Yamana Gold (Seite 213)

[Steigerwälder]

Brio Gold, eine der Minen von Yamana wird ausgegliedert.

Gegen Bareinzahlung kann man wohl dann verbilligt Aktien von Brio kaufen, oder eben die Bezugsrechte verkaufen.

[Megastuhls]

Heu ??? Hab ich was verpasst ? Bezugsrechte .... für was den ?

[Steigerwälder]

Am Samstag hab ich einen Benachrichtigung über die Einbuchung von Bezugsrechten erhalten. Die werden auch schon für etwas 20 cent gehandelt. (A2DG3V) Entspricht etwa dem Kursverlust vom letzten Mittwoch, dem Ex Tag. Das Wort "Brio Gold" fällt auf dem Schreiben nicht.

[Pebbles]

Nur der Goldpreis muss noch mit spielen!

Yamana Could Easily Double

http://seekingalpha.com/article/4026202-yamana-easily-double…

[edorado]

Yamana Gold: Getting Better Despite Hiccups
Nov. 6.16 | About: Yamana Gold (AUY)
Alpha Investor
Long/short equity, value, special situations, growth

AUY missed estimates in its latest quarter but investors should not be discouraged as the company is making improvements on the operational front.

AUY has turned around its loss into a profit on the back of improved gold pricing despite an increase in all-in sustaining costs, which went up due to currency fluctuations.

AUY has entered into zero-cost collar contracts worth 400 million Brazilian Real with an average call price of 3.25 Real and put price of 3.80 Real to mitigate currency weakness.

AUY has been able to reduce its co-product cash costs as it has been increasing its recovery and throughput from core mines where costs are low by making infrastructure improvements.

Since AUY can reduce costs and enhance production going forward due to its focus on the core mines, it will be able to take better advantage of higher pricing.

A few days ago, Yamana Gold (NYSE:AUY) disappointed investors with its third-quarter results as it missed estimates on both the top and bottom lines. However, a closer look at the results indicate that there was a silver lining to Yamana's performance in the quarter as it managed to improve both its revenue and earnings on a year-over-year basis.

A closer look at the results

For instance, Yamana's revenue grew more than 9% as compared to the prior-year period, driven by a 2.5% increase in production and 19% increase in realized gold prices. However, the amount of gold sold by Yamana was consistent on a year-over-year basis, as a result of which its top line fell short of expectations. Another disappointment came on the cost front, as Yamana's all-in sustaining costs increased to $965 an ounce as compared to $844 an ounce in the year-ago quarter.

But, despite the 14% increase in all-in sustaining costs, Yamana managed to turn its bottom line performance as compared to the third quarter of last year. The company posted adjusted earnings of $17 million as compared to a loss of $16.5 million in the year-ago quarter, which can be attributed to higher gold pricing.

Hence, there were silver linings for Yamana in the third quarter even though the company missed estimates. In effect, higher gold prices on a year-over-year basis proved to be a tailwind for Yamana in the third quarter, which allowed the company to improve its performance despite a higher cost base.

But, will the company be able to bring down its cost base going forward so that it can take better advantage of higher gold pricing? Let's find out.

Will Yamana be able to reduce costs?

The primary reason why Yamana Gold's cost increased in the third quarter was due to the impact of currency fluctuations. As the Brazilian Real, the Chilean Peso, and the Canadian Dollar strengthened more than Yamana's expectations, the company's cost of procuring gold from its mines in these countries increased in dollar terms.

However, the good part is that Yamana has taken steps to mitigate the impact of currency fluctuations going forward. For instance, the company has entered into zero-cost collar contracts worth 400 million Brazilian Real with an average call price of 3.25 Real and a put price of 3.80 Real as compared to the current USD/BRL exchange rate of 3.24 Real. By purchasing a put option at a higher price and selling the call at a lower strike price, Yamana has managed to cap its downside.

In fact, Yamana can now sell the call if the underlying currency falls below the strike price, thereby offsetting the purchase cost of the put option. Hence, going forward, Yamana investors can expect the company to offset foreign currency fluctuations with the help of derivative gains. Therefore, Yamana seems to have taken care of the currency fluctuation part that negatively impacted its cost profile last quarter.

Increasing gold production from efficient mines will allow it to take advantage of higher pricing

Though Yamana's all-in sustaining costs have increased in the nine months of 2016 due to negative currency fluctuations, the company has actually managed to lower its co-product cash costs. In the first nine months of the year, Yamana's co-product cash costs have dropped to $665 an ounce as compared to last year's $670 an ounce.

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[mediacool]

kupfer und silber

im letzten quartalsbericht wurde kupfer als wesentlicher grund für die ertragsschwäche genannt, was ich so nicht ganz nachvollziehen konnte. jetzt ist post trump der kupferpreis um 10 bis 20% angezogen. auch silber hält sich recht gut. und bei gold wäre ich auch nicht zu pessimistisch.
trump wird einen großen teil seiner maßnahmen über schulden darstellen.
halte die derzeitige entwicklung für überzogen.

[Steigerwälder]

-10%... gestern morgen warns noch +15%- allerdings nur vorbörslich und sehr kurz.

Alles was mit Gold zu tun hat wird jetzt abgeschlachtet.
Anscheinend glaubt der Markt dass Maestro Trump die Probleme des Finanzsystems durch Handauflegen löst.

Aber wer etwas länger dabei ist wird durch eine weitere Achterbahnfahrt sicher nicht mehr geschockt.

[mediacool]

spin-off brio

hier wird z.zt mit den investmentbanken heftig gefeilscht. ich vermute yamana möchte einen "unwriten" deal haben, damit nicht abermals der verkauf bzw jetzt spin off scheitert.
dabei garantieren die mandatierten banken den kompletten deal, wobei der preis natürlich die entscheidende größe darstellt.
man legt für brio einen wert fest. danach nehmen ein gewissen prozentsatz der aktionäre ihr bezugsrecht war. der übrig bleibende teil muss dann bei investoren umgehend plaziert werden, damit die banken nicht auf den aktien der brio sitzen bleiben.
ich nehme an dies drückt auch moment den kurs von yamana.
yamana hat im q3 noch garnicht den verkauf der mine in mexiko verarbeitet. in q4 sollten wir deshalb eine nachhaltige entschuldung sehen. und dann kommt der erlös aus brio (kann mir einer sagen, was da realistisch zu erwarten ist?)
ich denke dies wird dann in q1 2017 zur entschuldung beitragen.
obwohl in der letzten berichtserstattung das eps enttschäuscht hat, sehe ich das ganze eher positv, da der CF recht vernünftig ist und sich die liqui entsprechend positv entwickelt vor dem hintergrund der anstehenden investitionen in 2017, die erheblich sein werden. dafür dürfen wir uns auf die pipeline freuen.
insgesamt sehe ich die sache recht positv. jeder der nicht brio zieht hat zudem eine kleine "Extradividende"
gibt es meinungen zu brio ( ziehen oder nicht)

[bubu1970]

Ergebnis ist nicht so schlecht

wird auch in den nächsten wieder steigen. barrick und der Gold werden alle mithochziehen.

[edorado]

Yamana Gold Reports Adjusted Profit In Third Quarter

Thursday October 27, 2016 21:40

(Kitco News) - Yamana Gold Inc. (TSX: YRI; NYSE: AUY) reversed to an adjusted profit in the third quarter as revenues were boosted by higher prices of precious metals.

The company late Thursday listed a net loss of $2.1 million, or zero cents per share, compared to a net loss of $107 million, or 11 cents, in the same period a year ago. Excluding special items, however,

Yamana listed adjusted earnings of $17 million, or 2 cents per share, compared to an adjusted loss of $16.5 million, or 2 cents, in the same quarter of 2015.

Revenue rose by $39.9 million from a year ago to $464.3 million, helped by an average gold price of $1,337 that was up from $1,122 in the year-ago period, as well as a silver price of $19.53 that was up from $14.88. The company also produces copper, for which prices fell.

Third-quarter gold output was 328,604 ounces, up from 320,346 a year ago. Silver output fell to 1.59 million ounces from 2.11 million due to mine sequencing into areas with lower grades, Yamana said. The all-in sustaining cost for gold production, on a co-product basis, was $965, up from $844.

Officials said Yamana remains committed to decreasing net debt by at least $300 million by the end of 2017. In the meantime, Yamana said its debt-maturity profile “remains very manageable,” especially in the short to medium term with a total of $94.4 million scheduled debt payments by the end of 2017 and a cash balance of $244 million at the end of the third quarter.

Yamana said it is “well positioned” to deliver on its guidance for 2016 gold, silver and copper production, as well as costs. Fourth-quarter production of all metals is expected to be higher than other quarters of the year.

Meanwhile, Yamana declared a fourth-quarter dividend of $0.005 per share to be paid on Jan. 13 to shareholders of record as of the close on Dec. 30.