Yamana Gold (Seite 464)
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Beitrag zu dieser Diskussion schreiben
http://www.yamana.com/ir/reports-pdf/yamana-fact-sheet.pdf
die Wachstumsaussichten vor dem Kauf von RNC Gold.
die Wachstumsaussichten vor dem Kauf von RNC Gold.
Yamana Gold gibt bekannt, das Sie Ihre Produktionskapazität durch den Kauf von RNC Gold auf 400.000 Unzen für 2006 und mehr als 650.000 Unzen für 2007 erweitern.
Der Kauf wird über einen Aktientausch erfolgen.
2005-12-04 19:40 ET - News Release
TORONTO -- (Business Wire) -- Dec. 4, 2005
Yamana Gold Inc. ("Yamana")
(TSX:YRI)(AMEX:AUY)(AIM:YAU) and RNC Gold Inc. ("RNC") (TSX:RNC)
today announced transactions which provide for Yamana to acquire RNC
and 100% of the San Andres gold mine in Honduras which is currently
subject to a purchase agreement with RNC. These transactions result
in the following.
- Increase Yamana`s estimated annual gold production by more than
130,000 ounces to a total of almost 400,000 ounces in 2006,
increasing to more than 550,000 ounces in 2007 and 650,000 ounces by
2008
- Bring Yamana one step closer to a sustainable target production
level of 750,000 ounces which is the level of production that Yamana
is targeting by 2008
- Fuel Yamana`s growth in projected operating cash flow with
average cash costs per ounce after by-product credits decreasing from
approximately US$250 in 2006 to less than US$100 by 2007 after by
product credits
- Provide operating costs in United States dollars and as such
lessens the effects of foreign exchange fluctuations on costs
- Increase Yamana`s projected year end 2005 reserve base by
approximately 1.2 million ounces and add measured and indicated and
inferred resources of approximately 1.4 million and 821,000 ounces,
respectively
- Result in immediate accretion to Yamana shareholders across all
key financial measures
- Add two mines and another advanced development property along
with a portfolio of exciting exploration targets in Central America
- Capitalize on Yamana`s operating and heap leach expertise in
Latin America
- Create an opportunity for general and administrative cost
synergies
Pursuant to the transactions, shareholders of RNC will receive
0.12 of a Yamana common share for each RNC common share. In addition,
concurrent with the announcement of this transaction, Yamana entered
into an agreement with RNC extending a loan of approximately US$18.9
million in order to facilitate RNC`s purchase of a 75% interest in
the San Andres gold mine, Honduras. The loan will be secured by the
mine and related assets and Yamana has the option to apply the loan
proceeds toward the purchase of the mine. Yamana will exercise RNC`s
option to purchase the remaining 25% interest in San Andres
concurrent with the closing of the transaction for consideration
equal to US$4 million payable in Yamana shares. The effect of these
transactions is that Yamana will acquire all of RNC and, in the event
Yamana exercises its option, Yamana will also own the San Andres
Mine.
The total cost of the transaction to Yamana is US$49 million.
Based on the 10-day volume-weighted-average trading prices of
approximately C$5.66 for Yamana and C$0.56 for RNC on Friday December
2, the exchange ratio implies a premium for the transaction of 20.7%.
Increased production
Peter Marrone, President and Chief Executive Officer of Yamana
said, "The transaction strengthens Yamana`s position as a
fast-growing, intermediate-size gold producer. With this transaction,
Yamana has made a material step towards accomplishing its strategic
goal of producing 750,000 ounces by 2008. Further, we have added a
production and exploration platform in another area of Latin America.
We have increased our exploration portfolio significantly in addition
to adding an initial 130,000 ounces of annual gold production
beginning in 2006 increasing by up to 180,000 ounces by 2008. San
Andres in particular is a good quality and well-run mine with an
initial 5-year mine life, and the potential to significantly add to
that."
Upon the successful completion of the acquisition of RNC, Yamana
will have added two producing mines, La Libertad (Nicaragua), and San
Andres (Honduras) to its portfolio. Yamana will also own the Cerro
Quema project (Panama), a development stage property. In addition,
Yamana will own the highly prospective exploration ground surrounding
RNC`s Bonanza mine (Nicaragua) with a two-year option to purchase the
Bonanza mine. With the acquisition of RNC and San Andres, Yamana`s
annual production would be almost 400,000 ounces in 2006, increasing
to approximately 550,000 ounces in 2007 and 650,000 ounces in 2008.
Cash costs after by-product credits are projected to decrease to
levels below US$100 per ounce beginning in 2007 and beyond. These
projected production levels and cash cost estimates do not include
further production possibilities from the development of any of
Yamana`s additional advanced exploration projects, including Sao
Vicente, C1 Santa Luz and Ernesto, nor from operational improvements
to be undertaken at La Libertad and San Andres. They do include
projected production for Cerro Quema beginning in December 2007,
although Yamana plans to re-evaluate the development timetable for
this mine.
Randall Martin, President and Chief Executive Officer of RNC,
commenting on the acquisition stated, "We believe there is
significant value in our assets and that this value will be better
realized through the combination with a well-capitalized company with
a strong operational team such as Yamana. The transaction will also
allow RNC shareholders to participate in Yamana`s quality mining
assets and growth potential."
Summary of the Transaction
The acquisition of RNC will be completed by way of a court
approved Plan of Arrangement whereby each RNC common share will be
exchanged for 0.12 of a Yamana common share. All RNC options and
warrants will become exercisable for common shares of Yamana based on
the exchange ratio. As a result of the proposed transaction, the
combined company will be held approximately 97% by existing Yamana
shareholders and 3% by existing RNC shareholders. The total number of
Yamana common shares outstanding would be approximately 197 million,
on a pro forma basis.
Concurrent with this announcement, Yamana agreed to advance
US$18.9 million to RNC as a senior secured loan ("the Loan") thereby
allowing RNC to complete its previously announced acquisition of a
75% interest in the San Andres Mine and related transactions. The
Loan will be secured by a pledge of all of the shares of the RNC
subsidiary holding the mine and by a security interest in all of the
assets comprising the San Andres Mine. The Loan will otherwise be
non-recourse to RNC.
The Loan will bear interest at a rate of 10% per annum and shall
be due on March 7, 2006. In the event of a default under the Loan,
including if the acquisition of RNC by Yamana is terminated or does
not close on or before March 7, 2006, the Loan shall be immediately
due and payable in full, together with accrued and unpaid interest.
In such event, Yamana may exercise an option (the "San Andres
Option") to acquire the 75% in the interest in the San Andres Mine
for an exercise price equal to the principal amount and any accrued
interest due on the Loan.
Pursuant to the transaction, Yamana will exercise RNC`s existing
option to acquire the other 25% of the San Andres Mine immediately
prior to closing. In the event that Yamana exercises the San Andres
Option or acquires the 75% interest in the San Andres Mine by
enforcing its security under the Loan, Yamana shall be obligated to
acquire and the management group (including certain RNC senior
managers) owning a 25% interest in the San Andres mine shall be
obligated to sell the 25% interest within 15 business days. The
purchase price of the 25% interest is US$4 million payable in Yamana
shares.
The acquisition will include the exploration properties
surrounding the Hemco/Bonanza Mine exploitation concession in
Nicaragua currently held by a subsidiary of RNC but not the
exploitation concession containing the Hemco/Bonanza Mine which will
be sold to a RNC management group, subject to Yamana having the
option to re-acquire the mine within a period of two years. That mine
is not core to Yamana`s operations and Yamana considers the value to
be in the exploration concessions that it will be acquiring.
The acquisition has the unanimous approval of the boards of
directors of Yamana and RNC. The board of directors of RNC, having
received the recommendation of an independent committee of directors,
is recommending that RNC shareholders vote in favour of the
transaction. Canaccord Capital Corporation provided an opinion to the
independent committee of the board of directors of RNC that the
business combination and all related transactions, taken as a whole,
are fair, from a financial point of view, to the disinterested
holders of common shares of RNC.
Yamana`s management team will remain unchanged.
The merger is subject to completion of satisfactory due diligence
of RNC and San Andres by Yamana prior to the advance of the Loan. The
combination is subject to all requisite regulatory court and
approvals and third party consents and other conditions customary in
transactions of this nature. The combination must be approved by at
least two-thirds of the votes cast by the shareholders of RNC at a
shareholder meeting and approved by a majority of the votes cast at
such meeting by disinterested shareholders of RNC. The shareholder
meeting is expected to be held in February 2006, with the transaction
expected to close shortly thereafter.
If the combination does not occur under certain circumstances,
RNC has agreed to pay Yamana a break-fee of US$1.8 million, one-half
of which may be paid at RNC`s option in RNC common shares.
Yamana`s financial advisors are National Bank Financial Inc.
RNC`s financial advisors are Canaccord Capital Corporation.
About Yamana
Yamana is a Canadian gold producer with significant gold
production, gold and copper-gold development stage properties,
exploration properties and land positions in all major mineral areas
in Brazil. Yamana expects to produce gold at intermediate company
production levels by 2006 in addition to significant copper
production by 2007. Company management plans to build on this base
through the advancement of its exploration properties and by
targeting other gold consolidation opportunities in Brazil and
elsewhere in Latin America.
Yamana has approximately 191.3 million shares outstanding.
About RNC
RNC Gold Inc. is a gold mining company focused on mines and
projects in Central America. From its current annual production base
of 100,000 ounces of gold, RNC is positioned for growth through the
acquisition of San Andres, construction of the Cerro Quema
development stage project, operational efficiencies and through
exploration on property surrounding its present mines. The Company`s
main assets include the La Libertad and Bonanza mines in Nicaragua,
and the Cerro Quema project under construction in Panama. The company
has entered into an agreement to acquire the San Andres mine in
Honduras that will increase its annual production base to
approximately 180,000 ounces of gold per year by 2008.
RNC has approximately 40.6 million common shares outstanding.
Der Kauf wird über einen Aktientausch erfolgen.
2005-12-04 19:40 ET - News Release
TORONTO -- (Business Wire) -- Dec. 4, 2005
Yamana Gold Inc. ("Yamana")
(TSX:YRI)(AMEX:AUY)(AIM:YAU) and RNC Gold Inc. ("RNC") (TSX:RNC)
today announced transactions which provide for Yamana to acquire RNC
and 100% of the San Andres gold mine in Honduras which is currently
subject to a purchase agreement with RNC. These transactions result
in the following.
- Increase Yamana`s estimated annual gold production by more than
130,000 ounces to a total of almost 400,000 ounces in 2006,
increasing to more than 550,000 ounces in 2007 and 650,000 ounces by
2008
- Bring Yamana one step closer to a sustainable target production
level of 750,000 ounces which is the level of production that Yamana
is targeting by 2008
- Fuel Yamana`s growth in projected operating cash flow with
average cash costs per ounce after by-product credits decreasing from
approximately US$250 in 2006 to less than US$100 by 2007 after by
product credits
- Provide operating costs in United States dollars and as such
lessens the effects of foreign exchange fluctuations on costs
- Increase Yamana`s projected year end 2005 reserve base by
approximately 1.2 million ounces and add measured and indicated and
inferred resources of approximately 1.4 million and 821,000 ounces,
respectively
- Result in immediate accretion to Yamana shareholders across all
key financial measures
- Add two mines and another advanced development property along
with a portfolio of exciting exploration targets in Central America
- Capitalize on Yamana`s operating and heap leach expertise in
Latin America
- Create an opportunity for general and administrative cost
synergies
Pursuant to the transactions, shareholders of RNC will receive
0.12 of a Yamana common share for each RNC common share. In addition,
concurrent with the announcement of this transaction, Yamana entered
into an agreement with RNC extending a loan of approximately US$18.9
million in order to facilitate RNC`s purchase of a 75% interest in
the San Andres gold mine, Honduras. The loan will be secured by the
mine and related assets and Yamana has the option to apply the loan
proceeds toward the purchase of the mine. Yamana will exercise RNC`s
option to purchase the remaining 25% interest in San Andres
concurrent with the closing of the transaction for consideration
equal to US$4 million payable in Yamana shares. The effect of these
transactions is that Yamana will acquire all of RNC and, in the event
Yamana exercises its option, Yamana will also own the San Andres
Mine.
The total cost of the transaction to Yamana is US$49 million.
Based on the 10-day volume-weighted-average trading prices of
approximately C$5.66 for Yamana and C$0.56 for RNC on Friday December
2, the exchange ratio implies a premium for the transaction of 20.7%.
Increased production
Peter Marrone, President and Chief Executive Officer of Yamana
said, "The transaction strengthens Yamana`s position as a
fast-growing, intermediate-size gold producer. With this transaction,
Yamana has made a material step towards accomplishing its strategic
goal of producing 750,000 ounces by 2008. Further, we have added a
production and exploration platform in another area of Latin America.
We have increased our exploration portfolio significantly in addition
to adding an initial 130,000 ounces of annual gold production
beginning in 2006 increasing by up to 180,000 ounces by 2008. San
Andres in particular is a good quality and well-run mine with an
initial 5-year mine life, and the potential to significantly add to
that."
Upon the successful completion of the acquisition of RNC, Yamana
will have added two producing mines, La Libertad (Nicaragua), and San
Andres (Honduras) to its portfolio. Yamana will also own the Cerro
Quema project (Panama), a development stage property. In addition,
Yamana will own the highly prospective exploration ground surrounding
RNC`s Bonanza mine (Nicaragua) with a two-year option to purchase the
Bonanza mine. With the acquisition of RNC and San Andres, Yamana`s
annual production would be almost 400,000 ounces in 2006, increasing
to approximately 550,000 ounces in 2007 and 650,000 ounces in 2008.
Cash costs after by-product credits are projected to decrease to
levels below US$100 per ounce beginning in 2007 and beyond. These
projected production levels and cash cost estimates do not include
further production possibilities from the development of any of
Yamana`s additional advanced exploration projects, including Sao
Vicente, C1 Santa Luz and Ernesto, nor from operational improvements
to be undertaken at La Libertad and San Andres. They do include
projected production for Cerro Quema beginning in December 2007,
although Yamana plans to re-evaluate the development timetable for
this mine.
Randall Martin, President and Chief Executive Officer of RNC,
commenting on the acquisition stated, "We believe there is
significant value in our assets and that this value will be better
realized through the combination with a well-capitalized company with
a strong operational team such as Yamana. The transaction will also
allow RNC shareholders to participate in Yamana`s quality mining
assets and growth potential."
Summary of the Transaction
The acquisition of RNC will be completed by way of a court
approved Plan of Arrangement whereby each RNC common share will be
exchanged for 0.12 of a Yamana common share. All RNC options and
warrants will become exercisable for common shares of Yamana based on
the exchange ratio. As a result of the proposed transaction, the
combined company will be held approximately 97% by existing Yamana
shareholders and 3% by existing RNC shareholders. The total number of
Yamana common shares outstanding would be approximately 197 million,
on a pro forma basis.
Concurrent with this announcement, Yamana agreed to advance
US$18.9 million to RNC as a senior secured loan ("the Loan") thereby
allowing RNC to complete its previously announced acquisition of a
75% interest in the San Andres Mine and related transactions. The
Loan will be secured by a pledge of all of the shares of the RNC
subsidiary holding the mine and by a security interest in all of the
assets comprising the San Andres Mine. The Loan will otherwise be
non-recourse to RNC.
The Loan will bear interest at a rate of 10% per annum and shall
be due on March 7, 2006. In the event of a default under the Loan,
including if the acquisition of RNC by Yamana is terminated or does
not close on or before March 7, 2006, the Loan shall be immediately
due and payable in full, together with accrued and unpaid interest.
In such event, Yamana may exercise an option (the "San Andres
Option") to acquire the 75% in the interest in the San Andres Mine
for an exercise price equal to the principal amount and any accrued
interest due on the Loan.
Pursuant to the transaction, Yamana will exercise RNC`s existing
option to acquire the other 25% of the San Andres Mine immediately
prior to closing. In the event that Yamana exercises the San Andres
Option or acquires the 75% interest in the San Andres Mine by
enforcing its security under the Loan, Yamana shall be obligated to
acquire and the management group (including certain RNC senior
managers) owning a 25% interest in the San Andres mine shall be
obligated to sell the 25% interest within 15 business days. The
purchase price of the 25% interest is US$4 million payable in Yamana
shares.
The acquisition will include the exploration properties
surrounding the Hemco/Bonanza Mine exploitation concession in
Nicaragua currently held by a subsidiary of RNC but not the
exploitation concession containing the Hemco/Bonanza Mine which will
be sold to a RNC management group, subject to Yamana having the
option to re-acquire the mine within a period of two years. That mine
is not core to Yamana`s operations and Yamana considers the value to
be in the exploration concessions that it will be acquiring.
The acquisition has the unanimous approval of the boards of
directors of Yamana and RNC. The board of directors of RNC, having
received the recommendation of an independent committee of directors,
is recommending that RNC shareholders vote in favour of the
transaction. Canaccord Capital Corporation provided an opinion to the
independent committee of the board of directors of RNC that the
business combination and all related transactions, taken as a whole,
are fair, from a financial point of view, to the disinterested
holders of common shares of RNC.
Yamana`s management team will remain unchanged.
The merger is subject to completion of satisfactory due diligence
of RNC and San Andres by Yamana prior to the advance of the Loan. The
combination is subject to all requisite regulatory court and
approvals and third party consents and other conditions customary in
transactions of this nature. The combination must be approved by at
least two-thirds of the votes cast by the shareholders of RNC at a
shareholder meeting and approved by a majority of the votes cast at
such meeting by disinterested shareholders of RNC. The shareholder
meeting is expected to be held in February 2006, with the transaction
expected to close shortly thereafter.
If the combination does not occur under certain circumstances,
RNC has agreed to pay Yamana a break-fee of US$1.8 million, one-half
of which may be paid at RNC`s option in RNC common shares.
Yamana`s financial advisors are National Bank Financial Inc.
RNC`s financial advisors are Canaccord Capital Corporation.
About Yamana
Yamana is a Canadian gold producer with significant gold
production, gold and copper-gold development stage properties,
exploration properties and land positions in all major mineral areas
in Brazil. Yamana expects to produce gold at intermediate company
production levels by 2006 in addition to significant copper
production by 2007. Company management plans to build on this base
through the advancement of its exploration properties and by
targeting other gold consolidation opportunities in Brazil and
elsewhere in Latin America.
Yamana has approximately 191.3 million shares outstanding.
About RNC
RNC Gold Inc. is a gold mining company focused on mines and
projects in Central America. From its current annual production base
of 100,000 ounces of gold, RNC is positioned for growth through the
acquisition of San Andres, construction of the Cerro Quema
development stage project, operational efficiencies and through
exploration on property surrounding its present mines. The Company`s
main assets include the La Libertad and Bonanza mines in Nicaragua,
and the Cerro Quema project under construction in Panama. The company
has entered into an agreement to acquire the San Andres mine in
Honduras that will increase its annual production base to
approximately 180,000 ounces of gold per year by 2008.
RNC has approximately 40.6 million common shares outstanding.
Yamana Gold