McEwen Mining (Seite 140)
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ISIN: US58039P3055 · WKN: A3DMEX · Symbol: MUX
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Diese News brachte mir vor einigen Tagen ein Vögelchen und legte sie mir ins Nest.
Enteignung der Sparer wird heimlich vorbereitet!
Sehr geehrte Leserinnen und Leser!
Die Verteufelung von Gold und Silber wird in den nächsten Jahren dramatisch zunehmen! Was wir in dieser Woche in der Türkei erleben durften, ist ein kleiner Vorgeschmack, wie es im Endspiel um den Erhalt der Papiergeldwährungen laufen wird.
Schwellenländer wie die Türkei wurden vom billigen Geld der US-Notenbank regelrecht befeuert. Der Carrytrade (in USD zu niedrigen Zinsen verschulden und das Geld in hochverzinsten Währungen wie der türkischen Lira anlegen) funktionierte jahrelang gut. Das Vertrauen in die Schwellenländer und ihre Währungen wuchs. Dies nutzten in der Türkei die Banken gnadenlos aus. Denn:
Türkische Banken haben ihre Bürger jahrelang gedrängt, Gold in die vermeintlich sichere und stabile Lira zu tauschen.
Wir haben Ihnen diesbezüglich den Link zu einem Artikel aus dem Jahr 2012 mitgebracht:
http://weiter-lesen.net/1349/format-tuerkische-banken-ziehen…
So wanderte also tonnenweise Gold von türkischen Privattresoren in die Obhut der Banken, die es veräußerten (im Fall der Türken wohl nach Saudi-Arabien und Iran). Wer also 2009 bis 2012 diesem Rat gefolgt ist, hat sein Gold zu Preisen von 1.400 bis 3.200 türkischen Lira je Unze bei der Bank abgeliefert. Heute notiert der Goldpreis in türkischen Lira bei circa 2.900.
Klartext: Jeder Türke, der sich von den Banken ab 2010 hat einreden lassen, dass er doch sein Gold in die nun „stabile“ Lira tauschen solle, ist heute der Gelackmeierte! Selbst wer zum bestmöglichen Zeitpunkt bei 3.200 Lira je Unze sein Gold in Lira getauscht hat, hat per heute circa 40-50% mit der Lira-Abwertung verloren. Hätte man das Gold behalten, wären es nur 10% gewesen. Wer jedoch das Gold zu Preisen von 2.000 Lira je Unze getauscht hat (was wohl die Masse der Anleger sein dürfte), hat 30-50% mit der Lira verloren, während man mit dem Festhalten der Goldbestände 45% gewonnen hätte. Somit hätte man den Kaufkraftverlust zum Euro oder US-Dollar beinahe exakt ausgleichen können.
Gold hat seine Fähigkeit zum Erhalt der Kaufkraft wieder einmal in einer Währungskrise eindrucksvoll unter Beweis gestellt.
Auch in der Schweiz wird den Kunden das Gold „herausgeredet“!
Was in der Türkei ablief, erinnert an die Machenschaften der Schweizer Banken, die über so genannte TRF (Target-Redemption-Forwards) ihren Kunden seit circa zwei Jahren das Gold aus den Tresoren ziehen. Wir waren bisher der erste und einzige Börsendienst, welche über dieses Vorgehen ausführlich berichtete. Nach der jüngsten Anhebung der chinesischen Goldbestände fühlen wir uns in unserer Annahme bestätigt, dass die chinesische Notenbank hinter diesen Operationen der Schweizer Banker steckt und sich somit günstig das Gold verunsicherter Anleger seit 2 Jahren zu günstigen Preisen sichert.
Hier unser damaliger Blog in Rohstoffraketen.de zu diesem Spielchen:
http://www.rohstoffraketen.de/component/jaggyblog/schweizer-…" target="_blank" rel="nofollow ugc noopener">http://www.rohstoffraketen.de/component/jaggyblog/schweizer-…
sicheres vermögen" target="_blank" rel="nofollow ugc noopener">http://www.rohstoffraketen.de/component/jaggyblog/schweizer-…" target="_blank" rel="nofollow ugc noopener">http://www.rohstoffraketen.de/component/jaggyblog/schweizer-…
sicheres vermögen
Enteignung der Sparer wird heimlich vorbereitet!
Sehr geehrte Leserinnen und Leser!
Die Verteufelung von Gold und Silber wird in den nächsten Jahren dramatisch zunehmen! Was wir in dieser Woche in der Türkei erleben durften, ist ein kleiner Vorgeschmack, wie es im Endspiel um den Erhalt der Papiergeldwährungen laufen wird.
Schwellenländer wie die Türkei wurden vom billigen Geld der US-Notenbank regelrecht befeuert. Der Carrytrade (in USD zu niedrigen Zinsen verschulden und das Geld in hochverzinsten Währungen wie der türkischen Lira anlegen) funktionierte jahrelang gut. Das Vertrauen in die Schwellenländer und ihre Währungen wuchs. Dies nutzten in der Türkei die Banken gnadenlos aus. Denn:
Türkische Banken haben ihre Bürger jahrelang gedrängt, Gold in die vermeintlich sichere und stabile Lira zu tauschen.
Wir haben Ihnen diesbezüglich den Link zu einem Artikel aus dem Jahr 2012 mitgebracht:
http://weiter-lesen.net/1349/format-tuerkische-banken-ziehen…
So wanderte also tonnenweise Gold von türkischen Privattresoren in die Obhut der Banken, die es veräußerten (im Fall der Türken wohl nach Saudi-Arabien und Iran). Wer also 2009 bis 2012 diesem Rat gefolgt ist, hat sein Gold zu Preisen von 1.400 bis 3.200 türkischen Lira je Unze bei der Bank abgeliefert. Heute notiert der Goldpreis in türkischen Lira bei circa 2.900.
Klartext: Jeder Türke, der sich von den Banken ab 2010 hat einreden lassen, dass er doch sein Gold in die nun „stabile“ Lira tauschen solle, ist heute der Gelackmeierte! Selbst wer zum bestmöglichen Zeitpunkt bei 3.200 Lira je Unze sein Gold in Lira getauscht hat, hat per heute circa 40-50% mit der Lira-Abwertung verloren. Hätte man das Gold behalten, wären es nur 10% gewesen. Wer jedoch das Gold zu Preisen von 2.000 Lira je Unze getauscht hat (was wohl die Masse der Anleger sein dürfte), hat 30-50% mit der Lira verloren, während man mit dem Festhalten der Goldbestände 45% gewonnen hätte. Somit hätte man den Kaufkraftverlust zum Euro oder US-Dollar beinahe exakt ausgleichen können.
Gold hat seine Fähigkeit zum Erhalt der Kaufkraft wieder einmal in einer Währungskrise eindrucksvoll unter Beweis gestellt.
Auch in der Schweiz wird den Kunden das Gold „herausgeredet“!
Was in der Türkei ablief, erinnert an die Machenschaften der Schweizer Banken, die über so genannte TRF (Target-Redemption-Forwards) ihren Kunden seit circa zwei Jahren das Gold aus den Tresoren ziehen. Wir waren bisher der erste und einzige Börsendienst, welche über dieses Vorgehen ausführlich berichtete. Nach der jüngsten Anhebung der chinesischen Goldbestände fühlen wir uns in unserer Annahme bestätigt, dass die chinesische Notenbank hinter diesen Operationen der Schweizer Banker steckt und sich somit günstig das Gold verunsicherter Anleger seit 2 Jahren zu günstigen Preisen sichert.
Hier unser damaliger Blog in Rohstoffraketen.de zu diesem Spielchen:
http://www.rohstoffraketen.de/component/jaggyblog/schweizer-…" target="_blank" rel="nofollow ugc noopener">http://www.rohstoffraketen.de/component/jaggyblog/schweizer-…
sicheres vermögen" target="_blank" rel="nofollow ugc noopener">http://www.rohstoffraketen.de/component/jaggyblog/schweizer-…" target="_blank" rel="nofollow ugc noopener">http://www.rohstoffraketen.de/component/jaggyblog/schweizer-…
sicheres vermögen
http://www.propagandafront.de/1194640/sprott-rechnen-sie-mit…
Sprott: Rechnen Sie mit einem entsetzlichen Systemschock
King World News, 06.02.2014
Nachdem sich die weltweiten Aktienmärkte von ihrem turbulenten Jahresbeginn heute wieder ein klein wenig erholt haben, warnte uns der Milliardär Eric Sprott heute, dass sich die weltweiten Anleger auf einen entsetzlichen Schock des Weltfinanzsystems einstellen sollten. Der kanadische Milliardär kritisierte auch die Zentralbanken wegen ihrer gescheiterten geldpolitischen Maßnahmen. Im Folgenden finden Sie, was der Vorsitzende von Sprott Asset Management in diesem bemerkenswerten Interview zu sagen hatte:
Eric King: „Was ist die größte Gefahr, die vor uns liegt? Was bereitet Ihnen Sorgen?“
Sprott: „Die große Gefahr für die Finanzwelt ist, dass realisiert wird, dass mit all diesen Maßnahmen der Zentralbanken überhaupt nichts erreicht worden ist.
Ja selbst wenn ich auf die USA blicke und darauf, wie wir aus dem Jahr 2008 herauskamen – wir haben nun 20 Millionen Menschen mehr, die auf staatliche Lebensmittelmarken angewiesen sind. Es gibt hier keine echten Wachstumssignale. Ich glaube ganz einfach, dass die Menschen herausfinden werden, dass wir hier nur unsere Zeit und unser Geld verschwendet haben, in der Annahme, dass irgendetwas Positives stattfindet, wo in Wahrheit sehr, sehr negative Dinge passiert sind.
Die Bilanz der US-Notenbank ist explodiert. Wir haben beim Bankensystem keinerlei Restrukturierungen durchgeführt. In Europa sehen wir, dass die Banken unter bestimmten Umständen USD 1 Billion an Kapital auftreiben müssten. Und ich kann mir vorstellen, was mit den Preisen der Bankaktien passieren würde, wenn die Banken an den Markt gehen, um dort USD 1 Billion aufzutreiben – sie würden einfach in sich zusammenbrechen, denn ich glaube nicht, dass es USD 1 Billion gibt, die in europäische Bankenaktien will.
All die Probleme, die wir 2008 hatten, sind also immer noch da, nur dass sie heute noch größer sind. Also das ist die große Sorge – dass wir alle herausfinden, dass es bloß ein großes Schneeballsystem war, und die Märkte einbrechen. Es ist dieselbe Entscheidung, die ich bereits im Jahr 2000 vor dem NASDAQ-Crash traf, als ich mir dachte: ´Junge, das sieht so aus, als würde der NASDAQ crashen. Was mache ich jetzt?` Die offenkundige Antwort war natürlich, dass man harte Vermögenswerte besitzen muss – Dinge wie Gold und Silber.“
Eric King: „Was glauben Sie, wie nah sind wir an dem Punkt, wo die Zentralplaner mit ihrer Gelddruckerei gegen die Wand fahren werden? Letztlich kommt man doch an einen Punkt, wo all das Gelddrucken auf die Wirtschaft überhaupt keinen Einfluss mehr hat. Sind wir da schon nah dran?“
Sprott: „Gegen die Wand fährt man dann, wenn man es zulässt, dass sich die Probleme im Bankensystem manifestieren – also wo irgendeine Bank letztlich zu der Erkenntnis gelangt: ´Hey, wir haben überhaupt kein Kapital mehr und wir können auch nicht einfach so weitermachen und so tun, als seien wir solvent, wo wir insolvent sind.` Und ich glaube, dass für jeden offenkundig werden wird, dass die Dinge nicht funktionieren, während wir diese fortwährende Verschlechterung bei den Wirtschaftsdaten miterleben.
Wenn die Aktien zu fallen beginnen, wird das natürlich alle Papiervermögenswerte beeinträchtigen, und das Bankensystem besitzt ja nichts außer Papiervermögenswerte. Meine größte Sorge im Finanzbereich war immer, dass die Banken am Ende Problemkredite halten. In Spanien sind bis zu 25% aller Kredite Problemkredite. Es ist klar, dass die Banken ohne die Stützungsmaßnahmen der Zentralbanken keine Chance haben, zu überleben – und diese Zentralbanken sind jetzt langsam am Ende ihrer Kräfte. Da gibt es nicht mehr allzu viel, was sie noch tun können.
Sie werden im Finanzsystem also etwas (Schockierendes) erleben – vielleicht ist es der Aktienmarkt, vielleicht geht irgendeine Bank zu Boden. Die Bewertungen stehen in keinerlei Beziehung zu den aktuellen Fundamentaldaten, es wird also irgendwo krachen.“
Sprott: Rechnen Sie mit einem entsetzlichen Systemschock
King World News, 06.02.2014
Nachdem sich die weltweiten Aktienmärkte von ihrem turbulenten Jahresbeginn heute wieder ein klein wenig erholt haben, warnte uns der Milliardär Eric Sprott heute, dass sich die weltweiten Anleger auf einen entsetzlichen Schock des Weltfinanzsystems einstellen sollten. Der kanadische Milliardär kritisierte auch die Zentralbanken wegen ihrer gescheiterten geldpolitischen Maßnahmen. Im Folgenden finden Sie, was der Vorsitzende von Sprott Asset Management in diesem bemerkenswerten Interview zu sagen hatte:
Eric King: „Was ist die größte Gefahr, die vor uns liegt? Was bereitet Ihnen Sorgen?“
Sprott: „Die große Gefahr für die Finanzwelt ist, dass realisiert wird, dass mit all diesen Maßnahmen der Zentralbanken überhaupt nichts erreicht worden ist.
Ja selbst wenn ich auf die USA blicke und darauf, wie wir aus dem Jahr 2008 herauskamen – wir haben nun 20 Millionen Menschen mehr, die auf staatliche Lebensmittelmarken angewiesen sind. Es gibt hier keine echten Wachstumssignale. Ich glaube ganz einfach, dass die Menschen herausfinden werden, dass wir hier nur unsere Zeit und unser Geld verschwendet haben, in der Annahme, dass irgendetwas Positives stattfindet, wo in Wahrheit sehr, sehr negative Dinge passiert sind.
Die Bilanz der US-Notenbank ist explodiert. Wir haben beim Bankensystem keinerlei Restrukturierungen durchgeführt. In Europa sehen wir, dass die Banken unter bestimmten Umständen USD 1 Billion an Kapital auftreiben müssten. Und ich kann mir vorstellen, was mit den Preisen der Bankaktien passieren würde, wenn die Banken an den Markt gehen, um dort USD 1 Billion aufzutreiben – sie würden einfach in sich zusammenbrechen, denn ich glaube nicht, dass es USD 1 Billion gibt, die in europäische Bankenaktien will.
All die Probleme, die wir 2008 hatten, sind also immer noch da, nur dass sie heute noch größer sind. Also das ist die große Sorge – dass wir alle herausfinden, dass es bloß ein großes Schneeballsystem war, und die Märkte einbrechen. Es ist dieselbe Entscheidung, die ich bereits im Jahr 2000 vor dem NASDAQ-Crash traf, als ich mir dachte: ´Junge, das sieht so aus, als würde der NASDAQ crashen. Was mache ich jetzt?` Die offenkundige Antwort war natürlich, dass man harte Vermögenswerte besitzen muss – Dinge wie Gold und Silber.“
Eric King: „Was glauben Sie, wie nah sind wir an dem Punkt, wo die Zentralplaner mit ihrer Gelddruckerei gegen die Wand fahren werden? Letztlich kommt man doch an einen Punkt, wo all das Gelddrucken auf die Wirtschaft überhaupt keinen Einfluss mehr hat. Sind wir da schon nah dran?“
Sprott: „Gegen die Wand fährt man dann, wenn man es zulässt, dass sich die Probleme im Bankensystem manifestieren – also wo irgendeine Bank letztlich zu der Erkenntnis gelangt: ´Hey, wir haben überhaupt kein Kapital mehr und wir können auch nicht einfach so weitermachen und so tun, als seien wir solvent, wo wir insolvent sind.` Und ich glaube, dass für jeden offenkundig werden wird, dass die Dinge nicht funktionieren, während wir diese fortwährende Verschlechterung bei den Wirtschaftsdaten miterleben.
Wenn die Aktien zu fallen beginnen, wird das natürlich alle Papiervermögenswerte beeinträchtigen, und das Bankensystem besitzt ja nichts außer Papiervermögenswerte. Meine größte Sorge im Finanzbereich war immer, dass die Banken am Ende Problemkredite halten. In Spanien sind bis zu 25% aller Kredite Problemkredite. Es ist klar, dass die Banken ohne die Stützungsmaßnahmen der Zentralbanken keine Chance haben, zu überleben – und diese Zentralbanken sind jetzt langsam am Ende ihrer Kräfte. Da gibt es nicht mehr allzu viel, was sie noch tun können.
Sie werden im Finanzsystem also etwas (Schockierendes) erleben – vielleicht ist es der Aktienmarkt, vielleicht geht irgendeine Bank zu Boden. Die Bewertungen stehen in keinerlei Beziehung zu den aktuellen Fundamentaldaten, es wird also irgendwo krachen.“
Antwort auf Beitrag Nr.: 46.361.107 von Antarius am 02.02.14 13:36:44Ich bin selber schon sehr gespannt wie lange es dauern wird, bis eine weitere Meldung von der Deutschen Bundesbank kommt, und das uns mitgeteilt wird, die ersten 100 t sind jetzt vorhanden.
35 t sollen ja schon im letzten Jahr hier eingetroffen sein.
Die Verteilung ist aber wohl 20 % von 35 t aus den USA und der Rest aus France, oder habe ich etwas verpasst ?
35 t sollen ja schon im letzten Jahr hier eingetroffen sein.
Die Verteilung ist aber wohl 20 % von 35 t aus den USA und der Rest aus France, oder habe ich etwas verpasst ?
http://www.goldseiten.de/artikel/195629--Kabarettspaesschen-…
01.02.2014 06:09 | Prof. Dr. Hans J. Bocker
Kabarettspässchen rund ums deutsche Gold stützen Papiergeld
Virtuelle Finanz-Scheinwelten und Größenwahn der Manipulatoren blühen! Ein kleines Frage- und Antwortspiel für Ungeübte...
...
..
.
Wenn ein Land klägliche 10 oder 15% seiner im Ausland gelagerten Goldreserven, also einen Miniteil seines Eigentums, zurückfordert, und dieser Vorgang bis 7 Jahre dauern soll
, also erst 2020 mit dieser bescheidenen Teillieferung begonnen werden kann, bedeutet das nur Eines:
Oh Schreck, oh Schreck,
das Gold ist weg!
Wir haben keins
und deins ist längst meins.
Um das Gold zu repatriieren, müssten die Verleiher oder Verkäufer dasselbe am Markt öffentlich oder heimlich zurückkaufen. Was dies für den Goldpreis bedeuten würde, kann sich sogar eine ostafghanische Bergziege
, die im Campus der dortigen Bundeswehr als Maskottchen gehalten wird 
, mühelos vorstellen. Sie weiß genau: Leider, leider kann man dieses gelbe Zeug nicht beliebig aus einer Druckermaschine in starken Strömen beliebig herauslaufen lassen.
Alles Mediengeplapper ist albernes, lachhaftes und mehr als fadenscheiniges Gedöns und dient der Verstupidisierung systemgläubiger Massen.
Aber deren Gleichgültigkeit übertrifft leider noch immer die Megalügen 
der ausländischen Goldschuldner. Es ist zu befürchten, dass Deutschland seine noch ausstehenden etwa 3.000 t Gold nie wieder sehen wird. Wenn doch, dann nur kleine Restbestände. Wozu auch? Papierwährungen sind doch viel besser, da sie regelmäßig auf ihren wahren Wert, nämlich Null, zurückgehen. Das ist doch wenigstens eine klare Linie und eine positive Perspektive für die Besatzungszone, die sich Deutschland nennt. Wer braucht denn hier schon altmodisches Gold?
Mit Verschwörungstheorien haben die Märchen und Fabeln rund um das deutsche Gold nichts zu tun, eher mit Täuschung und Betrug. Bestenfalls ein viertklassiges Kabarett-Stück mit ohrenbetäubendem Applaus
der Wall Street, der Fed, des amerikanischen Schatzamtes und der US Bullion Banker.
Grundsätzlich ist es ein Unding, die wertvollste Anlage, deren Kaufkraft NIEMALS auf Null ging und geht, Fremden zur Aufbewahrung zu überlassen, so wenig, wie man Ehefrau, Ehemann, die Oma oder seine Leber, Zehen, Nieren oder seinen Magen nur höchst ungern Anderen "zur Aufbewahrung" überlässt.
...
..
.
01.02.2014 06:09 | Prof. Dr. Hans J. Bocker
Kabarettspässchen rund ums deutsche Gold stützen Papiergeld
Virtuelle Finanz-Scheinwelten und Größenwahn der Manipulatoren blühen! Ein kleines Frage- und Antwortspiel für Ungeübte...
...
..
.
Wenn ein Land klägliche 10 oder 15% seiner im Ausland gelagerten Goldreserven, also einen Miniteil seines Eigentums, zurückfordert, und dieser Vorgang bis 7 Jahre dauern soll
, also erst 2020 mit dieser bescheidenen Teillieferung begonnen werden kann, bedeutet das nur Eines:Oh Schreck, oh Schreck,
das Gold ist weg!
Wir haben keins
und deins ist längst meins.
Um das Gold zu repatriieren, müssten die Verleiher oder Verkäufer dasselbe am Markt öffentlich oder heimlich zurückkaufen. Was dies für den Goldpreis bedeuten würde, kann sich sogar eine ostafghanische Bergziege
, die im Campus der dortigen Bundeswehr als Maskottchen gehalten wird 
, mühelos vorstellen. Sie weiß genau: Leider, leider kann man dieses gelbe Zeug nicht beliebig aus einer Druckermaschine in starken Strömen beliebig herauslaufen lassen.Alles Mediengeplapper ist albernes, lachhaftes und mehr als fadenscheiniges Gedöns und dient der Verstupidisierung systemgläubiger Massen.
Aber deren Gleichgültigkeit übertrifft leider noch immer die Megalügen 
der ausländischen Goldschuldner. Es ist zu befürchten, dass Deutschland seine noch ausstehenden etwa 3.000 t Gold nie wieder sehen wird. Wenn doch, dann nur kleine Restbestände. Wozu auch? Papierwährungen sind doch viel besser, da sie regelmäßig auf ihren wahren Wert, nämlich Null, zurückgehen. Das ist doch wenigstens eine klare Linie und eine positive Perspektive für die Besatzungszone, die sich Deutschland nennt. Wer braucht denn hier schon altmodisches Gold?Mit Verschwörungstheorien haben die Märchen und Fabeln rund um das deutsche Gold nichts zu tun, eher mit Täuschung und Betrug. Bestenfalls ein viertklassiges Kabarett-Stück mit ohrenbetäubendem Applaus
der Wall Street, der Fed, des amerikanischen Schatzamtes und der US Bullion Banker.Grundsätzlich ist es ein Unding, die wertvollste Anlage, deren Kaufkraft NIEMALS auf Null ging und geht, Fremden zur Aufbewahrung zu überlassen, so wenig, wie man Ehefrau, Ehemann, die Oma oder seine Leber, Zehen, Nieren oder seinen Magen nur höchst ungern Anderen "zur Aufbewahrung" überlässt.
...
..
.
Wird das die nächste Übernahme von McEwen Mining werden ?
Ich bin gespannt, zumal Marlin Gold bereits schon im 1. oder doch erst im 2. Quartal 2014 daS ERSTE Gold fördern werden oder wollen ?
McEwen Mining And Marlin Gold: Speculative Plays On Gold-Rich Mexico
Jan. 31, 2014 3:11 PM ET | About: MUX, Includes: MLNGF
Disclosure: I am long MUX, TGD. (More...)
Open-pit heap leach mining goes back hundreds of years, but it has seen resurgence thanks to attractive metals prices and updated technologies that allow for the profitable processing of previously mined and once economically unfeasible deposits.
Despite its historically poor image, updated heap leaching processes offer today's mining companies several advantages: It takes relatively low capital costs to bring a mine on-line quickly; it can capitalize on low-grade ores; it often allows for a smaller facility footprint that reduces energy, transportation and environmental reclamation costs; the various chemicals used throughout the process are increasingly recyclable, leaving less waste and lowering consumption costs; and, better pad designs and liners are reducing costly leakages and ground contamination issues.
To little surprise then, mining companies are using heap leaching as a vital processing component at some of the world's most profitable mines and particularly in the mining-friendly country of Mexico. Goldcorp's (GG) Los Filos mine and Agnico-Eagle Mines Limited's (AEM) Pinos Altos mine have been cash machines, and smaller companies like Argonaut Gold Inc. (OTCPK:ARNGF), Alamos Gold Inc. (AGI), Timmins Gold Corp. (TGD), and McEwen Mining (MUX) are also finding success with low-cost open-pit heap leach mines.
Author at El Gallo 1A little over a year ago I had the opportunity to tour McEwen Mining's El Gallo Complex in Sinaloa, Mexico. Upon my return I wrote "McEwen Mining: A Gold Growth Play," sharing the details of the trip and the aggressive growth story they had outlined for the years ahead. Unfortunately, as anyone following the company knows, those plans didn't quite pan out thanks to declining metals prices and political unrest in Argentina that has left the company's massive minerals-rich Los Azules property unsold (NPV $3 Billion).
But the news at McEwen Mining isn't all bad. In fact, it's quite positive now that their targeted low-cost growth strategy that includes substantial use of open-pit heap leach facilities is finally paying off.
In Q3 2013, McEwen Mining finally turned a profit of $3.3 million or $0.01 per share, on then record gold production of 36,494 ounces. Total cash costs and all-in sustaining costs were $749 and $1,081 per gold equivalent ounce, 7% lower than Q3 2012 and in line with the previous quarter. While Q4 2013 financials aren't out yet (expected in March), Q4 2013 saw gold production rise again to a new record of 37,167 ounces. Assuming costs remained in line, Q4 should prove to be another profitable quarter. For the full-year, McEwen Mining produced 139,455 gold equivalent ounces (79,158 gold oz. and 3,135,467 silver oz.), an approximate 33% increase over 2012 results.
Production for 2014 is currently forecast to roughly match 2013 results, but there are opportunities to expand production. McEwen Mining President Ian Ball has said that both San Jose (Argentina, 49% share) and El Gallo (Mexico, 100% share) have excess capacity that they're looking to utilize, and although Q3 and Q4 were record quarters, there is ample opportunity to do better. An expansion of El Gallo 1 is underway and should be wrapping up by the end of this quarter at a lower cost than originally estimated ($3 million v. $5 million), and the San Jose mine is seeing grades picking up, costs coming down, and the Argentinian Peso declining bodes well for lowering all-in costs.
Current combined 2014 all-in sustaining costs are estimated at $1,100-$1,200 per gold eq. oz., but I suspect continued cost-cutting, favorable exchange rates, and increasing production and grades will see actual costs fall. At current prices, although margins will be tight, McEwen Mining should remain profitable, and 2014 may show earnings surprises if metals can sustain support and move up from their current levels.
Another positive highlight for McEwen Mining is that they haven't had to halt their exploration activities thanks to their $32.6 million treasury (as of September 30, 2013) and zero debt. Quoting Ball, "We feel the one way you can accelerate your growth is through exploration. In Mexico we've been finding new veins south of the mine and we see this really adding a number of years to the mine life at El Gallo 1…. Around El Gallo 2 we've been finding new discoveries around that deposit which we think will extend the reserve life beyond seven years." Of course, exploration also continues across their properties in Argentina and Nevada.
Despite the setbacks and headwinds, McEwen Mining is forging ahead, expanding its low-cost heap leach production facility and finding profitability with the assets it has while demonstrating increased fiscal responsibility-a rare trait in this industry. "We're not going to build for the sake of growth, the rates of return have to be there," Ball stresses.
Another thing to look out for is mergers and acquisitions ramping up across the industry. Chairman and Chief Owner Rob McEwen has said that "In addition to executing on our organic growth plans, we continue to analyze M&A opportunities. Our ideal candidate would significantly increase our production, lower our cost profile, and have cash and free cash flow to facilitate the construction of El Gallo 2."
This attitude is echoed by Lawrence Roulston, geologist, engineer, and editor and publisher of the Resource Opportunities financial newsletter. In a recent interview with The Gold Report, Roulston said, "We are in a hunter's market. Companies with good management and cash in hand are going to be making some very value accretive acquisitions in the very near term…. The focus now is on companies that are adding shareholder value aside from moves in the metal prices."
Roulston points to True Gold Mining Inc. (OTCQX:RVREF) as being a prime acquisition target. "The company has a great asset with near-term production potential and a very strong management team that raises money. Its stock is trading at a very low value. True Gold is precisely the kind of company that will be sought after by people in the know," he says. "On the other hand, True Gold is determined to build a mine on its own." Later on in the interview Roulston also reminds us that "First Majestic (AG) and Endeavour (EXK) achieved fantastic success by developing past-producing silver mines and then bringing subsequent mines on with a strong operating team."
These themes bring to mind a newer name nearing production in Mexico with another low-cost, open-pit heap leach mine that's commencing operations in exactly that fashion-Marlin Gold Mining Ltd. (OTCQX:MLNGF). On the surface, this looks like any another penny-pinched junior, but if you drill a little deeper, there's more to Marlin Gold's story, and it resonates well with what Roulston and McEwen are preaching.
Marlin Gold spawned from the aggressive takeover of Oro Mining Ltd. by Wexford Capital LP, a Greenwich, Conn.-based private equity firm and hedge fund manager. Highlighting Wexford's track record is a number of successful oil companies that they've built, restructured, sold, or taken public, like Diamondback Energy Inc. (FANG) and EPL Oil & Gas Inc. (EPL). Now Wexford is looking to build its own gold mine.
Seeing opportunity in the depressed sector, Wexford acquired its majority ownership through a private placement, open market purchases, and a tender offer to take up any and all common shares at $0.11 per share. The firm then proceeded to take over the reins by appointing a new Board, renaming the company, and placing a highly experienced and proven management team at the helm with the top priority being to advance the La Trinidad Gold Project towards production, which is also located in the mining-friendly State of Sinaloa, Mexico. Sinaloa is a great place to be for low-cost, government-encouraged and community-supported precious metals mining.
Marlin Gold is currently focusing its efforts on its property's gold-rich Taunus deposit. As of January 2014, the La Trinidad mine construction is materially complete and below budget. Marlin Gold is also well funded with cash on hand that should cover all remaining pre-production budgets. Majority shareholder, Wexford, also has the ability to fund ongoing mine development, exploration and acquisitions if strategically beneficial.
Additionally, a mobile crushing and screening plant was installed in December to reprocess the "old" leach pad material that will be the first material leached to give an initial boost to cash flows-the first gold pour is expected in Q1 2014. As for the "real" new production, the Taunus deposit's Preliminary Economic Assessment [PEA] forecasts production of around 196,900 ounces of gold over a 5-year mine life at a cash cost of $753/oz. Marlin Gold is projecting an approximate 2.5-year payback period followed by accelerating free cash flow in years 3, 4 and 5 driven by increasing gold grades at depth.
Marlin Gold's management team is also optimistic that the modeled pit shell will be expanded with further exploration drilling on and around its 118,509 contiguous hectares of exploration property in Sinaloa. On a side note, Marlin Gold also 100% owns 2,900 hectares of exploration property in Zacatecas, Mexico showing intriguing gold and silver veins, and a PEA is in process along with MIA permitting (corporate presentation).
Mine Buy PointsIf Wexford's track record proves right, Marlin Gold is going to be a good catch as it matures. Generally, one of the better times to build a position is just before production begins; with metals prices showing signs of stabilizing and interest in miners starting to perk up again, this may be the right time to start dipping a toe in the water if you're looking to speculate.
If you're looking for a more advanced junior miner that's still in its early growth stages, I still think McEwen Mining is an attractive candidate to explore; production is ramping up and showing profitability, and the share price has rallied from recent lows and is exhibiting signs of support.
As Roulston says, "The message for the non-crybabies is that the resource market is notoriously cyclical and it makes a whole lot of sense to come in at the bottom of the cycle. Evidence is mounting that we are close enough to the bottom of the gold cycle and the resource market cycle that this is a good time to acquire shares in the best quality junior companies."
Sure, you can look at the PHLX Gold/Silver Index (XUA) and NYSE Arca Gold BUGS Index (HUI) and bullion prices at your local dealer and see that the last two-and-a-half years have been brutal. It's anyone's guess as to where we go from here, but in recent months we've seen a rise in the indexes, there are signs that miners are finding funding sources, and M&A activity is building. In the long-run, I still believe investing in promising miners will yield heaps of returns to those who remain convicted to investing in well-managed and capitalized firms. Of course, the volatility also presents plenty of opportunities to actively trade long and short.
"Mining has traditionally delivered a lot of wealth to investors; it has been a volatile time for the whole industry, metal prices obviously have been trending down… but it's not going to stay this way forever," says Ball. "For the companies that are delivering on their stated goals, that are growing, that are expanding their margins… there's going to be opportunity for investors to make money in this industry once again."
This article was sent to 3,016 people who get email alerts on MUX.
http://seekingalpha.com/article/1985821-mcewen-mining-and-ma…
Ich bin gespannt, zumal Marlin Gold bereits schon im 1. oder doch erst im 2. Quartal 2014 daS ERSTE Gold fördern werden oder wollen ?
McEwen Mining And Marlin Gold: Speculative Plays On Gold-Rich Mexico
Jan. 31, 2014 3:11 PM ET | About: MUX, Includes: MLNGF
Disclosure: I am long MUX, TGD. (More...)
Open-pit heap leach mining goes back hundreds of years, but it has seen resurgence thanks to attractive metals prices and updated technologies that allow for the profitable processing of previously mined and once economically unfeasible deposits.
Despite its historically poor image, updated heap leaching processes offer today's mining companies several advantages: It takes relatively low capital costs to bring a mine on-line quickly; it can capitalize on low-grade ores; it often allows for a smaller facility footprint that reduces energy, transportation and environmental reclamation costs; the various chemicals used throughout the process are increasingly recyclable, leaving less waste and lowering consumption costs; and, better pad designs and liners are reducing costly leakages and ground contamination issues.
To little surprise then, mining companies are using heap leaching as a vital processing component at some of the world's most profitable mines and particularly in the mining-friendly country of Mexico. Goldcorp's (GG) Los Filos mine and Agnico-Eagle Mines Limited's (AEM) Pinos Altos mine have been cash machines, and smaller companies like Argonaut Gold Inc. (OTCPK:ARNGF), Alamos Gold Inc. (AGI), Timmins Gold Corp. (TGD), and McEwen Mining (MUX) are also finding success with low-cost open-pit heap leach mines.
Author at El Gallo 1A little over a year ago I had the opportunity to tour McEwen Mining's El Gallo Complex in Sinaloa, Mexico. Upon my return I wrote "McEwen Mining: A Gold Growth Play," sharing the details of the trip and the aggressive growth story they had outlined for the years ahead. Unfortunately, as anyone following the company knows, those plans didn't quite pan out thanks to declining metals prices and political unrest in Argentina that has left the company's massive minerals-rich Los Azules property unsold (NPV $3 Billion).
But the news at McEwen Mining isn't all bad. In fact, it's quite positive now that their targeted low-cost growth strategy that includes substantial use of open-pit heap leach facilities is finally paying off.
In Q3 2013, McEwen Mining finally turned a profit of $3.3 million or $0.01 per share, on then record gold production of 36,494 ounces. Total cash costs and all-in sustaining costs were $749 and $1,081 per gold equivalent ounce, 7% lower than Q3 2012 and in line with the previous quarter. While Q4 2013 financials aren't out yet (expected in March), Q4 2013 saw gold production rise again to a new record of 37,167 ounces. Assuming costs remained in line, Q4 should prove to be another profitable quarter. For the full-year, McEwen Mining produced 139,455 gold equivalent ounces (79,158 gold oz. and 3,135,467 silver oz.), an approximate 33% increase over 2012 results.
Production for 2014 is currently forecast to roughly match 2013 results, but there are opportunities to expand production. McEwen Mining President Ian Ball has said that both San Jose (Argentina, 49% share) and El Gallo (Mexico, 100% share) have excess capacity that they're looking to utilize, and although Q3 and Q4 were record quarters, there is ample opportunity to do better. An expansion of El Gallo 1 is underway and should be wrapping up by the end of this quarter at a lower cost than originally estimated ($3 million v. $5 million), and the San Jose mine is seeing grades picking up, costs coming down, and the Argentinian Peso declining bodes well for lowering all-in costs.
Current combined 2014 all-in sustaining costs are estimated at $1,100-$1,200 per gold eq. oz., but I suspect continued cost-cutting, favorable exchange rates, and increasing production and grades will see actual costs fall. At current prices, although margins will be tight, McEwen Mining should remain profitable, and 2014 may show earnings surprises if metals can sustain support and move up from their current levels.
Another positive highlight for McEwen Mining is that they haven't had to halt their exploration activities thanks to their $32.6 million treasury (as of September 30, 2013) and zero debt. Quoting Ball, "We feel the one way you can accelerate your growth is through exploration. In Mexico we've been finding new veins south of the mine and we see this really adding a number of years to the mine life at El Gallo 1…. Around El Gallo 2 we've been finding new discoveries around that deposit which we think will extend the reserve life beyond seven years." Of course, exploration also continues across their properties in Argentina and Nevada.
Despite the setbacks and headwinds, McEwen Mining is forging ahead, expanding its low-cost heap leach production facility and finding profitability with the assets it has while demonstrating increased fiscal responsibility-a rare trait in this industry. "We're not going to build for the sake of growth, the rates of return have to be there," Ball stresses.
Another thing to look out for is mergers and acquisitions ramping up across the industry. Chairman and Chief Owner Rob McEwen has said that "In addition to executing on our organic growth plans, we continue to analyze M&A opportunities. Our ideal candidate would significantly increase our production, lower our cost profile, and have cash and free cash flow to facilitate the construction of El Gallo 2."
This attitude is echoed by Lawrence Roulston, geologist, engineer, and editor and publisher of the Resource Opportunities financial newsletter. In a recent interview with The Gold Report, Roulston said, "We are in a hunter's market. Companies with good management and cash in hand are going to be making some very value accretive acquisitions in the very near term…. The focus now is on companies that are adding shareholder value aside from moves in the metal prices."
Roulston points to True Gold Mining Inc. (OTCQX:RVREF) as being a prime acquisition target. "The company has a great asset with near-term production potential and a very strong management team that raises money. Its stock is trading at a very low value. True Gold is precisely the kind of company that will be sought after by people in the know," he says. "On the other hand, True Gold is determined to build a mine on its own." Later on in the interview Roulston also reminds us that "First Majestic (AG) and Endeavour (EXK) achieved fantastic success by developing past-producing silver mines and then bringing subsequent mines on with a strong operating team."
These themes bring to mind a newer name nearing production in Mexico with another low-cost, open-pit heap leach mine that's commencing operations in exactly that fashion-Marlin Gold Mining Ltd. (OTCQX:MLNGF). On the surface, this looks like any another penny-pinched junior, but if you drill a little deeper, there's more to Marlin Gold's story, and it resonates well with what Roulston and McEwen are preaching.
Marlin Gold spawned from the aggressive takeover of Oro Mining Ltd. by Wexford Capital LP, a Greenwich, Conn.-based private equity firm and hedge fund manager. Highlighting Wexford's track record is a number of successful oil companies that they've built, restructured, sold, or taken public, like Diamondback Energy Inc. (FANG) and EPL Oil & Gas Inc. (EPL). Now Wexford is looking to build its own gold mine.
Seeing opportunity in the depressed sector, Wexford acquired its majority ownership through a private placement, open market purchases, and a tender offer to take up any and all common shares at $0.11 per share. The firm then proceeded to take over the reins by appointing a new Board, renaming the company, and placing a highly experienced and proven management team at the helm with the top priority being to advance the La Trinidad Gold Project towards production, which is also located in the mining-friendly State of Sinaloa, Mexico. Sinaloa is a great place to be for low-cost, government-encouraged and community-supported precious metals mining.
Marlin Gold is currently focusing its efforts on its property's gold-rich Taunus deposit. As of January 2014, the La Trinidad mine construction is materially complete and below budget. Marlin Gold is also well funded with cash on hand that should cover all remaining pre-production budgets. Majority shareholder, Wexford, also has the ability to fund ongoing mine development, exploration and acquisitions if strategically beneficial.
Additionally, a mobile crushing and screening plant was installed in December to reprocess the "old" leach pad material that will be the first material leached to give an initial boost to cash flows-the first gold pour is expected in Q1 2014. As for the "real" new production, the Taunus deposit's Preliminary Economic Assessment [PEA] forecasts production of around 196,900 ounces of gold over a 5-year mine life at a cash cost of $753/oz. Marlin Gold is projecting an approximate 2.5-year payback period followed by accelerating free cash flow in years 3, 4 and 5 driven by increasing gold grades at depth.
Marlin Gold's management team is also optimistic that the modeled pit shell will be expanded with further exploration drilling on and around its 118,509 contiguous hectares of exploration property in Sinaloa. On a side note, Marlin Gold also 100% owns 2,900 hectares of exploration property in Zacatecas, Mexico showing intriguing gold and silver veins, and a PEA is in process along with MIA permitting (corporate presentation).
Mine Buy PointsIf Wexford's track record proves right, Marlin Gold is going to be a good catch as it matures. Generally, one of the better times to build a position is just before production begins; with metals prices showing signs of stabilizing and interest in miners starting to perk up again, this may be the right time to start dipping a toe in the water if you're looking to speculate.
If you're looking for a more advanced junior miner that's still in its early growth stages, I still think McEwen Mining is an attractive candidate to explore; production is ramping up and showing profitability, and the share price has rallied from recent lows and is exhibiting signs of support.
As Roulston says, "The message for the non-crybabies is that the resource market is notoriously cyclical and it makes a whole lot of sense to come in at the bottom of the cycle. Evidence is mounting that we are close enough to the bottom of the gold cycle and the resource market cycle that this is a good time to acquire shares in the best quality junior companies."
Sure, you can look at the PHLX Gold/Silver Index (XUA) and NYSE Arca Gold BUGS Index (HUI) and bullion prices at your local dealer and see that the last two-and-a-half years have been brutal. It's anyone's guess as to where we go from here, but in recent months we've seen a rise in the indexes, there are signs that miners are finding funding sources, and M&A activity is building. In the long-run, I still believe investing in promising miners will yield heaps of returns to those who remain convicted to investing in well-managed and capitalized firms. Of course, the volatility also presents plenty of opportunities to actively trade long and short.
"Mining has traditionally delivered a lot of wealth to investors; it has been a volatile time for the whole industry, metal prices obviously have been trending down… but it's not going to stay this way forever," says Ball. "For the companies that are delivering on their stated goals, that are growing, that are expanding their margins… there's going to be opportunity for investors to make money in this industry once again."
This article was sent to 3,016 people who get email alerts on MUX.
http://seekingalpha.com/article/1985821-mcewen-mining-and-ma…
Trading Spotlight
Ei schau 
guck:
die
empfiehlt in einem Artikel:
Die Kurse der Edelmetallaktien ziehen seit Dezember, von der Öffentlichkeit kaum beachtet, unter Schwankungen an. Fünf Minenaktien erscheinen besonders reizvoll – allerdings nur für Anleger mit
starken Nerven.
...
Mc Ewen Mining, WKN A1JS7T, Kurs 1,83, H/T 2,35/1,27. Großaktionär ist mit 25 Prozent Rob McEwen. Das Unternehmen produziert, entwickelt und exploriert Gold und Silber in Argentinien, Mexiko und Nevada. Internet: mcewenmining.com
http://www.wiwo.de/finanzen/boerse/gbureks-geld-geklimper-go…
guck:die
empfiehlt in einem Artikel:
Die Kurse der Edelmetallaktien ziehen seit Dezember, von der Öffentlichkeit kaum beachtet, unter Schwankungen an. Fünf Minenaktien erscheinen besonders reizvoll – allerdings nur für Anleger mit
starken Nerven....
Mc Ewen Mining, WKN A1JS7T, Kurs 1,83, H/T 2,35/1,27. Großaktionär ist mit 25 Prozent Rob McEwen. Das Unternehmen produziert, entwickelt und exploriert Gold und Silber in Argentinien, Mexiko und Nevada. Internet: mcewenmining.com
http://www.wiwo.de/finanzen/boerse/gbureks-geld-geklimper-go…
Antwort auf Beitrag Nr.: 46.340.231 von bennog am 30.01.14 08:51:18http://www.kitco.com/news/video/show/Mining-Minutes-Wrap-Up/…
Constantly Changing Mining Laws "A Nasty Habit" - McEwen
Constantly Changing Mining Laws "A Nasty Habit" - McEwen
Antwort auf Beitrag Nr.: 46.339.013 von Antarius am 29.01.14 22:39:59für mich wäre es auch ok wenn mux erst 2017 in sp500 kommt....
aber für dieses wachstum wird er wohl irgendeine geldquelle anzapfen müssen....ob er will oder nicht ??!!
aber für dieses wachstum wird er wohl irgendeine geldquelle anzapfen müssen....ob er will oder nicht ??!!
Interview with Rob McEwen, chairman and chief owner of McEwen Mining.
Will Gold Soar on the Dow Drop?
Posted: 01/27/2014 10:44 am
What's bad for the Dow is great for gold. Last week, the Dow Jones Industrial Average dropped over 600 points, sparking a Gold Bug swoon. Gold prices polished up two percent, while McEwen Mining, a junior gold mining company, popped 10 percent.
Rob McEwen, the executive chairman and chief owner of McEwen Mining has been in the gold mining business for 25 years. Under his leadership, Goldcorp grew from a market capitalization of $50 million to over $8 billion. So, I turned to him for wisdom and experience on today's dance between the Dow and gold.
Natalie Pace: What happened to gold in 2013? Has gold hit a low? Where will prices go in 2014? What's in your crystal ball?
Rob McEwen: Gold certainly fell out of favor in late 2012 and all of 2013; however, the reason for owning gold hasn't gone away. There are still large levels of debt and currency issues.
NP: What happened? Who was doing all of that selling? From the stats I saw, it was almost exclusively exchange-traded funds.
RM: There was a great deal of selling in the paper market, in the derivatives. You saw strange occurrences where the value of gold in the exchange-traded funds was dropping very quickly, while the physical market was trading at a premium. There was very big buying happening in Asia -- principally in India for awhile, and in Hong Kong for the Chinese market. They've remained large buyers of gold.
NP: Where are gold prices headed?
I think gold this year has a chance to test the highs that it achieved back in 2011, which would be just above $1900 an ounce. Beyond that, I believe that we are going to see a $5000/ounce gold price in the next couple of years. For someone who is a contrary investor, it's a good time to be looking at gold. I think gold stocks more so because they've been so beaten up in this market.
NP: You have a very ambitious goal of getting a listing on the S&P 500 by 2015. Are you still on track for that? What do you need to get there?
RM: We might be a little delayed to get there by the end of 2015. In order to qualify for the S&P 500, you need to have a $5 billion plus market capitalization. Our market capitalization is a little more than a tenth of that right now. We need more production. I'd prefer to see it organically. But that's not possible in the next two years to get that type of growth.
NP: Why do you have such a strong focus on getting the S&P 500 listing?
RM: The attraction of the S&P 500 is that there is only one gold stock there and that is Newmont Mining. There are over a trillion dollars invested by index funds in the S&P 500. So, you have a large pool of capital. You have long-term investors, and you have a lower cost of capital when you are in that index, which allows you to grow faster and cheaper than your competition. And the only way to get into the S&P 500 is by being an American company. Most of the mining companies, particularly in the precious metals space, are Canadian, Australian, or non-American. There wouldn't be more than a handful of companies that would have a shot at getting into that space. It's a competitive advantage we have.
NP: You focus on exploration, in addition to production. Please tell us how exploration helped you build shareholder value at your previous company, Goldcorp.
RM: It worked very well. We found more than six million ounces of gold in a mine and made the mine a very profitable enterprise. We launched our [Goldcorp] contest back in 2000. We spent about a million dollars -- half a million in prizes and half a million setting it up. And we found three billion dollars worth of gold.
NP: How are you identifying your exploration targets today?
Right now, we're exploring in Nevada, joint ventured with a company [that] measures the quantity of gold in the water in parts per trillion. When you get an elevated level of gold, that's not a bad target to be drilling on. So, we're going to be drilling this first quarter on a target there and a couple of targets around our property. What makes it interesting is that 10 miles away is the largest gold mine in the world that is run by Barrick Gold.
NP: You've been hoping to capitalize on your Nevada land since the inception of U.S. Gold? How have previous exploration attempts gone, and what is different this time?
RM: We were looking for deeper targets. We didn't find anything on our Tonkin Property. But at the south end of that property, we're reactivating a mine with a permit that we're hoping to get by the first quarter of 2015. It's a low capital build, low cost, eight-year life operation.
[Exploration] drove Goldcorp's success in the early days. The value you create can be very dramatic when you hit.
NP: Exploration costs money. How is McEwen Mining positioned in terms of capital? Will you need to raise money in the debt markets? Are you going to have to pull out your wallet again?
RM: In terms of this year, our expansion of our one gold mine in Mexico, that's taken care of. We're about $30 million in cash right now. We don't have any debt. We have talked to some lenders about putting a small amount of leverage on the balance sheet, but I'm not a big believer in levering up the balance sheet very much. With regard to our large Mexican property, right now, given the price of gold and the lack of enthusiasm in the market, I'm not anxious to run out and do a financing.
NP: How is the cash flow? Are you starting to generate some free cash, are you breaking even, or are you in cash burn?
RM: Our all-in costs are around $1100/ounce. This year, if metal prices stay where they are, we would maintain our cash, which is about $30 million. To build our next big project, we'd have to go find a source of capital, either debt or debt and equity, or through a combination of another company that has free cash. We will in 2016 or 2017 have considerable cash flow on our models. It should be a very positive situation.
NP: We saw some very dramatic price swings in the McEwen Mining share price in 2013. Will that continue to be the case? Or is this the beginning of better days to come?
RM: Our production is moving from 140,000 thousand ounces of gold this year -- up 33 percent from last year. This year will be flat. Then 2015 will be 175,000. With the new mine in Nevada, we'll be above 225,000. With the new mine in Mexico, we'll need some money to build that one, but we'd be over 300,000 ounces a year in gold and silver. So, I'm quite excited about that.
NP: And that doesn't include your copper reserves in Argentina, or anything that you might discover in your exploration.
RM: There will be discoveries that seem to come out of the blue. They are going to happen by smaller companies that have been working away and are ignored by the market.
NP: Last week, the contrarian dance between the Dow and gold was as dynamic as ever - perhaps surprising investors who had given up on gold.
You can have some very dramatic moves. In August of last year, we saw the gold market look like it was coming alive for a moment. In juniors and mid-sizes, and even the seniors, we saw movements of 25 percent to 75 percent gains within the month of August. They gave up those gains in September, but what it illustrated for me was that when people start moving back into gold, it's not going to be a slow run-up. There are going to be some very explosive jumps in value that are going to surprise most people because they have ignored the sector. From the lows of July last year, we got down to about $1.60 and we're now trading at [$2.60]. It may seem like a big move, but it's still a distance from the highs that were achieved when gold went up to $1900. So, I think you're going to see some very strong runs in gold stock.
Will Gold Soar on the Dow Drop?
Posted: 01/27/2014 10:44 am
What's bad for the Dow is great for gold. Last week, the Dow Jones Industrial Average dropped over 600 points, sparking a Gold Bug swoon. Gold prices polished up two percent, while McEwen Mining, a junior gold mining company, popped 10 percent.
Rob McEwen, the executive chairman and chief owner of McEwen Mining has been in the gold mining business for 25 years. Under his leadership, Goldcorp grew from a market capitalization of $50 million to over $8 billion. So, I turned to him for wisdom and experience on today's dance between the Dow and gold.
Natalie Pace: What happened to gold in 2013? Has gold hit a low? Where will prices go in 2014? What's in your crystal ball?
Rob McEwen: Gold certainly fell out of favor in late 2012 and all of 2013; however, the reason for owning gold hasn't gone away. There are still large levels of debt and currency issues.
NP: What happened? Who was doing all of that selling? From the stats I saw, it was almost exclusively exchange-traded funds.
RM: There was a great deal of selling in the paper market, in the derivatives. You saw strange occurrences where the value of gold in the exchange-traded funds was dropping very quickly, while the physical market was trading at a premium. There was very big buying happening in Asia -- principally in India for awhile, and in Hong Kong for the Chinese market. They've remained large buyers of gold.
NP: Where are gold prices headed?
I think gold this year has a chance to test the highs that it achieved back in 2011, which would be just above $1900 an ounce. Beyond that, I believe that we are going to see a $5000/ounce gold price in the next couple of years. For someone who is a contrary investor, it's a good time to be looking at gold. I think gold stocks more so because they've been so beaten up in this market.
NP: You have a very ambitious goal of getting a listing on the S&P 500 by 2015. Are you still on track for that? What do you need to get there?
RM: We might be a little delayed to get there by the end of 2015. In order to qualify for the S&P 500, you need to have a $5 billion plus market capitalization. Our market capitalization is a little more than a tenth of that right now. We need more production. I'd prefer to see it organically. But that's not possible in the next two years to get that type of growth.
NP: Why do you have such a strong focus on getting the S&P 500 listing?
RM: The attraction of the S&P 500 is that there is only one gold stock there and that is Newmont Mining. There are over a trillion dollars invested by index funds in the S&P 500. So, you have a large pool of capital. You have long-term investors, and you have a lower cost of capital when you are in that index, which allows you to grow faster and cheaper than your competition. And the only way to get into the S&P 500 is by being an American company. Most of the mining companies, particularly in the precious metals space, are Canadian, Australian, or non-American. There wouldn't be more than a handful of companies that would have a shot at getting into that space. It's a competitive advantage we have.
NP: You focus on exploration, in addition to production. Please tell us how exploration helped you build shareholder value at your previous company, Goldcorp.
RM: It worked very well. We found more than six million ounces of gold in a mine and made the mine a very profitable enterprise. We launched our [Goldcorp] contest back in 2000. We spent about a million dollars -- half a million in prizes and half a million setting it up. And we found three billion dollars worth of gold.
NP: How are you identifying your exploration targets today?
Right now, we're exploring in Nevada, joint ventured with a company [that] measures the quantity of gold in the water in parts per trillion. When you get an elevated level of gold, that's not a bad target to be drilling on. So, we're going to be drilling this first quarter on a target there and a couple of targets around our property. What makes it interesting is that 10 miles away is the largest gold mine in the world that is run by Barrick Gold.
NP: You've been hoping to capitalize on your Nevada land since the inception of U.S. Gold? How have previous exploration attempts gone, and what is different this time?
RM: We were looking for deeper targets. We didn't find anything on our Tonkin Property. But at the south end of that property, we're reactivating a mine with a permit that we're hoping to get by the first quarter of 2015. It's a low capital build, low cost, eight-year life operation.
[Exploration] drove Goldcorp's success in the early days. The value you create can be very dramatic when you hit.
NP: Exploration costs money. How is McEwen Mining positioned in terms of capital? Will you need to raise money in the debt markets? Are you going to have to pull out your wallet again?
RM: In terms of this year, our expansion of our one gold mine in Mexico, that's taken care of. We're about $30 million in cash right now. We don't have any debt. We have talked to some lenders about putting a small amount of leverage on the balance sheet, but I'm not a big believer in levering up the balance sheet very much. With regard to our large Mexican property, right now, given the price of gold and the lack of enthusiasm in the market, I'm not anxious to run out and do a financing.
NP: How is the cash flow? Are you starting to generate some free cash, are you breaking even, or are you in cash burn?
RM: Our all-in costs are around $1100/ounce. This year, if metal prices stay where they are, we would maintain our cash, which is about $30 million. To build our next big project, we'd have to go find a source of capital, either debt or debt and equity, or through a combination of another company that has free cash. We will in 2016 or 2017 have considerable cash flow on our models. It should be a very positive situation.
NP: We saw some very dramatic price swings in the McEwen Mining share price in 2013. Will that continue to be the case? Or is this the beginning of better days to come?
RM: Our production is moving from 140,000 thousand ounces of gold this year -- up 33 percent from last year. This year will be flat. Then 2015 will be 175,000. With the new mine in Nevada, we'll be above 225,000. With the new mine in Mexico, we'll need some money to build that one, but we'd be over 300,000 ounces a year in gold and silver. So, I'm quite excited about that.
NP: And that doesn't include your copper reserves in Argentina, or anything that you might discover in your exploration.
RM: There will be discoveries that seem to come out of the blue. They are going to happen by smaller companies that have been working away and are ignored by the market.
NP: Last week, the contrarian dance between the Dow and gold was as dynamic as ever - perhaps surprising investors who had given up on gold.
You can have some very dramatic moves. In August of last year, we saw the gold market look like it was coming alive for a moment. In juniors and mid-sizes, and even the seniors, we saw movements of 25 percent to 75 percent gains within the month of August. They gave up those gains in September, but what it illustrated for me was that when people start moving back into gold, it's not going to be a slow run-up. There are going to be some very explosive jumps in value that are going to surprise most people because they have ignored the sector. From the lows of July last year, we got down to about $1.60 and we're now trading at [$2.60]. It may seem like a big move, but it's still a distance from the highs that were achieved when gold went up to $1900. So, I think you're going to see some very strong runs in gold stock.
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