Sammelthread Minenempfehlungen und -analysen - 500 Beiträge pro Seite

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WYATT ON MINING

As good as gold
March 15, 2001

By Charles Wyatt

There are strange rumblings in the gold market and the picture that is emerging is identical to that just before the Washington Agreement in September 1999 when the gold price shot up by around $50/oz in a matter of days. If we get a repeat of this performance it could be mighty embarrassing for Chancellor Gordon Brown, especially with an election in the offing. He has just sold 150 tons of the UK’s gold reserves, preferring to invest the proceeds in dollar bonds, euros and yens, but he has yet to make a profit on the deals. If gold shoots up through the $300 level, he will have to admit to a cracking loss.

The respected firm of JP Morgan, one of the world’s leading gold hedging bankers, appears to think that this is a distinct possibility. Late in February it drew attention to the rise in gold lending rates -- then 4.5% compared with 0.5% before Christmas -- which had inverted the yield curve for gold lenders. Some traders who were short of the metal ran for cover and pushed the price up from $262 to around $268. Then followed an uneasy period with lease rates and the price drifting down again until the end of last week when lease rates topped 7.5% and the gold price rose above $270, its highest for two months. Experts were ready with their explanations. Laurence Eagles told the Financial Times that the drying up of liquidity had been exacerbated by funds covering their shorts and pointed to rumours that central banks were restricting their lending activity.

Bankers tend to agree that the higher lease rates are due to traders either borrowing to short the metal or trying to buy gold to meet a market shortage. They see the steady flattening of the yield curve over the past six months as a mirror image of the way the market reacted before the Washington Agreement, when limits were set on sales and lending by central banks. At that time, lease rates peaked at around 10%, so there is still some way to go.


Brokers go short
This week, the gold market had to absorb another 25-ton sale of gold by the Chancellor, which knocked the price down below the $266 level at which it was sold, and also affected lease rates. But what it did not do was quell the rumours that a second Washington Agreement, formulated by the new Bush administration, might now be in the offing. And this is supported by an unusual note circulated to all member representatives by the World Gold Council (WGC) a couple of weeks ago. It suggests that the central banks are no longer agreed in their attitude to gold lending. The combination of a low gold price and huge short positions is worrying the major official holders of gold and this undermines the aim of the Washington Agreement, which was to remove uncertainty over the likely volume of official sales and put a ceiling on gold lending.

The WGC had noticed big selling of gold, which might have come from the official sector ahead of such an announcement, or reflected a very large hedge being put in place. At the same time, a tightness in supply was causing the rise in gold lease rates and the Bank of England appeared to have suspended its gold lending. Such a move is unprecedented and seems to be the nub of the WGC’s concern as the BoE’s short term lending is a vital tool in the smooth running of the London gold market.

The WGC went as far as to suggest that the BoE’s explanation for the current tightness in liquidity was less than fulsome and it preferred the stories going round the market that another move by central banks to cut the amount of gold available for lending was imminent. Such a move would obviously crank up lease rates and countries who did not subscribe to the original Washington Agreement, and have increased their lending significantly in recent months, would have to run for cover. This would make a price spike in gold inevitable.


Infation fears fuel demand?
Countries such as Sri Lanka, Bangladesh and Uruguay have been lending gold of late and it is the severe shortage of physical gold that has caused the BoE to withdraw. Veneroso Associates, a well respected analyst of the gold scene, reckons gold loans are three times higher than the official figures at 17,000 tonnes and estimates the annual supply/demand deficit to be running at 2,000 tonnes. The central banks are therefore between a rock and a hard place and could run out of gold unless the price rises sufficiently to quell demand.

Fundamental reasons to buy gold are also emerging. Inflation is not being talked about overmuch but its re-emergence will boost investment demand for gold and this is the key to a long-term sustainable move. Energy is already driving inflation and it could be accelerated by food now that foot-and-mouth disease has jumped to Europe. The LSE is being hit by waves of selling, as is Wall Street, and further rate cuts in the US will increase the emerging inflationary pressures.

It is clearly time to buy gold, but the choices are limited. The share prices of the major producers have been advancing for a while and this is one reason why the mining sector has outpaced the rest of the market this year. Physical gold can now be bought without VAT, though not easily by individuals. For sophisticated investors, brokers Loeb Aron have been suggesting August gold futures. Coins and medals are an option, but it is wise to check the underlying gold value before buying. If the next price rise is sustained, however, it could be time for the juniors as they have been in the doldrums for a long time. Three penny stocks worth considering are Iris-listed Glencar with its gold mine and exploration in Ghana, Gold Mines of Sardinia which has been strangely silent since Peter Hambro left as chairman, and Greenwich Resources which is well on the way to developing a gold mine in Greece. There is no hurry, however, until the gold price is challenging the $275/oz level.


For more investment ideas, click here
Charles Wyatt is the founder and editor of Minesite.com, which specialises in gossip and news on people and companies in the mining industry. Minesite has just developed Oil-Barrel.com for news on small oil companies and the people involved in them.

(http://www.uk-invest.com/perp/mining.html)

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Goldhotline Februar 2001
Thread: Aktuelle Analysen von Goldaktien

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Platinum-Palladium, Exotic Metals And Diamonds...Potential For Big Returns

,

Posted Wednesday, March 21, 2001 at 08:43 AM EST

By Lawrence Roulston
Resource Opportunities

Some of the areas in the mining sector look very hot, with potential for big returns over the next year. I especially like platinum- palladium, exotic metals and diamonds.

There is a critical shortage of palladium, which is an essential material for making automobiles. That shortage has boosted the price from under $300 per ounce to over $1,000 per ounce in the past two years. The producing companies have already enjoyed big price gains. For example, Aquarius Platinum Limited (ASX AQP), an Australian company with a mine in South Africa, was up more than five-fold since it was recommended here a year ago.

Investors are now beginning to look at the exploration and development companies. I recommend holding a few of these companies to diversify the risk. Any hint of success will increase the price of these companies to a multiple of the current levels. Many of the companies will do well just on the basis of the increasing investor awareness of platinum and palladium.

My favorites are Pacific North West Capital (CDNX PFN), Idaho Consolidated Metals (CDNX IDO), Freewest Resources (ME FWR), Mustang Minerals (CDNX YMU), New Millennium Metals (CDNX PGM), Anooraq Resources (CDNX ARQ), Rockwell Ventures (CDNX RCW) and SouthernEra (TSE SUF).

Avalon Venutres (CDNX AVL), which is also involved in palladium, is a world leader in the search for exotic metals. Its current focus is on tantalum, a critically important metal in many electronic components. The explosion in demand for electronics has led to a shortage of this metal, and a 7-fold increase in price in the past few months.

The diamond market is also about to get very hot. There are a few little known diamond producers that will soon be enjoying big price gains.

Source: Resource Opportunities
3389 Radcliffe Ave., West Vancouver, B.C., Canada V7V 1G7





(http://www.tfc.com/syndication/TFC/Mavens-IndustryOutlook.ht…

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(http://www.stockhouse.com.au/brokerage/feb01/022701_binns.as…

Mining and Metals
Liquidity Drain Remains a Concern for Small Caps
Vicky Binns - Senior Base Metals Analyst, Merrill Lynch

By Catherine Yeung - Financial Journalist
Tuesday, February 27, 2001




StockHouse Australia: How did metals trade overnight?

Vicky Binns: They went up. Most of the metals were up between one and three percent.

StockHouse Australia: How has the sector been performing recently?

Vicky Binns: It`s been oscillating up and down over the past couple of months. But I suppose...the listed equity market has outperformed on both a one-month and a three-month basis.

StockHouse Australia: Short-term, what are your expectations for the sector?

Vicky Binns: We think there will be a definite cyclical switch within the next three months or so. It`s just a timing issue of when to make a move - that`s the issue for most investors in our minds. You actually saw the S&P in the US last night go up 5 percent on the metals side, so I think that you`ve already seen some switching into the more cyclical mining stocks or basic industry stocks.

StockHouse Australia: So now is an appropriate time to switch?

Vicky Binns: Well, I think that there is a risk in going too early. We certainly wouldn`t be moving out of the better-quality, more defensive stocks such as Rio Tinto [X.RIO] quite yet.

StockHouse Australia: What`s your current view on WMC [X.WMC]?

Vicky Binns: We really like WMC and think it`s worth about $A8.50 to $A9.00. I suppose it`s only negative on the market side because it`s a nickel company. In fact that`s not our opinion, but that`s how it trades. And nickel is certainly less preferred on the base metals basis to aluminium or copper.

StockHouse Australia: On the back of supply and demand?

Vicky Binns: Yes.

StockHouse Australia: And what`s your recommendation for MIM [X.MIM]?

Vicky Binns: Again, we really like MIM. We think that operationally, last half was very poor, and the company really has to be measured on that. But the bottom line is they`re a copper coal company. And coal prices are looking very, very high - much above market expectations a month or so ago, and copper also looks good. So, as a leverage play moving into an upswing in the cyclicals market, MIM will probably outperform most other companies.

StockHouse Australia: If we look at the less popular and smaller metal companies, what is your view?

Vicky Binns: You`re really going to need liquidity. You`re going to have to be able to get in and out pretty quickly, and these little caps are often easy to get into but very hard to get out. And there are also company specific things - if you look at companies like Western Metals [X.WMT], you know there`s more to investing in that company rather than just saying `yes, it`s a copper/zinc play`.

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(http://www.minesite.com/archives/brokers_archive/jan2001/top…

Brokers Crumbs Archive -
Jan 2001
TOP JUNIOR MINING RECOMMENDATIONS FOR THE FIRST HALF OF 2001.


A recent investment report from Canadian brokers Canaccord Capital, with offices in London, read as follows:
Canaccord will be printing a report that recommends our top junior mining picks. The junior mining sector has endured a prolonged bear market and we believe that initial selective recovery is imminent. As speculative accounts seek to broaden and balance portfolio exposure away from the technology sector solely (where clearly the bubble has burst) into undervalued areas, the junior mining sector provides selectively such opportunities.


We divided our recommendations into three categories: (1) Strong fundamentals with exploration upside; (2) Our best leveraged exploration recommendations, several of which are also well supported at current price levels on a fundamental basis; and (3) Early stage exploration punts that offer the potential for a new discovery. These companies provide sound geologic targets developed by very competent teams, and are in this category only because they are early-stage targets.


In the first half of 2001, Claude Resources, Corner Bay Minerals, Diamondex Resources, European Goldfields, First Quantum Minerals, Gabriel Resources, and Miramar Mining represent some of the best, undervalued, and well-leveraged juniors that we follow, while Gitennes Exploration, Idaho Consolidated, Navigator Exploration, and Rockwell Ventures provide some of the best exposure to early-stage exploration prospects of discovery potential.


BUY Cominco Ltd., is another power swap deal in the cards for Cominco? Low zinc prices and skyrocketing power rates in the US Northwest lead us to believe that Cominco may find it advantageous to extend its power swap agreement announced in December.


26 January 2001

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(http://moneycentral.msn.com/articles/invest/company/6251.asp…

Gold stocks shake off 20 years of tarnish
Prices for the metal itself haven`t budged much in a generation, but tighter supplies and changing economics have put a little luster in the stocks of companies that mine it.
By Michael Brush

Talk about a bear market. Tech stocks have been sinking for a mere seven to 12 months. But gold has been doing the same for 20 years.
Recently, however, gold stocks have been showing some signs of life. You can chalk it up to a newfound defensiveness among investors and some maneuvering in wholesale markets that temporarily lifted gold prices.

These factors helped move gold mining stocks up 30% to 40% between November and early March. Then they backed off. Is this the end of the line or only a temporary respite in a longer, upward trend?

Gold analysts don`t like to offer near-term predictions. But they make a good case that gold and gold mining stocks may be going up over the next several years.

"I have no idea when or where, but the next big move is up," says JeanMarie Eveillard, a veteran gold analyst who runs the First Eagle SoGen Gold (SGGDX) fund, as well as the First Eagle SoGen Global (SGENX) fund, which holds several gold-related positions.

"I think gold will be in a five- to 10-year bull market," agrees David Tice, who manages the Prudent Bear fund (BEARX), which has several positions in gold mining stocks.

If they are right, that`ll be good for gold mining stocks like Newmont Mining (NEM, news, msgs), Homestake Mining (HM, news, msgs), Meridian Gold (MDG, news, msgs), Placer Dome (PDG, news, msgs), Anglogold (AU, news, msgs) and Harmony Gold Mining (HGMCY, news, msgs).

Why the bear market is getting tired
Why are the bulls so convinced the outlook for gold is bright? Here is a quick snapshot of their reasoning.

The basic demand-supply equation could get brighter. If you just look at the amount of gold taken out of the ground compared with what`s used, the equation is out of whack. Overall, the market needs about 4,000 metric tons of gold per year. The mining sector supplies only about 2,500 metric tons.

Part of the difference is made up by scrap and gold "leasing" by central banks. "The rest is filled by central bank sales," says Rex McLennan, the chief financial officer of Placer Dome. "But there is a limit to how long that is going to run. So the perception is that gold prices should improve as selling programs are completed. It is a question of when."

Most central banks are bound in some way to preplanned selling schedules through 2004, under what`s known as the Washington Agreement. If they back away after that, it`ll help the price of gold "because there is a natural supply-demand deficit that will remain," says McLennan.

Supply may actually drop soon because mining companies have cut production budgets so much. Meanwhile, demand continues to grow. And it may soon get a boost from an aggressive promotional campaign planned by the World Gold Council, an industry trade association. Mining companies recently doubled their payments to the council to support this campaign. The blitz could help limit the potential threat to gold from platinum in the jewelry world.

Gold`s value as a monetary asset may increase. How do we know central banks may eventually lighten up on their selling? We don`t. But here is a reason to consider. "Gold has monetary attributes that should not be overlooked, especially when central banks are printing so much money and increasing the money supply so dramatically," says Tice. "Gold will remain an important element of global monetary reserves."

Dollar weakness may help. Many other analysts think the U.S. dollar will soon be headed down. U.S. interest rates are dropping, and the economy is weakening. This lowers foreign demand for U.S.-based investments -- and dollars. Tice thinks increasing budget and current accounts deficits will also hurt confidence in the dollar. The upshot: "It helps gold if the dollar is not seen as a safe haven," says Evelliard. Next, remember that gold is priced in dollars. So when the dollar goes down, gold looks cheaper to a lot of people. They might buy more.

Individual investors may soon take an interest. Why? To protect against stock market turmoil, says David Wallack, who manages the T.Rowe Price Mid Cap Value fund (TRMCX), which owns gold shares. "It won`t take much of a portfolio shift to affect gold prices. The value of all the gold on the earth is just 1% of capitalization of the world`s stock markets."

And if high energy prices spark inflation, that will erode the value of bonds as a safe haven. This would generate more interest in gold, says Wayne Hubert, who handles investor relations for Meridian Gold. At the very least, we are seeing an end to the dramatic decline in inflation, which has steadily eroded enthusiasm for gold since the late 1970s, notes George Milling Stanley, a gold analyst with the World Gold Council.

The gold bear is getting long in the tooth. Gold has been in a bear market since 1980, when it hit its high of $850 an ounce. (It now trades for about $260 an ounce.) "There is nothing to say a bear market has to stop after 20 years," says Eveillard. "But 20 years is a long time, and no bear market lasts forever." Finally, keep in mind that there are big short positions in gold, says Tice. "Those will eventually have to be covered." That would send gold higher.

Mining stock leverage. If you get bitten by the gold bug, keep in mind it makes more sense to buy mining stocks than gold. First, transaction costs for the metal are high, and you have to store it.

Next, mining companies that don`t hedge are highly leveraged to gold prices. This means that since their costs are fixed, a small move in the price can have a huge impact on profits -- and share prices.

Here`s why. Suppose a mining company spends $250 an ounce to get the stuff out of the ground. Then it sells the gold for $260, or a $10 profit. Now, let`s say gold prices move up $10. That`s a mere 4% gain for the person holding gold. But the mining company`s profits more or less double.

Just remember, this leverage hurts when gold prices go down. As a very broad rule of thumb, analysts say, a $1 move in the price of gold has a 1% impact on mining share prices.

Major miners
Here`s a quick tour of some of the major mining stocks worth considering.

Newmont Mining: This Denver-based company has two things going for it. First, it`s one of the bigger mining companies, with a market cap of about $3 billion. So there`s enough liquidity for fund managers to go after a slice, if the gold heats up. Next, Newmont does minimal hedging, unlike Barrick Gold (ABX, news, msgs) and most Australian mining companies, which are hedged to the hilt. "Newmont has the greatest leverage to gold prices of all the majors," says T. Rowe Price`s Wallack, whose fund holds shares. One knock on this stock: increasing costs. Newmont also has lots of debt. If gold sinks, it might have to refinance or issue more equity.

Homestake Mining: This Walnut Creek, Calif., company is also pretty large (market cap: $1.4 billion), and it does very little hedging. It has little debt and has been doing a good job of reducing costs, say analysts.

Meridian Gold: Based in Reno, Nev., this company owns a mine in Chile that is going gangbusters. Meridian has also done a great job of controlling costs. Both these factors help explain a return on equity of 40% -- one of the best in the industry. The company has significant hedging in place, and it is relatively small, with a market cap of $529 million.

Placer Dome: Like Meridian, this Vancouver, British Columbia-based company is known for its ability to control costs. It recently went into a defensive mode, however, putting significant hedges in place. Placer Dome is among the biggest, with a market cap of $3.2 billion.

Anglogold and Harmony Gold Mining: These are two of the biggest South African mining companies, with market caps of $3.5 billion and $519 million, respectively. Harmony has a knack for buying mines and making them work more efficiently, says Tice. There are two potential downsides to these companies. Political and social problems can limit investor interest in these stocks. And a stronger Rand can cause trouble. It means these companies get less for their gold in terms of the local currency. So their profits get hit.

Given that the values of mining stocks have sunk so low, US Warburg`s Catherine Gignac thinks the sector is ripe for consolidation. She sees Barrick Gold and Newmont Mining as the potential consolidators. She put Homestake Mining,? Placer Dome and Meridian Gold high on the list of potential targets.

Before you buy gold stocks, keep in mind there are a few significant risks. The economic slowdown could suppress demand for jewelry, which accounts for about 75% of the demand for gold. And central banks could decide to start selling even more gold. "And there`s a risk that the price of gold will have one more leg down before it skyrockets," says Tice. "But we believe that is unlikely. It could go down another $20, but we think that is about it."

As of the date of publication, Michael Brush owned or controlled none of the stocks mentioned in this article.

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(http://www.minesite.com/archives/news_archive/mar2001/branco…

BRANCOTE RESULTS SURPASS THE MOST OPTIMISTIC PROJECTIONS

The latest drilling results from Brancote are truly excellent. Not only have they confirmed a new vein system and the extension of a known vein, but the bonanza type grades have encouraged brokers to ratchet up the overall grade of the Esquel gold project in Argentina from 8.08 g.t to over 10 g/t. The resource also looks like being at least 4.5 million ounces so we are talking a world class epithermal gold deposit.

The results confirm that there is a large, high grade, shallow dipping epithermal vein system, similar in texture, grade and width to Galadriel Sur, in between the two established resources of Galadriel Sur and Julia. For reasons known best to managing director Bill Humphries this vein system has been christened the "Football field" and it has been drilled for 280 metres along strike and for an average of 75 metres down dip. The good news is that the vein is becoming wider and the grade improving with depth. Moreover it remains open at depth to the north and to the south.

On top of that , drilling has extended the previously discovered steeply dipping vein, immediately to the south of Galadriel Sur, a further 80 metres southwards, giving this system a known strike length of 220 metres. It also remains open at depth and to the south and both contain a high -grade zone averaging 21g/t gold over 5 metres width. We are talking bonanza levels here and one can imagine the three majors said to have been involved in the biding process re-running a lot of figures on their computer models of the project.

Brancote, as operator of the Esquel project, is now moving on to a pre-feasibility study designed. This is a definite move towards production so the majors will be left in no doubt that the longer they delay, the more they will pay. And Brancote has clarified the position further taking an option to purchase 2,000 hectares of land covering the surface rights of the entire project area and potential plant-site, tailings storage and freshwater dam.

Stockbrokers Nesbitt Burns has produced a fascinating table of the implied maximum share price in production for Brancote`s share of the resource. With a resource of 4.5 million ozs and a grade of 10 per cent the share price is £3.56. OK, figures are figures, but when Nesbitt Burns did its sums they were predicated on a US$250/oz gold price and cash costs of production of US$119/oz. In-house conceptual studies by Brancote show that projected operational cash costs at the present gold price of US$260 will be below US$ 100 per ounce. There is no sign of the fat lady coming onto the Brancote stage yet - far from it.


22 March 2001

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5.Feb.2001
Brancote falls 28% after takeover talks end
Share of Brancote (uk:bnc) fell 28.6 percent to 160 pence after the British mining exploration firm said takeover talks had ended. Brancote opened up for a sale or merger in June last year and announced in November that it had entered into discussions with a number of "multi national mining companies". These discussions have now ended because the potential bids were too low, Brancote said. It said shareholder value would be best looked after by further drilling in its Esquel gold project in Argentina


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Kurs heute laut ft.com: 138p, MKP 87 mln GBP
52W-Hoch 237p, 52W-Tief 101p

Was Nesbitt Burns mit "grade of 10 per cent" meint, verschließt sich meiner Erkenntnis.

Homepage: http://www.brancote.com

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Bei den im Eingangsposting erwähnten Greenwich tut sich was.

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Greenwich Resources to acquire rest of Sappes gold mining project in Greece
Greenwich Resources plc and Danae Resources NL announce that they have signed a Heads of Agreement with the objective of consolidating the Sappes Gold Mining Project in Greece into Greenwich Resources plc and expanding Greenwich`s range of exploration activity.

Greenwich and Danae have drawn up detailed plans for an underground mine on the Viper ore body and an open-pit at nearby St Demetrios, both of which lie on the Sappes Mining Lease in Thrace, north-eastern Greece. Viper has a mining reserve of 1.2 million tonnes with an average grade of 18.4 grammes of gold per tonne and St Demetrios contains 260,000 tonnes with an average grade of 3.5 grammes of gold per tonne. Metallurgical test work indicates that gold recovery will be approximately 95%, which, together with the high grade, will ensure an operating cost within the lowe4r quartile of world costs at about US$105 per ounce of gold. This low operating cost will ensure that the Project is economically robust.

Under the Heads of Agreement, Greenwich will acquire Danae`s 51% interest in the Sappes Project through the issue to Danae of 102,876,236 Greenwich ordinary shares credited as fully paid. This represents 43% of Greenwich`s expanded issued share capital.

Following completion of the transaction, the Board of Greenwich will be restructured to comprise seven directors. Danae will appoint three of these directors, one of whom will be Mr John Bovard as Chairman to replace Dr Colin Phipps who is retiring. Mr Stephen Phipps will remain on the Board and a new independent director will be appointed. One of the other Danae appointees will be Mr Andrew Roberts, Deputy Managing Director of Multiplex, Danae`s largest shareholder.

Dr David Quick will remain, as Chief Executive Officer of Greenwich, and Greenwich will assume the operator`s role for the Sappes Project.

A Placing and Open Offer is planned by Greenwich in conjunction with the consolidation of the Sappes interests in order to help finance the Mine development and to expand exploration activity both on the Sappes Lease and elsewhere. Exploration drilling will resume at Sappes once all required Government consents for the Mine development are in place. The potential for expanding mining reserves at Viper and locating other similar are bodies is considered good. In addition, discussions are in progress with a view to Greenwich extending its exploration activity elsewhere.

The agreement between Greenwich and Danae is subject to:

* due diligence;
* shareholder consent and regulatory approval as required; and
* the raising of a minimum of GBP2,000,000 from the Placing and Open Offer.

Dr Collin Phipps, Chairman of Greenwich, commented:

"The consolidation of the Sappes Gold Mining Project into a single company represents an excellent opportunity for shareholders to obtain maximum exposure to this exciting venture. The economics are good due to the high grade of gold mineralisation and there is excellent potential for additional mining reserves once drilling resumes. The additional finance will enable our exploration team to build on the success already achieved in Greece".

CONTACT: Dr David Quick, CHIEF EXECUTIVE, Greenwich Resources plc, 0168-489-2550; Mr John Bovard, CHAIRMAN, Danae Resources NL, + 61 7 3220-1166.

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DJ MARKET TALK: Western Areas A Hold, Despite Strike

Contact us in London on 44-20-7842-9358 or in New York on 201-938-4435.

0910 (Dow Jones) Strike at Western Areas (O.WAR) South Deep gold mine will not affect long term earnings as production at processing plant not stopped yet. Thus stock remains a hold, says BoE Securities` analyst Piet Stolz. (ASP)

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CIBC Cuts Franco-Nevada To Underperform From Buy>T.FN
(END) DOW JONES NEWS 04-04-01
10:32 AM Copyright (c) 2001 , Dow Jones & Company Inc~200104041432

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Der Normandy-Deal kommt wohl nicht so gut an.


Scotia Capital Cuts Franco-Nevada To Hold From Buy >T.FN
(END) DOW JONES NEWS 04-04-01
10:21 AM Copyright (c) 2001 , Dow Jones & Company Inc~200104041421

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Griffiths McBurney Cuts Franco-Nevada To Neutral >T.FN


(END) DOW JONES NEWS 04-04-01

09:35 AM

*DJ Griffiths McBurney Had Franco-Nevada At Accumulate >T.FN


(END) DOW JONES NEWS 04-04-01

09:35 AM*DJ Griffiths Cuts Franco-Nevada Tgt To C$15 From C$19 >T.FN

(END) DOW JONES NEWS 04-04-01

09:35 AM~200104041335

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Der aktuelle Aktionär 15/2001 schreibt in einem Artikel über das Silberdefizit. Empfehlungen:
Pan Am Silver 2.63$, Gewinn pro Aktie 2002e 0.71$
Buenaventura 14.69$, G.p.A. 2002e 2.00$
Cominco 16.69$, G.p.A. 2002e 1.61$

Ansonsten kein Kommentar zu den empfohlenen Werten.
V.a. die Gewinnprognose zu PAAS ist verdächtig hoch, IMO.

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Stillwater Mining Price Target Cut at RBC Dominion

4/4/01 9:58 AM
Source:Bloomberg News
Toronto, April 4 (Bloomberg Data) -- Stillwater Mining Company (SWC US)
was maintained ``outperform`` by analyst John K. Barker at RBC Dominion
Securities. The 12-month target price was reduced to $41.00 from $43.00 per
share.


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Stillwater Mining Price Target Cut at TD Securities

4/3/01 11:28 AM
Source:Bloomberg News
Toronto, April 3 (Bloomberg Data) -- Stillwater Mining Company (SWC US)
was maintained ``buy`` by analyst Chris Kwan at TD Securities. The 12-month
target price was reduced to $32.00 from $50.00 per share.


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Minen am Lodoner AIM

-----------------------------

WYATT ON MINING

A Quantum leap to London
April 5, 2001

By Charles Wyatt

The 2001 mining company immigration season kicks off next Monday with First Quantum (FM), a Toronto-listed producer of copper and cobalt in Zambia. The broker to the issue, Canaccord Capital (Europe), seems pretty confident that there should be no hitches with the AIM listing and the company is not raising any money this time round. The only problem about this is that there will be no stock available to kick the secondary market into action, which is so vital to share price performance.

Stockbroker WH Ireland in Manchester ran into this problem when it brought Australian iron ore miner Portman (POR - news) to AIM. It now has Consolidated Minerals, the manganese ore miner from Western Australia, on the ramp awaiting takeoff. It also chose the no-money route. Laurie Beevers, the chief executive of WH Ireland, has now persuaded it to raise some funds, as this also helps to raise the profile of the company.

First Quantum raised C$14.8m (about £6.5m) in December to pay back the money loaned to it by Glencore International, the global metals trader, when the two companies made a joint, and successful, tender for the Nkana and Mufulira integrated mining assets late last year. The company is in a strong financial position, with cashflow almost doubling last year as a result of the 44% interest in Mopani Mines, which owns Nkana and Mufulira, being added to the Bwana Mkubwa copper mine and sulphuric acid plant. Its share of production in 2000 was 32,470 tons of copper, 367 tons of cobalt and 61,889 tons of sulphuric acid.

Copper operations contributed earnings of US$12.26m and will continue to be the pacemaker, with 58,000 tons expected this year as a result of a full 12-month contribution from the Mopani operations. Looking ahead, copper production will continue to grow, with production forecast at 88,000 tons in 2003, by which time cash costs net of credits should have fallen to US$0.49/lb. Nor is that the end, as by 2005 it should have risen further to 94,000 tons at a time when the company is convinced that projected global demand for copper will outpace worldwide copper mine production.

By 2005, moreover, First Quantum intends to have increased its overall production of copper to 200,000 tons through other joint ventures and acquisitions within the Zambian copperbelt and elsewhere. The partnership with Glencore could prove very useful in negotiating such deals, as will the AIM listing for First Quantum. Quite clearly, First Quantum is aiming to build a European shareholder base and it could promote itself to a full listing quite quickly. It will certainly be a very useful addition to London’s mining sector.

Three new Australian companies -- by new I mean that they have not been mentioned previously in this column -- are thinking about a listing in London. Troy Resources, the cheapest gold producer in Australia, has formed a UK subsidiary and is looking for deals in Europe. The Australian parent is flush with cash and pays a dividend and UK shareholders already hold around 30% of the equity. It has great management, all of whom are equally at home in Oz or the northern hemisphere.

Zimplats is almost a clone of Aquarius Platinum (AQP - news), which has been such a success on AIM, except that its Ngezi mine is in Zimbabwe, not the Bushveld Complex. That said, however, the whole project is potentially so big that it appears to be getting sane treatment from Mugabe’s government. A deal has just been agreed whereby Implats, the big South African platinum group metal producer, buys 30% of Zimplats from Delta Gold and then helps to fund development of its open cast mine in cahoots with ABSA Bank.

The ore will be sent to the nearby BHP processing plant now owned by Zimplats. From there it will be transported some 1,100km as smelter matter to the Implats refinery on a similar off-take agreement to that agreed with Aquarius. The mine is expected to have a life of at least 20 years and will deliver annual production of around 98,000 ounces of platinum, 82,000 ounces of palladium and 8,000 ounces of rhodium, as well as some gold and base metals. Quite a coup for London, and even more so when Mugabe pops his clogs.

Lastly, there is Titan Resources, which has the Radio Hill nickel mine from which nickel concentrate is sold to WMC and shipped to its Kambalda smelter, while the smaller amount of copper concentrate is shipped to other smelters. Its great attraction, however, is the revolutionary bacterial heap leaching oxidation technique for extracting base metals from sulphide ores. Two of the world’s biggest nickel miners are now carrying out scientific trials on Titan’s BioHeap process -- Inco (N) and WMC (WMC). The process is unique and, according to Simon Purkiss, Titan’s man in London, it has the potential to convert low grade ore bodies into profit makers because of the much lower capital costs involved.

Purkiss runs European Nickel, which is a private company in which Titan has a major interest. He is seeking nickel projects in Eastern Europe on which this bacterial leaching technique could be applied. Titan therefore already has a foot outside Australia and if Inco makes use of BioHeap in Canada and Purkiss finds a project in Eastern Europe, an AIM listing in London will make a lot of sense.

The actual AIM listings of these companies may be a little way down the track, but the fact that they are thinking along these lines at a time when the Aussie dollar is at a low means an early investment makes a lot of sense.

[gholzbauer]

(http://www.mips1.net/MGGold.nsf/Current/4225685F0043D1B24225…

Nick Goodwin`s gold portfolio: April 2001



By: Nick Goodwin


Posted: 04/04/2001 10:00:00 AM | © Miningweb 1997-2001


Gold = $259/oz, Rand = R8.10/$
Recommended Gold Portfolio

04/04/01 Price (c) JSE Gold Index Weighting (Approx.) Recommended Portfolio Weighting
Gold Index 1028 100% 100%
Goldfields 3350 29% 30%
Harmony 4100 7% 20%
Anglogold 24380 50% 15%
Western Areas 1945 4% 10%
Aflease 148 0.4% 10%
Durban Deep 805 2% 10%
2GFISG 146 - 5%

Note: Gold shares are for trading not for investing.



We recommend an underweight position in Anglogold because:
· The share is fully priced relative to its long term potential
· The company is still experiencing operational problems
· Gold production is 65% hedged. This provides downside protection, but reduces upside gearing
· A heavy Capex programme lies ahead

We believe you should be overweight in Goldfields because:
· There is great potential to improve the bottom line
· Gold production is completely unhedged
· The share is currently underpriced relative to its long – term potential
· A potential take over by Anglogold at higher prices

We recommend an overweight position in Harmony because:
· The Group has excellent management
· There is good gearing to the gold price
· Gold production is unhedged
· The group has growth potential

We recommend an overweight position in Durban Deep because:
· The new chairman is positive for the Group
· New projects will kick in next year
· There is excellent gearing to the gold price
· The share is an option on the gold price

We recommend an overweight position on Aflease because:
· The share price has under-performed and is worth 350cps to 400cps.
· The company has excellent management
· There is potential for further production expansion

We recommend an overweight position in Western Areas because:
· The balance of Western Areas not owned by Placer Dome could be sold for a much higher price
· Operationally the mine is performing very well.


Warrants

2GFISG (135c) =5% (Expires 6/2002)

Only long dated warrants should be purchased. If a warrant`s life reaches 3 months it should be switched.

[norged]

Ich meld mich jetzt erst einmal bei der VHS an,von wegen
Englisch lernen.
Kleiner Tipp www.heise.de
Text eingeben und uebersetzen lassen,funktioniert
zumindest einigermaßen.
Gruß Norged

[gholzbauer]

Mining for precious metals stocks
By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 1:00 AM ET Apr 6, 2001


SAN FRANCISCO (CBS.MW) - Steve Land has been picking the landscape of tarnished precious metals stocks to find ones set to shine.

The manager of the Franklin Gold and Precious Metals fund (FKRCX: news, msgs, alerts) said it`s getting harder to find companies with reasonable cash flows because of falling gold prices. He`s focused on those with multiple mines that, in turn, have a better balance sheet and availability for funding.

According to Lipper, the fund fell 1.4 percent in the year ended Wednesday, versus a 13.9 percent drop in the Philadelphia Gold Index, and is down an annualized 4.2 percent over the last three years. The $184 million fund, launched more than 30 years ago, has been cutting its holdings - to 22 at last count - to hone in on the best stocks, Land said.

"We`ve really moved into what we consider the highest quality names in the industry," he said. "And we`ve avoided speculating on some of the smaller companies that are really dependent on the gold price going up for them to do as well long term."

Land`s top pick is Barrick Gold (ABX: news, msgs, alerts) , which he said has a three-year hedge book, meaning it receives "considerably above market price on gold it produces." Barrick also has a "good portfolio of projects and the resources to develop them" if the gold price goes up. Its shares fell 6 cents to $15.10 on Thursday.

His second pick is Newmont Mining (NEM: news, msgs, alerts) , a large producer in Nevada that is relatively unhedged, he said, giving it good leverage to an improved gold price. It fell 1 cent to $17.14.

Finally, Stillwater Mining (SWC: news, msgs, alerts) owns the only platinum and palladium mine the U.S. - metals that Land said are still "fairly favorable." The company is likely to overcome operational difficulties, which include delays in getting its newest mine in Montana up to speed, and its new management team should get in back on track in the next 12 months, he said. Stillwater rose 85 cents to $26.85.

Myra P. Saefong is a reporter for CBS.MarketWatch.com in San Francisco.

[gholzbauer]

Quelle: minesite.com

DEAL WITH DANAE SHOULD TRANSFORM OUTLOOK FOR FULLY LISTED GREENWICH RESOURCES

Danae Resources, the mining arm of Multiplex which is a private, and big, Australian mining and construction group, is having a busy time. A week or so ago it sold its 35 per cent holding in the Suzdal gold mine in Kazakhstan to the Irish company, Celtic Resources. The deal made sense to both sides as Kevin Foo`s Celtic was operator of the mine, but only had a 15 per cent interest. Now that it owns Suzdal jointly with local partners Celtic can rally get cracking on the project which is expected to produce 50,000 ozs gold this year.

Now Danae has done a deal with Greenwich Resources whereby it has sold its 51 per cent interest in the Sappes gold project in Greece to Greenwich, its partner, for shares. As a result Danae now has a 43 per cent interest in Greenwich which has a full listing on the London Stock Exchange. The board of Greenwich is going to be changed with a Danae director, John Bovard taking over from Dr Colin Phipps. Importantly, Andrew Roberts, the managing director of Multiplex itself is becoming a director. From every important aspect, therefore, Greenwich is now the fully listed London arm of Multiplex.

The announcement itself if fairly anodyne and talks about consolidating the Sappes project into Greenwich and expanding Greenwich`s range of exploration activity. Quite clearly there is a lot more than that on the agenda. For a start there is going to be a placing and open offer to fund development of the mine, once all the Greek permissions wind their way through a tortuous bureaucracy. More exploration will also be carried on around the site, but it will surely not be long before other mining deals in which Danae and/or Multiplex are involved are offered to Greenwich.

The added financial strength will also allow Greenwich to buy more ground on the new gold province being opened up on the Rhodope Arc in north east Greece and south west Bulgaria where Navan Mining has its Krumovgrad gold prospect. With Colin Phipps off the board it may also be possible for Greenwich to get rid of its holding in Desire Petroleum which was always a factor in the rating of the company. It is one thing to have a producing oil operation which adds to cash flow as with Celtic; and quite another to have an out-and-out explorer. The new Greenwich should be well worth watching.


6 April 2001

[gholzbauer]

Canaccord Capital Cuts Goldcorp To Market Perform >GG


(END) DOW JONES NEWS 04-06-01

10:09 AM

*DJ Canaccord Capital Had Goldcorp At Buy >GG

(END) DOW JONES NEWS 04-06-01

10:09 AM~200104061409



-------------------------------------------------


Salman Partners Cuts Franco-Nevada To Hold From Buy>T.FN


(END) DOW JONES NEWS 04-09-01

09:09 AM

*DJ Salman Lowers Franco-Nevada Tgt To C$18 From C$22 >T.FN

(END) DOW JONES NEWS 04-09-01

09:09 AM~200104091309

[gholzbauer]

Newmont Mining Cut to `Hold` at Scotia Capital

4/10/01 5:40 AM
Source:Bloomberg News
Toronto, April 10 (Bloomberg Data) -- Newmont Mining Corp. (NEM US) was
downgraded to ``hold`` from ``buy`` by analyst David Mallalieu at Scotia
Capital. The 12-month target price was reduced to $19.00 from $21.50 per
share.


-----------------------------------------------------------

Ist zwar keine Empfehlung, aber ...


Fidelity Boosts Franco-Nevada Stake To 10.02% >T.FN


(MORE) Dow Jones Newswires 10-04-01

1713GMT

For Investment Purposes >T.FN

BOSTON (Dow Jones)--Certain funds and accounts advised by Fidelity Management & Research Co. and Fidelity Management Trust Co. have purchased 41,400 shares of Franco-Nevada Mining Corp. (T.FN), giving them control over 15,897,703 Franco-Nevada shares, or 10.02%.

In a press release, Fidelity said the shares were purchased through the Toronto Stock Exchange for investment purposes.

Franco-Nevada, Toronto, owns royalties on producing gold mines.

-Stephanie Thomas, Dow Jones Newswires; 416-306-2100

(END) Dow Jones Newswires 10-04-01

1722GMT~200104101713

[gholzbauer]

Coverage initiated,
Freeport McMoRan Copper & Gold Inc FCX
JP Morgan
at Mkt Perform

[gholzbauer]

JP Morgan Cuts Newmont Mining To Market Perform >NEM
(END) DOW JONES NEWS 04-11-01
08:20 AM
*DJ JP Morgan Had Newmont Mining At Long-Term Buy >NEM
(END) DOW JONES NEWS 04-11-01
08:20 AM~200104111220

[gholzbauer]

JP Morgan Cuts Buenventura Mining To Long-Term Buy >BVN
(END) DOW JONES NEWS 04-11-01
08:21 AM
*DJ JP Morgan Had Buenventura Mining At Buy >BVN
(END) Dow Jones Newswires 11-04-01
1222GMT~200104111221

----------------------------------------------

JP Morgan Cuts Homestake Mining To Long-Term Buy >HM
(END) DOW JONES NEWS 04-11-01
08:22 AM
*DJ JP Morgan Had Homestake Mining At Buy >HM
(END) DOW JONES NEWS 04-11-01
08:22 AM~200104111222

-------------------------------------------------

J. P. Morgan Cuts Ashanti Gold To Long-Term Buy From Buy
(END) Dow Jones Newswires 11-04-01
1225GMT Copyright (c) 2001 , Dow Jones & Company Inc~200104111225

[gholzbauer]

(http://quote.bloomberg.com/fgcgi.cgi?mnu=news&ptitle=Mining%…


Mining News
Thu, 12 Apr 2001, 2:06pm EST
Rothschild`s Dodd on Prospects for Resource Stocks: Comment
By Ingrid Werleman


Sydney, April 12 (Bloomberg) -- Stuart Dodd, resources analyst at Rothschild Australia Asset Management, discusses Australian stocks in the resources sector.

``Gold is fairly small in the scheme of things and has its own issues. There is no stand out opportunities in the gold arena at this point of time. Likewise in oil and gas, other than in the smaller end of the sector.

Diversified and Metal sector:

``MIM Holdings is restructuring itself. It`s fair to say that MIM in the past has been a fairly unloved story. They are getting to a stage where capital expenditure is being reduced and debt is being retired. They are getting better cash flows from their operations and using that to pay down debt rather than investing it in projects. While all that is happening it`s quite a positive stock.

On BHP:

``We are attracted to the deal they have made with Billiton. The deal is reasonably complementary. BHP is generating a lot of cash at the moment and has a lot of projects in the pipelines. Two companies are coming together with one providing a lot of funding and another the growth opportunities. The terms of the deal could have been a lot more attractive for BHP but it is sets the company up for the future.``

[gholzbauer]

Go-ahead for Sardinia gold prospect
By Kam Patel
Thu 12 Apr 2001

LONDON (ShareCast.com) - Gold Mines of Sardinia has finally received regulatory approval to proceed with trial mining and sampling at Osilo, a potential £40m gold resource in the north of the island. Gold Mines of Sardinia Ld

Latest Prices
Name Price Chg %
Gold Mines of Sardinia Ld 13 +1 +4




The company, which has exclusive rights to mine for base and semi-precious metals in Sardinia, said current resources at Osilo are sufficient to plan a five-year project producing 50,000oz of gold a year. It believes that there is “excellent potential” to extend the life of the mine.

Problems with getting approval for the project from Italian authorities first materialised last year and have centred on complaints that correct procedures had not been followed. GMS was required to present its plans again.

The company has four gold mining projects in Sardinia, with Osilo and its existing Furtei mine (valued at £20m) spearheading its discovery and mining programme on the island. Two other potentially significant finds are also being developed.

It also owns a 10% stake in £63m Navan Mining, which has made a potentially stunning gold find in Bulgaria. GMS secured the stake through an astute deal with US–based mining major Homestake in 1999. Homestake handed over its 10.53% stake in Navan in exchange for a 7.3% stake in GMS’s Sardinian operation. The arrangement also allows Homestake to explore and mine potential sites on the island, with GMS receiving 25% of any profits generated.

Housebroker SG Securities is recommending the stock as a buy. Shares were up 0.5p to 12.5p this morning, valuing Gold Mines of Sardinia at £24.68m.

http://www.nothing-ventured.com/news/scnews.asp?StoryID=1116…

[gholzbauer]

Goldman Cuts Buenaventura Mining To Market Perform >BVN
(END) DOW JONES NEWS 04-12-01
08:46 AM
*DJ Goldman Had Buenaventura Mining At Recommended >BVN
(END) DOW JONES NEWS 04-12-01
08:46 AM~200104121246

------------------------------------------

Scotia Capitl Raises Barrick To Strong Buy From Buy >ABX
(END) DOW JONES NEWS 04-12-01
09:02 AM Copyright (c) 2001 , Dow Jones & Company Inc~200104121302

[gholzbauer]

Wenn wir schon einen Thread zu Minen-Investments aufmachen, dürfen wir natürlich neben den Zocker-Metallen nicht das überaus solide Eisenerz vergessen ... und in diesem Sektor schon gar nicht Portman/PMM ... PMM galt und gilt wegen einer Förtsch-Empfehlung (pfui!!!) zu Unrecht als Zockerwert ... auch und insbesondere der w:o-User "aktienfilter" hat sich darum "verdient" gemacht, Portman zu verunglimpfen ... egal ...



http://www.portman.com.au/client/pdf/pmm09042001.pdf


http://www.portman.com.au/client/pdf/pmm_mar01.pdf


http://www.portman.com.au/client/pdf/pmmx1b20.pdf


http://www.portman.com.au/client/pdf/PMM190101.pdf

http://www.portman.com.au/client/pdf/DeutschePmm010117.pdf

[gholzbauer]

Herald Resources, ex-Goldproduzent, jetzt mehr auf Zink/Blei/Silber und Zinn fokussiert.

Goldhotline 8.2.2001
Thread: Bericht, Strategie, Analyse: St Barbara, Herald, Goldfields


http://www.herald.net.au

http://www.herald.net.au/ResearchRepJan01.html

noch mehr Research Reports:
http://www.herald.net.au/Research.html

[gholzbauer]

DJ MARKET TALK/AU-EQ: Deutsche Likes Normandy Deal


[Contact Us: Sydney 61-2-8235-2950; [e-mail]]


1429 [Dow Jones] STOCK CALL: Deutsche Bank says Normandy (NDY) deal with Canada`s Franco-Nevada strategically positive for local gold miner, keeps Buy recommendation. "As with many past Normandy deals we suspect that this is only the start of further Franco transactions," it says. Normandy last down 1 cent at 94 cents. (IGP)


1426 [Dow Jones] S&P/ASX 200 losses widen in mid-afternoon trade as index slips 15.2 points to 3261.6, just off day`s lows of 3259.8. Further selling in banks, insurance and diversified resources keeps pressure on market. Banks and insurance sectors weaken amid concerns over bad debts and a slowing economy. Profit taking also seen in diversified resources after last weeks sharp gains. Gains in News Corp (NCP), transport and key blue chips unable to hold market above water. Support seen at 3251.0. (GXT)


1420 [Dow Jones] STOCK CALL: Deutsche Bank rates Smorgon Steel (SSX) an Underperform despite recent recovery in share price. "Our recommended strategy would be to sell SSX ordinary shares, and buy the preference shares," broker says. Ordinary shares last up 4 cents at 79 cents; 12-month range A$1.60-A$0.55. (IGP)


1417 [Dow Jones] STOCK CALL: Deutsche Bank says blue-chip resource stocks are all Buy recommendations; lists BHP with 12 month target A$22, Rio Tinto (RIO) A$40.00, WMC (WMC) A$10.50, MIM (MIM) A$1.60, and Santos (STO) A$7.50. (IGP)


1410 [Dow Jones] STOCK CALL: Deutsche Bank retains Buy rating on WMC (WMC), cites world class alumina and copper assets. "We believe WMC will be a major beneficiary from the weak currency, and may also feature in future industry consolidation," broker says, but cuts full year 2001 EPS growth forecast 4.6% due to update on hedging positions and latest quarterly production report; upgrades next year 2.9%. Shares last up 4 cents at A$9.22. (IGP)

[gholzbauer]

DJ MARKET TALK/AU-EQ: Shaw Negative On Normandy Mining


[Contact Us: Sydney 61-2-8235-2950; [e-mail]]


1452 [Dow Jones] STOCK CALL: Shaw Stockbroking sticks with short-term Neutral and long-term Underperform recommendation on Normandy Mining (NDY). In report discussing Franco-Nevada Mining deal, broker notes Normandy still left with large debt at A$1.5 billion while market outlook for gold price flat. Shaw says Franco-Nevada deal should prevent need for further asset sales, however. Debt management remains key issue for Normandy and could lead to freezing of dividend payments. Meanwhile, Deutsche Bank says deal strategically positive for Normandy and keeps Buy recommendation. Shares last down 1 cent at 94 cents. (HGU)

[gholzbauer]

Aussie gold mining firm to quit Indonesia

SYDNEY: Lawlessness and political uncertainty in Indonesia have prompted Australian mining company Aurora Gold to seek buyers for its Toka Tindung gold mine in North Sulawesi, according to news reports.
Aurora reportedly also plans to shut its Mount Muro mine in Central Kalimantan and its regional office in Jakarta.

Aurora is thought likely to recoup only a fraction of its A$60mil investment in Toka Tindung after part of the lease was overun by thousands of illegal gold miners.

The Australian reported that Aurora had touted the project to as many as 40 foreign mining companies but none wanted to buy the asset even at a knock-down price. Consequently, two Indonesian companies are likely to take over at Toka Tindung.--dpa


---------------------------------------------------

Also aufpassen bei Freeport (FCX)!

[Goldhotline]

Vor einigen Jahren gab es bei Freeport bereits einige Unruhen.

Einen Tag später wurde die Mine von Militärs gesichert.

Im Aufsichtsrat der FCX sitzt Henry Kissinger.

Noch Fragen zur Sicherheit der Anlagen?

[gholzbauer]

Nicht schlecht.
Aber in Indonesien weiß man nie ...

[Goldhotline]

Auch wieder richtig.

[set]

@gholzbauer
bist du alleinunterhalter ? was sollen die ewiglangen Berichte in Englisch. Ich dachte wir sind in einem deutschsprachigen Board.
Gruß
set

[gholzbauer]

Moin

Eigentlich hoffte ich, daß auch andere User hier reinstellen würden, was sie an Tipps haben.
Also macht mal!


set,
Berichte zu Minengesellschaften aus Australien, Nordamerika und Südafrika sind nun mal zu schätzungsweise gut 90% in Englisch verfaßt. Wenn du damit Probleme hast, solltest du Übersetzungsprogramme wie "babelfish" o.ä. benutzen, um den Sinn der Texte nachzuvollziehen. Ich verzichte darauf, maschinenübersetzte Texte zu posten, wie es andere praktizieren, da diese Texte praktisch immer gräßlich und sinnverdrehend ausfallen und (zumindest für mich) wesentlich schwerer zu verstehen sind als die Originale, selbst wenn man hin und wieder ein Wort nicht kennen sollte. Oder willst du etwa von mir verlangen, ich soll auch noch Übersetzungen verfassen???

Ansonsten kann ich dir nur empfehlen, meine Threads, oh Entschuldigung, "Beitrags-Fäden/Aufreihungen" (?) einfach nicht mehr anzuklicken, falls sie deinen Nationalstolz verletzen sollten. Kannst ja dann mehr Zeit im Neuer-Markt-Forum zubringen, LOL bzw. "Hahaha".

Wenn sonst noch wer der Meinung ist, ich sollte hier nichts Undeutsches mehr reinstellen, möge es mir bitte mitteilen. Falls erwünscht, lasse ich es halt bleiben.


MfG

[gholzbauer]

RBC Dominion Cuts Goldcorp To Outperform >GG
(END) Dow Jones Newswires 17-04-01
1328GMT
*DJ RBC Dominion Had Goldcorp At Strong Buy >GG
(END) Dow Jones Newswires 17-04-01
1329GMT~200104171328

----------------------------------------

Goldhotline 29.1.2001 zu Goldcorp:
Thread: Tagesbericht: Gold, Analyse: Goldcorp (Nordamerika)

[gholzbauer]

RESEARCH ALERT-Goldman slashes Newmont Mining
Friday April 20, 11:59 AM EDT

NEW YORK, April 20 (Reuters) - Goldman Sachs on Friday said it cut its rating for Newmont Mining Corp. (NEM) to market performer from market outperformer, due to gold price concerns and political risks in Peru, the location of its most valuable business.

"We are downgrading Newmont Mining... based on political risk concerns in Peru and due to the unpromising outlook for gold in the medium term," analyst Daniel McConvey said in a research note.

"Newmont is impacted more than any other gold stock in our universe by low gold prices due to its relatively leveraged balance sheet, unhedged gold production and largely U.S.-based production."

Denver, Colo.-based Newmont, which has a 51-percent stake in Peru`s Yanacocha Mine, also produces gold through operations in Mexico, Uzbekistan and Indonesia.

Shares of Newmont fell 39 cents to $16.77, or about 2 percent, in early Friday trade on the New York Stock Exchange. The stock`s 52-week range is $12.75 to $28.38.



©2000 Reuters Limited.

[gholzbauer]

*DJ HSBC Securities Cuts Goldcorp Inc. To Accumulate >GG
(END) DOW JONES NEWS 04-19-01
11:09 AM
*DJ HSBC Securities Had Goldcorp Inc. At Buy >GG
(END) DOW JONES NEWS 04-19-01
11:10 AM~200104191509

[gholzbauer]

http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079348&…

Credit Suisse First Boston Report - SWC
by: SundayTrader 04/14/01 08:16 am EDT
Msg: 8175 of 8219

<From March 20, 2001>

CREDIT SUISSE FIRST BOSTON CORPORATION
MID CAP
Stillwater Mining (SWC)
Reiterate Hold Recommendation

Summary

After rising almost ten-fold in the past three years, the price of palladium has declined from its peak of $1,125 per ounce in January to approximately $775 per ounce.

Our short-term outlook for palladium remains guarded, as the Russians are still in shipping mode and auto production is down dramatically, although the biggest declines appear to be in platforms that are not heavy users of palladium.

In the longer term, we are very bullish in our outlook for palladium, given the amount of time before substitution can occur, and the limited number of alternatives in this regard.

We are maintaining our current Hold recommendation on the basis of relative performance although we continue to recommend Stillwater for those with longer term investment horizons.

Stillwater is the only significant producer of palladium located outside of Russia. The company is in the process of expanding its operations in Montana to meet the rapidly increasing demand for palladium used in automobile catalytic converters.

Update
Stillwater Mining is the only major, publicly-listed primary palladium producer, a precious metal which has increased almost ten-fold over the past three years.

Recently, the price of palladium has declined from its peak of $1,125 per ounce in January to approximately $775 per ounce as a result of resumption of Russian exports and reduced demand from the auto industry, the primary consumer of palladium.

We reduced our recommendation from Buy to Hold last Fall as a result of continued delays in expanding production, and the impact that this was having on costs. Since that time, the company has provided little information about
progress at both the Nye operation and the East Boulder development project so we have no basis for a change in recommendation at this time. However, there has been a change in management and we believe that this should have positive implications going forward.

Our short-term outlook for palladium remains guarded, as the Russians are still in shipping mode and auto production is down dramatically. When combined with potential de-stocking of palladium inventories accumulated over the past two years, we are not surprised by the recent price weakness. However, things can change quickly - Russian exports have a habit of ending abruptly, and the auto industry has already made significant progress in reducing dealer inventories.

In the medium term, we are even more bullish in our outlook, given the amount of time before substitution can occur, or the limited alternatives in this regard.

We are maintaining our current Hold recommendation on the basis of relative performance although we continue to recommend Stillwater for those with longer term investment horizons.

[gholzbauer]

26.4.2001
DJ MARKET TALK/AU-EQ: Deutsche Bk Lukewarm On Normandy Mining

1159 [Dow Jones] STOCK CALL: Deutsche Bank says Normandy Mining`s (NDY) March quarter profit and production reports were disappointing; has 12-month price target of A$1.10 vs latest 95 cents. "Bad weather and planned maintenance were the cause of most of these problems. We are forecasting the real probability of Normandy to bounce back in the June quarter and maintain the Buy rating," it says. (IGP)

---------------------------------------
26.4.2001
BOE Securities Maintains Harmony At Buy

1154 GMT (Dow Jones) JOHANNESBURG--BOE Securities maintains buy on Harmony Gold Mining (HGMCY) despite posting 36% drop in net to ZAR70.6m for its 3Q numbers April 18. Says company in process of consolidation, with non-contributors either closed or restructured, seen driving costs down and enhancing operating profits. Trades -1.5% at support around ZAR38.40. (ADS)

[gholzbauer]

RESEARCH ALERT-CSFB cuts Homestake Mining rating
Friday, April 27, 2001 11:59 AM ET


NEW YORK, April 27 (Reuters) - Credit Suisse First Boston on Friday said it was cutting its investment rating on global gold mining company Homestake Mining (HM, news) Co. to hold from buy, a day after the company reported a first quarter net loss.
Homestake recorded an operating profit before nonrecurring items of $100,000, or nil on a per-share basis.

``In spite of a solid operating performance in the quarter, the company only managed to break even in the quarter as a result of lower gold and silver prices,`` CSFB said in a research report.

CSFB said it was lowering its gold price estimates and, as a result, ``we believe that the company is fully valued at this time and are reducing our recommendation from buy to hold.``

Homestake`s shares closed at $6.20 on the New York Stock Exchange on Thursday.

[gholzbauer]

Barrick Gold Cut to `Accumulate` at Dundee Securities

4/30/01 10:59 AM
Source:Bloomberg News
Toronto, April 30 (Bloomberg Data) -- Barrick Gold Corp. (ABX CN) was
downgraded to ``accumulate`` from ``buy`` by analyst Joseph Hamilton at
Dundee Securities Corp. The 12-month target price is C$27.00 per share.

[gholzbauer]

Barrick Gold Maintained `Accumulate` at GMP

4/27/01 9:00 AM
Source:Bloomberg News
Toronto, April 27 (Bloomberg Data) -- Barrick Gold Corp. (ABX CN) was
maintained ``accumulate`` by analyst Larry Strauss at GMP. The 12-month
target price is C$28.00 per share

---------------------------------------------

Barrick Gold Maintained `Strong Buy` at Scotia Capital

4/27/01 7:47 AM
Source:Bloomberg News
Toronto, April 27 (Bloomberg Data) -- Barrick Gold Corp. (ABX CN) was
maintained ``strong buy`` by analyst David Mallalieu at Scotia Capital. The
12-month target price is C$30.00 per share.


-------------------------------------------------------

Barrick Gold Maintained `Buy` at Canaccord Capital

4/27/01 7:39 AM
Source:Bloomberg News
Toronto, April 27 (Bloomberg Data) -- Barrick Gold Corp. (ABX CN) was
maintained ``buy`` by analyst Brian Christie at Canaccord Capital Corp. The
12-month target price is C$32.00 per share.

[tosse]

Was ist denn mit Normandy heute los?

tosse

[gholzbauer]

Investors take shine to Normandy

By SANDRA O`MALLEY
02may01

NORMANDY Mining Ltd shares rose to a seven-month high today as investors reassessed Australia`s largest gold miner in the wake of its deal with Canadian royalty group Franco-Nevada Mining Corp Ltd.

Shares in the Adelaide-based miner touched a high of $1.03 today - its best performance since October 4 last year - before closing up two cents to $1.02.

Normandy has been steadily on the improve since unveiling the tie-up with Franco-Nevada a month ago, rising 17 per cent from a close of 88 cents the day before the announcement.

Under the deal, cash rich Franco-Nevada will exchange its key Ken Snyder US gold mine and its Australian assets for a 19.9 per cent stake in Normandy, which will issue it with 446 million shares.

Normandy shareholders will vote on the deal on May 23.

Since the announcement, investors have been taking a kinder view of the Adelaide-based group which has struggled to find support for the much-maligned gold sector.

But Geoff Bell, a gold analyst with investment bank BNP Paribas, said its clients were more interested in taking a look at Normandy since the deal.

It has rated the stock as outperform.

"There`s been a significant change in the company - they now have a large shareholder from North America, they have quite a significant North American gold asset which looks quite attractive and therefore the company itself is probably attracting more marginal investors to it right now," Mr Bell said.

"We certainly like the deal and know that quite a few clients who might not have been interested in Normandy, now would look at Normandy and not dismiss it out of hand.

Macquarie Equities gold analyst Paul Carter added a few other factors were also assisting the stock, including a stabilising gold price and a renewed interest in the wider resources sector.

"(But) obviously the Franco-Nevada deal has been viewed positively," he said. "It`s transparent and easy to understand.

"The other main factor is you are starting to see a `trickle-down` affect from what we`ve seen in the headline resource companies ... people are doing a bit of sectional rotation and seeing where else there is value."

AAP

http://finance.news.com.au/common/story_page/0,4057,1956704%…

[gholzbauer]

Barrick Gold Cut to `Buy` at Scotia Capital

5/3/01 5:30 AM
Source:Bloomberg News
Toronto, May 3 (Bloomberg Data) -- Barrick Gold Corp. (ABX CN) was
downgraded to ``buy`` from ``strong buy`` by analyst David Mallalieu at
Scotia Capital.

------------------------

Wednesday May 2, 12:00 pm Eastern Time
RESEARCH ALERT-CSFB cuts Newmont Mining to hold from buy
NEW YORK, May 2 (Reuters) - Credit Suisse First Boston said on Wednesday it lowered its investment rating on Newmont Mining Corp. (NYSE:NEM - news) to hold from buy, citing the gold producer`s valuation.

Analyst Robert Doyle said in a research note that Newmont`s quarterly loss before nonrecurring items met expectations, but the company is fully valued at gold`s revised price.

Doyle said he revised his gold price assumption to $265 per ounce from $275, reflecting the prevailing spot price. The change in the gold price estimate changed the discounted cash flow value for Newmont to $11.47 per share from $18.21. The company`s shares closed at $19.01 on Tuesday.

Newmont Mining said on Tuesday that it is cutting staff by 5 percent from last year to 3,000 employees through voluntary early retirement and attrition. The company also posted a first-quarter loss of $5.5 million, or 3 cents a share.

----------------------

2:49pm 05/02/01 Gold sector cut to `underweight` by CSFB ($GOX, ABX, NEM, HM, PDG) By Tomi Kilgore
Analyst Robert Doyle at CS First Boston has changed his gold sector recommendation to "under weight" from "over weight," and has trimmed his quarterly gold price assumption to $265 from $275. Doyle cited the divergence between gold prices and the price of stocks in the sector for his decision. The CBOE Gold Index ($GOX) , which presently is up 0.1 percent at 38.68, has appreciated 37 percent since the end of October, while June gold futures, now up $1 to $265.80, have depreciated by 3 percent. Among stocks in the sector, Barrick Gold (ABX) is inching up 4 cents to $17, Newmont Mining (NEM) is easing a nickel to $18.96, Homestake Mining (HM) trimming 2 cents to $6.36 and Placer Dome (PDG) tacking on 13 cents to $10.53. Since the end of October, those stocks have had percentage gains of 27, 40, 54 and 30 percent, respectively.

[gholzbauer]

Newmont Mining Reiterated Near-Term `Accumulate` at Merrill

5/2/01 7:49 AM
Source:Bloomberg News
Princeton, New Jersey, May 2 (Bloomberg Data) -- Newmont Mining Corp.
(NEM US) was reiterated near-term ``accumulate`` by analyst Daniel A Roling
at Merrill Lynch. The long-term rating was also reiterated ``accumulate.``

-----------------------------------

Newmont Mining Cut to `Hold` at National Bank

5/2/01 7:03 AM
Source:Bloomberg News
Toronto, May 2 (Bloomberg Data) -- Newmont Mining Corp. (NEM US) was
downgraded to ``hold`` from ``buy`` by analyst Tanya Jakusconek at National
Bank Financial. The 12-month target price is $20.00 per share.

------------------------------

[Mysterious]

hi :-)

bezüglich der englischen texte fände ich es eine erleichterung den inhalt in 1-2 sätzen zusammenzufassen
worum ich hiermit bitte
mfg
p.s.: nach unzähligen versuchen mich selbst durchzuquälen habe ich es inzwischen aufgegeben
meine persönliche erfahrung is das der englischlerneffekt sehr bescheiden ausfällt und die bezogene info läßt sich auch gerade auf die besagten 1-2 sätze strecken

[Ken_meyer]

a propos Englisch-Lerneffekt: Babylon wirkt Wunder.

http://www.babylon.com/

[Cashtaker]

Wer hat neue Infos zu Echo Bay Mines ?
Egal auch in English.
Wäre dankbar um Antwort, da ich bereits seit Jahren drin bin.
Goldige Zeiten Cashtaker

[N.MarksDelBanco]

mysterious

[gholzbauer]

Hallo Cashtaker,
leider kann ich zu Echo Bay nichts sagen, da ich den Wert nicht verfolge. Neulich habe ich kurz in die message boards zu ECO bei Yahoo und stockhouse.ca gesehen und festgestellt, daß es dort sehr ruhig zugeht und kaum Infos oder Meinungen zu finden sind.

-----------------------------

Wer sich für spekulative Platin/Palladium-Investments interessiert, sollte sich dies anschauen:
http://www.mustangminerals.com/articles/rvd021501.pdf
Hier geht es insbesondere um North American Palladium (PDL.TO), Mustang Minerals (YMU.V), Anooraq Resources (ARQ.V), Pacific Northwest Capital (PFN.V)

[Cashtaker]

trotzdem danke gholzbauer
macht heute wieder 10% 1,12€
in den letzten 3 monaten von ca 0,40 auf jetzt 1,12
das ist ok
cashtaker

[gholzbauer]

Ja, die Hoffnung kehrt wieder zurück, auch bei Cambior u.a.

[Thoemsi]

Weiss jemand was zu Coeur D`Alene?

Danke

[gholzbauer]

Ein bissl spät, die Goldmen ...
Was sie wohl machen, wenn der Goldpreis die nächsten Tage zurückfällt? Die Kursziele wieder nach unten anpassen, vermutlich.
Tolle Leistung.



Tuesday 22 May 6:21 AM



RPT-RESEARCH ALERT-Goldman Sachs ups gold miners
NEW YORK, May 21 (Reuters) - Goldman Sachs on Monday raised its 12-month target prices on several gold mining companies after last week`s interest-rate cut by the Federal Reserve fueled a spike in gold prices.
Analysts Daniel McConvey and Jim Copland upped the target prices on shares of Freeport-McMoRan Copper and Gold to $18 from $15, Barrick Gold to $21 from $20, Placer Dome to $13 from $11, Normandy Mining to $1.30 from $1.10, Newcrest Mining to $4.75 from $4, and Newmont Mining to $25 from $18.

The target price on ADRs of South Africa-based AngloGold was raised to $23 from $20.

McConvey and Copland also said in a report that they re-established a target price for Homestake Mining at $8.00 and Lihir Gold at 90 cents.

(c) Reuters Limited 2001

REUTER NEWS SERVICE

[gholzbauer]

Royalties offer safer way to play gold
Less lofty peaks, but a bigger parachute on the way down
By Martin Cej, CBS.MarketWatch.com
Last Update: 1:15 AM ET May 23, 2001

SAN FRANCISCO (CBS.MW) -- Investors who are confident that gold will climb further but reluctant to buy it outright or invest in a mining company may want to consider the owners of gold-mine royalties.

Gold royalty stocks "are an oasis in this swirling windstorm," said David Malillieu, a gold equities analyst at Toronto-based Scotia Capital. "They are a safe place to harbor your money when you don`t know exactly where you want to be but you want to stay in the sector."

Companies that amass royalties derive revenue from the price of gold without suffering the capital and environmental costs of mining. Investors need not fear a debacle in this sector because these companies get a portion of the revenue from the gold once it`s out of the ground without having to shell out if the mine goes bust.

Shares reflect value

In other words, precious metals royalties companies provide much of the good, and very little of the bad, associated with gold-mining stocks. And their share prices reflect it.

Denver-based Royal Gold (RGLD: news, msgs, alerts) , which swung to a profit of $4 million, or 22 cents a share, last year from a loss of $8.8 million, or 51 cents a share, a year earlier, is the largest U.S.-based precious metals royalty company, generating revenue from a stable of properties in Nevada and Argentina.

Relying on the expertise of mining giants such as Placer Dome (PDG: news, msgs, alerts) (CA:PDG: news, alerts) of Canada, Britain`s Rio Tinto and others, Royal Gold purchases royalty interests in properties that it believes will be healthy producers of bullion in coming years.

Through Rio Tinto and Placer Dome`s jointly owned Cortez Pipeline Complex, Royal Gold is paid royalties on a sliding scale that increases its share of the revenue as the price of bullion goes up, and trims its share as the price drops.

Paying royalties on bullion

When bullion trades between $270 and $309.99 an ounce, Cortez pays Royal Gold 2.25 percent on one of its royalties and 4.05 percent on another. If the price of bullion drops to between $250 and $269.99, Cortez pays royalties of 1.3 percent and 2.34 percent respectively.

On Tuesday, gold for June delivery fell 30 cents to settle at $285.50 on the Commodities Exchange division of the New York Mercantile Exchange.

Royalties from the Cortez Pipeline Complex totaled roughly $9 million last year.

Royal Gold`s shares, meanwhile, have climbed 14 percent so far this year and are up 24 percent in the last 12 months. Royal Gold slipped 13 cents to $3.27 on Nasdaq Tuesday.

Canada`s Franco-Nevada (CA:FN: news, alerts) , the world`s largest precious minerals royalty company, has also provided investors with robust returns from gold without getting its fingernails dirty. To be sure, the company`s royalties from natural gas and crude oil wells have helped drive earnings in recent months, but it is precious metals that underpin Franco-Nevada`s bottom line.

Net smelter return

Completely unhedged, Franco-Nevada relies on its net smelter return royalties for the bulk of its gold earnings. An NSR royalty is based on the price paid by a smelter to the gold miner for each ounce of ore, which gives Franco-Nevada a flow of cash that`s unhindered by capital costs.

If, for example, Franco-Nevada holds an NSR royalty of 4 percent on one ounce of gold that is sold by the miner to the smelter for $300, Franco-Nevada`s revenue from the sale is $12. Franco-Nevada holds NSR royalties to 17 major producing properties, as well as working interests, or ownership, in six other mines. Through royalties and outright mine ownership, Franco-Nevada reported total gold resources and reserves of 16.4 million ounces for 2000.

In its most recent quarter, Franco-Nevada said earnings jumped to a record 26.9 million Canadian dollars ($17.2 million), or 17 cents a share, from 22.3 million Canadian dollars, or 14 cents a share, for the same period a year earlier. The stock, which can be purchased by any major U.S. brokerage or gold fund, slipped 85 cents to 21 Canadian dollars on the Toronto Stock Exchange today, though it`s up 23 percent so far this year.

Franco-Nevada also pays a hefty dividend of 35 Canadian cents a share.

"Franco-Nevada is simply a safer way to play gold," Mallalieu said.

Martin Cej is global markets editor for CBS.MarketWatch.com in San Francisco

[gholzbauer]

Gold as an investment: what to buy - metal or equities?
by Rhona O`Connell / Canaccord Capital (Europe) Ltd.
May 21st, 2001
http://www.thebulliondesk.com/Downloads/Temp/lbma2001.pdf
Leider werden bei mir die Grafiken nicht korrekt dargestellt. Weiß nicht, woran es liegt.

[gholzbauer]

Gefunden bei www.uk-invest.com


WYATT ON MINING

Better than Minmet -- Tertiary
May 24, 2001

By Charles Wyatt

Rule One for investors in mining stocks is never fall in love. With a mining stock that is -- your private life is your own. I was reminded of this rule recently by an e-mail from a member of the Minmet (MNT - news) fan club.


“You may or may not be aware that this company is very popular with small shareholders who number 26,000, and also feature very strongly in Internet bulletin boards. Considering the news that has been released during the past 12 months by this company, and the potential prospects, particularly in Brazil and Portugal. I find it puzzling why your site has apparently ignored the company. I do recall some time ago Mr Charles Wyatt producing a very negative report on UK-iNvest about Minmet. I would like to suggest that he pays a visit to their website at www.Minmet.ie. so he can appraise himself of the current and not so current situation. I would be very interested to hear his explanation as to why he apparently chooses to ignore a company which I consider to be one of the best prospects on the stock market”.

Needless to say, our anonymous friend is a Minmet shareholder and has watched, mesmerised, as the shares have drifted steadily downwards from the 40p mark reached last year. At the present price Minmet is still capitalised at around £75m, about the same as Randgold Resources (RRS - news).

Randgold, however, has a full listing on London and Johannesburg, and a 50% interest with Anglo American (AAL - news) in the Morila mine which Randgold discovered. The mine produced 160,000oz of gold in the March quarter alone. Randgold`s Loulo project, which is also in Mali, has a resource of 3.65m oz. The Tongon project in Cote D’Ivoire has a resource of 1.9m oz and rising. No contest, I fear.

Still, I took his advice and visited the Minmet website to see how things were progressing at the Cuaba Basin gold project in Brazil. Apart from a lecture on the nature of a volcanic massive sulphide and some results from scout drilling which reported that a number of targets were mineralised and more had been learned of the geology, I found little of interest. What is noticeable, however, is the continual stream of announcements posted on the web site. Nine in April and already eight in May with still a week to go. Shareholders are almost force fed information so they can keep their spirits up by chatting about it on the bulletin boards. Very sad.


Know your mining stocks
Rule Two of investing in exploration companies is to recognise that the shares move in different ways over the course of a project. During the drilling programme, when there is speculation as to whether or not a discovery has been made, shares are active. Evidence of a discovery will accelerate buying interest, as happened with Canadian-listed Philex Gold at its major copper-gold discovery in the Philippines.

This activity continues until a reserve is estimated. Profit taking then sets in while the boring work on feasibility and development planning takes place. The shares then pick up again as the mine moves to start-up, initial cashflow and possible expansion of the resource through further exploration. And this process takes a minimum of five years.


Follow the man
And Rule Three is follow the man. Stay with someone who has already succeeded in making money for shareholders, like Arthur Fisher of Canadian-listed Olympus Pacific, who is drilling “the best deposit I ever clapped eyes on” in Vietnam, or Patrick Cheetham of London-listed Tertiary Minerals (TYM - news). Patrick has most of his career ahead of him but has already got two successes under his belt.

The first was Dragon Mining, which he listed in Australia in 1989, and negotiated a joint venture on its main asset with Sons of Gwalia in 1993. He then started Archaean Gold with backing from Dragon. It listed in 1994 and was taken over by Lachlan Resources after making a big zinc-silver discovery outside Kalgoorlie. The original company had been capitalised at A$4m (about £1.5m) and was taken out at A$50m so Patrick had a number of eager backers for his next venture, which was Tertiary. He says the name represents a certain period in geological time, but it could mean three on the trot.


Focused Tertiary
The focus of the AIM-listed company is tantalum and platinum group metals (PGMs) in the Nordic countries, but it also has a couple of interesting zinc projects. Tantalum has come in for a lot of interest since its wide range of applications was recognised. Tertiary is therefore considering various provisional development options for its Rosendal tantalum resource in Finland, where the Geological Survey of Finland has identified 1.3m tons of tantalum-mineralised pegmatite to a depth of 100 metres.

Cheetham is equally enthusiastic about PGMs and has just pulled off quite a deal through gaining control of the Porsvann and Karenhaugen prospects in Finnmark in northern Norway. Previous drilling by the Norwegian Geological Survey returned wide intervals of platinum and palladium mineralisation in ultramafic intrusions and Cheetham reckons that the area has potential for a new province of PGM mineralisation. Tertiary has built up its land holding and now has 179 pre-claims (the Norwegian equivalent of exploration permits) covering several similar ultramafic intrusions with PGM potential.

You will not get a stream of press releases from Cheetham, just the facts. And he has a non-executive director of calibre at each shoulder to give solid advice. Michael Price is a mining engineer who is also head of resource banking and metal trading at N.M.Rothshild, and Donald McAlister is finance director of Cluff Mining (CLU - news). He was previously with Reunion, which made lots of money for investors when selling out to Anglo. A good team and some good projects, yet Tertiary is capitalised at less than £5m.

Now just tell me, my e-mail friend: are you more likely to make money with Minmet which is capitalised at £75m or Tertiary at less than £5m?



Charles Wyatt is the founder and editor of Minesite.com, which specialises in gossip and news on people and companies in the mining industry. Minesite has just developed Oil-Barrel.com for news on small oil companies and the people involved in them.

[gholzbauer]

[gholzbauer]

siehe auch 05.04.01


Nick Goodwin`s gold picks for June, 2001

By: David McKay
Posted: 06/03/2001 11:00:00 AM | © Miningweb 1997-2001


JOHANNESBURG - South African gold analyst Nick Goodwin reckons the time for buying gold stocks has returned, after the JSE Securities Exchange SA shed more than 200 points in the last seven days. Top of the list is an increase in the weighting for AngloGold [JSE:ANG]. "There is turnaround potential for the company following a series of poor operational results. Also, when the institutions come back into the market they go for AngloGold because it`s a good trader," he says.
-
AngloGold has outperformed rival Gold Fields [JSE:GFI] in the last few months but Goodwin drops the weighting in Gold Fields from his last recommendations, which were in April. Nonetheless, he believes its full exposure to the gold price and sound operations make it a good bet. Also coming into the frame is Harmony Gold [JSE:HAR]: "The restructuring of the company`s debt is positive ahead of potential acquisitions," he says. It is widely believed that Harmony is to make a bid for AngloGold`s Free State mines, a step which would double output and allow the group to retire less profitable ounces.

Western Areas [JSE:WAR] must be close to a deal on its restructuring with sister companies, Randgold & Exploration and Randgold Resources [LSE:RRL] as well as Consolidated African Mines [JSE:CAM]. This is owing to debt in the group which has to be repaid by the end of June, Goodwin says.

Here are Goodwin`s choices with some additional commentary.

Gold recommendations for June Price at close Friday, 01 June, 2001 JSE Gold Index weighting (approx) Recommended portfolio weighting
Gold Index 100%
Gold Fields R32.30 27.0% 25%
AngloGold R291.00 59.0% 20%
Harmony R40.20 6.3% 20%
Western Areas R21.00 4.2% 10%
Aflease R1.45 0.3% 10%
Durban Deep R8.62 2.0% 10%
2GFISG R1.19 - 5%

Why Gold Fields?
great potential to improve bottom line
gold production is completely unhedged

Why Durban Deep?
option on the gold price
not a great mine but a great share with lots of retail interest

Aflease
continues to offer value from takeover potential
essentially sound operation that will be consistent in the long run

[gholzbauer]

http://www.minesite.com/archives/news_archive/June-2001/juni…

Junior Mining Companies in South Africa Have Major Potential

A raft of junior mining companies is making its presence felt in South Africa. They carry none of the baggage of the old mining house system, their projects are not marginal in profit terms, and they are prepared to operate within the new political ramifications. It is the weak South African currency that props up the traditional gold mining industry and enables it to go on producing gold from mines which should have been closed some time ago.
But change is coming as can be seen from the mines such as Joel, Oryx, St Helena and older parts of Western Areas which are now under notice of closure. In their stead are coming smaller, but profitable operations able to demonstrate a competitive return on capital and therefore attract new investment. The new South Africans, however, are not mesmerised by gold - diamonds, pgms, base metals, rare minerals all come within their remit. East Daggafontein with its profitable operations in platinum group metals is a prime example as are Southern Mining with its mineral sands project, Mazal Mining and kimberlites, Metorex and a wide swathe of mining operations and Thabex Exploration, to mention but a few.

Opportunities exist for small and agile operators to take advantage of the government`s `use it or lose it` edict. Finance is coming from unexpected quarters such as the diamantaires getting behind Petra Diamonds to find producing assets as their response to De Beers moving towards the retail end of the business. A new era is opening up and the recent results from Thabex are worth considering in this light.

Thabex is drilling and bulk sampling its alluvial diamond interests along the Orange River between Douglas and Prieska through Pioneer Minerals in which Thabex has a 40 per cent interest. In July last year New Hope Mining agreed to fund more drilling and trial mining on the properties and the results will be available in August. A decision will then be made on the possible development of a mine. In the meantime Pioneer has applied for a mining permit on the farm Remhoogte 152, approximately 21 km west of Trans Hex`s Saxendrift alluvial diamond mining operations along the Orange River and

Thabex is also in joint venture with a black empowerment partner, Khunologo Diamonds, in a company called Taung Diamonds which is exploring an area along the Harts River in the North West Province. But even more interesting is Thabex`s subsidiary, Pure Diamonds, which is now trading in quality polished diamonds through its e-commerce website. Presumably these are polished in South Africa or Botswana and will add to the competition on De Beers` home ground.

The other main thrust of the company is its joint venture with Falconbridge to explore and assess the mineral potential of its Potgietersrus Town and Townlands` prospecting rights. New geological analysis of the northern limb of the Bushveld Igneous Complex indicates potential base metal massive sulphide deposits, other than the known Platreef occurrence. The total mineral area has now been increased to 1,456 hectares and Falconbridge is currently assessing data from its initial exploration work to decide on drilling targets.

It is early days for the company . but its alluvial diamond and base metal projects both have the potential to be company makers. More will be heard of the junior South African mining companies in the months ahead..

4 June 2001.

[Rrocky]

serious as cancer

[gholzbauer]

Cancer therapy "secret weapon": AltaRex

[frank55]

May 04, 2001 (FWN Financial via COMTEX) -- New York, May 3 (BridgeNews) - Echo
Bay Mines Ltd on Thursday reported first-quarter net earnings of US$3.8 million,
or zero cents per share, swinging from a loss of US$2.7 million, or 4c per
share, for the same period a year ago. Echo Bay produced 173,470 ounces in the
quarter--compared with 140,170 ounces in the first quarter of 2000--and silver
output of 1.6 million ounces, compared with 3.8 million ounces produced in 2000.
( Story .21178 )

Australia`s BHP gives valuation details of Billiton merger

Sydney, May 4 (BridgeNews) - Australian resources major BHP Ltd. on Friday
revealed details of the economic and currency assumptions behind the valuation
of its merger with South Africa`s Billiton Plc. The details were included in a
letter addressed to BHP shareholders, on the request of the Australian
Securities and Investments Commission (ASIC), which is currently assessing the
deal. ( Story .10496 )

Peru March copper output up 9.4% on year; gold down, zinc up

Lima, May 3, (BridgeNews) - Peru`s copper production rose 9.4% year-on-year in
March to 44,779 tonnes, the Energy and Mines Ministry said. Gold output fell
9.1% compared with a year ago to 338,000 ounces (10,513 kilos). Zinc production
rose 6.8% year on year to 80,116 tonnes. Silver output saw a year-on-year rise
of 11.8% to 6,745,281 ounces (209,802 kilos). ( Story .2170 )

Mexico`s Penoles Q1 silver output up 5.4% on year

Mexico City, May 2 (BridgeNews) - Mexican mining group Industrias Penoles, the
world`s largest silver producer, posted silver production of 578,481 kilograms
in the first quarter ending March 31, up 5.4% on the 548,606 Kg produced in the
year-earlier quarter, Penoles said in a statement Wednesday. Gold production in
the quarter was 5,072 Kg, down 32.0% on the 3,843 Kg the year-earlier. ( Story
.21596 )

SPOT NEWS LINKS:

Gold news stories from Bridge News

Gold news stories from all vendors

Silver news stories from Bridge News

Silver news stories from all vendors

Platinum news stories from Bridge News

Platinum news stories from all vendors

Palladium news stories from Bridge News

Palladium news stories from all vendors

THE MARKETS:

.2333--NY Precious Metals Review .2270--Europe Precious Metals Review
.2200--Asia Precious Metals Review .2300--London PM Gold fix .2301--London AM
Gold fix .2311--London Silver fix .2076--London platinum fix .2078--London
palladium fix .2099--Russia central bank gold, silver, platinum buying prices
.2115--COMEX gold and silver warehouse stocks .2108--NYMEX platinum, palladium
warehouse stocks .2344, .2359, .2373--COMEX/NYMEX option open interest .2107,
.2106--Commitments: COMEX gold, silver futures .2202--BRIDGE UPDATE: Base Metals
.2330--Minor Metals/noble alloys: Weekly prices in US, Asia and Europe
.2280--GLOBAL METALS CALENDAR: Key events to watch .5659--Complete list of
Bridge regular precious metal stories .900--US FX Review

[N.MarksDelBanco]

orange river - es werden immer noch zu viele Landminen verkäuft

[gholzbauer]

Ähm ... ... nun gut, vielen Dank für diese Zusatzinformationen.

Was mich viel mehr interessieren würde: hat sich jemand Anooraq Resources und Mustang Minerals näher angeschaut?
Siehe Link vom 16.5.
und
http://www.hdgold.com/Anooraqfl.htm
http://finance.yahoo.com/q?s=arq.v+ymu.v+&d=t

Meinungen?

Ich jedenfalls habe mir kürzlich ein paar Anooraq geschnappt. Könnte sich analog zu Aquarius entwickeln.

[gholzbauer]

DJ Banco Crédito Perú Aumenta Buenaventura A "Comprar"


LIMA (Dow Jones)--El Banco de Crédito dijo que aumentó su recomendación de las acciones de la Compañía de Minas Buenaventura S.A. (BVN) de "comprar a mediano plazo" a "comprar".

El banco dijo que las acciones comunes serie "B" tienen el potencial de aumentar un 30%, debido a la disminución de riesgo país de Perú.

"De acuerdo a nuestro análisis comparable de Buenaventura, las acciones se están negociando con un importante descuento de 19% respecto a sus pares internacionales", dijo el banco.

El banco también dijo que espera un aumento en el mediano plazo en el precio del oro.

Buenaventura es la mayor minera de metales preciosos de Perú. Tiene una participación clave de 43,65% en Minera Yanacocha S.A., la mayor mina de oro de Sudamérica y una de las minas de oro en el mundo con menores costos de operación.

También opera otras propiedades mineras en Perú.

-Por Robert Kozak, Dow Jones Newswires; 511-221-7050; [e-mail]

(END) Dow Jones Newswires 08-06-01 1626GMT Copyright (c) 2001 , Dow Jones & Company Inc~200106081626

[gholzbauer]

Van Eck manager likes gold`s luster

By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 1:00 AM ET July 16, 2001


NEW YORK (CBS.MW) -- Van Eck fund manager Joe Foster believes the economic slump provides a glittering opportunity to invest in gold stocks.

Investors have historically used gold as a "hedge against economic problems and uncertainty, so gold tends to increase or maintain its value during times of instability in the financial markets," said Foster, manager of Van Eck`s International Gold Fund.

The $100 million fund (INIVX: news, msgs, alerts) has risen more than 9 percent this year, compared to a 0.5 percent increase in the Philadelphia Gold and Silver Index ($XAU: news, msgs, alerts) . Annualized returns over the past three years total 9 percent as of June 30, according to Lipper.

Foster focuses on unhedged companies that don`t limit financial risks associated with gold price changes. That means these stocks typically benefit from a jump in prices.

He also looks for companies that can make money despite a low gold price environment and show improvements in their operations.

Gold Fields Ltd. (GOLD: news, msgs, alerts) is Foster`s top stock pick because it`s improving overall operations, including mining methods and mill efficiencies. "As the company shows that it can become more efficient, we`ll see their costs decline," he said. Additionally, its property in Ghana, South Africa, which started mining gold last year, is turning into a "world-class producer." Shares fell 4 cents to close at $4.09 on Friday.

Foster also said Harmony Gold Mining Co. (HGMCY: news, msgs, alerts) has "carved a niche" for itself in the gold stocks market. Management looks for mines that are doing poorly and not being operated in the most efficient manner, Foster said. That way, the company acquires properties at a discount rate and realizes the value in them over a two- to three-year period. The South African company`s efficiency improvement process will continue to "create value for the company," Foster said. Shares closed down 2 cents at $5.25.

Finally, the fund manager recommends Meridian Gold (MDG: news, msgs, alerts) because it has one of the lowest cost producing mines in the world. The year-old mine, located in Chile, has come under a lot of criticism from analysts for not having shown much growth yet. The market hasn`t shown enough patience for the company, which has a "generous exploration budget," Foster said. The stock fell 11 cents to $7.04.

Myra P. Saefong is a reporter for CBS.MarketWatch.com in San Francisco.

[gholzbauer]

05.09.2001 13:46
TAGLICH BROTHERS

Crystallex spekulativ kaufen

Die Analysten von Taglich Brothers bleiben auch nach Bekanntgabe der Ergebnisse des 2. Geschäftsquartals bei ihrer Empfehlung, Aktien von Crystallex International spekulativ zu kaufen. (WKN 890729) Crystallex sei ein Goldminenunternehmen mit Minen in Uruguay, Venezuela, Brasilien und Nordamerika. Die Wachstumsstrategie des Unternehmens beinhalte ebenso den Aufkauf südamerikanischer Minen, wie die geographische Diversifikation durch Investition in bereits produzierende oder noch nicht produzierende Minen weltweit. Im 2. Quartal 2001 sein der Umsatz des Unternehmens von 8,9 Mio. kanadischen Dollar vor einem Jahr auf 13,7 Mio. kanadische Dollar gestiegen, der Nettogewinn von 633.000 kanadischen Dollar oder 0,01 Dollar/Aktie auf 465.000 kanadische Dollar oder 0,01 Dollar/Aktie gesunken. Die Analysten hätten mit einem Umsatz von 12,45 Mio. kanadischen Dollar und einem ausgeglichenen Nettoergebnis gerechnet. Die Goldproduktion sei im abgelaufenen Quartal von 27.358 Unzen auf 53.240 Unzen gesteigert worden. Bis zum Vorliegen einer ausführlichen Analyse der Quartalsergebnisse, der wesentlichen Geschäftstrends und der Aussichten der Las Cristinas Mine bleiben die Analysten von Taglichbrothers bei ihrer Empfehlung "spekulativ kaufen" und bei ihrem 18 Monate Kursziel von 3,53 - 5,69 US-Dollar (derzeitiger Kurs: 1,25 US-Dollar) .

Quelle: AKTIENCHECK.DE AG

[gholzbauer]

test

[gholzbauer]

05.09.2001 11:23
DER AKTIONÄR

Ranger Minerals Limited kaufen

Die Experten des Anlegermagazins "Der Aktionär" raten spekulativen Anlegern, die Aktie von Ranger Minerals Limited zu kaufen. (WKN 890297) Ranger Minerals sei an der Börse in Sydney gelistet und ein mittelgroßer Goldproduzent. Das Unternehmen werde in Zukunft Zahlen veröffentlichen ( ). Die Experten gehen davon aus, dass das Unternehmen Umsatzerlöse in Höhe von 176 Millionen australische Dollar erwirtschaftet habe. Den Gewinn je Aktie sehen die Experten bei 0,36 australischen Dollar. Für das nächste Geschäftsjahr würden die Experten des Anlegermagazins eine Stabilisierung auf diesem Niveau erwarten. Auf Grundlage dieser Daten würden die Experten auf ein KGV von unter drei kommen und dieses als günstig bewerten. Die Experten erwarten eine Dividende für das Gesamtjahr 2001 in Höhe von 0,05 australischen Dollar. Den Barreserven des Unternehmens in Höhe von 28 Millionen australischen Dollar würden langfristige Verbindlichkeiten in Höhe von 29 Millionen australischen Dollar gegenüber stehen. Ranger Minerals würde auf dem Gebiet der Edelmetallproduzenten eine interessante Alternative darstellen. Die Experten des Anlegermagazins "Der Aktionär" weisen ausdrücklich auf den hohen spekulativen Charakter der Aktie von Ranger Minerals Limited hin. Die Aktie würde sich nur als spekulative Beimischung im Depot von Anlegern mit hoher Risikobereitschaft eignen. Aufgrund der geringen Umsätze an deutschen Börsen raten die Experten interessierten Anlegern, die Aktie in Sydney zu ordern.

Quelle: AKTIENCHECK.DE AG

[gholzbauer]

11.10.2001 17:24
AKTIENRESEARCH

Stillwater Mining kaufenswert

Bei Kursschwäche die Aktie der Stillwater Mining Company ordern, so lautet die Einschätzung der Analysten vom Anlegermagazin "AktienResearch". (WKN 893759) Der US-amerikanische Konzern verdiene sein Geld hauptsächlich mit dem Abbau von Platin und Palladium. Im sogenannten J-M Reef in Montana befänden sich die einzig nennenswerten Platinvorkommen außerhalb Russlands und Südafrikas. Im zweiten Quartal des laufenden Geschäftsjahres habe Stillwater Mining den Gewinn je Anteilsschein um über 22% auf 54 US-Cent gesteigert. Zurückzuführen sei dies auf eine höhere Produktion sowie einen gestiegener Preis für Platin und Palladium. In den USA verfüge der Konzern quasi über eine Monopolstellung für die Platin- und Palladiumlieferung. Zudem sei mit einer steigenden Nachfrage zu rechnen. Nicht nur die Schmuckindustrie verarbeite Platin. Das Edelmetall finde sich auch in Katalysatoren wieder. Für das laufende Geschäftsjahr werde mit einem Gewinn von 2,34 Euro je Aktie gerechnet. In 2002 solle der Gewinn auf 2,59 Euro pro Anteilsschein ansteigen. Damit werde der Titel mit einem KGV 2002e von 8,41 bewertet. Mit "akkumulieren" stufe das Researchteam die Stillwater Mining-Aktie ein.

Quelle: AKTIENCHECK.DE AG

[gholzbauer]

11.10.2001 16:35
FOCUS MONEY

Pan American Silver kaufenswert

Dem spekulativ ausgerichteten Investor empfiehlt weiterhin das Anlegermagazin Focus Money die Aktien von Pan American Silver . (WKN 876617) Microsoft-Gründer Bill Gates wisse nur zu gut, warum er 5,1 Millionen der rund 24,6 Millionen Pan-American-Silver-Aktien über seinen Investment-Arm Cascade gekauft habe. Von allen produzierenden Silberminen besteche die Gesellschaft durch das stärkste Produktionswachstum. In diesem Jahr solle sich die Förderung nach Unternehmensangaben auf 7,5 Millionen Unzen mehr als verdoppeln. Pan American Silver sei der reinste große Silberproduzent und besitze Minen sowie Beteiligungen in Peru, Mexiko und Russland. Von den meisten anderen Unternehmen unterscheide sich der Gates-Titel durch gute Finanzzahlen mit Cash und niedrigen Schulden. Für das Jahr 2003 peile der Vorstand von Pan American Silver die Rückkehr in die Gewinnzone an. Vor diesem Hintergrund rät das Anlegermagazin Focus Money zu einem spekulativen Engagement in die Aktien.

Quelle: AKTIENCHECK.DE AG

[gholzbauer]

11.10.2001 14:49
AKTIENRESEARCH

Barrick Gold akkumulieren

Für die Wertpapieranalysten vom Börsenmagazin "AktienResearch" ist die Aktie der Barrick Gold Corporation ein aussichtsreiches Investment. (WKN 870450) Mit der Übernahme von Homestake Mining im Sommer diesen Jahres sei der kanadische Konzern zur Nummer 2 in der weltweiten Goldproduktion avanciert. An erster Stelle stehe noch immer die südafrikanische Anglogold. Barrick Gold baue das mitunter wertvollste Edelmetall vorwiegend in Nord- und Südamerika ab. Im zweiten Quartal 2001 habe Barrick Gold einen Gewinn von 0,17 Dollar verdient, was 0,01 Dollar unter dem Vorjahresniveau liege. Gegen Ende des Jahres solle der Zusammenschluss mit Homestake abgeschlossen sein. Ab 2002 sei der Abbau von 400.000 Unzen Gold per anno geplant. Für das laufende Geschäftsjahr werde mit einem Gewinn je Aktie in Höhe von 0,77 Euro gerechnet. Nächstes Jahr solle ein Gewinn von 0,75 Euro in den Büchern stehen. Damit werde der Titel mit einem KGV 2001e von 24,41 bewertet. Der Anleger investiere hier in ein Unternehmen mit goldener Zukunft, so das Researchteam.

Quelle: AKTIENCHECK.DE AG

-----------------------------------


09.10.2001 16:25
HORNBLOWER FISCHER

Freeport-McMoRan "trading sell"

Die Analysten von Hornblower Fischer stufen die Aktien von Freeport-McMoRan Copper & Gold als "trading sell"-Position ein. (WKN 875178) Die Aktie des Bergbau-Unternehmens Freeport-McMoRan habe sich seit November des vergangenen Jahres in einem Aufwärtstrend befundne, der jedoch Ende September unter erhöhten Umsätzen nach unten gebrochen wurde. Nach einer nur kurzen Konsolidierung habe die Aktie ihre Abwärtsbewegung fortgesetzt und durchbrach am vergangenen Handelstag auch die wichtige Unterstützung bei 10,3 US-Dollar sowie die psychologisch wichtige 10 US-Dollar-Marke. Dieser Bruch sei aufgrund der erhöhten Umsätze als signifikant einzustufen. Gleichzeitig habe das Papier ein "Declining Triangle" und ein "Rectangle" mit lehrbuchhaftem Umsatz-Verhalten vollendet, welche sich seit Mitte Mai bzw. Anfang Juli ausbildeten. Das theoretische Mindestkursziel aus diesen Formationen betrage 8 US-Dollar. Bestätigt werde das negative Bild durch ein Verkaufssignal im trendfolgenden Indikator MACD. Auch die Slow Stochastic habe am vergangenen Handelstag ein Verkaufssignal erzeugt. Das Momentum und die Relative Stärke würden weiteres Abwärtspotenzial aufzeigen. Aufgrund der schlechten Verfassung der Charttechnik und der ebenfalls negativ zu wertenden Situation in der Markttechnik empfehlen die Analysten von Hornblower Fischer die Aktie von Freeport zum "trading sell".

Quelle: AKTIENCHECK.DE AG

Das fällt denen aber früh ein ...

[gholzbauer]

10/22/2001

8:02AM Goldman Ups Gold : Goldman Sachs upgrades Ashanti (ASL 3.18) to MKT OUTPERFORM from Mkt Perform, and Kinross Gold (KGC 0.87) to MKT PERFORM from Mkt Underperform; notes increase in gold price forecast to $300 from $275 for both upgrades.

[Sovereign]

Ich habe gerade ein längeres Telefonat mit nem Vermarkter von Spez.fonds an Institutionelle geführt (stimmt wirklich, kein push- oder bash-Versuch).

Also der alte Knabe sagte mir, daß die Instis wieder seit einiger Zeit auf der Käuferseite sind und auch kleinere Positionen an NEMAX-Werten akkumulieren. Es scheint so, als ob die Erholung nicht nur von kleinen Privatzockern getragen wird (Kaufargument ist Liquidiät im Markt und Buchwert einzelner Aktien). Von meinen Argument pro Gold wollte er sich verständlicherweise nicht anschließen.

Demnach hätten die Amis die Pflicht den Dow nicht abschmieren zu lassen (wegen Pensionsfonds und Rentenzusagen).

Hm, ich glaube ja nicht an eine schnelle fundamentale Wende (dies wird ein langer harter Winter) und bleibe meinen Goldaktien treu. Es scheint, daß die Instis meinen die Wende absehen zu können, aber darauf würd ich nichts geben.

Gruß

Sovereign

[v-man]

@ gholzbauer
Weißt Du, warum Stillwater gefallen sind? Wie schätzt Du Stillwater grundsätzlich ein?

[gholzbauer]

Stillwater hat wieder einmal alle enttäuscht. Weniger Gewinn als erwartet (Q3: 26 Cents statt Schätzungen 29-46 Cents, Vorjahresquartal 36 Cents), die Expansionspläne sind in Gefahr, zusätzliche Aktienemission möglich.
Da Palladium sich in den letzten Monaten wesentlich schlechter entwickelt hat als Platin, ist Stillwater (wie auch North American Palladium, aber hier bin ich nicht so genau informiert) stärker betroffen als etwa Impala oder Amplats, die einen höheren Platinanteil in ihrer Produktion haben.
Von Stillwater würde ich selbst auf dem niedrigeren Niveau z.Z. die Finger lassen.


Friday October 26, 1:07 pm Eastern Time
Stillwater net off, says funding for new mine unsure
(UPDATE: Recasts throughout, adds byline, analyst comments, details, changes dateline. Previous COLUMBUS, Montana)

By Nichola Groom

NEW YORK, Oct 26 (Reuters) - Shares of Stillwater Mining Co. (NYSE:SWC - news) fell as much as 22 percent on Friday after the company reported a sharp drop in third quarter earnings and said, since metals prices and demand have sunk in the last year, it was unsure it had adequate financing for completion of its East Boulder mine.

Stillwater, the only U.S. producer of palladium and platinum, said it hired investment firms Salomon Smith Barney and J.P. Morgan to review funding requirements and strategic alternatives for the East Boulder project, which was begun in 1998.

``The company is exploring, on a preliminary basis, financial alternatives with interested third parties,`` it said in a statement.

``What that means is the company, given the new capital estimates and production estimates for the East Boulder project, is going to be in violation of its loan covenants,`` said Victor Flores, senior mining analyst with HSBC Securities. ``It`s not a pretty picture.``

Columbus, Montana-based Stillwater, whose original capital funding was based on higher palladium prices, said it also may have to revise its production goals due to a weakening global economic environment.

The price of palladium has fallen to about $320 per ounce from a record high of $1,115 per ounce in late January, the company said.

Shares of Stillwater were off $3.34, or more than 16 percent, at $17.16 in mid-day trade on the New York Stock Exchange. Earlier in the day, the stock had fallen as low as $15.90, or more than 22 percent.

Stillwater`s strategic alternatives may include raising funds by issuing more stock, or negotiating an outright sale of either the mine or the entire company, Flores said.

``It`s obviously wide open at this point in time,`` he said.

The East Boulder mine, located near Big Timber, Montana, is on-track to begin commercial production in 2002 and meet its annual production rate target of 1 million ounces by 2003, the company said. Of the total $370 million in capital required for the mine`s construction, an estimated $240 million has been committed to date, a spokesman for the company told Reuters.

Stillwater said third-quarter net income fell to $10.3 million, or 26 cents per share, from $13.9 million, or 36 cents, in the year-earlier quarter.

Wall Street had forecast earnings between 29 cents and 46 cents per share, with an average of 39 cents, according to eight brokers surveyed by Thomson Financial/First Call.

Revenues rose to $52.9 million from $49.1 million a year before.

The combined average market price of palladium and platinum was $477 per ounce in the third quarter, down from $696 per ounce in the same period last year.


http://finance.yahoo.com/q?s=swc&d=t

[gholzbauer]

Analyst Ratings

10/30 10:03
Stillwater Mining Cut to `Sell` at Canaccord Capital
By Christopher Stothard

Toronto, Oct. 30 (Bloomberg Data) -- Stillwater Mining Company (SWC US) was downgraded to ``sell`` from ``buy`` by analyst Roger Chaplin at Canaccord Capital Corp. The 12-month target price is $8.46 per share.

[Dottore Lupo]

@ gholzbauer: siehst du,warum ich deren Berichte nicht mehr traue!

Die schaffen es nicht mal,bei den Hochpreisen Geld zu verdienen.

Die wollen es alle nicht.Ich frage mich schon lange warum ???

Ashant weist einen Gewinnanstieg auf,und erhöht die Schulden in der Bilanz um 15 Mio.

Anglo hat mal ein rotes ,dann ein schwarzes Hedgebook..... etc.

Durban ist Dreck,fundamental,aber gut zum Zocken.

SBM wird vom Direktor geplündert,der Depp hätte seine Goldfields behalten sollen,was ich vor

Monaten schon anprangerte.

Es gibt zur Zeit wenig gutes,vielleicht die Kaffern PGM oder hörstdu von Norilsk noch was???

Ich spiele zur Zeit einige kleine Aussies und lasse die alten Favoriten wie GLD,PMM,...etc in die Steuerfreiheit wachsen.

Bei Anglogold erwischte mich auch meine Gier im August bie Teuro 20,50.

Es sind schon realisierte 2 Teuro Verlust minus Zwischendividende.

Btw: bei ADR´`nimmt der Hinterleger immer 10% der Originaldividende.

cu DL

[gholzbauer]

Moin.
SWC sucks. Irgendwie schon immer.
Bei PMM bin ich aus der Spekufrist schon raus .Ärgerlich nur, daß ich die große Schwankung der letzten Monate nicht genutzt habe.
Ich habe mir neulich zum ersten Mal seit 3 (?) Jahren wieder ein paar Anglo-ADRs zugelegt, an dem Tag waren die "normalen" in Dtl. wieder nicht zu bekommen bzw. Brief viel zu hoch. Die 10% fremden Spesen bei der ADR-Dividende sind zwar ärgerlich, aber im Zweifelsfall ist mir die Liquidität doch wichtiger.
Bei Norilsk stehe ich noch Gewehr bei Fuß. Mögen zwar die Aussichten speziell für Pd nicht so gut sein, so sollte sich dennoch der Nickelpreis irgendwann erholen, falls nicht die große Rezession ausbricht.
Vielleicht wage ich mich die nächsten Tage an CRS via CNG ... oder doch noch ein paar OXR, MEE oder DOM?
Berauschend (sicher+chancenreich) ist aber wirklich nichts in AUS, in Nordamerika sowieso nicht, und in SA sitzt uns Empowerment im Nacken.

[gholzbauer]

RESEARCH ALERT-JP Morgan upgrades copper stocks
Wednesday November 14, 12:01 PM EST

NEW YORK, Nov 14 (Reuters) - J.P. Morgan said on Wednesday analyst Michael Gambardella has upgraded the stocks of copper producers, raising Freeport-McMoRan Copper & Gold Inc. (FCX) and Phelps Dodge Corp. (PD) to "buy" from "market perform" citing recent cuts in global copper supply of 4 percent in the last three weeks.

"We see more cuts coming, providing psychological positive to copper market. We see copper surplus moving to deficit in 2002," the analyst continued.


He said Potential production cuts from Codelco, world`s largest producer, should provide a floor for copper prices and could be a significant catalyst. He said Phelps Dodge and Freeport have significant earnings leverage to changes in copper prices -- a 1 cent per pound move in copper equals 21 cents in earnings per share for Phelps Dodge and 5 cents for Freeport.

His target prices are $16 for Freeport and $40 for Phelps Dodge.

Freeport-McMoRan slipped 47 cents Tuesday to close at $11.30, but Phelps Dodge traded at its best price since Sept. 20 before closing at $30.95.


2001 Reuters Limited.

[Dottore Lupo]

@gholzbaur: kaufe Anglo nur noch bei den Amis,da biste in 1 Minute drin oder raus.

Unser ADR Marketmaker bescheisst bei grösseren Orders immer!!!

Zieht den Spread hin wo er will!!!

cu DL

Habe den Türken einige Unzen Gold abgenommen und meiner Zauberfee um einige

Körperteile gelegt,dem Goldpreis hat es nicht geholfen.

BTW: das Gramm kostet verarbeitet bei 14 Karat 8 $,bei 22 Karat(echt toll) bis 13 $

weil solche Teile " Designerstücke " sind

cu DL

[Bloedmann]

Zur Info, Quelle BerlinerZeitung
Gold-Produktion wird enorm sinken
Bergbau-Konzern erwartet Rückgang um ein Fünftel / Konsequenz der niedrigen Preise
Henning Heine

BERLIN, 18. November. Der kanadische Bergbaukonzern Placer Dome, einer der größten internationalen Goldproduzenten, rechnet bis zum Jahr 2006 mit einer deutlich rückläufigen Welt-Goldproduktion. "Ich erwarte einen Rückgang um jährlich bis zu fünf Prozent in den kommenden fünf Jahren", sagte der Vizepräsident und Finanzchef des Unternehmens, Rex McLennan, der "Berliner Zeitung". Derzeit stellen die Bergbaukonzerne zwischen 2 500 und 2 600 Tonnen Gold jährlich her. McLennans Angaben zufolge könnte das Angebot bis 2006 auf nahezu 2 000 Tonnen sinken.
Auf Grund des niedrigen Goldpreises fahre die Industrie ihre Kapazitäten zurück und schränke die Erschließung neuer Gold-Vorkommen stark ein, sagte McLennan. Solange der Goldpreis in einer Bandbreite zwischen 260 und 290 Dollar je Unze schwanke, lohne die Öffnung neuer Minen nicht. In London notierte Gold zum Wochenschluss bei 274,50 Dollar. Die Nachfrage nach frischem Gold sinkt seit Jahren, weil Notenbanken in aller Welt ihre Bestände auflösen und das Edelmetall tonnenweise auf den Markt werfen. Das führt zu Überkapazitäten in der Industrie: So musste Placer Dome in diesem Jahr eine Mine im US-Bundesstaat Nevada schließen und das Investment in Höhe von 290 Millionen Dollar (641 Millionen Mark) abschreiben. Die Branche erwarte von den Zentralbanken ein deutliches Signal, dass die vereinbarte Beschränkung der Verkäufe auf jährlich 400 Tonnen über das Jahr 2004 verlängert werde, sagte McLennan. Insbesondere sollten die Zentralbanken dann kein Gold verkaufen, wenn der Marktpreis für das Edelmetall wie derzeit unter den Wiederbeschaffungskosten liege. Sie bezifferte der Placer-Dome-Vize auf rund 325 Dollar je Unze.

Placer Dome ist der drittgrößte nordamerikanische Goldgräber. Dank der Ausbeutung von Vorkommen in Australien, Südafrika und Papua-Neu Guinea rangiert das Unternehmen unter den weltgrößten Goldproduzenten auf Platz fünf. Daneben erzielt Placer Dome rund ein Fünftel seiner Erlöse aus dem Kupferbergbau. Weltweit sind bei dem Konzern rund 12 000 Mitarbeiter beschäftigt. Placer Dome produziere derzeit 2,6 Millionen Unzen (rund 81 Tonnen) Gold jährlich, sagte McLennan. Unter Tage lagerten weitere rund 1 400 Tonnen.

Auf Grund der Schließung der Mine in Nevada rechnen Analysten in diesem Jahr mit einem Rückgang des Placer-Dome-Gewinns von mehr als zwölf Prozent auf 125 Millionen Dollar. Der Konzern rechnet mit einem Umsatz von 1,3 Milliarden Dollar in diesem Jahr. Der wachsende Konkurrenzkampf zwinge Placer Dome zu stärkerer Rationalisierung. Allein in Südafrika seien in den vergangenen Jahren 3 000 Stellen abgebaut worden.
Gruß

[MMUNNA]

Wenn die Berichte in der Berliner Zeitung so stimmen, dann dürfte es erst mal nicht so gut für Goldminenwerte aussehen. Gewinnrückgang der Minengesellschaften usw.

[gholzbauer]

05.12.2001 13:52
TAGLICH BROTHERS

Crystallex spekulativ kaufen

Die Analysten von Taglich Brothers bleiben auch nach Bekanntgabe der Ergebnisse des 3. Geschäftsquartals bei ihrer Empfehlung, Aktien des kanadischen Goldminenunternehmens Crystallex International spekulativ zu kaufen. (WKN 890729) Im 3. Quartal 2001 habe Crystallex einen Umsatz von 13,6 Mio. Kanadischen Dollar und einen Nettogewinn von 11.000 Kanadischen Dollar oder 0,0 Kanadischen Dollar/Aktie erzielt. Im 3. Quartal des Vorjahres habe der Umsatz 14,5 Mio. Kanadische Dollar und der Nettogewinn 1,1 Mio. Kanadische Dollar oder 0,02 Kanadische Dollar/Aktie betragen. Der Umfang der Goldproduktion sei mit 28.077 Unzen im Vergleich zum gleichen Quartal des Vorjahres ungefähr gleich geblieben. Allerdings habe das Unternehmen in diesem Quartal mehrere Projekte gestartet, um die Produktion zu erhöhen. Die Goldproduktion sei um zirka 2.000 Unzen geringer ausgefallen als von den Analysten erwartet, die finanziellen Ergebnisse hätten den Erwartungen der Analysten in etwa entsprochen. Die Analysten von Taglich Brothers bleiben vorläufig bei ihrer Empfehlung, Aktien von Crystallex spekulativ zu kaufen. Das 18-Monate-Kursziel sei 4,16 US-Dollar (derzeitiger Kurs: 1,80 US-Dollar) .


--------------

19.11.2001 17:20
MORGAN STANLEY DEAN WITTER

Newmont Mining "outperform"

Die Investmentbanker von Morgan Stanley Dean Witter stufen die Aktien der Minengesellschaft Newmont Mining weiterhin als Outperformer ein. (WKN 853823) Das Unternehmen sei der größte nordamerikanische und der weltweit zweitgrößte Goldproduzent. Man besitze Goldminen in den Vereinigten Staaten, Kanada, Australien, Mexiko, Peru, Bolivien, Indonesien und in Usbekistan. Newmont Mining habe den Konkurrenten Franco-Nevada Mining of Canada und Normandy Mining of Australia einen Zusammenschluss angeboten. Falls die Fusion zustande kommen sollte, wäre das fusionierte Unternehmen die weltgrößte Goldminengesellschaft hinsichtlich Goldreserven und Produktionsmenge. Im Gesamtjahr 2000 habe Newmont Mining 5,53 Mio. Unzen produziert, wobei die Kosten pro Unze bei 170 US-Dollar gelegen hätten. Im Gesamtjahr 2001 rechnen die Analysten von Morgan Stanley Dean Witter mit einem Rückgang der Goldproduktion auf 5,1 Mio. Unzen. Die Förder- bzw. Produktionskosten würden 2001 um 15 US-Dollar auf 185 US-Dollar pro Unze steigen. Nach einem Verlust von 0,53 US-Dollar pro Aktie im vergangenen Finanzjahr 2000 rechne man im aktuellen Finanzjahr 2001 mit einem Rückgang des Verlustes auf 0,01 US-Dollar pro Aktie. Im Finanzjahr 2002 sei nach Meinung der Investmentbanker ein Anstieg des Gewinns auf 0,22 US-Dollar pro Aktie zu erwarten. Die Analysten machen darauf aufmerksam, dass sie bei ihren Gewinnschätzungen von einem Goldpreis von 285 US-Dollar je Unze ausgingen. Ein sinkender Goldpreis würde sich negativ auf den Gewinn auswirken. Der Umsatz des Unternehmens hänge sehr stark vom Goldpreis ab. So entspreche eine Änderung des Unzenpreises von 10 US-Dollar einer Umsatzänderung von 51 Mio. US-Dollar. Die Wertpapierexperten von Morgan Stanley Dean Witter geben der Aktie von Newmont Mining ein Kursziel von 25 US-Dollar und bleiben bei ihrem "outperform"-Rating.

Quelle: AKTIENCHECK.DE AG

------------

16.11.2001 13:22
MERRILL LYNCH

Newmont Mining "accumulate"

Die Börsenspezialisten von Merrill Lynch empfehlen weiterhin, die Aktie des Betreibers von Goldminen und weiteren Edelmetallen Newmont Mining zu akkumulieren. (WKN 853823) Die Erwartung für den Goldpreis habe man beibehalten. Man gehe für die Jahre 2002-2004 unverändert von einem Goldpreis pro Unze von 280 US-Dollar, 290 US-Dollar und 300 US-Dollar aus. Langfristig gehe man von einem Goldpreis pro Unze von 325 US-Dollar aus. Die Veränderung der kurzfristigen Preiserwartung für Kupfer habe jedoch einen deutlichen Einfluss auf die EPS Prognose und Cash-Flow Erwartung von Newmont. Die Aktienspezialisten hätten die Preiserwartung für Kupfer im Jahr 2002 von 0,815 US-Dollar pro Pfund auf 0,693 US-Dollar pro Pfund reduziert. Für das Jahr 2003 erwarte man statt einem Preis von 0,90 US-Dollar pro Pfund nun 0,838 US-Dollar pro Pfund Kupfer. Die längerfristige Erwartung habe man mit 0,90 US-Dollar pro Pfund nicht verändert. Während die EPS Erwartung für 2001 unverändert bei einem Gewinn pro Aktie von 0,05 US-Dollar liege habe man die Prognose für 2002 von einem Gewinn pro Aktie von 0,11 US-Dollar auf einen Gewinn pro Aktie von 0,06 US-Dollar reduziert. Newmont sei mit 56% an der Batu Hijau Kupfer- und Goldmine beteiligt. Deshalb habe die Preisreduzierung für Kupfer einen deutlichen Einfluss auf das EPS. Des weiteren gehe man für das Jahr 2002 von einem Cash-Flow pro Aktie von 2,43 US-Dollar statt 2,49 US-Dollar aus. Die Börsenanalysten von Merrill Lynch raten den Investoren weiterhin, die Aktie der Newmont Mining zu akkumulieren.

Quelle: AKTIENCHECK.DE AG

-----------------------

12.12.2001 17:22
MERRILL LYNCH

Newmont Mining "buy"

Die Wertpapierexperten von Merrill Lynch raten den Investoren weiterhin, die Aktie des Goldminenbetreibers Newmont Mining zu kaufen. (WKN 853823) Heute Morgen habe das australische Übernahme Panel den Einwand von AngloGold gegen die angekündigte Akquirierung von Franco-Nevada durch Newmont abgelehnt. AngloGold habe einen Antrag bei dem Panel eingereicht, weil die Akquirierung zu unerträglichen Umständen führen könnte. Genauer ausgedrückt würde Newmont eine höhere Prämie für die 19,9% an Anteilen von Normandy zahlen, die AngloGold besitze. Das überarbeitete Angebot bewerte Normandy Mining mit 1,80 australischen Dollar pro Aktie. Dies entspreche einer Prämie von 1,7% gegenüber dem Börsenschlusskurs von Mittwoch. Das Angebot von Newmont liege damit um 7,1% über dem Angebot von AngloGold für Normandy. Das Angebot von Newmont sollte die Entscheidung von Normandy positiv beeinflussen. Das Angebot von Newmont für Franco-Nevada Mining liege gegenwärtig bei 23,68 kanadischen Dollar pro Aktie. Die Aktie von Franco-Nevada werde zur Zeit mit einem Discount von 7,2% gegenüber diesem Angebot gehandelt. Die Unternehmensleitung von Normandy habe noch einmal ihre Unterstützung für das Angebot von Newmont bekräftigt. Franco-Nevada habe für den 30. Januar 2002 ein Aktionärstreffen angekündigt. Dann werde über das Angebot von Newmont abgestimmt. Eine Auswirkung auf das EPS gebe es derzeit nicht. Die Aktienspezialisten von Merrill Lynch würden weiterhin für die Jahre 2001 und 2002 einen Gewinn pro Aktie in Höhe von 0,05 US-Dollar und 0,06 US-Dollar erwarten. Die Börsenspezialisten von Merrill Lynch raten weiterhin, die Aktie der Newmont Mining zu kaufen.

Quelle: AKTIENCHECK.DE AG

[gholzbauer]

http://allafrica.com/stories/200112130468.html


Buy These Gold Stocks for 2002


Miningweb (Johannesburg)

December 12, 2001
Posted to the web December 13, 2001

Stewart Bailey


South African analysts are advising clients to load their Christmas stockings with more gold shares this season.

The Johannesburg gold index is expected to outperform the market once again this year owing to the rand which is pushing local currency margins through the roof. Three of Johannesburg`s rated gold analysts say the effect of the weaker rand - which has local gold prices at all-time highs - will continue to have a dramatic impact on earnings and valuations of South African gold shares.

A report by JP Morgan`s James Wellsted says investors should be overweight gold equities at 7 percent compared to its weighting against the South African All Share Index of 5 percent. "The index sits at six-year highs of 1,590 points and the question is: has it run its course and is it time to start looking elsewhere for returns? Our response to that question would be a resounding no!," Wellsted says.

The view is shared by Joachim Berlenbach, gold analyst at Schroeder Salamon Smith Barney (SSSB). He says gold shares should carry a weighting of between 6 percent and 7 percent in investment portfolios for next year. He adds, however that South African platinum shares, despite reaching near-record highs lately, offer greater value.

Another gold analyst, who declined to be named, says gold shares are fairly priced and should carry a market weighting. "But I wouldn`t want to be caught without them, especially if you`re factoring in dollar weakness this year," he says. He points to the inverse correlation between the gold price and dollar strength. Analysts, however, are not forecasting anything resembling a bull-run in the dollar-gold price. In fact, SSSB is forecasting a static dollar gold price trading range of between $280/oz and $285/oz.

The year`s picks

Unhedged stocks Gold Fields [JSE:GFI] and Harmony [JSE:HAR] top the list of best picks. AngloGold [JSE:ANG], as South Africa`s premier stock, should never be discounted. Even Durban Roodepoort Deep [NAS: DROOY], the marginal producer and top-performer among the gold stocks for the year, is rated a buy by JP Morgan. Avgold [JSE:AVG] and Western Areas [JSE:WAR], both heavily hedged and developing large gold projects, should be avoided, analysts say.

Interestingly, the threat of inflation on costs seems to hold little water.

"Even with our more conservative 7 percent per annum input cost increases, accounting for above-inflation wage increases, our forecasts show that unit revenues should continue to outstrip costs, ensuring continued profitability for the industry," says Wellsted. For the time being, revenue appears to be rising at a greater rate than costs, breaking a close correlation which has lasted a decade or more. Even the producers` propensity for treating low grade material in the higher price environment should be abrogated, as higher volume production at the margin boosts the bottom line.

Wellsted says more than 88 percent of the South African gold industry was profitable in the third quarter notwithstanding its notoriously high capital expenditure obligations. The industry had an average margin after capex of 11 percent in the same period. Only Western Areas and Harmony`s newest acquisition Joel were loss-makers. "This compares with Q3 2000, when 18 percent of the industry was unprofitable after capex and the average after-capex-margin was five percent," says Wellsted.

[jeffery2]

Schaut Euch mal wmc ltd. an. Der Jahreschart sieht hervorragend aus und heute richtig Musik. Haben ja ihr Goldgeschäft verkauft, aber vielleicht als
Beimischung für manchen interessant weil ein ziemlicher Bluechip und keine Reitmeier Fantasiebude.
J2

[gholzbauer]

WMC ist mir zu hoch für den gegenwärtigen Nickelpreis. `98 stand sie bei der Hälfte.


--------

Übrigens: man beachte #78
Hornblower hat Freeport exakt am Tiefpunkt unter 10$ zum "trading sell" erklärt

[hbbbh]

http://www.kinross.com/news/020122.htm
.
wo gehr da wohl der Kurs hin ?

[jeffery2]

@gholzbauer, dass sollte man nicht so ernst nehmen mit dem Nickelpreis . Der Chart ist manchmal schon recht aufschlussreich. W i r wissen doch ohnehin nicht was die Käufer wissen.
Übrigens-----Moodys hat Kmart heruntergestuft, --- was lernen wir daraus, falls wir noch nicht pleite sind???Moodys sagt im richtigen Augenblick ---was alle schon wissen.
Sind die eigentlich teuer????????????
J2

[gholzbauer]

Wednesday January 23, 5:13 pm Eastern Time

Merrill sees firm gold prices in `02, healthy sector

NEW YORK, Jan 23 (Reuters) - Low U.S. interest rates and a weak global economy should be constructive for gold this year, according to Brokerage giant Merrill Lynch, which predicts an average price of $280 an ounce in 2002.

In its Global Gold and Precious Metals Mining Monthly, Merrill`s mining equity analysts assumed prices would then rise to $290 an ounce in 2003, $300 in 2004 and $325 in 2005.

``The low interest rate environment in the U.S. has also led to a sharp decline in the contango rate, which should lead to lower producer hedging,`` the report said.

As U.S. deposit rates fall, the opportunity cost of owning low-yielding gold declines and the forward sales premium over spot -- the contango -- shrinks.

Gold has struggled since hitting 20-year lows in 1999 near $252 an ounce because selling by producers and central banks created a negative market psychology and added to supply from the world`s gold mines.

Merrill Lynch said world gold output is predicted to start falling in 2002. But the emphasis is on profitable ounces.

"The consolidation wave enveloping the world gold sector should keep investor interest at a high level.

Merrill rates three North American gold producers as a strong buy, intermediate term: Freeport McMoRan Copper & Gold (NYSE:FCX - news), Agnico Eagle Mines (Toronto:AGE.TO - news) and Aber Diamond Corp (Toronto:ABZ.TO - news).

The same rating applied to Australian mining firms Lihir Gold (Australia:LHG.AX - news) and Sons of Gwalia (Australia:SGW.AX - news).

In platinum group metals, the only producer rated a strong buy was South Africa`s Impala Platinum .

Merrill assumes a platinum price of $460 an ounce in 2002 and palladium $376.

Spot gold ended Wednesday at $279.00/50. Platinum closed at $465/470 and palladium at $380/390.

[gholzbauer]

Valuing the Big Four RSA Gold Miners
John Disney
[posted] 22 February, 2002

http://www.321gold.com/editorials/disney/disney022202.html

[gholzbauer]

http://www.minesite.com/archives/brokers_archive/2002/mar-20…

March 19, 2002


Durban Deep The Only Recommendation Among South African Gold Producers.

A year ago the possibility that Durban Deep would appear as the only BUY recommendation among the South African gold producers would have appeared ridiculous. But that is what has happened in the latest comment on the 4th quarter results from stockbrokers Williams de Broe. The little spat between chief executive Mark Wellesley- Wood and the Kebbles has apparently resulted in Roger Kebble stepping down as a director of the company and Wellesley-Wood is now not only getting the credit for standing up to them, but also for turning the company round.

The internal row at DRD happened after Martin Potts had written his note, but he says that his opinion still stands. Investors will be encouraged , he says, by the fact that the board should now have an independent stance if Wellesley-Wood gets his way. This should eliminate the possibility of any conflict of interest over the any litigation on the . Rawas affair in Indonesia which took place in 1999. As with all such deals it is very complicated but it seems that DRD issued a lot of stock to vendors of the mine which ceased operations in March 2000 and the cost of the transaction was written off in the 2000 Financial Statements. Among these vendors were other companies controlled by the Kebbles.

Without doubt Wellesley-Wood has had luck on his side as the fall in value of the rand put profitability back into its marginal mines. This provided it with leeway to unwind its disastrous hedge book and now that the company has proper exposure to the gold price its earnings should improve significantly. In this light it is somewhat ironic that AngloGold, the world`s largest gold mining company until it failed in its battle for Normandy, should have seen its hedge book hit by the fall in the rand. The reason for this was its decision to support the South African currency which made a big hole in the mark-to-market value of its overall hedge book. As a result Williams de Broe has put a SELL recommendation on the company, and this has not happened for a while.

Gold Fields and Harmony both get a HOLD tag as they have had a good run this year, but now look like running out of steam. In fact a look at the charts of their share prices as compared with the Johannesburg Gold Index shows that they have mirrored each other almost exactly. Both have adopted an anti-hedging policy and Gold Fields cleared out the remnants of any old positions last year. However it does have some new currency hedges which were presumably forced on it by the banks to support debt obligations resulting from new acquisitions.

Overall, however, the improvement in the gold price courtesy of the rand should continue to boost the profits of both companies and there has to be little sign of an improvement in the currency as long as South African politicians are seen to be supporting Mugabe. On the face of it, therefore, both companies will have problems expanding overseas, other than by modest cash deals, as their ratings are likely to suffer from a growing discount applied to future earnings as a result of the longer term problems of the region. Williams de Broe thinks that Harmony will eventually acquire the Oryx and St Helena operations in South Africa from Gold Fields as they are a natural fit, but there is yet to be an agreement on price.

Harmony has stretched itself rather more than Gold Fields with its acquisition strategy in Australia as well as South Africa and analysts such as Martin Potts will be watching carefully to see whether it can get the best out of its new assets. Not a lot has been said about New Hampton Goldfields which was acquired back in 2000 and there have been suggestions that Ed Eshuys bequeathed more pain than pleasure to the South Africans. The current purchase of Hill50 Gold, however, will enable Harmony to carry out some useful integration between the mines of the two companies and there is plenty of scope for further adjustments to its portfolio.

[v-man]

@ghozbauer
Du hast an irgend einer Stelle mal geschrieben, daß man Metex haben „muß“. Bist Du noch immer dieser Meinung? Wie siehst Du Metex im Augenblick, mit welchen Perspektiven?

[Schieler]

Unternehmen in der Branche: Edelmetalle (Gold)
Anzahl: 79

Name



Währung
Datum Zeit
Aktuell
0
1-Wochen-Performance in %
100




STAR MINING CORP STK

EUR
22.03. 19:36
0,00
+100,00%


INTERCELL CORP. SHARES O.N.

EUR
22.03. 19:57
0,70
+79,49%


ELDORADO GOLD CORP. LTD. SHARE...

EUR
22.03. 19:38
0,58
+36,59%


NEWCREST MINING LTD. SHARES O....

EUR
22.03. 19:31
3,70
+27,59%


CROESUS MINING N.L. SHARES O.N...

EUR
22.03. 19:45
0,30
+23,08%


AURORA GOLD LTD. SHARES O.N.

EUR
22.03. 18:50
0,11
+22,22%


GOLD FIELDS LTD. SHARES (IDRS)...

EUR
22.03. 17:20
10,70
+22,15%


KINROSS GOLD CORP. SHARES O.N.

USD
22.03. 22:00
1,27
+20,95%


MERIDIAN GOLD INC. SHARES O.N.

USD
22.03. 22:04
13,66
+20,71%


METEX RESOURCES LTD. SHARES O....

EUR
22.03. 19:33
0,05
+20,00%


JSC BURYAT-ZOLOTO SHS (SPONS. ...

EUR
22.03. 19:54
3,00
+20,00%


HARMONY GOLD MINING CO. LTD. S...

EUR
22.03. 17:19
11,98
+19,68%


ECHO BAY MINES LTD. SHARES O.N...

USD
22.03. 22:00
0,80
+19,40%


DURBAN ROODEPOORT DEEP LTD. SH...

EUR
22.03. 17:23
3,17
+19,17%


ROYAL GOLD INC. SHARES DL -,01

USD
22.03. 21:59
8,09
+18,97%


BULL RUN GOLD CORPORATION SHAR...

USD
22.03. 20:49
1,01
+18,94%


GOLDCORP INC. SHARES O.N.

USD
22.03. 22:03
17,00
+17,00%


TVX GOLD INC. SHARES O.N.

USD
22.03. 22:06
0,70
+14,75%


LIHIR GOLD LTD. SHARES KI -,10

EUR
22.03. 19:37
0,85
+13,33%


QUEENSTON MINING INC. SHARES O...

EUR
22.03. 09:25
0,38
+12,50%


BOUGAINVILLE COPPER LTD. SHARE...

EUR
22.03. 19:10
0,09
+12,50%


PAN AMERICAN SILVER CORP. SHAR...

USD
22.03. 21:57
5,00
+12,36%


NEWMONT MINING CORP. SHARES DL...

USD
22.03. 22:05
26,37
+12,21%


AGNICO-EAGLE MINES LTD. SHARES...

USD
22.03. 22:01
12,70
+11,80%


INMET MINING CORP. SHARES O.N.

EUR
22.03. 19:30
3,45
+11,29%


RANDGOLD & EXPLORATION CO.LTD....

USD
22.03. 20:20
3,78
+11,18%


ELECTROMETALS TECHNOLOGIES LTD...

EUR
22.03. 19:37
0,10
+11,11%


MENZIES GOLD LTD. SHARES O.N.

EUR
22.03. 19:46
0,04
+10,53%


BEMA GOLD CORP. SHARES O.N.

USD
22.03. 21:59
0,54
+10,20%


PLACER DOME INC. SHARES O.N.

USD
22.03. 22:04
11,98
+10,13%

[Saccard]

@gholzbauer

Wenn man zur Zeit die Marktkapitalisierung und die Verschuldung ins Verhältnis zu den Reserven setzt, dann ist Gold Fields ca. 50% teurer als Durban. Mir ist die bessere Qualität der Aktie das Wert.

Harmony z.B. kostet genau das gleiche wie Gold Fields, hat aber eine geringere Internationalisierung vorzuweisen und schlechtere Reserven (höhere Abbaukosten).

Ashanti ist sogar niedriger bewertet als Durban. Die Reserven in Ghana haben m.E. sogar weniger Länderrisiko als derartige in Südafrika. Eine Übernahme würde also durchaus Sinn machen, wenn nicht das Hedge Book wäre, das mann jetzt noch einigermaßen +/- 0 glattstellen könnte.

Der Artikel zur Bewertung von gold-eagle ist Quatsch. Mann kann nicht einfach ein KGV von 10 Ansetzen, wenn Gold Fields ein doppelt so langes Reserveleben hat wie Harmony.

So einfach sind die Bewertungen jedenfalls nicht.

Zur Zeit würde ich auch eher kleine kanadische Werte oder aber Newmont kaufen. Pierre Lassonde ist auch sein Geld wert...

Bei allen Bewertungen scheint mir doch, daß Sovereign immer das beste Gespür besitzt. High River ist jedenfalls auch nicht zu verachten.

Gruß
S.

[gholzbauer]

v-man
daß man Metex "haben muß", hat jemand anders geschrieben.
Ich betrachte Metex dennoch weiterhin als günstigen, lang laufenden Optionsschein auf den Goldpreis. Stattdessen kann man zwar auch andere Werte nehmen, Metex ist aufgrund der niedrigen Marktkapitalisierung jedoch auch eine Wette auf einen großen Explorationstreffer.

Saccard,
Für mich ist die Kennziffer Produktion/Mktkap wichtiger als die Frage, ob die Reserven/Resourcen bis 2050 reichen oder nicht, da ich auf einen Anstieg des Goldpreises (bzw. Dollarrückgang) in den nächsten 1-3 Jahren spekuliere. Meine Abdiskontierung zukünftiger Gewinne mit ca. 20% und die Politik des ANC lassen mich der Produktion jenseits eines Zeithorizonts von etwa 7-10 Jahren nur relativ geringen Wert zurechnen. Mit mehr als einem Viertel der Gold Fields-Produktion, aber nur einem Zehntel der Mktkap halte ich DROOY für günstiger als GOLD. Zudem besteht bei steigendem Goldpreis bei einem Hochkostenproduzenten vermutlich mehr Spielraum zur Ausweitung der ausgewiesenen Reserven/Resourcen.
Bei gleichbleibendem oder fallendem Goldpreis ist Gold Fields natürlich besser.