Beiträge von GSP-Komet

  • Novagold Resources / NG (TSX, AMEX)

    NovaGold Resources Inc. (AMEX: NG) and Teck Cominco Ltd. (NYSE: TCK) announced a new management team to move the Galore Creek project through the next phase of optimization and reengineering. We believe that this demonstrates that both companies place value on the opportunity and are aligned in their focus to advance the Galore Creek project as quickly as possible.
    As this is the first joint announcement on Galore Creek since Thanksgiving weekend, investors were drifting through the end of the 2007 waiting for some sense of direction amidst a period of fierce tax-loss selling. We note that some in the industry had discounted the project completely, which we thought was overdone, especially when considering that Teck was funding an additional $140 million to complete its earn-in to establish a 50% ownership position.
    It is still too early to surmise the extent or areas that the new team will address in order to produce a “modified construction approach and execution plan.” We believe that there remains several areas for potential improvement which should be highlighted over the coming year with additional time for study. We are encouraged with the statement from Teck’s CEO, however that “clearly both NovaGold and Teck Cominco remain fully committed to unlocking the potential of the Galore Creek resource as rapidly as possible." We are also interested in additional drill results from the 2007 drill program, and further study of the overall waste management plan which may lead to improved pit design or reduction of the tailings facility. In addition, should this require some amendment of permits, the government will likely be brought back to the table, which may potentially lead to some participation with infrastructure or other assistance with project costs. While this additional study will take time, we suspect that banker’s long-term price assumptions may creep toward current forward curve price levels, providing some additional lift for their models.
    It is important for investors to revisit the Galore Creek project’s contribution to value of NovaGold shares. While Galore Creek is being sorted out, we continue to believe the story for NovaGold and the mining industry itself may be Donlin Creek during 2008. We are looking for the compilation of the 2006 and 2007 drill programs into an update and upgrade of the resource. In addition, NovaGold and Barrick Gold Corporation (NYSE: ABX) are scheduled to produce a feasibility study mid-year to offer direction for an optimal approach to power and track for permitting. We suspect that the Donlin Creek project may exceed investor expectations by being less costly, and having a larger resource than investors anticipate.
    Investors may not fully appreciate the contribution of Rock Creek reaching full production in 2Q08 and a resource upgrade at its Ambler project. We continue to believe that as scheduled events unfold in 2008, and additional insights are gained on Galore Creek the fundamental value underlying NovaGold shares will be fully demonstrated.
    The author is long NG and has no positions in any other stocks mentioned in this report. An affiliate of the author's employer provides corporate advisory services to NG. End of Story

  • Northgate Exploration Limited. (AMEX: NXG)

    VANCOUVER, Jan 18, 2008 /PRNewswire-FirstCall via COMTEX/ -- Northgate Minerals Corporation (CA:NGX) (NXG: Northgate Exploration Limited) is pleased to announce that the common shareholders and warrant holders (referred to in Australia as ordinary shareholders and optionholders, respectively) of Perseverance Corporation Limited ("Perseverance") voted earlier today in favour of their respective Schemes of Arrangement (the "Schemes"), which will give effect to Northgate's acquisition of Perseverance. These votes follow the previous approval received from Perseverance noteholders on December 17, 2007. Approval by the Supreme Court of Victoria of the Schemes is necessary before proceeding with the acquisition and a hearing is scheduled for February 1, 2008. Subject to that approval, implementation of the Schemes is scheduled to occur on February 18, 2008.
    Ken Stowe, Northgate's President and CEO, commented, "Today's approval of the Schemes by the shareholders and warrant holders of Perseverance represents a watershed event in what has been a lengthy but ultimately rewarding process that will benefit shareholders and employees of both companies. Our integration plans for Perseverance are well advanced and both of our management teams are very excited about the bright future of the Fosterville and Stawell mines as part of the Northgate family. Once the transaction closes in mid-February, Northgate will emerge as an unhedged, multi-mine gold producer with a strong balance sheet, excellent cash flow and tremendous growth potential, with operations in stable, mining-friendly jurisdictions of Canada and Australia."
    Further information about the proposed acquisition of Perseverance can be found in Northgate's press release dated October 28, 2007.
    NORTHGATE MINERALS CORPORATION is a gold and copper mining company focused on operations and opportunities in the Americas and Australia. The Corporation's principal assets are the Kemess South mine in north-central British Columbia and the Young-Davidson property in northern Ontario. With the proposed acquisition of Perseverance Corporation Limited, the addition of two operating mines will create a leading multi-mine, mid-tier gold producer, with over 430,000 ounces of gold production in 2008. Northgate is listed on the Toronto Stock Exchange under the symbol NGX and on the American Stock Exchange under the symbol NXG.

  • Teck Cominco Ltd. (NYSE: TCK)

    to Captive Canadian Shippers


    CALGARY, ALBERTA, Jan 17, 2008 (MARKET WIRE via COMTEX) -- Elk Valley Coal Partnership ("Elk Valley"), a Canadian company and one of Canada's largest exporters, has asked the Competition Policy Review Panel to review Canada's policy framework for the rail transportation sector as part of its mandate to ensure that Canada's national policies create a highly competitive economy and more and better jobs for Canadians. Elk Valley explains how monopolistic rail services create a significant barrier to its continued success serving the global steel industry. Elk Valley is a partnership between Fording Canadian Coal Trust (CA:FDG.UN: news, chart, profile) (FDG: fording cdn coal tr tr unit) and Teck Cominco Limited (CA:TCK.A) (CA:TCK.B) (TCK:
    teck cominco ltd cl b).

  • Teck Cominco Ltd. (NYSE: TCK)

    VANCOUVER, BRITISH COLUMBIA, Jan 16, 2008 (MARKET WIRE via COMTEX) -- NovaGold Resources Inc. (CA:NG) (NG: novagold res inc com new) and Teck Cominco Limited (CA:TCK.A) (CA:TCK.B) (TCK:
    teck cominco ltd cl b) today announced the appointment of a highly experienced senior management team to lead the Galore Creek project through the next phase of evaluation and optimization. NovaGold and Teck Cominco have appointed Mr. Pol Guzman as President & General Manager and Mr. Gary Ward as Project Director of the Galore Creek Mining Corporation.
    Mr. Guzman and Mr. Ward have joined the Galore Creek team to lead an aggressive review of Galore Creek's development with the objective of producing a modified construction approach and execution plan that will deliver enhanced financial returns. This work will begin immediately.
    Mr. Guzman is an internationally recognized senior project executive with in-depth experience in several complex and large-scale mine development projects. A mechanical engineer by training, Mr. Guzman brings with him decades of experience in the optimization, design and execution of mining projects, including the Escondida and Antamina mines in Latin America, where he served as Project Director during construction.
    Mr. Ward brings over 40 years of project execution experience to the Galore Creek project. Mr. Ward has managed feasibility study updates, value improvement exercises and construction coordination, often in multicultural environments, and most recently as Project Director for the expansion of the Paracatu project in Brazil.
    "I am very optimistic that this outstanding leadership team will be able to view the project with a fresh perspective and draw on their extensive experience to identify a path forward that will deliver clear value for both partners," said Rick Van Nieuwenhuyse, President & CEO of NovaGold.
    "The appointment of two professionals with the breadth of experience that Pol and Gary bring to Galore Creek demonstrates clearly that both NovaGold and Teck Cominco remain fully committed to unlocking the potential of the Galore Creek resource as rapidly as possible," said Don Lindsay, President & CEO of Teck Cominco.
    NovaGold and Teck Cominco would like to thank Doug Brown for his exceptional efforts in leading the Galore Creek project since the formation of the partnership in mid-2007. The project was operated to the highest environmental and safety standards and achieved significant progress under Mr. Brown's leadership. As the Galore Creek project moves into this phase of optimization and re-engineering, Mr. Brown will return to his role as Vice President Business Development for NovaGold but will remain actively involved in Galore Creek through its management committees.
    Substantial value was added to the project during the 2007 construction season, including clearing 80% of the 135-kilometer road right-of-way, completing 66 kilometers of pioneer road, installing a number of key bridges and initiating work on the road access tunnel into the Galore Creek Valley. During the construction suspension and optimization period, the partners will maintain the existing infrastructure to ensure the project can be restarted quickly and efficiently as soon as a modified construction approach is defined and approved.
    As a result of the decision to reassess the feasibility study and project economics, all of Galore Creek's proven and probable reserves have been reclassified as measured and indicated resources (see NovaGold's resource table at http://www.novagold.net). As a result, NovaGold expects to be filing a National Instrument 43-101 report prior to January 31, 2008. In the interim, the information contained in the Galore Creek Feasibility Study completed by Hatch Ltd. in October 2006 should not be relied upon.
    About NovaGold
    NovaGold is a gold and copper company engaged in the exploration and development of mineral properties in Alaska and Western Canada. Production is scheduled for 2008 at the 100%-owned Nome Operations in Alaska, which includes the Rock Creek, Big Hurrah and Nome Gold deposits. NovaGold owns 50% of the Donlin Creek gold project in Alaska, one of the world's largest gold deposits, with Barrick Gold (50%). The Company also owns 50% of the Galore Creek copper-gold-silver project in British Columbia with Teck Cominco (50%). Also in Alaska, NovaGold is earning a 51% interest as manager of the high-grade Ambler copper-zinc-silver-gold project in partnership with Rio Tinto. NovaGold has one of the largest resource bases of any exploration or development-stage precious metals company. NovaGold trades on the TSX and AMEX under the symbol NG.

  • Teck Cominco Ltd. (NYSE: TCK)

    NovaGold, Teck Cominco Committed to Advance Galore Creek




    NovaGold Resources Inc. (AMEX: NG) and Teck Cominco Ltd. (NYSE: TCK) announced a new management team to move the Galore Creek project through the next phase of optimization and reengineering. We believe that this demonstrates that both companies place value on the opportunity and are aligned in their focus to advance the Galore Creek project as quickly as possible.


    As this is the first joint announcement on Galore Creek since Thanksgiving weekend, investors were drifting through the end of the 2007 waiting for some sense of direction amidst a period of fierce tax-loss selling. We note that some in the industry had discounted the project completely, which we thought was overdone, especially when considering that Teck was funding an additional $140 million to complete its earn-in to establish a 50% ownership position.


    It is still too early to surmise the extent or areas that the new team will address in order to produce a “modified construction approach and execution plan.” We believe that there remains several areas for potential improvement which should be highlighted over the coming year with additional time for study. We are encouraged with the statement from Teck’s CEO, however that “clearly both NovaGold and Teck Cominco remain fully committed to unlocking the potential of the Galore Creek resource as rapidly as possible." We are also interested in additional drill results from the 2007 drill program, and further study of the overall waste management plan which may lead to improved pit design or reduction of the tailings facility. In addition, should this require some amendment of permits, the government will likely be brought back to the table, which may potentially lead to some participation with infrastructure or other assistance with project costs. While this additional study will take time, we suspect that banker’s long-term price assumptions may creep toward current forward curve price levels, providing some additional lift for their models.


    It is important for investors to revisit the Galore Creek project’s contribution to value of NovaGold shares. While Galore Creek is being sorted out, we continue to believe the story for NovaGold and the mining industry itself may be Donlin Creek during 2008. We are looking for the compilation of the 2006 and 2007 drill programs into an update and upgrade of the resource. In addition, NovaGold and Barrick Gold Corporation (NYSE: ABX) are scheduled to produce a feasibility study mid-year to offer direction for an optimal approach to power and track for permitting. We suspect that the Donlin Creek project may exceed investor expectations by being less costly, and having a larger resource than investors anticipate.


    Investors may not fully appreciate the contribution of Rock Creek reaching full production in 2Q08 and a resource upgrade at its Ambler project. We continue to believe that as scheduled events unfold in 2008, and additional insights are gained on Galore Creek the fundamental value underlying NovaGold shares will be fully demonstrated.


    The author is long NG and has no positions in any other stocks mentioned in this report. An affiliate of the author's employer provides corporate advisory services to NG.
    Mike Niehuser
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  • Harmony Gold Mining / HMY (NYSE), HAR (SA) und Gold Fields / GFI

    Foreign producers break ground as gold prices rise


    SAN FRANCISCO (MarketWatch) - China became the world's largest gold producer last year, helped by Canadian- and Australian-led projects that aim to add millions in ounces to the world gold supply.


    ...


    The ranking pushes South Africa into second place, the first time the gold giant has lost its top ranking since 1905, GFMS said. South Africa, whose late 19th century gold rush led to the founding of mining heavyweight Anglo American Plc (AAUK: anglo amern plc adr new) (UK:AAL) and is home to global producers Gold Fields Ltd. (GFI: gold fields ltd new sponsored adr) (ZA:GFI: news, chart, profile) and AngloGold Ashanti Ltd. (AU: anglogold ashanti ltd) (ZA:ANG) , saw its production decline 8% to 272 metric tons.


    ...


    Gold Fields and Australia's Sino Gold Mining Ltd. (AU:SGX) , meanwhile, have set up a joint venture focused on discovering large gold deposits in China with the potential to produce about 500,000 ounces a year. Sino Gold has been buying stakes in Chinese gold deposits and explorers. In May it started production at its Jinfeng mine in southern China, with planned gold production of 180,000 ounces per year.


    ...


    Accelerating a drop in output last year, the country's mining authorities started a crackdown on unsafe mines after 3,200 workers were trapped at Harmony Gold Mining Ltd.'s (HMY: HMY) Eldestrand mine in October.

  • Anglo American PLC (AAUK)

    ...Zacks Equity Research provides analysis on Anglo-American (AAUK:
    anglo amern plc adr new)


    ...


    We are maintaining a Hold recommendation on Anglo-American (AAUK:
    anglo amern plc adr new) . The company is benefiting from strong demand for commodities around the globe and increasing production. However, risks to global economic growth remain, and the strength of the South African rand could have a significant impact on future earnings. Headquartered in London, Anglo-American, Plc is a global leader in mining and natural resource sectors. It has significant and focused interests in gold, platinum, diamonds, coal, base metals, ferrous metals, industrial minerals and forest products.

  • Anglo American PLC (AAUK)

    The British mining company Anglo American is in exclusive negotiations to pay $5.5 billion for control of iron ore projects owned by the Brazilian mining concern MMX Mineração e Metálicos, the companies said. Under terms of a complex deal, Anglo American would buy the MMX shares owned by a Brazilian businessman, Eike F. Batista, and secure control of the company’s Minas-Rio and Amapa ore mines in Brazil, the companies said. Anglo American said the talks focused on the acquisition of Mr. Batista’s 63.6 percent share in what would be a new company broken off from MMX. That company would own MMX’s current 51 percent interest in Minas-Rio and 70 percent interest in Amapa. Anglo American would also pay royalties to MMX for the Minas-Rio project beginning in 2025 and beginning in 2023 for Amapa.

  • Anglo American PLC (AAUK)

    JOHANNESBURG (MarketWatch) -- Kumba Iron Ore Ltd. (KIO.JO), majority owned by Anglo American PLC (AAUK: anglo amern plc adr new) , Friday said its annual earnings will be down by as much as 12% on 2006.
    The South African iron ore concern in a statement to the Johannesburg securities exchange said it expects basic earnings for 2007 of between 2.96 billion rand ($420 million) and ZAR3.15 billion, which compares with a pro forma ZAR3.38 billion the year before.
    Still, the company expects headline earnings - the figure generally followed by South African analysts and which strip out non-operating, capital and certain other items - to be within the same range, which would mark growth of 39% to 48% on ZAR2.13 billion in 2006.
    By 0915 GMT, shares in Africa's largest producer of the raw material used in the production of steel were trading down ZAR9.50, or 3.6%, at ZAR257.50, roughly in line with a decline in Johannesburg's resource sector.
    The stock has more than doubled over the last year as Kumba and other iron ore producers have benefited from strong demand driven by booming economies such as China's.
    Kumba was formed in the November 2006 breakup of Kumba Resources Ltd. that also created coal and base metals producer Exxaro Resources Ltd. (EXX.JO). Anglo American owns an almost 64% interest in the company.
    Kumba is scheduled to release its annual results Feb. 14.
    In the first half of 2007, Kumba reported a 38% rise in net profit to ZAR1.58 billion and a 35% increase in revenue to ZAR5.43 billion as it benefited from an increase in average iron ore prices.
    Company Web site: http://www.kumba.co.za

  • Anglo American PLC (AAUK)

    Foreign producers break ground as gold prices rise


    SAN FRANCISCO (MarketWatch) - China became the world's largest gold producer last year, helped by Canadian- and Australian-led projects that aim to add millions in ounces to the world gold supply.


    ...


    The ranking pushes South Africa into second place, the first time the gold giant has lost its top ranking since 1905, GFMS said. South Africa, whose late 19th century gold rush led to the founding of mining heavyweight Anglo American Plc (AAUK: anglo amern plc adr new) (UK:AAL) and is home to global producers Gold Fields Ltd. (GFI: gold fields ltd new sponsored adr) (ZA:GFI) and AngloGold Ashanti Ltd. (AU: anglogold ashanti ltd sponsored adr) (ZA:ANG) , saw its production decline 8% to 272 metric tons.

  • Anglo American PLC (AAUK)

    Anglo American reportedly to acquire stake in Brazil miner MMX


    SAO PAULO (MarketWatch) -- Anglo American PLC (AAUK: anglo amern plc adr new) is in advanced talks to acquire a relevant stake in Brazilian mining and metals company MMX Mineracao e Metalicos SA (MMXM3.BR), according to reports Thursday in local newspapers O Estado de Sao Paulo and Valor Economico.
    According to the Estado de Sao Paulo report, Anglo American already agreed to pay $5.5 billion for an undisclosed stake in MMX.
    The total value of the deal also includes an offer to acquire outstanding shares from MMX minority shareholders, according to the Valor Economico report.
    MMX officials were not available to comment.
    In 2006, Anglo American acquired a 49% stake in MMX's Sistema Minas-Rio for approximately $1.2 billion.
    MMX's Sistema Minas-Rio is the company's most ambitious mining project, with total investments of about $2.35 billion. The investments include development of the Minas mine in Brazil's Minas Gerais state, as well as a slurry pipeline and port facilities.
    The Minas mine is expected to produce 26.6 million metric tons of iron ore when it reaches full capacity by 2011. Initial output of 8 million tons is expected by the fourth quarter of 2009.
    MMX is controlled by Brazilian businessman Eike Batista and operates in the Brazilian states of Amapa, Mato Grosso do Sul, and Minas Gerais.
    MMX debuted on the Bovespa in July, 2006, raising 1.12 billion Brazilian reals ($632 million) from its initial public offering. The company used the proceeds to develop its three mining units in Brazil.
    On Wednesday, MMX's shares closed at BRL860.00 on the Sao Paulo Stock Exchange, or Bovespa.
    -Contact: 201-938-5400 End of Story

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

    JOHANNESBURG, SOUTH AFRICA, Jan 18, 2008 (MARKET WIRE via COMTEX) -- AngloGold Ashanti (AU: anglogold ashanti ltd sponsored adr) operational guidance for Q4 2007.
    During the fourth quarter AngloGold Ashanti's South African operations experienced a number of planned and unplanned shutdowns due primarily to safety interventions. This has resulted in the South African operations producing approximately 55,000 ounces of gold less than the prior quarter. The "Safety is our First Value" campaign was introduced on 8 November 2007, undertaken jointly with organised labour and government representatives, together with associated campaigns at each of our South African business units. As a result, these operations have started to experience an encouraging improvement in safety performance.
    At the Geita mine in Tanzania, production for the fourth quarter will be 51,000 ounces below last quarter. Tonnage was adversely affected by discharge pump failures at both mills and the treatment of harder ore. Metallurgical recovery reduced substantially in December 2007, due to the refractive nature of ore from Geita Hill, which was suspended and replaced with lower grade material from stockpiles. As announced in December 2007, Richard Le Sueur, formerly manager of the Morila joint venture in 2007, has now been appointed managing director at Geita. This became effective in early January 2008.
    Notwithstanding solid operating performances from the company's international operations, the impact of the fall in production in South Africa and at Geita, in particular, has resulted in Group production of 1,368,000 ounces for the fourth quarter. This level of production has a consequential impact on unit cash operating costs for the quarter.
    As noted in published guidance released with the third quarter 2007 results, earnings for the fourth quarter 2007 are expected to be significantly distorted by, amongst other things, annual accounting adjustments such as rehabilitation, inventory, and current and deferred tax provisions.
    The results for the fourth quarter and year ended 31 December 2007 will be released on 7 February 2008.
    Certain statements made during this communication, including, without limitation, those concerning the economic outlook for the gold mining industry, expectations regarding gold prices, production, cash costs and other operating results, growth prospects and the outlook of AngloGold Ashanti's operations including the completion and commencement of commercial operations of certain of AngloGold Ashanti's exploration and production projects, and its liquidity and capital resources and expenditure, contain certain forward-looking statements regarding AngloGold Ashanti's operations, economic performance and financial condition. Although AngloGold Ashanti believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking statements as a result of, among other factors, changes in economic and market conditions, success of business and operating initiatives, changes in the regulatory environment and other government actions, fluctuations in gold prices and exchange rates, and business and operational risk management. For a discussion of such factors, refer to AngloGold Ashanti's annual report for the year ended 31 December 2006, which was distributed to shareholders on 29 March 2007. AngloGold Ashanti undertakes no obligation to update publicly or release any revisions to these forward-looking statements to reflect events or circumstances after today's date or to reflect the occurrence of unanticipated events.


    Queries


    South Africa
    Charles Carter
    Tel: +27 (0) 11 637-6385
    Mobile: +27 (0) 82 330 5373
    E-mail: Email Contact


    Himesh Persotam
    Tel: +27 (0) 11 637 6647
    Mobile: +27 (0) 82 339 3890
    E-mail: Email Contact





    SOURCE: AngloGold Ashanti

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

    Foreign producers break ground as gold prices rise


    ...


    The ranking pushes South Africa into second place, the first time the gold giant has lost its top ranking since 1905, GFMS said. South Africa, whose late 19th century gold rush led to the founding of mining heavyweight Anglo American Plc (AAUK: anglo amern plc adr new) (UK:AAL) and is home to global producers Gold Fields Ltd. (GFI: gold fields ltd new sponsored adr) (ZA:GFI) and AngloGold Ashanti Ltd. (AU: anglogold ashanti ltd sponsored adr) (ZA:ANG) , saw its production decline 8% to 272 metric tons.