Goldrush 2010 - und Oceanagold ist mittendrin statt nur dabei ( Seite 6)

Antwort auf Beitrag Nr.: 39.348.771 von goldenrisk am 16.04.10 11:56:50Bitte sehr:

OceanaGold Corporation’s close-out of its hedge book should be in the money if the gold price rises this year but out of the money if the gold price dips.

That view was expressed by McDouall Stuart in its latest Market Weekly in which the Wellington stockbroker said the close-out of the remaining 74,880 ounces of fixed forward contracts and 89,018 oz of call options was achieved at a total cost of $US71.6 million ($NZ100.26 M).

The cost exit implies a gross gold price of $US1,122/oz which “is in line with the current spot pricing”.

With the balance of the hedge book due to have originally roll-off over the balance of 2010, the implication is that OceanaGold (ASX, NZX & TSX: OGC) will be cost-neutral to the close-out achieved, if the gold price remains static.

“Of probably greater share price materiality, however, is that OGC now presents as an entirely unhedged gold producer,” McDouall Stuart said.

“As well as lifting OGC’s appeal to investors seeking unencumbered gold sector exposure, the lifting of the hedge book will serve to clarify OGC’s capital structure leading into the consideration of the next stage of its Didipio project (gold-copper in the Philippines).”

The broker said Oceana’s equity-funded hedge book buyout and the current spotlight on Newcrest Mining Ltd’s so-far spurned bid for Lihir Gold Ltd (that valued Lihir at $A9.2 billion) demonstrates two important points about the Australasian gold sector.

“Firstly, they clearly support the assertion that capital flow to and within the gold sector continues to be healthy. That this is the case while other market sectors continue to struggle to attract capital is testament to the resilience of investor confidence in the resources space, supported by extremely strong commodity prices.

“Secondly, the Lihir-Newmont deal once again demonstrates the appetite of majors to acquire resource base to address declining reserve positions. Though this isn’t specifically the case with Newmont’s Lihir bid, the move is nonetheless demonstrative that merger and acquisition activity in the sector is alive and well.”

Gruß Goldadler