforementioned merger by absorption.
Company Description
Compania de Minas Buenaventura S.A.A. is Peru's largest, publicly-traded precious metals company and a major holder of mining rights in Peru. The Company is engaged in the mining, processing, development and exploration of gold and silver and other metals via wholly owned mines as well as through its participation in joint exploration projects.
Buenaventura currently operates three mines in Peru and also has controlling interests in four mining companies, as well as a minority interest in several other mining companies in Peru. The Company owns 43.65% in Minera Yanacocha S.R.L. (a partnership with Newmont Mining Corporation) and is one of the most important precious metal producers in the world.
10/04/06 Buenaventura cut to peer peform at Bear Stearns - MarketWatch
Last Update: 9:14 AM ET Oct 6, 2006
NEW YORK, NY, Oct 06, 2006 (MARKET WIRE via COMTEX) -- AngloGold Ashanti's (AU) third quarter 2006 earnings conference call will take place on Monday, 30 October at 15.00 South Africa time (US EST: 08.00; UK: 13.00; Sydney: 00.00). Participants can access the call by dialing one of the following numbers and referencing 'AngloGold Ashanti':
From North America:
Toll 1 412 858 4600
Toll-free 1800 860 2442
From the UK:
Toll 020 7107 0611
Toll-free 0800 917 7042
From Australia:
Toll-free 1800 350 100
From South Africa:
Toll 011 535 3600
Toll-free 0800 200 648
A replay will be available two hours after the call on 30 October through 16 November. To access the replay, dial one of the following numbers and reference the playback code 2645:
From North America:
Toll 1 412 317 0088
Toll-free 1 877 344 7529
From the UK:
Toll-free 0808 234 6771
From Australia:
Toll 073 01 802 12
Toll-free 1800 220 860
From South Africa:
Toll 011 305 2030
As usual, a live webcast of the call, as well as the company's full quarterly results, will be available on http://www.anglogoldashanti.com.
Last Update: 2:53 PM ET Oct 6, 2006
DENVER, Oct 06, 2006 /PRNewswire-FirstCall via COMTEX/ -- Newmont Mining Corporation (NEM) announced that it will report third quarter 2006 results on, November 2, 2006. A conference call will be held that day at 4:00 p.m. Eastern Time (2:00 p.m. Mountain Time) to discuss the quarter's results. The conference call will be carried on the Company's web site.
The third quarter 2006 results and related financial and statistical information will be available prior to the conference call in the Investor Information section of the Company's web site, http://www.newmont.com. Additionally, the conference call will be archived for a limited time on the Company's web site.
SOURCE Newmont Mining Corporation
Among the precious metals miners, Matrix Research increased its stock rating on Newmont Mining (NEM) to buy from hold. Shares were up 0.5% in the afternoon.
Jobs Report Sinks Gold
28,60 EUR ein neues 52-Wochentief!
Das sind nach meiner Meinung für diejenigen, die Aktien von Anglogold Ashanti kaufen wollen, super günstige Einkaufspreise!
Dieses soll keine Empfehlung sein, sondern nur meine bescheidene persönliche Meinung!
"I could have suggested another stock, probably Anglogold Ashanti Ltd."
PETER BRIMELOW
Picking stocks can be child's play
Commentary: How an 11-year-old builds her portfolio
By Peter Brimelow, MarketWatch
Last Update: 12:03 AM ET Oct 3, 2006
NEW YORK (MarketWatch) -- Have I got a hot stock for you. Or something.
Last Update: 9:24 AM ET Sep 25, 2006
DENVER, Sep 25, 2006 (BUSINESS WIRE) -- Golden Star Resources Ltd. (GSS) today announced the appointment of Colin Belshaw as Vice President Operations and Daniel Owiredu as Vice President Ghana.
Colin Belshaw is a British mining engineer with approximately 30 years' experience in the mining sector in Africa, the Americas and Europe and a background in gold and copper mining in both open pit and underground mining situations. Most recently Colin was employed by Kinross Gold Corporation as Director General Far East Operations and then Group Consulting Mining Engineer in Reno, Nevada.
Daniel Owiredu is a Ghanaian engineer with more than 20 years' experience in the mining sector in Ghana and West Africa. Most recently, Daniel was Deputy Chief Operating Officer for AngloGold Ashanti Ltd. following the amalgamation of AngloGold Ltd. and Ashanti Goldfields Co. Ltd. His prior experience includes successfully managing the construction and operation of the Bibiani mine for Ashanti. He also managed the Siguiri mine in Guinea and the Obuasi mine in Ghana for Ashanti.
Initially, both Colin and Daniel will be based in Ghana at the heart of the Company's business activities. In mid-2007, it is expected that Colin Belshaw will relocate to our Denver headquarters to become Chief Operating Officer while Daniel Owiredu will remain in Ghana and become Vice President Operations, Ghana.
Peter Bradford, President & CEO, said, "These two appointments further strengthen and broaden our senior management team. Both Colin and Daniel deliver strong technical and operational qualifications to Golden Star as well as significant underground mining experience, which become more important in the future as we progress the Prestea Underground mine. In addition, Daniel delivers an excellent understanding of doing business in Ghana which we expect will further strengthen our stakeholder relationships in Ghana."
"Golden Star has grown significantly in the last few years and expects to produce 500,000 ounces in 2007,"continued Mr. Bradford. "Therefore, we have proactively strengthened and expanded our management team. Additionally, we have recently appointed Dr. Mark Thorpe as Vice President Sustainability, to direct the Company's health, safety, environmental and community affairs activities, and Peter Bourke as Vice President Technical Services, to oversee the preparation of our reserves and mining and processing plans. In October, David Partridge joins the Company as General Manager of the Bogoso/Prestea mine, a role which Colin Belshaw has filled since his appointment as Vice President Operations earlier this year. Bruce Higson-Smith, who was acting General Manager at Bogoso/Prestea from late 2005 until Colin Belshaw's appointment, has now resumed his normal role of Vice President Corporate Development on a full time basis."
Company Profile
Golden Star holds a 90% equity interest in the Bogoso/Prestea and Wassa open-pit gold mines in Ghana. In addition, Golden Star has an 81% interest in the currently inactive Prestea Underground mine in Ghana, as well as gold exploration interests elsewhere in Ghana, in other parts of West Africa and in the Guiana Shield of South America.
SOURCE: Golden Star Resources Ltd.
Last Update: 5:55 PM ET Sep 28, 2006
BILLINGS, Mont., Sept 28, 2006 /PRNewswire-FirstCall via COMTEX/ -- STILLWATER MINING COMPANY (SWC) n commenting on the effect on 2006 performance of the recent wildfires in south central Montana, has reaffirmed its earlier production and cost guidance for the year.
Francis R. McAllister, the Company's chairman and CEO, offered the following commentary:
"We had a number of press releases in August and September regarding temporary mine closures due to area wildfires. The fires covered a very large area -- nearly a quarter of a million acres -- but never directly threatened our mines."
"In 2005, the Company's mine production was 554,000 ounces of PGMs, of which 428,000 ounces was palladium and 126,000 ounces was platinum. For 2006, the Company expects PGM mine production of about 600,000 ounces, with total consolidated cash costs of approximately $300 to $315 per ounce. This is in line with our guidance for the year, despite the closures experienced due to the wildfires."
"The mine production is only part of our production story, as we expect continued expansion of our recycling activities. For 2006, these are up 65% over 2005 at about 325,000 ounces of PGMs from spent catalytic converters."
For the latest Stillwater Mining Presentation, delivered at the Denver Gold Forum on September 25th, please visit http://events.onlinebroadcasti…6/feed_live.php?co=stillw ater.
Stillwater Mining Company is the only U.S. producer of palladium and platinum and is the largest primary producer of platinum group metals outside of South Africa and Russia. The Company's shares are traded on the New York Stock Exchange under the symbol SWC. Information on Stillwater Mining, including the full text of Mr. McAllister's remarks, can be found at its website: http://www.stillwatermining.com.
SOURCE Stillwater Mining Company
Last Update: 8:02 AM ET Sep 27, 2006
DENVER, Sept 27, 2006 /PRNewswire-FirstCall via COMTEX/ -- Newmont Mining Corporation (NEM) today announced that equity gold sales are expected to temporarily decline before increasing after development projects in Nevada, Ghana and Australia achieve full production rates in 2008 and 2009. For 2006, the Company now expects equity gold sales of between 5.6 and 5.8 million ounces, primarily as a result of the expropriation of the Company's 50% interest in the Zarafshan-Newmont Joint Venture in Uzbekistan, lower production in Ghana caused by nationwide power shortages, and the expected sale of the Holloway mine in Canada. Costs applicable to sales for the remainder of 2006, however, are expected to be in line with previous guidance of $290 to $310 per ounce.
In 2007, the Company expects equity gold sales of between 5.2 and 5.6 million ounces, primarily as a result of lost sales from the Zarafshan- Newmont Joint Venture and the previously announced lower expected production from Yanacocha in Peru. Costs applicable to sales for 2007 are expected to be approximately 20% to 25% higher than 2006, primarily as a result of higher costs at Yanacocha. The Company has also deferred development of the Akyem project in Ghana, pending completion of permitting and resolution of country-wide power shortages.
Chairman and Chief Executive Officer, Wayne Murdy said, "With the higher commodity and energy prices impacting the industry, and lower gold production at Yanacocha, we expect gold sales to reach a low point and costs to peak in 2007. Beyond 2007, we expect to return to a growth profile with improving costs as we benefit from the ramp-up of our new mines. For the fifth straight year, in 2006, we anticipate growing our reserves net of depletion."
In the third quarter of 2006, the Company expects to generate pre-tax gains of approximately $295 million from the sale of its "Black Gold" heavy oil property in Canada and the Martabe project in Indonesia. Gains from the sale of these assets are expected to be partially offset by an anticipated $94 million, non-cash write-off of the Zarafshan-Newmont Joint Venture as a result of the Uzbek government's expropriation of the Company's assets. The Company will continue to challenge the Uzbek government's actions through international arbitration.
Finally, the Company is pleased to announce the acquisition of a 40% interest in Shore Gold Inc.'s Fort a la Corne Joint Venture in Saskatchewan, Canada for $153 million. The Company, which already owned 9.7% of Shore Gold Inc., believes that this investment represents an opportunity to participate in a significant district-scale diamond project.
Last Update: 12:39 PM ET Sep 25, 2006
DENVER, Sept 25, 2006 /PRNewswire-FirstCall via COMTEX/ -- The U.S. Department of the Interior's Bureau of Land Management (BLM) awarded Idarado Mining Company, a Newmont subsidiary (NEM) its inaugural 2006 Hardrock Mineral Director's Award.
The Department of the Interior created the Award to showcase the finest examples of responsible mineral resource development in the country. The Award recognizes the implementation of the principles of sustainable development, a concept adopted by the United States and 192 other countries, to balance environmental, economic, and social considerations for mining operations. The Idarado team and members of Newmont's corporate Environment and Social Responsibility department accepted the award at a ceremony hosted by the National Mining Association in Washington, D.C. on September 21, 2006.
Idarado Mining Company, founded in 1939 in the Telluride and Red Mountain mining districts of Colorado's San Juan mountains, produced gold, silver and other metals until it closed in 1979. Idarado worked collaboratively with local communities, state regulators, government officials and other constituencies to develop a reclamation, remediation and preservation plan for the historic mining district. The BLM Award recognizes Idarado's achievements in balancing the interests of all stakeholders, while protecting the environment and creating long-term economic value for the region.
"Newmont's commitment to leadership in environmental stewardship is embodied in Idarado's award from the BLM," said Dave Baker, Vice President, Environment and Social Responsibility. "Idarado's water management and vegetation procedures have become industry standards and have benefited our mining operations worldwide. Idarado's legacy was only possible as a result of the collaboration between the local communities, state and local governments and the private sector, all working toward the common goal of providing lasting value for the region," Baker said.
Starting in 2000, once the environmental closure and reclamation processes were complete, Idarado began working with the non-profit organization, The Trust for Public Land, to return the majority of its private land back to publicly-owned open space. A portion of Idarado's property was also developed into 37 home sites. The land once owned by Idarado now provides access to hiking, mountain biking, and cross-country skiing trails, as well as an enhanced stream habitat and future access to ice and rock-climbing destinations.
This is the second consecutive year a Newmont operation has won a BLM award. Newmont's Nevada Operations received the Hardrock Mineral Community Outreach and Economic Security Award in 2005. For more information on Idarado's programs and award, please refer to Newmont's website at http://www.newmont.com.
SOURCE Newmont Mining
With the Gabelli Global Gold, Natural Resources & Income Trust, you can gain exposure to the metal while it is still in the ground. TheStreet.com Ratings has a buy rating of B on this fund.
As of June 30, the closed-end fund holds a who's who list of mining shares, including Gold Fields (GFI), Newmont Mining (NEM), Agnico-Eagle Mines (AEM), Glamis Gold (GLG), Randgold Resources (GOLD) and Barrick Gold (ABX).
The fund's allocations break down as follows: gold-mining shares constitute 50%; energy and related services, 39%; nonprecious-metal companies, 9%; and paper and forest products, 2%.
