Yamana Gold (Seite 164)
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ISIN: CA98462Y1007 · WKN: 357818 · Symbol: RNY
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Antwort auf Beitrag Nr.: 60.418.200 von Keilfleckbarbe am 25.04.19 07:21:44Jeder hat da wohl seine eigene Meinung zu und die Zukunft wird es zeigen. Das die Welt mit multinationalen Konzernen nicht besser geworden ist sollte aber allen klar sein. Auf der einen Seite möchte die USA Ihren eigenen Markt mit Zöllen sichern, auf der anderen Seite zahlen Amazone, Google und Co. in den Ländern wo der Umsatz gemacht wird fast keine Steuern. Arbeitsplätze werden zwar auch von diesen Unternehmen geschaffen aber auf Kosten der Arbeitnehmer durch Lohndumping und Mindestlöhne, so verlieren alle, die Staaten und die Menschen in diesen Staaten, nur die Multis machen sich die Taschen voll und das fast steuerfrei. Ich bewerte den Verkauf der Mine immer noch positiv und Yamana wird seinen Weg gehen und das wird sich sicher auch mittel- bis langfristig im Aktienkurs widerspiegeln.
Keine Kauf- oder Verkaufsempfehlung jeder handelt auf eigenes Risiko.
Keine Kauf- oder Verkaufsempfehlung jeder handelt auf eigenes Risiko.
Antwort auf Beitrag Nr.: 60.417.876 von goldfinger69 am 25.04.19 00:23:34Sag mal hast du einen Sonnenstich ? Das Gegenteil ist der Fall, aber hat ein Aktionär nicht die Möglichkeit zu verkaufen oder zu shorten ? Also selbst gewählt und verschuldet. Mir geht es rein um die schlechte Performance und die Tatsache, dass Yamana ihr FILETSTÜCK versilbern musste und das unterm Preis. Sagt das nicht alles über das Management und die Firma aus ? Versteh doch endlich, solche Buden müssen endlich verschwinden, sonst wird das nichts. Kinross und Iamgold müssen auch noch weg.
Antwort auf Beitrag Nr.: 60.404.034 von Keilfleckbarbe am 23.04.19 14:50:54
das du die Vernichtung von Aktienkapital anderer Menschen für gut findest sagt schon alles über Dich
Zitat von Keilfleckbarbe: Ist doch geil, dass die Bude so schlechte deals machen, je eher verschwindet der Rotz vom Kurszettel und wird am Ende am low selber uebernommen. Goldcorp ist schon mal weg, bleiben noch Kinrotz ; Iamkotz ind das hier uebrig
das du die Vernichtung von Aktienkapital anderer Menschen für gut findest sagt schon alles über Dich
Ist doch geil, dass die Bude so schlechte deals machen, je eher verschwindet der Rotz vom Kurszettel und wird am Ende am low selber uebernommen. Goldcorp ist schon mal weg, bleiben noch Kinrotz ; Iamkotz ind das hier uebrig
Der letzte Yamana Deal Verkauf Chapada wurde schlecht aufgenommen...zu Recht wie dieser Bericht zeigt...der Deal hätte mehr einbringen müssen...er ist sicher richtig aber schlecht organisiert...LEIDER
The Yamana Gold-Lundin Mining Deal: Lundin Looks Like The Winner
Apr. 17, 2019 11:07 AM ET
|
About: Yamana Gold Inc. (AUY), LUNMF
Peter Arendas
Peter Arendas
Long only, commodities, research analyst
(2,916 followers)
Summary
Yamana Gold sells its Chapada gold-copper mine to Lundin Mining for $800 million plus contingent considerations worth over $225 million.
The transaction will help to improve Yamana's balance sheet significantly.
After failing to acquire Nevsun Resources and its world-class Timok copper-gold project, Lundin Mining finally utilizes its huge cash pile.
The market reaction indicates that Lundin Mining is the winner.
On April 15, Yamana Gold (AUY) and Lundin Mining (OTCPK:LUNMF) announced a deal that helps Yamana to improve its balance sheet significantly, while it enables Lundin Mining to utilize its huge cash pile. Lundin Mining will acquire Yamana's Brazilian copper-gold mine named Chapada. Yamana will receive cash consideration of $800 million and further contingent considerations of up to $225 million ($125 million related to the price of gold and $100 million related to the potential pyrite roaster construction). Moreover, Yamana will retain a 2.0% NSR royalty on any future gold production from the nearby Suruca gold deposit.
The Chapada copper-gold mine is situated in central Brazil. Taking into account also the Suruca zone, it contains reserves of 4.546 million toz gold and 3.706 billion lb copper. Besides the reserves, there are measured, indicated and inferred resources of further 3.946 million toz gold and 2.566 billion lb copper. Chapada's current production capacity is approximately 120 million lb copper and 100,000 toz gold per year. It means that Chapada is technically a copper mine with sizeable gold by-product, as at the current metals prices, more than 70% of revenues is attributable to copper.
Source: Lundin Mining
It is expected that the current production rate should be sustainable at least by 2034. However, the sizeable resources offer several future development scenarios. Right now, the capacity of the concentrator is approximately 23.4 Mtpa. However, Yamana was considering options to expand it to 28-32 Mtpa, or by 20-37%. If this expansion is realized, it will have a significant positive impact on the annual production volumes as well as on the production costs. On a co-product basis, the cash costs should equal approximately $1.7/lb copper and $430/toz gold. Although the AISC estimates haven't been released, on a by-product basis, they should be comparable to the co-product cash costs. According to miningdataonline.com, the AISC was $1.74/lb copper or $385/toz gold in 2017.
As of the end of 2018, Lundin Mining held cash of $815.4 million and long-term debt of $7.2 million. According to the news release, it intends to use its cash on hand in a combination with the $550 million revolving credit facility to finance the acquisition. Even with the Chapada mine acquisition, the company should remain net debt free. However, after the transaction is completed, Lundin Mining's copper production should increase approximately by 26% and its copper reserves by 46%.
Source: Lundin Mining
Based on the 2018 results, Yamana Gold will lose almost 13% of its gold and 100% of its copper production. Moreover, its gold reserves will decline by 27% and copper reserves by 39% (attributing 56.25% of the integrated Alumbrera-Aguarica project to Yamana). On the other hand, its cash position will improve from $98.5 million, as of December 31, 2018, to approximately $900 million plus cash flows generated during Q1 and Q2 2019 (as the completion of the transaction is expected in early Q3). Yamana's net debt position will improve from $1.66 billion to less than $0.9 billion which means a significant improvement.
But who is the winner of this deal? A simple calculation can indicate a lot. Let's say that by 2034, the Chapada mine will be able to produce 120 million lb copper and 100,000 toz gold per year as expected and that the AISC will be around $1.75/lb copper. At a gold price of $1,300/toz and a copper price of $3/lb, the NPV(8%) of discounted cash flow generated between 2020 and 2034 equals $1.284 billion. Even at an AISC of $2/lb copper, the NPV(8%) of the generated cash flow would be $1.027 billion, which is more than Lundin Mining will pay for the mine. It is important to note that this calculation doesn't take into account any cash flow generated in 2019, any cash flow generated after 2034, any mine expansions and any metals price growth over the next 15 years. This clearly shows that Lundin Mining is the winner here.
Chart Data by YCharts
It seems that the market has a similar opinion (chart above). While Yamana Gold's share price is down by more than 12% over the last 5 days, Lundin Mining is up by more than 16%.
Conclusion
The Chapada copper-gold mine is a valuable long-life asset, located in a relatively safe jurisdiction. According to the expectations, it should be able to maintain the current level of annual production (120 million lb copper and 100,000 toz gold) at least by 2034. However, the reserves, as well as resources, are big enough to support a longer mine life or a mine expansion. Several options have been already considered by Yamana and it is possible to expect that also Lundin will be seeking some options to maximize the value generated by this asset.
Yamana Gold will sell the Chapada mine to Lundin Mining for $800 million plus contingent considerations of up to $225 million. The money will help Yamana Gold to improve its balance sheet significantly. On the other hand, it will help Lundin Mining to increase its gold and copper production considerably. Both of the companies can find some positives on the transaction, however, the numbers show that Lundin Mining is the true winner here. At the current metals prices and some conservative assumptions, the NPV(8%) of cash flows generated by Chapada between 2020 and 2034 should be notably higher than the price paid for it.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
The Yamana Gold-Lundin Mining Deal: Lundin Looks Like The Winner
Apr. 17, 2019 11:07 AM ET
|
About: Yamana Gold Inc. (AUY), LUNMF
Peter Arendas
Peter Arendas
Long only, commodities, research analyst
(2,916 followers)
Summary
Yamana Gold sells its Chapada gold-copper mine to Lundin Mining for $800 million plus contingent considerations worth over $225 million.
The transaction will help to improve Yamana's balance sheet significantly.
After failing to acquire Nevsun Resources and its world-class Timok copper-gold project, Lundin Mining finally utilizes its huge cash pile.
The market reaction indicates that Lundin Mining is the winner.
On April 15, Yamana Gold (AUY) and Lundin Mining (OTCPK:LUNMF) announced a deal that helps Yamana to improve its balance sheet significantly, while it enables Lundin Mining to utilize its huge cash pile. Lundin Mining will acquire Yamana's Brazilian copper-gold mine named Chapada. Yamana will receive cash consideration of $800 million and further contingent considerations of up to $225 million ($125 million related to the price of gold and $100 million related to the potential pyrite roaster construction). Moreover, Yamana will retain a 2.0% NSR royalty on any future gold production from the nearby Suruca gold deposit.
The Chapada copper-gold mine is situated in central Brazil. Taking into account also the Suruca zone, it contains reserves of 4.546 million toz gold and 3.706 billion lb copper. Besides the reserves, there are measured, indicated and inferred resources of further 3.946 million toz gold and 2.566 billion lb copper. Chapada's current production capacity is approximately 120 million lb copper and 100,000 toz gold per year. It means that Chapada is technically a copper mine with sizeable gold by-product, as at the current metals prices, more than 70% of revenues is attributable to copper.
Source: Lundin Mining
It is expected that the current production rate should be sustainable at least by 2034. However, the sizeable resources offer several future development scenarios. Right now, the capacity of the concentrator is approximately 23.4 Mtpa. However, Yamana was considering options to expand it to 28-32 Mtpa, or by 20-37%. If this expansion is realized, it will have a significant positive impact on the annual production volumes as well as on the production costs. On a co-product basis, the cash costs should equal approximately $1.7/lb copper and $430/toz gold. Although the AISC estimates haven't been released, on a by-product basis, they should be comparable to the co-product cash costs. According to miningdataonline.com, the AISC was $1.74/lb copper or $385/toz gold in 2017.
As of the end of 2018, Lundin Mining held cash of $815.4 million and long-term debt of $7.2 million. According to the news release, it intends to use its cash on hand in a combination with the $550 million revolving credit facility to finance the acquisition. Even with the Chapada mine acquisition, the company should remain net debt free. However, after the transaction is completed, Lundin Mining's copper production should increase approximately by 26% and its copper reserves by 46%.
Source: Lundin Mining
Based on the 2018 results, Yamana Gold will lose almost 13% of its gold and 100% of its copper production. Moreover, its gold reserves will decline by 27% and copper reserves by 39% (attributing 56.25% of the integrated Alumbrera-Aguarica project to Yamana). On the other hand, its cash position will improve from $98.5 million, as of December 31, 2018, to approximately $900 million plus cash flows generated during Q1 and Q2 2019 (as the completion of the transaction is expected in early Q3). Yamana's net debt position will improve from $1.66 billion to less than $0.9 billion which means a significant improvement.
But who is the winner of this deal? A simple calculation can indicate a lot. Let's say that by 2034, the Chapada mine will be able to produce 120 million lb copper and 100,000 toz gold per year as expected and that the AISC will be around $1.75/lb copper. At a gold price of $1,300/toz and a copper price of $3/lb, the NPV(8%) of discounted cash flow generated between 2020 and 2034 equals $1.284 billion. Even at an AISC of $2/lb copper, the NPV(8%) of the generated cash flow would be $1.027 billion, which is more than Lundin Mining will pay for the mine. It is important to note that this calculation doesn't take into account any cash flow generated in 2019, any cash flow generated after 2034, any mine expansions and any metals price growth over the next 15 years. This clearly shows that Lundin Mining is the winner here.
Chart Data by YCharts
It seems that the market has a similar opinion (chart above). While Yamana Gold's share price is down by more than 12% over the last 5 days, Lundin Mining is up by more than 16%.
Conclusion
The Chapada copper-gold mine is a valuable long-life asset, located in a relatively safe jurisdiction. According to the expectations, it should be able to maintain the current level of annual production (120 million lb copper and 100,000 toz gold) at least by 2034. However, the reserves, as well as resources, are big enough to support a longer mine life or a mine expansion. Several options have been already considered by Yamana and it is possible to expect that also Lundin will be seeking some options to maximize the value generated by this asset.
Yamana Gold will sell the Chapada mine to Lundin Mining for $800 million plus contingent considerations of up to $225 million. The money will help Yamana Gold to improve its balance sheet significantly. On the other hand, it will help Lundin Mining to increase its gold and copper production considerably. Both of the companies can find some positives on the transaction, however, the numbers show that Lundin Mining is the true winner here. At the current metals prices and some conservative assumptions, the NPV(8%) of cash flows generated by Chapada between 2020 and 2034 should be notably higher than the price paid for it.
Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Trading Spotlight
Ich glaube, die Gründe für den Chapada Verkauf sind vorgeschoben. Chapada ist die beste Mine im Portfolio. Sie hat die höchsten Reserven und die niedrigsten Produktionskosten. Meine Theorie ist, dass man eine realistische Chance sieht, Agua Rica in Produktion zu bringen. Das Cash wird benötigt, um Newmont Goldcorp die 18,75 % am JV abzukaufen und Agua Rica zusammen mit Glencore zu entwicheln. Das ist natürlich reine Spekulation, aber wer weiß...
Antwort auf Beitrag Nr.: 60.389.899 von hannes24 am 19.04.19 12:03:31An Hannes: Unternehmenswert ist für mich der Börsenwert bzw. die Marktkapitalisierung = Kurs * Aktien.
Meiner Meinung nach ist dieser momentan zu niedrig, da Yamana solide Assets hat und durch den Verkauf auch die Liquidität gestärkt wurde.
Allerdings habe ich auf "safehaven.com" einen Artikel über die geschätzte Goldproduktion 2019 gelesen. Demnach werden dieses Jahr 109 Mio UNzen produziert nach 107 Mio Unzen in 2018. Die Produktionsmenge 2019 liegt 40% über dem Wert von 2008.
Das stimmt mich doch ein wenig nachdenklich und bedeutet ein weiteres Abwärtspotenzial für den Goldpreis, sofern keine neuen Krisen wieder in den Fokus treten.
Ich denke , dass man mit 2 Euro keinen Fehler bei Yamana macht, aber ich halte auch noch niedriegere Kurse bei fallendem Goldpreis für möglich. Werde dann nochmal aufstocken...
schöne Ostern!
Meiner Meinung nach ist dieser momentan zu niedrig, da Yamana solide Assets hat und durch den Verkauf auch die Liquidität gestärkt wurde.
Allerdings habe ich auf "safehaven.com" einen Artikel über die geschätzte Goldproduktion 2019 gelesen. Demnach werden dieses Jahr 109 Mio UNzen produziert nach 107 Mio Unzen in 2018. Die Produktionsmenge 2019 liegt 40% über dem Wert von 2008.
Das stimmt mich doch ein wenig nachdenklich und bedeutet ein weiteres Abwärtspotenzial für den Goldpreis, sofern keine neuen Krisen wieder in den Fokus treten.
Ich denke , dass man mit 2 Euro keinen Fehler bei Yamana macht, aber ich halte auch noch niedriegere Kurse bei fallendem Goldpreis für möglich. Werde dann nochmal aufstocken...
schöne Ostern!
Antwort auf Beitrag Nr.: 60.385.999 von Gooldfinder am 18.04.19 17:22:41
Genau das ist hier der Punkt die Börse übertreibt wieder...
Hast Du die Schulden noch einbezogen...?
Kursmanipulationen um günstig reinzukommen??? oder was....??
Wenn der Goldpreis wieder steigt dann flashed die AG wieder Richtung 3€....
Bei unter 2 kaufen kaufen
Zitat von Gooldfinder: Unternehmenswert liegt unter 2 Mrd Euro. Wenn für eine Mine ca. 1 Mrd bezahlt wird, dann kann man hier Positionen aufbauen. Finanzierung ist in den nächsten Jahren gesichert, es ist genug Cash vorhanden. Bin zu 2,003 eingestiegen
Genau das ist hier der Punkt die Börse übertreibt wieder...
Hast Du die Schulden noch einbezogen...?
Kursmanipulationen um günstig reinzukommen??? oder was....??
Wenn der Goldpreis wieder steigt dann flashed die AG wieder Richtung 3€....
Bei unter 2 kaufen kaufen
Ich habe vorhin gerade welche zu 1,949 Euronen gekauft ....jetzt kann es aber endlich mal stoppen zu fallen ist ja ihr ....man könnte meinen die habe die Mine verschenkt und nicht verkauft wenn wann den down so sieht .... 
Kauf 3k zu 1,97 Euro/Stck.
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Yamana Gold
