TVX verflüchtigt sich - 500 Beiträge pro Seite
eröffnet am 21.03.01 19:56:43 von
neuester Beitrag 16.08.01 08:25:43 von
neuester Beitrag 16.08.01 08:25:43 von
Beiträge: 42
ID: 365.010
ID: 365.010
Aufrufe heute: 0
Gesamt: 2.178
Gesamt: 2.178
Aktive User: 0
ISIN: BMG9074C1082 · WKN: 787019 · Symbol: TVX
0,3300
EUR
+0,61 %
+0,0020 EUR
Letzter Kurs 08:08:07 Berlin
Werte aus der Branche Textilindustrie
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 44,58 | +20,00 | |
| 2,1600 | +17,38 | |
| 1,6300 | +14,79 | |
| 0,7380 | +13,70 | |
| 78,29 | +13,45 |
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 58,20 | -9,61 | |
| 20,500 | -10,44 | |
| 17,810 | -13,75 | |
| 27,10 | -15,18 | |
| 17,910 | -17,27 |
Feedback
Der kleine Restwert, der von TVX noch übrig geblieben ist,
scheint sich inzwischen ebenfalls aufzulösen.
Weiss hier jemand, warum das so ist?
scheint sich inzwischen ebenfalls aufzulösen.
Weiss hier jemand, warum das so ist?
liegt wohl am Goldkurs... -
oder eher am Silberkurs, TVX erzielt nahezu die
Hälfte seiner Umsätze mit Silber.
Laut yahoo.finance hat TVX im letzten Quartal einen
Gewinn von 12 Mio US$ erzielt und liegt damit bei einem
KGV von 3,75 !!!
Die Unternehmensentwicklung über die letzten Jahre sieht
ganz vernünftig aus, die Restrukturierungsmaßnahmen
zeigen auf der Kostenseite Wirkung, die Vorwärtsverkäufe
lassen eine akzeptable Gewinnmarge zu und die Umsätze
steigen leicht.
Wenn noch die kritischen Punkte Rückzahlung der
Wandelanleihe ( Gold-linked-convertible-notes, ich gehe davon
aus daß dies eine Wandelanleihe ist, zumal in der Bilanz
als EK verbucht ) im Jahr 2002 und endlich positive Nach-
richten vom Griechenlandprojekt kommen würden, sollte
einem Kurs > 5 US$ nichts im Wege stehen.
Aber bis dahin wird die Anlegergeduld wohl noch arg strapaziert.
Hälfte seiner Umsätze mit Silber.
Laut yahoo.finance hat TVX im letzten Quartal einen
Gewinn von 12 Mio US$ erzielt und liegt damit bei einem
KGV von 3,75 !!!
Die Unternehmensentwicklung über die letzten Jahre sieht
ganz vernünftig aus, die Restrukturierungsmaßnahmen
zeigen auf der Kostenseite Wirkung, die Vorwärtsverkäufe
lassen eine akzeptable Gewinnmarge zu und die Umsätze
steigen leicht.
Wenn noch die kritischen Punkte Rückzahlung der
Wandelanleihe ( Gold-linked-convertible-notes, ich gehe davon
aus daß dies eine Wandelanleihe ist, zumal in der Bilanz
als EK verbucht ) im Jahr 2002 und endlich positive Nach-
richten vom Griechenlandprojekt kommen würden, sollte
einem Kurs > 5 US$ nichts im Wege stehen.
Aber bis dahin wird die Anlegergeduld wohl noch arg strapaziert.
Grüss Dich DBrix
Aus traurigem Anlass schreibe ich Dir endlich.
TVX zum zweiten Mal in der "hall of fame of glorious
pennystocks".
Ein fürchterliches Gemetzel ist im Gange.
Diesen Wert müssen wir definitiv abschreiben, ich gebe mich
keinen falschen Hoffnungen mehr hin.
Das Allerdümmste, was man jetzt machen könnte, wäre nachkaufen.
Ich habe etwa 10000 DM investiert.
Meine GSC.TO sind gestern ebenfalls fürchterlich
zersaust worden.
Nun zum angenehmeren Teil:
Du hast mir drei Vorschläge unterbreitet, wie die
Wettschuld beglichen werden könnte.
Wie wäre es, wenn Du auf Deiner geplanten Italienreise
samt meiner Siegesbeute bei mir kurz vorbeischaust.
Wir könnten zusammen eine erlesene Flasche aus meinem
Keller geniessen, Goldpreis hin oder her.
Könntest Du mir nochmals Deine Mailadresse angeben,
damit ich dieses Board nicht länger mit meinem
Quatsch zumüllen muss.
Auf-dem-Trocken-Sitzender oder sinnfälig ähnlich lautete
sie.
Es tönt angesichts des real existierenden Desasters
makaber:
Hauptsache, die Frau, die Kinders und man selbst bleibt
gesund.
Schönen Abend ins nördliche Gefild allem Ungemach zum Trotz
Rigel
Aus traurigem Anlass schreibe ich Dir endlich.
TVX zum zweiten Mal in der "hall of fame of glorious
pennystocks".
Ein fürchterliches Gemetzel ist im Gange.
Diesen Wert müssen wir definitiv abschreiben, ich gebe mich
keinen falschen Hoffnungen mehr hin.
Das Allerdümmste, was man jetzt machen könnte, wäre nachkaufen.
Ich habe etwa 10000 DM investiert.
Meine GSC.TO sind gestern ebenfalls fürchterlich
zersaust worden.
Nun zum angenehmeren Teil:
Du hast mir drei Vorschläge unterbreitet, wie die
Wettschuld beglichen werden könnte.
Wie wäre es, wenn Du auf Deiner geplanten Italienreise
samt meiner Siegesbeute bei mir kurz vorbeischaust.
Wir könnten zusammen eine erlesene Flasche aus meinem
Keller geniessen, Goldpreis hin oder her.
Könntest Du mir nochmals Deine Mailadresse angeben,
damit ich dieses Board nicht länger mit meinem
Quatsch zumüllen muss.
Auf-dem-Trocken-Sitzender oder sinnfälig ähnlich lautete
sie.
Es tönt angesichts des real existierenden Desasters
makaber:
Hauptsache, die Frau, die Kinders und man selbst bleibt
gesund.
Schönen Abend ins nördliche Gefild allem Ungemach zum Trotz
Rigel
Gemäß den Wandelanleihen MUSS TVX am "big board" in NY gelistet sein (OTC-BB oder alleinige Notierung in Toronto ist also nicht).
Wenn der Kurs mehr als einen Monat unter 1 $ bleibt, gibt`s ne Abmahnung von der NYSE, TVX muss also künstlich den Kurs hochbringen.
Ich hoffe Jungs Ihr wisst was das heisst??? Ja, noch ein reverse split (was dabei letztes Jahr mit dem Kurs passiert ist, muss ich ja nicht erzählen).
Das TVX-Management ist mE nichts als ein unorganisierter Haufen von Kretins. Da haben die 3 $ cash je Aktie in der Kasse und machen Gewinne und die Anleihegläubiger haben sie über eine Knebelklausel doch an den Eiern.
Was für ne Sch...
Warum kauft Normandy den Laden nicht für nen Appel und ein Ei auf und gibt den Aktionären wenigstens etwas ihres Einsatzes zurück??
Wollen wir uns nicht zusammentun, den Schrottladen aufkaufen und uns dann den 3fachen Wert unseres Einsatzes als Dividende auszahlen (das wäre glaube ich rechtlich sogar möglich).
Sollen die Anleihegläubiger doch zuschauen und im April 2002 alles was noch übrig ist an sich raffen. Bis dahin ist noch ein Jahr Zeit und genug cash zum Verballern vorhanden....
Gruß
Sovereign
Wenn der Kurs mehr als einen Monat unter 1 $ bleibt, gibt`s ne Abmahnung von der NYSE, TVX muss also künstlich den Kurs hochbringen.
Ich hoffe Jungs Ihr wisst was das heisst??? Ja, noch ein reverse split (was dabei letztes Jahr mit dem Kurs passiert ist, muss ich ja nicht erzählen).
Das TVX-Management ist mE nichts als ein unorganisierter Haufen von Kretins. Da haben die 3 $ cash je Aktie in der Kasse und machen Gewinne und die Anleihegläubiger haben sie über eine Knebelklausel doch an den Eiern.
Was für ne Sch...
Warum kauft Normandy den Laden nicht für nen Appel und ein Ei auf und gibt den Aktionären wenigstens etwas ihres Einsatzes zurück??
Wollen wir uns nicht zusammentun, den Schrottladen aufkaufen und uns dann den 3fachen Wert unseres Einsatzes als Dividende auszahlen (das wäre glaube ich rechtlich sogar möglich).
Sollen die Anleihegläubiger doch zuschauen und im April 2002 alles was noch übrig ist an sich raffen. Bis dahin ist noch ein Jahr Zeit und genug cash zum Verballern vorhanden....
Gruß
Sovereign
Trading Spotlight
@Sovereign
Das gleiche Spielchen wie bei SSC ??
Split, Split und am Ende bekommen die Aktionäre einen
feuchten Händedruck ?? Scheissspiel !!
GO
Das gleiche Spielchen wie bei SSC ??
Split, Split und am Ende bekommen die Aktionäre einen
feuchten Händedruck ?? Scheissspiel !!
GO
Passt auf uberall wo das Management den Grossteil
solcher Anleihen hält, kannst du Gift drauf nehmen:
die Saukerle nehmen den Laden aus.
cu DL ...bin noch in Urlaub
solcher Anleihen hält, kannst du Gift drauf nehmen:
die Saukerle nehmen den Laden aus.
cu DL ...bin noch in Urlaub
Hallo Rigel!
Dein Ratschlag kam leider zu spät.
Vorgestern habe ich mein TVX-Paket zu € 1,20 verdoppelt.
Die Strafe folgte auf dem Fuße...
Meine Adresse ist dbrix@ausgetrocknet.de
Bis bald!
DBrix
Dein Ratschlag kam leider zu spät.
Vorgestern habe ich mein TVX-Paket zu € 1,20 verdoppelt.
Die Strafe folgte auf dem Fuße...
Meine Adresse ist dbrix@ausgetrocknet.de
Bis bald!
DBrix
Hallo, Ihr versprengten und verbliebenden Freunde der TVX!
Am 29.3. moserte ich "Warum kauft Normandy den Laden nicht für nen Appel und ein Ei auf und gibt den Aktionären wenigstens etwas ihres Einsatzes zurück?"
Tja, es scheint als ob es möglich ist, daß hier einige Leute ähnliche Gedanken haben:
Normandy Mining hat für Dienstag den 3.4. ein "Special Announcement" angekündigt (siehe quote.yahoo.com unter dem Ticker NDY.TO). Das verwundert mich...
Diese Pressekonferenz startet um 4:30 pm Eastern Time, also nach Börsenschluß in NY, und das bei einem australischen Unternehmen wie Normandy es ist. Das verwundert mich noch mehr...
Am Freitag hat der Chief Operating Officer (COO) von TVX seinen sofortigen Rücktritt angekündigt. Ein Nachfolger wurde nicht genannt (was unüblich ist). Das machte meine Verwunderung komplett...
Ich habe daher am Freitag Abend in NY meiner Abstinenz für TVX entsagt und bin eingestiegen. Wenn die Normandy-Leute ein genauso verkorkstes Gehirn wie ich haben, dann werden wir bald eine Übernahme sehen. Durch den letztwöchigen Kurssturz unter 1 $ sind viele TVX-Aktionäre weichgekocht.
Die Festung TVX ist sturmreif geschossen und wartet nur auf jemanden der ein Angebot macht, "das man unmöglich ablehnen kann"
Wie gesagt: Nur eine Spekulation von mir. Dies soll kein Push-Versuch sein!
Gruß
Sovereign
Am 29.3. moserte ich "Warum kauft Normandy den Laden nicht für nen Appel und ein Ei auf und gibt den Aktionären wenigstens etwas ihres Einsatzes zurück?"
Tja, es scheint als ob es möglich ist, daß hier einige Leute ähnliche Gedanken haben:
Normandy Mining hat für Dienstag den 3.4. ein "Special Announcement" angekündigt (siehe quote.yahoo.com unter dem Ticker NDY.TO). Das verwundert mich...
Diese Pressekonferenz startet um 4:30 pm Eastern Time, also nach Börsenschluß in NY, und das bei einem australischen Unternehmen wie Normandy es ist. Das verwundert mich noch mehr...
Am Freitag hat der Chief Operating Officer (COO) von TVX seinen sofortigen Rücktritt angekündigt. Ein Nachfolger wurde nicht genannt (was unüblich ist). Das machte meine Verwunderung komplett...
Ich habe daher am Freitag Abend in NY meiner Abstinenz für TVX entsagt und bin eingestiegen. Wenn die Normandy-Leute ein genauso verkorkstes Gehirn wie ich haben, dann werden wir bald eine Übernahme sehen. Durch den letztwöchigen Kurssturz unter 1 $ sind viele TVX-Aktionäre weichgekocht.
Die Festung TVX ist sturmreif geschossen und wartet nur auf jemanden der ein Angebot macht, "das man unmöglich ablehnen kann"
Wie gesagt: Nur eine Spekulation von mir. Dies soll kein Push-Versuch sein!
Gruß
Sovereign
Ergänzen lassen sich Deine Überlegungen mit der schon fast verzweifelt aussehenden Geldsuche der Normandy in den letzten Wochen.
Zunächst verkaufte NDY die Beteiligung an New Hampton viel zu billig (aber gegen Cash!!!) an Harmony und dann verkaufte Normandy noch ein Projekt in Nordaustralien viel zu billig an Giant Reef (soweit in Erinnerung auch gegen Cash).
TVX ist wohl fällig, so daß hier die Verluste wohl festgeschrieben werden.
Ob NDY bei einer Übernahme besser wird, kann ebenfalls bezweifelt werden. TVX kostet zwar fast nichts mehr, hat aber eine elende Kreditbelastung am Hals.
Die Goldhotline
Zunächst verkaufte NDY die Beteiligung an New Hampton viel zu billig (aber gegen Cash!!!) an Harmony und dann verkaufte Normandy noch ein Projekt in Nordaustralien viel zu billig an Giant Reef (soweit in Erinnerung auch gegen Cash).
TVX ist wohl fällig, so daß hier die Verluste wohl festgeschrieben werden.
Ob NDY bei einer Übernahme besser wird, kann ebenfalls bezweifelt werden. TVX kostet zwar fast nichts mehr, hat aber eine elende Kreditbelastung am Hals.
Die Goldhotline
@Goldhotline
Ich frage mich, woher die Geldsorgen von Normandy herrühren könnten? Das hedge book ist ja nicht mit margin calls belegt und birgt daher zumindest aus cash Gesichtspunkten keine Gefahr. Ich habe mir die Powerpoint-Präsentation anläßlich der BMO Nesbitt Burns Goldkonferenz in Tampa, Florida vom 7.3.01 angesehen (nun weiß ich auch, warum ich bei meinen Geschäften via Nesbitt Burns immer so hohe brokerage fees berappen muß; die hätten mich wenigtens nach Tampa zur Coktailparty einladen können
)
Da hat Normandy eigentlich einen sehr bullishen Outlook gegeben.
Nun zu TVX: Normandy hat 50 % minus 1 Aktie der amerikanischen TVX-Minen, der Rest liegt bei TVX. Diese Minen sind cash flow positiv.
An Krediten hat TVX ja die besagte Wandelanleihe über 250 Mio. $ ausstehen, die momentan obwohl die Laufzeit nur 1 Jahr beträgt bei 60 % zum Nennwert notiert. Der Markt preist also eine mögliche Insolvenz von TVX ein, bzw. ist wegen der möglichen Wandlung der Anleihe in TVX-Aktien verunsichert.
Wenn es Normandy gelingen würde, die Anleihe zu refinanzieren, z.B. durch eine Umschuldung in langfristige Verbindlichkeiten, hätte Normandy nun Zugriff auf die 140 Mio. $ cash, die in den Kassen der TVX nur darauf warten, von irgendeinem corporate raider gehoben zu werden.
Da TVX vornehmlich über long puts gehedgt ist, und die hedeg position relativ klein ist, könnte Normandy übder diesen Umweg seine prozentualen hedge Verbindlichkeiten reduzieren, da ja Prodution und Reserven steigen.
Vielleicht irre ich mich auch, und die Pressekonferenz von Normandy betrifft die Ausgleiderung der Magnesium-Aktivitäten.
Gruß
Sovereign
Ich frage mich, woher die Geldsorgen von Normandy herrühren könnten? Das hedge book ist ja nicht mit margin calls belegt und birgt daher zumindest aus cash Gesichtspunkten keine Gefahr. Ich habe mir die Powerpoint-Präsentation anläßlich der BMO Nesbitt Burns Goldkonferenz in Tampa, Florida vom 7.3.01 angesehen (nun weiß ich auch, warum ich bei meinen Geschäften via Nesbitt Burns immer so hohe brokerage fees berappen muß; die hätten mich wenigtens nach Tampa zur Coktailparty einladen können
)Da hat Normandy eigentlich einen sehr bullishen Outlook gegeben.
Nun zu TVX: Normandy hat 50 % minus 1 Aktie der amerikanischen TVX-Minen, der Rest liegt bei TVX. Diese Minen sind cash flow positiv.
An Krediten hat TVX ja die besagte Wandelanleihe über 250 Mio. $ ausstehen, die momentan obwohl die Laufzeit nur 1 Jahr beträgt bei 60 % zum Nennwert notiert. Der Markt preist also eine mögliche Insolvenz von TVX ein, bzw. ist wegen der möglichen Wandlung der Anleihe in TVX-Aktien verunsichert.
Wenn es Normandy gelingen würde, die Anleihe zu refinanzieren, z.B. durch eine Umschuldung in langfristige Verbindlichkeiten, hätte Normandy nun Zugriff auf die 140 Mio. $ cash, die in den Kassen der TVX nur darauf warten, von irgendeinem corporate raider gehoben zu werden.
Da TVX vornehmlich über long puts gehedgt ist, und die hedeg position relativ klein ist, könnte Normandy übder diesen Umweg seine prozentualen hedge Verbindlichkeiten reduzieren, da ja Prodution und Reserven steigen.
Vielleicht irre ich mich auch, und die Pressekonferenz von Normandy betrifft die Ausgleiderung der Magnesium-Aktivitäten.
Gruß
Sovereign
Tja, es sieht aus, als wenn sich Normandy mit Franco Nevada verbandelt: FN bekommt einen 19,9 % Anteil an Normandy im Tausch gegen die Ken Snyder Mine in Nevada, einigen Exploartionsgebieten und 45 Mio. $ in cash...
Bracuht Normandy wirklich so dringend Geld sowie eine ungehedgte Produktion so wie`s jetzt aussieht?
Welche Rolle spielt TVX in diesem Gebilde?
Gruß
Sovereign
Bracuht Normandy wirklich so dringend Geld sowie eine ungehedgte Produktion so wie`s jetzt aussieht?
Welche Rolle spielt TVX in diesem Gebilde?
Gruß
Sovereign
RE: TVX
bei mir klafft da auch eine unschöne Wunde.
Leider haben durch die Bank die meisten meiner Minenwerte eins auf die Mütze bekommen.
TVX
NAP
SPX
Da konnte auch eine Coeur d Alene und Zimplats die Gesamtbilanz nicht positiv ausgleichen.
Ich bin mir unsicher, ob ich auf diesem Kursniveau meine
TVX noch veräussern soll.
Die aktuelle Lage ist so undurchsichtig, daß mir die Fakten zu einer abschliessenden Meinungsbildung nicht klar sind.
Gibt es hier Empfehlungen ?
aktuellen Kurs : 0,68 US$
SOM
bei mir klafft da auch eine unschöne Wunde.
Leider haben durch die Bank die meisten meiner Minenwerte eins auf die Mütze bekommen.
TVX
NAP
SPX
Da konnte auch eine Coeur d Alene und Zimplats die Gesamtbilanz nicht positiv ausgleichen.
Ich bin mir unsicher, ob ich auf diesem Kursniveau meine
TVX noch veräussern soll.
Die aktuelle Lage ist so undurchsichtig, daß mir die Fakten zu einer abschliessenden Meinungsbildung nicht klar sind.
Gibt es hier Empfehlungen ?
aktuellen Kurs : 0,68 US$
SOM
@SOM
Ja ich muß zugeben: Der Kurs von TVX sieht nicht gut aus (sondern grottenschlecht).
Einen Tip kann ich Dir nicht geben, ich sage nur soviel, daß ich für meinen Teil auf keinen Fall verkaufen werden. Meine TVX-Position ist relativ klein, so daß selbst der Eintritt des worst case (TVX geht pleite) keinen Schlag ins Kontor für mein Portfolio darstellt.
Sieh es doch mal so: Der Kurs ist mittlerweile so niedrig, daß es auf die verbleibenden 68 cents nun auch nicht mehr ankommt. Wenn sich eine Lösung der Refinanzierung abzeichnet, kann TVX schnell auch mal 400 % nach oben machen, wenn nicht....dann sollen die eben zum Teufel gehen!
Gruß
Sovereign
Ja ich muß zugeben: Der Kurs von TVX sieht nicht gut aus (sondern grottenschlecht).
Einen Tip kann ich Dir nicht geben, ich sage nur soviel, daß ich für meinen Teil auf keinen Fall verkaufen werden. Meine TVX-Position ist relativ klein, so daß selbst der Eintritt des worst case (TVX geht pleite) keinen Schlag ins Kontor für mein Portfolio darstellt.
Sieh es doch mal so: Der Kurs ist mittlerweile so niedrig, daß es auf die verbleibenden 68 cents nun auch nicht mehr ankommt. Wenn sich eine Lösung der Refinanzierung abzeichnet, kann TVX schnell auch mal 400 % nach oben machen, wenn nicht....dann sollen die eben zum Teufel gehen!
Gruß
Sovereign
Wenn ich daran denke, wie SSC geschlachtet wurde ...
Eigentlich müßte man seine TVX schnellstens verkaufen !!
Aber wer tut sich schon gerne derartige Verluste an.
Doch lieber aussitzen ?
Scheissspiel
GO
Eigentlich müßte man seine TVX schnellstens verkaufen !!
Aber wer tut sich schon gerne derartige Verluste an.
Doch lieber aussitzen ?
Scheissspiel
GO
...wer den Pfennig nicht ehrt...
Reports: Court deals blow to Canadian gold plant hopes
4/12/2001 8:13:00 AM
ATHENS, Greece, Apr 12, 2001 (AP WorldStream via COMTEX) -- Opponents of a Canadian-led gold processing plant celebrated apparent victory Thursday after a court reportedly ruled that plans must be scrapped because of environmental risks.
The Council of State ruling, reported by Greek media but not yet officially published, throws into question the future of Greece`s largest foreign investment. Any retreat by TVX Gold Inc. could be a blow to efforts to bring foreign capital to the European Union`s poorest nation.
"All the suspicions we had have been confirmed," said Nikos Mitsiou, who has led protesters in a four-year battle that has included road blockades and clashes with riot police near the site in northern Greece.
The nation`s highest administrative court ruled 20-7 that the possible environmental risks from cyanide and gold-processing byproducts outweighed the potential benefit to the economy, media reports said. It cancels permits for the plant issued by the Socialist government, which for years had been anxious for the investment to go ahead, the reports added.
The official decision is not expected to be published for several weeks and court officials could not be reached for comment. Decisions are often leaked to the Greek press before being officially released.
TVX Hellas, the Canadian company`s Greek subsidiary, declined to comment until it receives the official decision.
"We are waiting for an official confirmation ... to take a position on this," said Ioannis Drapaniotis, managing director of TVX Hellas.
The deputy development minister, Alexandros Kalafatis, said he was "surprised" by the reports and complained such a decision would "go against our country`s interests."
Residents of several small communities about 65 kilometers (40 miles) east of Thessaloniki have organized a strong front against plans for the plant. Demonstrations had included months-long blockades of the mining area, which has yielded various metals, including zinc and silver, for nearly 2,000 years.
They appealed to the Council of State, saying that the cyanide used in the gold processing and the arsenic created as a by-product would endanger the environment.
A previous environmental study had approved the plant.
TVX, which bought the mines in December 1995 for dlrs 47 million, insists its gold-extracting process is environmentally safe and has promised to clean up pollution left by past mining operations. The company has been doing some mining, but no gold processing.
It has so far spent a total of dlrs 300 million and had planned to spend another dlrs 260 million for the plant, the company said.
Tolis Papageorgiou, a civil engineer and member of the protest group, said they may consider seeking a ruling to seize TVX assets to fund environmental restoration work.
By ELENA BECATOROS Associated Press Writer
Copyright 2001 Associated Press, All rights reserved
CBS MarketWatch, Apr 12, 2001 09:43 AM
gefunden auf www.kitco.com : "Latest Gold News"
4/12/2001 8:13:00 AM
ATHENS, Greece, Apr 12, 2001 (AP WorldStream via COMTEX) -- Opponents of a Canadian-led gold processing plant celebrated apparent victory Thursday after a court reportedly ruled that plans must be scrapped because of environmental risks.
The Council of State ruling, reported by Greek media but not yet officially published, throws into question the future of Greece`s largest foreign investment. Any retreat by TVX Gold Inc. could be a blow to efforts to bring foreign capital to the European Union`s poorest nation.
"All the suspicions we had have been confirmed," said Nikos Mitsiou, who has led protesters in a four-year battle that has included road blockades and clashes with riot police near the site in northern Greece.
The nation`s highest administrative court ruled 20-7 that the possible environmental risks from cyanide and gold-processing byproducts outweighed the potential benefit to the economy, media reports said. It cancels permits for the plant issued by the Socialist government, which for years had been anxious for the investment to go ahead, the reports added.
The official decision is not expected to be published for several weeks and court officials could not be reached for comment. Decisions are often leaked to the Greek press before being officially released.
TVX Hellas, the Canadian company`s Greek subsidiary, declined to comment until it receives the official decision.
"We are waiting for an official confirmation ... to take a position on this," said Ioannis Drapaniotis, managing director of TVX Hellas.
The deputy development minister, Alexandros Kalafatis, said he was "surprised" by the reports and complained such a decision would "go against our country`s interests."
Residents of several small communities about 65 kilometers (40 miles) east of Thessaloniki have organized a strong front against plans for the plant. Demonstrations had included months-long blockades of the mining area, which has yielded various metals, including zinc and silver, for nearly 2,000 years.
They appealed to the Council of State, saying that the cyanide used in the gold processing and the arsenic created as a by-product would endanger the environment.
A previous environmental study had approved the plant.
TVX, which bought the mines in December 1995 for dlrs 47 million, insists its gold-extracting process is environmentally safe and has promised to clean up pollution left by past mining operations. The company has been doing some mining, but no gold processing.
It has so far spent a total of dlrs 300 million and had planned to spend another dlrs 260 million for the plant, the company said.
Tolis Papageorgiou, a civil engineer and member of the protest group, said they may consider seeking a ruling to seize TVX assets to fund environmental restoration work.
By ELENA BECATOROS Associated Press Writer
Copyright 2001 Associated Press, All rights reserved
CBS MarketWatch, Apr 12, 2001 09:43 AM
gefunden auf www.kitco.com : "Latest Gold News"
oh,dem kurs bekommts aber gar nicht gut
werde mal weiter unten über einen einstieg nachdenken
so bei 20,30c
was meint ihr ist doch sonst ein solider wert
006
werde mal weiter unten über einen einstieg nachdenken
so bei 20,30c
was meint ihr ist doch sonst ein solider wert
006
Antwort von TVX (http://www.tvxgold.com/press/2001/010412.htm):
For Immediate Release April 12, 2001
Stock Symbol: TVX Head Office, Toronto: 416-366-8160
Exchanges: TSE, NYSE, ME North American Toll Free: 1-877-TVX GOLD (889-4653)
GREEK UPDATE
Toronto, Ontario, April 12, 2001 … TVX Gold has become aware of articles circulating through the Greek press regarding a ruling from the Greek Conseil d’Etat adverse to TVX. The Company would stress that these are rumors only as there has been no official decision released from the Conseil d’Etat and, after contacting Greek counsel, no judgment is expected to be rendered until the end of the second quarter.
On January 12, 2001, the Conseil d’Etat heard challenges against the Greek government relating to certain permits for the development of the Company’s Olympias project. These challenges relate to the development of the Olympias project only and in no way impact the Company’s ownership of its Greek assets including the Stratoni operations.
Forward Looking Statements
Some statements in this press release contain forward looking information. These statements address future events and conditions and, as such, involve inherent risks and uncertainties. Actual results could be significantly different from those projected.
Carl Hansen Investor Relations
Manager, Investor Relations Toll Free (in North America):
Tel: (416) 941-0119 1 877 TVX GOLD (889-4653)
cbhansen@tvxgold.com info@tvxgold.com
For Immediate Release April 12, 2001
Stock Symbol: TVX Head Office, Toronto: 416-366-8160
Exchanges: TSE, NYSE, ME North American Toll Free: 1-877-TVX GOLD (889-4653)
GREEK UPDATE
Toronto, Ontario, April 12, 2001 … TVX Gold has become aware of articles circulating through the Greek press regarding a ruling from the Greek Conseil d’Etat adverse to TVX. The Company would stress that these are rumors only as there has been no official decision released from the Conseil d’Etat and, after contacting Greek counsel, no judgment is expected to be rendered until the end of the second quarter.
On January 12, 2001, the Conseil d’Etat heard challenges against the Greek government relating to certain permits for the development of the Company’s Olympias project. These challenges relate to the development of the Olympias project only and in no way impact the Company’s ownership of its Greek assets including the Stratoni operations.
Forward Looking Statements
Some statements in this press release contain forward looking information. These statements address future events and conditions and, as such, involve inherent risks and uncertainties. Actual results could be significantly different from those projected.
Carl Hansen Investor Relations
Manager, Investor Relations Toll Free (in North America):
Tel: (416) 941-0119 1 877 TVX GOLD (889-4653)
cbhansen@tvxgold.com info@tvxgold.com
Oh verdammt nochmal und ich alter Depp hab TVX bei 90 cents gekauft und damit voll ins fallende Messer gegriffen.
Ein Glück, daß Ostern ist, da ich:
1) Nun am Karfreitag der auch noch Freitag der 13. ist, richtig was zu beweinen habe.
2) Ich hab noch genug Wein und Whisky im Keller um mir angesichts des TVX-Desasters so die Birne zuzuknallen, bis ich über diese ganze Sch... nur noch lachen kann
Als Berufszyniker müßte ich eigentlich bis nächster Woche drüber hinweg sein.
Aber als Abschluß muß ich noch ein paar Breitseiten auf die Ökos und Umweltaktivisten abgeben:
"Tolis Papageorgiou, a civil engineer and member of the protest group, said they may consider seeking a ruling to seize TVX assets
to fund environmental restoration work."
Ja, ich hab nen Vorschlag: Alle Grüne und Ökos bekommen ein Freibad in den Zyanid-leaching-Becken...Grummel
Wenn jemand diese Welt zugrunderichtet dann dieses ganze Gutmenschen und Ökogesocks. Würden nicht diverse Gesetze dagegen stehen dann hätte ich gute Lust diese Typen über den Haufen zu ballern.
Arrrgh, Hängt die Grünen solange es noch Bäume gibt.
Gruß
Sovereign
Sorry Leute, ich werde mich schon wieder beruhigen
Ein Glück, daß Ostern ist, da ich:
1) Nun am Karfreitag der auch noch Freitag der 13. ist, richtig was zu beweinen habe.
2) Ich hab noch genug Wein und Whisky im Keller um mir angesichts des TVX-Desasters so die Birne zuzuknallen, bis ich über diese ganze Sch... nur noch lachen kann
Als Berufszyniker müßte ich eigentlich bis nächster Woche drüber hinweg sein.
Aber als Abschluß muß ich noch ein paar Breitseiten auf die Ökos und Umweltaktivisten abgeben:
"Tolis Papageorgiou, a civil engineer and member of the protest group, said they may consider seeking a ruling to seize TVX assets
to fund environmental restoration work."
Ja, ich hab nen Vorschlag: Alle Grüne und Ökos bekommen ein Freibad in den Zyanid-leaching-Becken...Grummel
Wenn jemand diese Welt zugrunderichtet dann dieses ganze Gutmenschen und Ökogesocks. Würden nicht diverse Gesetze dagegen stehen dann hätte ich gute Lust diese Typen über den Haufen zu ballern.
Arrrgh, Hängt die Grünen solange es noch Bäume gibt.
Gruß
Sovereign
Sorry Leute, ich werde mich schon wieder beruhigen
Seit wann sind Ökos in Griechenland überhaupt
einflußreich. Wenn das Projekt tatsächlich von
den Gerichten ausgestoppt worden seinn sollte,
wäre dies auch veröffentlicht. Wenn aber die
Justiz nichts über ein Urteil sagt, dann ist
es auch noch nicht spruchreif.
Also, was soll der Spuk? Die Gerüchte drücken
den Kurs und dadurch wird die Spekulation auf
den eigentlichen Ausgang des Prozesses noch
interessanter.
Vor Gericht und auf See bist Du in Gottes Hand.
Was für ein schöner Spruch vor Ostern.
So long
Dago
einflußreich. Wenn das Projekt tatsächlich von
den Gerichten ausgestoppt worden seinn sollte,
wäre dies auch veröffentlicht. Wenn aber die
Justiz nichts über ein Urteil sagt, dann ist
es auch noch nicht spruchreif.
Also, was soll der Spuk? Die Gerüchte drücken
den Kurs und dadurch wird die Spekulation auf
den eigentlichen Ausgang des Prozesses noch
interessanter.
Vor Gericht und auf See bist Du in Gottes Hand.
Was für ein schöner Spruch vor Ostern.
So long
Dago
Kennt noch jemand das Desaster der Fa. Eurogold (gehört zu Normandy) in der Türkei?
Die Anlage ist betriebsbereit und könnte sofort in Produktion gehen aber durch diverse Ökos und nachteilige Gerichtsverfahren gammelt die schöne Goldverarbeitungsanlage einfach vor sich hin
Es wird immer aussichtsloser in realtive dicht besiedelten Gebieten ne Goldmine zu etablieren. Seit dem Zyanidunfall von Esmeralda Exploration in Rumänien sind die Leute noch weiter gegen die Goldminen aufgebracht worden.
TVX wollte vor Jahren auch mal in der Tschechei aktiv werden, hat viel Geld in Exploartionen gepumpt und wurde schließlich via Gerichtsbeschluß wieder aus dem Land geekelt.
Mal sehen wie`s weitergeht. Griechenland wird mir echt immer symphatischer. Wenn die auch noch den Euro bekommen und die superstarke Drachme auch Bestandteil des Euros wird, dann kann sich diese Hartwährung ja nur gut entwickeln
Gruß
Sovereign
P.S.: Sorry für meinen Emotionsausbruch gestern Abend. Ich mag zwar zuweilen rumkläffen, aber an solchen bekloppten Typen wie den Ökos mache ich mir persönlich nicht die Finger dreckig.
TVX sollte sich als Teilhaber die Mafia ins Boot holen (gibt`s die in Griechenland eigentlich), die könnten dann ein bißchen aufräumen...
Vielleicht können die ja auch ein paar UCK-Terroristen aus dem Kosovo anheuern. Über nen lukrativen Auftrag freuen sich diese Brüder doch immer.
Die Anlage ist betriebsbereit und könnte sofort in Produktion gehen aber durch diverse Ökos und nachteilige Gerichtsverfahren gammelt die schöne Goldverarbeitungsanlage einfach vor sich hin
Es wird immer aussichtsloser in realtive dicht besiedelten Gebieten ne Goldmine zu etablieren. Seit dem Zyanidunfall von Esmeralda Exploration in Rumänien sind die Leute noch weiter gegen die Goldminen aufgebracht worden.
TVX wollte vor Jahren auch mal in der Tschechei aktiv werden, hat viel Geld in Exploartionen gepumpt und wurde schließlich via Gerichtsbeschluß wieder aus dem Land geekelt.
Mal sehen wie`s weitergeht. Griechenland wird mir echt immer symphatischer. Wenn die auch noch den Euro bekommen und die superstarke Drachme auch Bestandteil des Euros wird, dann kann sich diese Hartwährung ja nur gut entwickeln
Gruß
Sovereign
P.S.: Sorry für meinen Emotionsausbruch gestern Abend. Ich mag zwar zuweilen rumkläffen, aber an solchen bekloppten Typen wie den Ökos mache ich mir persönlich nicht die Finger dreckig.
TVX sollte sich als Teilhaber die Mafia ins Boot holen (gibt`s die in Griechenland eigentlich), die könnten dann ein bißchen aufräumen...
Vielleicht können die ja auch ein paar UCK-Terroristen aus dem Kosovo anheuern. Über nen lukrativen Auftrag freuen sich diese Brüder doch immer.
Hallo Sovereign!
90 cent hast Du für eine TVX-Aktie bezahlt???
Ich nur 60... vor dem Re-Split!!!
Hetz mal nicht so heftig über die "Ökos"!
Schließlich wollen nach uns noch ein paar weitere Generationen auf diesem Planeten leben...
Vielleicht haben wir mit TVX in Griechenland ja noch Glück.
Umweltschutz steht dort IMHO nicht hoch im Kurs.
Die Schlamperei an der Theis war natürlich keine Werbung für den Goldabbau.
90 cent hast Du für eine TVX-Aktie bezahlt???
Ich nur 60... vor dem Re-Split!!!
Hetz mal nicht so heftig über die "Ökos"!
Schließlich wollen nach uns noch ein paar weitere Generationen auf diesem Planeten leben...
Vielleicht haben wir mit TVX in Griechenland ja noch Glück.
Umweltschutz steht dort IMHO nicht hoch im Kurs.
Die Schlamperei an der Theis war natürlich keine Werbung für den Goldabbau.
Ja, ich hab mich ja schon wieder beruhigt...
Ich hab nun mal eine etwas impulsivere Natur und lasse mich gelegentlich dazu mitreissen, einige verbale Ausbrüche zu begehen.
Sei`s drum, ich hatte mich bisher immer soweit im Griff niemanden zu killen oder zumindest zusammenzuschlagen...also was soll`s? Hunde die bellen, beißen bekanntlich nicht...trotzdem: Ich mag die Ökos nicht! Sie mögen mich im Gegenzug auch nicht! Basta.
Das ich diese Sorte Leute gefressen habe, da kann ich nun mal auch nichts für.
Nun zu TVX: Ist die Griechenlandmeldung nun ernst zu nehmen, oder soll TVX hier nur im Vorfeld ner Übernahme weiter gebasht werden....Ich meine, die Flut an schlechten Nachrichten, Gerüchten und Rücktritten passt bei TVX wirklich gut zusammen...für meinen Geschmack vielleicht etwas zu gut...???? (oder fange ich jetzt an Gespenster zu sehen?)
Gruß
Sovereign
Ich hab nun mal eine etwas impulsivere Natur und lasse mich gelegentlich dazu mitreissen, einige verbale Ausbrüche zu begehen.
Sei`s drum, ich hatte mich bisher immer soweit im Griff niemanden zu killen oder zumindest zusammenzuschlagen...also was soll`s? Hunde die bellen, beißen bekanntlich nicht...trotzdem: Ich mag die Ökos nicht! Sie mögen mich im Gegenzug auch nicht! Basta.
Das ich diese Sorte Leute gefressen habe, da kann ich nun mal auch nichts für.
Nun zu TVX: Ist die Griechenlandmeldung nun ernst zu nehmen, oder soll TVX hier nur im Vorfeld ner Übernahme weiter gebasht werden....Ich meine, die Flut an schlechten Nachrichten, Gerüchten und Rücktritten passt bei TVX wirklich gut zusammen...für meinen Geschmack vielleicht etwas zu gut...???? (oder fange ich jetzt an Gespenster zu sehen?)
Gruß
Sovereign
@Sovereign
Hast Du nicht geschrieben, daß TVX 250 Mio USD refinanzieren muß ?
SSC konnte noch nicht einmal 50 Mio USD auftreiben.
Dumme Geschichte. Riecht mal wieder nach Totalverlust.
Gruß
GO
Hast Du nicht geschrieben, daß TVX 250 Mio USD refinanzieren muß ?
SSC konnte noch nicht einmal 50 Mio USD auftreiben.
Dumme Geschichte. Riecht mal wieder nach Totalverlust.
Gruß
GO
Die 250 Mio.$ sind bei TVX nicht das primäre Problem, da im Unterschied zu seinerzeit Sunshine Mining profitabel gewirtschaftet wird (die cash costs vom TVX-Normandy-joint venture in Nordamerika sind unter 200 $/Oz).
Es gibt da aber zwei Knackpunkte:
TVX KANN die Anleihen per 1.4.02 mit eigenen Aktien zu pari tilgen, beim derzeitig niedrgen Kurs der Aktien würde das aber bedeuten, daß über 90 % der Firma an die Gläubiger geht.
Als Nebenbedingung der Anleihe MUSS TVX am big board der NYSE notiert werden. Firmen die über längere Zeit (ich glaube 60 Tage) unter 1 $ notieren werden aber delistet. Also muss TVX seinen Kurs über 1 $ bringen. Sollten positive Nachrichten ausbleiben, kann man das nur mit nem reverse split erreichen (die Folgen dürfte wohl hinlänglich bekannt sein).
Kommt Leute, laßt uns doch mal zusammenlegen, dann können wir TVX aufkaufen und hoffentlich sanieren...20 Mio. $ sollten doch aufzutreiben sein (ich würde mich auch mit dem CFO-Posten zufriedengeben).
Gruß
Sovereign
Es gibt da aber zwei Knackpunkte:
TVX KANN die Anleihen per 1.4.02 mit eigenen Aktien zu pari tilgen, beim derzeitig niedrgen Kurs der Aktien würde das aber bedeuten, daß über 90 % der Firma an die Gläubiger geht.
Als Nebenbedingung der Anleihe MUSS TVX am big board der NYSE notiert werden. Firmen die über längere Zeit (ich glaube 60 Tage) unter 1 $ notieren werden aber delistet. Also muss TVX seinen Kurs über 1 $ bringen. Sollten positive Nachrichten ausbleiben, kann man das nur mit nem reverse split erreichen (die Folgen dürfte wohl hinlänglich bekannt sein).
Kommt Leute, laßt uns doch mal zusammenlegen, dann können wir TVX aufkaufen und hoffentlich sanieren...20 Mio. $ sollten doch aufzutreiben sein (ich würde mich auch mit dem CFO-Posten zufriedengeben).
Gruß
Sovereign
Es regt sich Widerstand:
CBS MarketWatch, Apr 17, 2001 11:07 AM
Protesting gold mine workers blockade village
4/17/2001 10:58:00 AM
THESSALONIKI, Greece, Apr 17, 2001 (AP WorldStream via COMTEX) -- Workers at a Canadian-run gold mine blockaded a village Tuesday to protest a reported court ruling that could cripple the largest foreign investment in Greece.
About 300 workers of the Greek subsidiary of Toronto-based TVX Gold Inc. blocked the two roads leading to the village of Ierissos, the municipal seat for the region about 65 kilometers (40 miles) east of Thessaloniki.
The group lifted the blockade after several hours, but there were threats of other action. A statement from supporters of the plant vowed to "crush" opponents who claim the project poses serious environmental risks.
A core of several hundred residents and local officials have led nearly five years of strong opposition to the planned gold processing plant at the ancient Kassandra mines, which have yielded various metals - including zinc and silver - for nearly 2,000 years.
Opponents had appealed to the Council of State, the country`s highest administrative court, saying the cyanide used in the gold processing and the arsenic created as a byproduct would endanger the environment.
Greek media last week reported that the court ruled 20-7 to cancel permits for the plant issued by the Socialist government, which has been keen to get the project moving.
The reported decision, which has not been officially published, could cost the jobs of about 560 workers in Greece. The workers and their supporters have turned their anger against the environmental activists.
"We are determined to crush ... anyone who dares, from now on, to be an obstacle in the realization of this investment," they said in a statement.
TVX, which bought the mines in December 1995 for dlrs 47 million, insists its gold-extracting process is environmentally safe and has promised to clean up pollution left by past mining operations. The company has been doing some mining, but no gold processing. It has said it will not comment until the court ruling is officially published.
It has so far spent a total of dlrs 300 million and had planned to spend another dlrs 260 million for the plant, the company said.
Copyright 2001 Associated Press, All rights reserved
CBS MarketWatch, Apr 17, 2001 11:07 AM
Protesting gold mine workers blockade village
4/17/2001 10:58:00 AM
THESSALONIKI, Greece, Apr 17, 2001 (AP WorldStream via COMTEX) -- Workers at a Canadian-run gold mine blockaded a village Tuesday to protest a reported court ruling that could cripple the largest foreign investment in Greece.
About 300 workers of the Greek subsidiary of Toronto-based TVX Gold Inc. blocked the two roads leading to the village of Ierissos, the municipal seat for the region about 65 kilometers (40 miles) east of Thessaloniki.
The group lifted the blockade after several hours, but there were threats of other action. A statement from supporters of the plant vowed to "crush" opponents who claim the project poses serious environmental risks.
A core of several hundred residents and local officials have led nearly five years of strong opposition to the planned gold processing plant at the ancient Kassandra mines, which have yielded various metals - including zinc and silver - for nearly 2,000 years.
Opponents had appealed to the Council of State, the country`s highest administrative court, saying the cyanide used in the gold processing and the arsenic created as a byproduct would endanger the environment.
Greek media last week reported that the court ruled 20-7 to cancel permits for the plant issued by the Socialist government, which has been keen to get the project moving.
The reported decision, which has not been officially published, could cost the jobs of about 560 workers in Greece. The workers and their supporters have turned their anger against the environmental activists.
"We are determined to crush ... anyone who dares, from now on, to be an obstacle in the realization of this investment," they said in a statement.
TVX, which bought the mines in December 1995 for dlrs 47 million, insists its gold-extracting process is environmentally safe and has promised to clean up pollution left by past mining operations. The company has been doing some mining, but no gold processing. It has said it will not comment until the court ruling is officially published.
It has so far spent a total of dlrs 300 million and had planned to spend another dlrs 260 million for the plant, the company said.
Copyright 2001 Associated Press, All rights reserved
Es regt sich Widerstand:
CBS MarketWatch, Apr 17, 2001 11:07 AM
Protesting gold mine workers blockade village
4/17/2001 10:58:00 AM
THESSALONIKI, Greece, Apr 17, 2001 (AP WorldStream via COMTEX) -- Workers at a Canadian-run gold mine blockaded a village Tuesday to protest a reported court ruling that could cripple the largest foreign investment in Greece.
About 300 workers of the Greek subsidiary of Toronto-based TVX Gold Inc. blocked the two roads leading to the village of Ierissos, the municipal seat for the region about 65 kilometers (40 miles) east of Thessaloniki.
The group lifted the blockade after several hours, but there were threats of other action. A statement from supporters of the plant vowed to "crush" opponents who claim the project poses serious environmental risks.
A core of several hundred residents and local officials have led nearly five years of strong opposition to the planned gold processing plant at the ancient Kassandra mines, which have yielded various metals - including zinc and silver - for nearly 2,000 years.
Opponents had appealed to the Council of State, the country`s highest administrative court, saying the cyanide used in the gold processing and the arsenic created as a byproduct would endanger the environment.
Greek media last week reported that the court ruled 20-7 to cancel permits for the plant issued by the Socialist government, which has been keen to get the project moving.
The reported decision, which has not been officially published, could cost the jobs of about 560 workers in Greece. The workers and their supporters have turned their anger against the environmental activists.
"We are determined to crush ... anyone who dares, from now on, to be an obstacle in the realization of this investment," they said in a statement.
TVX, which bought the mines in December 1995 for dlrs 47 million, insists its gold-extracting process is environmentally safe and has promised to clean up pollution left by past mining operations. The company has been doing some mining, but no gold processing. It has said it will not comment until the court ruling is officially published.
It has so far spent a total of dlrs 300 million and had planned to spend another dlrs 260 million for the plant, the company said.
Copyright 2001 Associated Press, All rights reserved
CBS MarketWatch, Apr 17, 2001 11:07 AM
Protesting gold mine workers blockade village
4/17/2001 10:58:00 AM
THESSALONIKI, Greece, Apr 17, 2001 (AP WorldStream via COMTEX) -- Workers at a Canadian-run gold mine blockaded a village Tuesday to protest a reported court ruling that could cripple the largest foreign investment in Greece.
About 300 workers of the Greek subsidiary of Toronto-based TVX Gold Inc. blocked the two roads leading to the village of Ierissos, the municipal seat for the region about 65 kilometers (40 miles) east of Thessaloniki.
The group lifted the blockade after several hours, but there were threats of other action. A statement from supporters of the plant vowed to "crush" opponents who claim the project poses serious environmental risks.
A core of several hundred residents and local officials have led nearly five years of strong opposition to the planned gold processing plant at the ancient Kassandra mines, which have yielded various metals - including zinc and silver - for nearly 2,000 years.
Opponents had appealed to the Council of State, the country`s highest administrative court, saying the cyanide used in the gold processing and the arsenic created as a byproduct would endanger the environment.
Greek media last week reported that the court ruled 20-7 to cancel permits for the plant issued by the Socialist government, which has been keen to get the project moving.
The reported decision, which has not been officially published, could cost the jobs of about 560 workers in Greece. The workers and their supporters have turned their anger against the environmental activists.
"We are determined to crush ... anyone who dares, from now on, to be an obstacle in the realization of this investment," they said in a statement.
TVX, which bought the mines in December 1995 for dlrs 47 million, insists its gold-extracting process is environmentally safe and has promised to clean up pollution left by past mining operations. The company has been doing some mining, but no gold processing. It has said it will not comment until the court ruling is officially published.
It has so far spent a total of dlrs 300 million and had planned to spend another dlrs 260 million for the plant, the company said.
Copyright 2001 Associated Press, All rights reserved
RE: TVX
bei der lokalen Bevölkerung macht man zumindest Druck, die
Minenaktivitäten doch zu starten.
Neben dem hohen Investitionsvolumen stehen arbeitsplätze kontra Umweltaktivisten.
Es muß doch möglich sein, "sauberes " Gold zu produzieren.
Auf jeden Fall ´habe ich bei TVX ne offene Wunde.
SOM
bei der lokalen Bevölkerung macht man zumindest Druck, die
Minenaktivitäten doch zu starten.
Neben dem hohen Investitionsvolumen stehen arbeitsplätze kontra Umweltaktivisten.
Es muß doch möglich sein, "sauberes " Gold zu produzieren.
Auf jeden Fall ´habe ich bei TVX ne offene Wunde.
SOM
"We are determined to crush ... anyone who dares, from now on, to be an obstacle in the realization of this investment," they said in a statement.
Wenigstens ein Lichtblick heute! Wenn nun wenigstens ein paar Ökos vermöbelt werden, dann habe ich wenigstens in dieser Hinsicht mein Gewissen beruhigt, sollte mir TVX um die Ohren fliegen.
Vielleicht treiben sich in der Gegend ja noch ein paar Berufsdemonstranten aus Deutschland rum, von Greenpeace, Robin Wood, B.U.N.D. oder wie das Gerümpel immer heißt.
Wenn sich jemand durchringt diesen Typen die Kauleiste zu polieren, dann schmeiß ich ne Runde Schampus!
Gruß
Sovereign
(immer noch irgendwie allergisch auf Ökos)
Sorry, ist wohl ne Berufskrankheit von mir: Ich muß mir von diesen Müslies auch immer so`n Gejammer wegen jedem einzelnen verdammten Baum, der im Weg steht anhören, und muß dabei immer nett und freundlich bleiben. Deshalb freue ich mich immer insgeheim, wenn diese Leute in Gorleben oder wo auch immer so richtig was auf die Fresse bekommen
Jaaaa, ich weiß, daß ich gemein bin
Wenigstens ein Lichtblick heute! Wenn nun wenigstens ein paar Ökos vermöbelt werden, dann habe ich wenigstens in dieser Hinsicht mein Gewissen beruhigt, sollte mir TVX um die Ohren fliegen.
Vielleicht treiben sich in der Gegend ja noch ein paar Berufsdemonstranten aus Deutschland rum, von Greenpeace, Robin Wood, B.U.N.D. oder wie das Gerümpel immer heißt.
Wenn sich jemand durchringt diesen Typen die Kauleiste zu polieren, dann schmeiß ich ne Runde Schampus!
Gruß
Sovereign
(immer noch irgendwie allergisch auf Ökos)
Sorry, ist wohl ne Berufskrankheit von mir: Ich muß mir von diesen Müslies auch immer so`n Gejammer wegen jedem einzelnen verdammten Baum, der im Weg steht anhören, und muß dabei immer nett und freundlich bleiben. Deshalb freue ich mich immer insgeheim, wenn diese Leute in Gorleben oder wo auch immer so richtig was auf die Fresse bekommen
Jaaaa, ich weiß, daß ich gemein bin
Hallo,
komme gerade von Kreta zurück, die Griechen machen überall ihre Geschäftchen. Von Umweltschutz keine Spur. Die Autwracks stehen nicht nur neben den Hotells sonder auch auf den Fahrstereifen möglichst in Serpentinen oder so.
Naja was solls. Das Geschäft geht dort vor.
Außerdem haben die Griechen ein ganz anderes Verhältnis zu Gold und Silber. In Athen gibt es einen ganzen Straßenzug von Schmuckgeschäften. In den Urlaubsorten sind die fast so oft vertreten wie Rent a Car.
Na ja alles nur Indizien aber besser als nichts
Gruß Basic
komme gerade von Kreta zurück, die Griechen machen überall ihre Geschäftchen. Von Umweltschutz keine Spur. Die Autwracks stehen nicht nur neben den Hotells sonder auch auf den Fahrstereifen möglichst in Serpentinen oder so.
Naja was solls. Das Geschäft geht dort vor.
Außerdem haben die Griechen ein ganz anderes Verhältnis zu Gold und Silber. In Athen gibt es einen ganzen Straßenzug von Schmuckgeschäften. In den Urlaubsorten sind die fast so oft vertreten wie Rent a Car.
Na ja alles nur Indizien aber besser als nichts
Gruß Basic
Neueste Stellungnahme von TVX zum Griechenland-Projekt:
http://www.tvxgold.com/press/2001/010418.htm
http://www.tvxgold.com/press/2001/010418.htm
Ich interpretiere die Stellungnahme als Versuch, sich für ein Rückzugsgefecht zu wappnen.
Die Mitteilung weckt nicht den Eindruck, als ob der Autor noch an das Griechenland-Projekt glaubt.
Eher wirkt das Ganze wie die Vorbereitung einer Schadenersatzklage.
Das worst-case-scenario:
Lange, nachdem die Alt-Aktionäre per Wandelanleihe quasi enteignet worden sind,
bekommen die neuen Besitzer der TVX eine Entschädigung zugesprochen.
Bis dahin werden noch viele Jahre vergehen.
Erst muss der Minenbetrieb rechtskräftig untersagt werden.
Anschließend wird die Schadenersatzforderung durch alle griechischen und ggf. internationalen Instanzen verhandelt.
Rettung sehe ich nur noch in einem kräftigen Anstieg der Preise für Gold und Silber.
Dafür haben wir aber nur noch wenige Monate Zeit.
Fazit: Wahrscheinlich voll ins Klo gegriffen!
Die Mitteilung weckt nicht den Eindruck, als ob der Autor noch an das Griechenland-Projekt glaubt.
Eher wirkt das Ganze wie die Vorbereitung einer Schadenersatzklage.
Das worst-case-scenario:
Lange, nachdem die Alt-Aktionäre per Wandelanleihe quasi enteignet worden sind,
bekommen die neuen Besitzer der TVX eine Entschädigung zugesprochen.
Bis dahin werden noch viele Jahre vergehen.
Erst muss der Minenbetrieb rechtskräftig untersagt werden.
Anschließend wird die Schadenersatzforderung durch alle griechischen und ggf. internationalen Instanzen verhandelt.
Rettung sehe ich nur noch in einem kräftigen Anstieg der Preise für Gold und Silber.
Dafür haben wir aber nur noch wenige Monate Zeit.
Fazit: Wahrscheinlich voll ins Klo gegriffen!
weiß wer was?
Im Vorfeld der conversion der TVX convertible bonds in common shares fängt nun die Arbitrage an, die Differenz glattzustellen:
Wenn man die Bonds kauft (aktuell notiert bei 65%) erhält man bis Ende Juli (dann soll der Deal abgeschlossen sein) TVX common shares für 0,77 US-$ bezogen auf den Nominalwert der Bonds. Also kostet die TVX-Aktie über den Umweg des Bondkaufs 0,77 US-$ * 0,65 = 0,51 US-$...der Kurs war gestern an der NYSE 0,58 US-$...dieser spread dürfte sich bis Ende Juli de facto auflösen. Entweder werden die bonds etwas steigen (glaube ich eher nicht), oder der Kurs der common shares gibt noch ein paar cent nach (davon gehe ich aus).
Gruß
Sovereign
P.S.: Infolge der Kapitalverwässerung und des möglichen Scheiterns des Griechenland-Projekts ist TVX trotz des niedrigen Kurses für mich KEIN KAUF.
Wenn man die Bonds kauft (aktuell notiert bei 65%) erhält man bis Ende Juli (dann soll der Deal abgeschlossen sein) TVX common shares für 0,77 US-$ bezogen auf den Nominalwert der Bonds. Also kostet die TVX-Aktie über den Umweg des Bondkaufs 0,77 US-$ * 0,65 = 0,51 US-$...der Kurs war gestern an der NYSE 0,58 US-$...dieser spread dürfte sich bis Ende Juli de facto auflösen. Entweder werden die bonds etwas steigen (glaube ich eher nicht), oder der Kurs der common shares gibt noch ein paar cent nach (davon gehe ich aus).
Gruß
Sovereign
P.S.: Infolge der Kapitalverwässerung und des möglichen Scheiterns des Griechenland-Projekts ist TVX trotz des niedrigen Kurses für mich KEIN KAUF.
@ sovereign
Vielen Dank für Deine Einschätzung!
Gruß
Dago
Vielen Dank für Deine Einschätzung!
Gruß
Dago
Aurizon Mines Reached Agreement With TVX Gold To Restructures
6/7/01 7:10:29 AM
AURIZON MINES LTD ("ARZ-T;AURNF-0") TVX GOLD INC ("TVX-TBDNX3") - Aurizon Mines Reached Agreement With TVX Gold To Restructures - Casa Berardi Payment
Aurizon Mines Ltd. ("Aurizon") wishes to announce that, subject to regulatory approval and completion of final documentation, it has reached agreement with TVX Gold Inc. ("TVX") to defer the outstanding payment of $4,000,000 related to the acquisition of the Casa Berardi property for two years until August, 2003. In consideration, Aurizon will issue to TVX one million (1,000,000) common shares and will issue additional common shares on a quarterly basis, in payment of interest at 10% per annum on the outstanding payment, which will be secured by a lien on the buildings, machinery and equipment at Casa Berardi. Under the terms of the original agreement, TVX also retains a gold indexed net smelter returns royalty of 2% to 4% payable out of future production to a maximum of $10,000,000.
The Casa Berardi property is located in the Abitibi region of Quebec and covers an area of approximately 14,000 hectares over a 43 kilometre section of the Casa Berardi fault. The existing infrastructure includes a 2,200 tonne per day mill, hoist, headframe and underground equipment.
The West Mine area of the Casa Berardi property hosts mineable gold reserves of 1,492,500 ounces contained in 6,943,000 tonnes grading 6.7 grams of gold per tonne, which equals the average mine grade of the 650,000 ounces of gold previously produced from the property. In addition, the Casa Berardi property contains undiluted mineral resources of 4,538,000 tonnes grading 7.7 grams per tonne or 1,129,000 ounces.
A feasibility study completed by Aurizon on the West Mine area envisages annual gold production of over 200,000 ounces per year at an estimated average total cash cost of US$145 per ounce over an initial mine life of 7.5 years. Capital costs are estimated at C$121 million.
At the West Mine, zones 113 and 118, which were discovered as the result of a 76,500 metre drill program completed by Aurizon, are still open to depth with the deepest holes returning grades of 26.2 grams per tonne gold over 4.2 metres and 26.4 grams per tonne gold over 10.9 metres respectively. Aurizon is pursuing various alternatives to secure funding for a follow-up drill program to test the extensions of these zones and other targets on the Casa Berardi property.
"We appreciate the co-operation of TVX during these difficult times, " stated David Hall, Aurizon`s Chief Executive Officer. "The re-scheduling of the outstanding payment will assist Aurizon in securing the funding necessary to advance the exploration and development of Casa Berardi."
Aurizon is a Canadian-based gold mining company with operations and exploration activities in the Abitibi region of north-western Quebec, one of the world`s most prolific gold and base metal regions. Aurizon owns fifty percent (50%) of the Sleeping Giant Mine and one hundred percent (100%) of the Casa Berardi property, both of which are located in the Abitibi region. Aurizon shares trade on the Toronto Stock Exchange under the symbol "ARZ". TEL: (604) 687-6600 David P. Hall, President TEL: (888) 411-GOLD Ian S. Walton, Chief Financial Officer FAX: (604) 687-3932; INTERNET: www.aurizon.com EMAIL: info@aurizon.com
MfG
6/7/01 7:10:29 AM
AURIZON MINES LTD ("ARZ-T;AURNF-0") TVX GOLD INC ("TVX-TBDNX3") - Aurizon Mines Reached Agreement With TVX Gold To Restructures - Casa Berardi Payment
Aurizon Mines Ltd. ("Aurizon") wishes to announce that, subject to regulatory approval and completion of final documentation, it has reached agreement with TVX Gold Inc. ("TVX") to defer the outstanding payment of $4,000,000 related to the acquisition of the Casa Berardi property for two years until August, 2003. In consideration, Aurizon will issue to TVX one million (1,000,000) common shares and will issue additional common shares on a quarterly basis, in payment of interest at 10% per annum on the outstanding payment, which will be secured by a lien on the buildings, machinery and equipment at Casa Berardi. Under the terms of the original agreement, TVX also retains a gold indexed net smelter returns royalty of 2% to 4% payable out of future production to a maximum of $10,000,000.
The Casa Berardi property is located in the Abitibi region of Quebec and covers an area of approximately 14,000 hectares over a 43 kilometre section of the Casa Berardi fault. The existing infrastructure includes a 2,200 tonne per day mill, hoist, headframe and underground equipment.
The West Mine area of the Casa Berardi property hosts mineable gold reserves of 1,492,500 ounces contained in 6,943,000 tonnes grading 6.7 grams of gold per tonne, which equals the average mine grade of the 650,000 ounces of gold previously produced from the property. In addition, the Casa Berardi property contains undiluted mineral resources of 4,538,000 tonnes grading 7.7 grams per tonne or 1,129,000 ounces.
A feasibility study completed by Aurizon on the West Mine area envisages annual gold production of over 200,000 ounces per year at an estimated average total cash cost of US$145 per ounce over an initial mine life of 7.5 years. Capital costs are estimated at C$121 million.
At the West Mine, zones 113 and 118, which were discovered as the result of a 76,500 metre drill program completed by Aurizon, are still open to depth with the deepest holes returning grades of 26.2 grams per tonne gold over 4.2 metres and 26.4 grams per tonne gold over 10.9 metres respectively. Aurizon is pursuing various alternatives to secure funding for a follow-up drill program to test the extensions of these zones and other targets on the Casa Berardi property.
"We appreciate the co-operation of TVX during these difficult times, " stated David Hall, Aurizon`s Chief Executive Officer. "The re-scheduling of the outstanding payment will assist Aurizon in securing the funding necessary to advance the exploration and development of Casa Berardi."
Aurizon is a Canadian-based gold mining company with operations and exploration activities in the Abitibi region of north-western Quebec, one of the world`s most prolific gold and base metal regions. Aurizon owns fifty percent (50%) of the Sleeping Giant Mine and one hundred percent (100%) of the Casa Berardi property, both of which are located in the Abitibi region. Aurizon shares trade on the Toronto Stock Exchange under the symbol "ARZ". TEL: (604) 687-6600 David P. Hall, President TEL: (888) 411-GOLD Ian S. Walton, Chief Financial Officer FAX: (604) 687-3932; INTERNET: www.aurizon.com EMAIL: info@aurizon.com
MfG
Wenn ich mich da nicht verguckt hab, gab es einen Sprung und hohe Umsätze bei TVX heute
+ 18% !!
Wer kennt die neuesten Gerüchte wäre so lieb...
Bis dahin
Euer
Dag
+ 18% !!
Wer kennt die neuesten Gerüchte wäre so lieb...
Bis dahin
Euer
Dag
wer weiß was heute los war?
Neue Gerüchte?
Griechenland verkauft?
Geht`s morgen weiter?
Grüße
Dago
Neue Gerüchte?
Griechenland verkauft?
Geht`s morgen weiter?
Grüße
Dago
Hab irgendwo gelesen, dass TVX morgen Zahlen bekannt gibt, eventuell etwas zu Griechenland. Möglicherweise ist da schon was durchgesickert, da der heutige 20% Sprung praktisch auf eine 500000er Transaktion nach 12 Uhr Ortszeit NY zurückgeführt werden kann. Konkretes weiss ich leider auch nichts.
Gruss
TFischer
Gruss
TFischer
Vielleicht hilft ja dies weiter??
TVX Gold Reports Second Quarter 2001 Net Loss of $2.5 Million
Gold Linked Notes Conversion Completed
TORONTO--(BUSINESS WIRE)--Aug. 15, 2001-- TVX Gold Inc. (``TVX``) reports a second quarter 2001 consolidated net loss of $2.5 million compared to net earnings of $0.8 million achieved during the second quarter of 2000. The loss for the quarter includes a $2.0 million, non-cash, mark to market loss on the Company`s gold and silver commodity contracts. On a year-to-date basis, net earnings were $1.2 million compared to net earnings of $4.8 million in the same period in 2000.
Consolidated operating earnings were $6.1 million for the first six months of 2001 versus $15.0 million in the same period last year.
Revenues fell 14% to $40 million in the second quarter compared to the previous year due to lower gold equivalent production and lower realized gold and silver prices, resulting in second quarter cash flow from operations of $4.8 million, down from the $10.8 million achieved during the corresponding 2000 quarter. Gold equivalent cash costs for the first six months were $177 per ounce and $180 per ounce for the second quarter.
TVX`s attributable second quarter gold equivalent production from the TVX Americas` operations was 56,700 ounces, a 12% decrease compared to the same period last year and 7% below plan. Lower gold and silver grades at the La Coipa mine and reduced mill throughput at the Brasilia mine contributed to this reduction. Year-to-date gold equivalent production of 116,000 ounces was 2% below plan and 11% below the 130,300 ounces produced during the first half of 2000.
TVX`s realized gold and silver prices for the second quarter 2001 were $309 and $3.90 per ounce, respectively, compared to $346 per ounce gold and $3.96 per ounce silver achieved during the second quarter 2000. The second quarter 2001 realized prices take into account the positive impact of deferred revenue of $36 per ounce gold and the negative impact of deferred revenue of $0.50 per ounce silver.
Conversion of Gold Linked Notes Approved
The Company`s common shareholders and noteholders approved the conversion of the Company`s $250 million Gold Linked Convertible Notes (the ``Notes``) voting 81% and 99% in favour, respectively, of the votes cast during separate meetings held on June 28, 2001. The 321,501,177 common shares exchanged for the Notes were listed and posted for trading on The Toronto Stock Exchange and the New York Stock Exchange on July 11, 2001. The Company has 357,223,530 common shares issued and outstanding.
The Notes conversion will result in total future interest payment savings of $8.9 million.
Operations - TVX Normandy Americas
Table 1. Summary of TVX`s Share of Americas` Production
Three months ended June 30, 2001
Tonnes Gold Recov- Produc- Cash Produc-
Milled Grade ery tion Cost tion
Cost
Mine (ownership) (000s) g/t % ounces $/oz $/oz
---------------------------------------------------------------
La Coipa (25%)(1) 350.0 2.1 72.8 17,000 $227 $327
Crixas (25%) 46.8 8.5 95.5 12,200 109 155
Brasilia (24.5%) 947.7 0.47 76.5 11,300 179 256
New Britannia (25%) 43.9 5.2 94.1 6,900 187 290
Musselwhite (16%) 52.9 5.8 94.7 9,300 183 267
------ ---- ----
56,700 $180 $263
Three months ended June 30, 2000
Production Cash Cost Production Cost
Mine (ownership) ounces $/oz $/oz
---------------------------------------------------------------
La Coipa (25%)(1) 22,400 $216 $291
Crixas (25%) 12,000 111 163
Brasilia (24.5%) 14,300 171 238
New Britannia (25%) 6,100 219 299
Musselwhite (16%) 9,900 152 229
------ ---- ----
64,700 $180 $252
(1) Production includes silver converted to gold equivalent
La Coipa Mine, Chile
Second quarter gold equivalent production was 17,000 ounces (6,500 ounces of gold and 637,400 ounces of silver), 8% lower than plan primarily as a result of the lower than planned throughput. Compared to the same period last year, gold equivalent production declined 24% from 22,400 ounces. The reduction in quarter-over-quarter production was attributable to lower silver grades combined with lower recoveries and reduced plant throughput. Mill throughput was negatively impacted by the unscheduled replacement of the mill trunion bearing.
Cash and production costs at $227 and $327 per ounce respectively, were 5% and 12% higher than the same period in 2000.
Ore from stockpiles comprised approximately 45% of the mill feed during the quarter.
Crixas Mine, Brazil
TVX`s share of gold production from the Crixas mine increased slightly during the second quarter to 12,200 ounces from 12,000 ounces achieved during the second quarter of 2000 while cash and production costs at $109 and $155 per ounce, respectively, were similar to those achieved during the same period last year.
As a result of the Brazilian electrical energy shortage, authorities have requested that all electrical consumers reduce consumption by 15 to 30%. In the case of Crixas, authorities have requested a reduction of 20% and, in response, the operation has secured alternative electricity supplies by renting generators. This strategy is expected to increase production costs by $4 per ounce which should be offset by the devaluing Brazilian currency.
Brasilia Mine, Brazil
Repairs to two primary grinding mills during the second quarter resulted in reduced mill throughput and, therefore, gold production being 21% lower than the same period last year and 23% lower than plan. The reduced gold production negatively impacted cash and production costs which both increased 5% compared to the same period last year. Repairs to the four primary mills have now been completed and the fifth mill will undergo repairs during August. Once repairs have been completed, it is anticipated that mill throughput will return to plan.
The Brasilia Mine will also be affected by the requirement to reduce electrical consumption and, like Crixas, Brasilia has sourced generators to compensate for the shortfall in grid-supplied electricity. The use of generators is anticipated to add $11 per ounce to production costs.
Musselwhite Mine, Canada
Second quarter gold production of 9,300 ounces represented a 6% decrease in production compared to the same period last year. Production was negatively impacted by the processing of lower grade ore mined from the upper level stopes while components of the underground conveyor system were being installed.
Compared to the same period last year, cash costs increased by $31 per ounce to $183 per ounce and production costs increased by $38 per ounce to $267 per once as a direct result of the lower grades.
New Britannia Mine, Canada
During the three months ended June 30, 2001, New Britannia gold production increased 13% compared the same period last year and was 12% higher than plan. These positive results were the result of higher gold grades and improved gold recoveries. Cash and production costs also improved to $187 per ounce and $290 per ounce respectively.
Operations - TVX Hellas S.A.
Table 2. Summary of Stratoni Production
Three months ended: June 30, 2001
Stratoni Tonnes Grade Recovery Production
Operation (100%) Milled (%)
----------------------------------------------------------------
83,000
Silver 230 g/t 86.8 533,500 oz
Lead 8.9 % 91.0 6,750 t
Zinc 11.1 % 88.9 8,160 t
Three months ended: June 30, 2000
Stratoni Tonnes Grade Recovery Production
Operation (100%) Milled (%)
----------------------------------------------------------------
50,000
Silver 186 g/t 85.7 256,500 oz
Lead 8.9 % 88.2 3,950 t
Zinc 10.7 % 85.6 4,580 t
Stratoni Mine, Greece
During the second quarter of 2001, silver production doubled, and lead and zinc production increased 71% and 78% respectively over the same three-month period last year (see Table 2) as a result of increased mining and milling rates. The improved productivity is the result of the adoption of a new labour agreement, increasing the underground workweek from five to six days and implementing continuous milling operations at the Stratoni mill. Tonnes milled, grades and recoveries during the quarter did not vary significantly from plan.
Notwithstanding the improvements in productivity at Stratoni, the continuation of operations is subject to uncertainties including metal prices, ore reserves, and the outcome of deliberations of the Conseil d`Etat referred to below. Closure of the operation would entail additional expenditures.
TVX Hellas Update
On January 12, 2001, challenges to certain permits, including the Environmental Impact Study approval, relating to the development of the Olympias project were heard by the plenary session of the Conseil d`Etat, the highest administrative law court in Greece. It is anticipated that the Court will render a final decision during the fourth quarter of 2001. Upon receipt of the judgment, TVX will evaluate its options for the development of the Olympias and Skouries deposits, including possible joint ventures.
Financial Condition, Liquidity and Capital Resources
At June 30, 2001, TVX`s consolidated cash and short-term investments totalled $68.1 million, of which $53.3 million was available corporately and $4.3 million ($2.2 million to TVX) was held by TVX Normandy Americas. The balance of $10.5 million is held at the five Americas operations.
Consolidated current and long-term debt at June 30, 2001 was $104.9 million compared to $115.2 million at December 31, 2000. Of the total debt at June 30, 2001, $67.0 million is to be settled using the proceeds from export prepayment contracts.
After conversion of the Company`s gold linked notes, and excluding debt to be settled using export prepayment contracts, the Company has long-term debt of $25.9 million, of which $16.4 million is associated with the gold commodity contracts (lease rate swaps).
Year to date capital expenditures declined 59% over the same period last year to $13.0 million largely as the result of the completion of basic engineering studies on the Olympias project.
Exploration expenditures year to date were $2.1 million.
New York Stock Exchange Listing Requirements
The Company and the New York Stock Exchange (the ``NYSE``) have had discussions regarding the Company`s shares trading below the NYSE`s $1 minimum requirement. The NYSE has agreed to continue the listing of TVX subject to, among other things, monitoring of the share price subsequent to the July 10, 2001 Notes conversion.
Accounting Changes
Effective January 1, 2001, the Company retroactively adopted a new accounting standard issued by the Canadian Institute of Chartered Accountants (``CICA``) relating to interim financial statements. This new standard had no significant effect on the Company`s interim financial statements.
Also effective January 1, 2001, the Company adopted, retroactively, a new CICA accounting policy relating to earnings per share. This standard modifies the method of calculating fully diluted earnings per share but had no effect on the Company`s reported earnings per share.
Management Changes
On July 17, 2001, Mr. George F. Michals was appointed non-executive Chairman of the Board of Directors replacing Mr. T. Sean Harvey, the Chairman appointed upon the resignation of Mr. Eike Batista on April 1, 2001. Mr. Harvey remains President and Chief Executive Officer of the Company as well as a member of the Board of Directors. The size of the Board of Directors was recently increased to eight and Mr. Mark Young was re-appointed to the Board.
During the quarter, Mr. Melvyn Williams, formerly Vice President, Finance of TVX, was appointed Chief Financial Officer. Mr. R. Gregory Laing, formerly Vice President, Legal and Corporate Secretary was appointed General Counsel, Vice President and Corporate Secretary. Mr. Robert Whittall was appointed Vice President, Finance.
For Investor and Media Information, contact:
Carl Hansen
Manager, Investor Relations
Tel: 416 941 -0119
cbhansen@tvxgold.com
Investor Relations
Toll Free (in North America):
1 877 TVX GOLD (889-4653)
info@tvxgold.com
Visit the TVX Gold Web Site at: http://www.tvxgold.com
2001 Second Quarter Highlights
(US$ millions, except per share amounts; unaudited)
Second Quarter Year to Date
2001 2000 2001 2000
Revenue $ 40.0 $ 46.7 $ 79.3 $ 88.8
Net earnings (loss) $ (2.5) $ 0.8 $ 1.2 $ 4.8
Less:
Interest on
convertible notes(1) (2.6) (2.6) (5.3) (5.0)
Amortization of
issuance costs(1) (0.6) (0.5) (1.0) (1.1)
---------------------------------------
Adjusted loss $ (5.7) $ (2.3) $ (5.1) $ (1.3)
---------------------------------------
Loss per share $(0.16) $(0.06) $(0.14) $(0.04)
Operating cash flow $ 4.8 $ 10.8 $ 11.1 $ 25.3
Operating cash flow
per share $ 0.13 $ 0.30 $ 0.31 $ 0.71
Common shares outstanding
(millions)(2)
Weighted average 35.7 35.9 35.7 35.9
Period end 35.7 35.7 35.7 35.7
(1) $250 million, 5% gold linked convertible notes, issued March
24, 1997.
(2) As of June 30, 2001, there were 35,722,353 common shares
outstanding; the Company had an outstanding US$250 million 5% gold
linked convertible note, issued in March, 1997; 2,565,525 options and
80,000 warrants to purchase common shares were outstanding, none of
which were in the money (see note 6 to the interim consolidated
financial statements).
Reserves and Resources
December 31, December 31,
2000 1999
Reserves (ounces) (ounces)
Gold 9,562,000 9,830,000
Silver 23,453,000 31,900,000
---------- ----------
Gold equivalent 9,992,000 10,370,000
Total Resources
(Reserves + Resources) (1)
Gold 12,571,000 12,573,000
Silver 28,843,000 38,092,000
---------- ----------
Gold equivalent 13,100,000 13,220,000
(1) Total resources exclude inferred resource category.
Realized Metals Prices
(US$ per ounce)
For the quarter ended June 30,
2001 2000
Gold Silver Gold Silver
-------------------------------------------
Spot $ 268 $ 4.40 $ 280 $ 5.01
Cash hedge(1) 5 - - -
Deferred revenue 36 (0.50) 66 (1.05)
-------------------------------------------
Realized price $ 309 $ 3.90 $ 346 $ 3.96
===========================================
(1) Also includes mine actual cash realized versus spot average
TVX Gold Inc.
Consolidated Statements of Operations
(US$ thousands, except per share amounts; unaudited)
Three months Six months
ended June 30, ended June 30,
2001 2000 2001 2000
-------------------------------------
Revenue $ 39,963 $ 46,691 $ 79,251 $ 88,809
-------------------------------------
Mine Operating Costs
Cost of sales 28,121 29,488 54,083 54,757
Depletion and depreciation 9,720 9,787 19,022 19,025
-------------------------------------
37,841 39,275 73,105 73,782
-------------------------------------
Earnings Before the
Undernoted 2,122 7,416 6,146 15,027
-------------------------------------
Other Expenses (Income)
Corporate administration 2,559 2,079 4,938 4,257
Interest expense 1,197 917 2,225 1,600
Exploration 1,141 1,327 2,135 2,339
Foreign exchange (gain) loss 626 (244) 1,857 (580)
Interest income (1,671) (1,837) (3,685) (4,289)
Other, net 1,276 922 (754) 1,002
-------------------------------------
5,128 3,164 6,716 4,329
-------------------------------------
Earnings (loss) before
the undernoted (3,006) 4,252 (570) 10,698
Income taxes (recovery) 152 2,523 (958) 4,246
Minority interests and
participation rights (626) 939 (801) 1,657
-------------------------------------
Net Earnings (Loss) $ (2,532) $ 790 $ 1,189 $ 4,795
=====================================
Loss Per Share(1) $ (0.16) $ (0.06) $ (0.14) $ (0.04)
=====================================
(1) After accounting for interest and amortization of issuance
costs on the 5% gold-linked convertible notes
TVX Gold Inc.
Consolidated Statements of Deficit
(US$ thousands; unaudited)
Three months ended Six months ended
June 30, June 30,
--------------------------------------------
2001 2000 2001 2000
--------------------------------------------
Deficit, beginning
of period - as
originally
reported $(221,252) $(220,960) $(221,837) $(219,838)
Change in
accounting for
income taxes - - - (2,102)
--------------------------------------------
Deficit, beginning
of period -
restated (221,252) (220,960) (221,837) (221,940)
Net earnings for
the period (2,532) 790 1,189 4,795
Accretion of
convertible notes (3,197) (3,080) (6,333) (6,105)
--------------------------------------------
Deficit, end
of period $(226,981) $(223,250) $(226,981) $(223,250)
============================================
TVX Gold Inc.
Consolidated Balance Sheets
(US$ thousands; unaudited)
June 30, December 31,
2001 2000
----------- ------------
Assets
Current assets
Cash and cash equivalents $ 56,481 $ 93,635
Short-term investments 11,576 31,492
Accounts receivable 29,278 29,596
Inventories 32,700 32,986
----------- ------------
130,035 187,709
Mining property, plant and equipment 488,495 494,105
Export prepayment contracts 69,543 43,695
Deferred charges 12,062 7,384
Deferred income taxes 8,743 9,112
Other assets 22,326 21,002
----------- ------------
$ 731,204 $ 763,007
=========== ============
Liabilities
Current liabilities
Accounts payable and
accrued liabilities $ 23,664 $ 28,407
Current portion of
long-term debt (note 6) 17,099 18,585
Debenture payable -- 26,855
Deferred revenue 5,592 4,984
----------- -----------
46,355 78,831
Long-term debt 87,796 69,780
Other liabilities 25,636 24,648
Deferred income taxes 26,608 28,411
----------- -----------
186,395 201,670
Minority interests and
participation rights 147,071 164,788
----------- -----------
333,466 366,458
----------- -----------
Shareholders` Equity
Capital stock 382,900 382,900
Contributed surplus 1,526 1,526
Gold-linked convertible notes
(note 6) 240,293 233,960
Deficit (226,981) (221,837)
----------- ----------
397,738 396,549
----------- ----------
$731,204 $763,007
=========== ==========
TVX Gold Inc.
Consolidated Statements of Cash Flows
(US$ thousands; unaudited)
Three months ended Six months ended
June 30 June 30
2001 2000 2001 2000
--------- -------- -------- --------
Operating Activities
Net earnings
(loss) $ (2,532) $ 790 $ 1,189 $ 4,795
Non-cash items:
Depletion and
depreciation 9,720 9,787 19,022 19,025
Deferred income taxes 140 792 (1,703) 1,005
Minority interests and
participation rights (626) 939 (801) 1,657
Other 1,765 2,960 (165) 2,823
Deferred revenue (1,337) (2,764) (2,674) (5,600)
---------- -------- -------- --------
7,130 12,504 14,868 23,705
Change in working
capital (2,347) (1,715) (3,817) 1,613
----------- --------- -------- --------
Cash provided by
operating activities 4,783 10,789 11,051 25,318
----------- --------- -------- --------
Investing Activities
Mining property,
plant and equipment (6,891) (16,478) (12,992) (31,900)
Short-term investments (9,896) 9,699 19,916 (970)
Export prepayment
contracts (26,981) - (25,848) -
Other (159) (229) (259) 955
----------- --------- --------- --------
Cash used for
investing activities (43,927) (7,008) (19,183) (31,915)
----------- --------- --------- ---------
Financing Activities
Gold-linked convertible
notes 261 500 (5,605) (5,137)
Common shares repurchased - (626) - (626)
Minority interest
dividends (14,976) (5,000) (16,916) (10,078)
Debenture payable (26,855) - (26,855) -
Long-term debt 20,889 (8,039) 20,354 (14,164)
----------- --------- --------- ---------
Cash used for
financing activities (20,681) (13,165) (29,022) (30,005)
------------ --------- --------- ---------
Decrease in cash and
cash equivalents (59,825) (9,384) (37,154) (36,602)
Cash and cash
equivalents,
beginning
of period 116,306 119,958 93,635 147,176
------------ --------- --------- ---------
Cash and cash
equivalents,
end of period $ 56,481 $ 110,574 $ 56,481 $ 110,574
============ ========= ========= =========
TVX Gold Inc.
Notes to the Interim Consolidated Financial Statements
June 30, 2001
(Unaudited)
(United States dollars, unless otherwise stated)
(All dollar amounts are expressed in thousands, except per share
amounts)
1. Basis of Presentation
These unaudited interim consolidated financial statements have been
prepared in accordance with generally accepted accounting principles
in Canada ("GAAP") for interim financial information. Accordingly,
these interim consolidated financial statements do not include all
information and note disclosures required under GAAP and they should
be read in conjunction with the consolidated financial statements of
the Company for the year ended December 31, 2000. The interim
financial statements follow the same accounting policies and methods
of their application as the most recent consolidated annual financial
statements except for the adoption of a new standard relating to
earnings per share described in note 2.
2. Change in Accounting Policy
Effective January 1, 2001, the Company adopted, retroactively, a new
accounting standard issued by the Canadian Institute of Chartered
Accountants relating to earnings per share. This standard modifies the
method of calculating fully diluted earnings per share. Diluted
earnings per share in 2001 was unchanged as a result of adopting the
new standard.
3. Common Shares and Earnings Per Share
Basic earnings per share is computed by dividing the earnings
applicable to common shares for the period by the weighted average
number of common shares outstanding during the period. Diluted
earnings per share is computed by dividing the earnings applicable to
common shares for the period by the weighted average number of common
shares outstanding had potentially dilutive common shares been issued.
A diluted earnings per share is not presented since it is
non-dilutive.
The number of common shares outstanding at June 30, 2001 and December
31, 2000 was 35,722,353 (June 30, 2000 - 35,722,353; restated to
reflect the five old for one new share consolidation effective July
31, 2000).
At June 30, 2001, the Company had 2,565,525 stock options outstanding,
all priced above the market price of the Company`s common shares.
Basic earnings per share is computed as follows:
Three months ended Six months ended
June 30, June 30,
(in thousands except per share amounts)
Basic earnings (loss) 2001 2000 2001 2000
per share --------- --------- --------- ---------
Numerator
Net earnings
(loss) $ (2,532) $ 790 $ 1,189 $ 4,795
Interest accretion
on Gold-linked
convertible Notes (3,197) (3,080) (6,333) (6,105)
--------- --------- --------- ---------
Net earnings
applicable
to common shares $ (5,729) $ (2,290) $ (5,144) $ (1,310)
========== ========= ========= =========
Denominator
Weighted average
common shares
outstanding $ 35,722 $ 35,890 $ 35,722 $ 35,906
========== ========= ========= =========
Basic loss per
common share $ (0.16) $ (0.06) $ (0.14) $ (0.04)
========== ========= ========= =========
4. Commitments and Contingencies
There have been no changes to the commitments and contingencies
described in the notes to the consolidated financial statements for
the year ended December 31, 2000 and no new matters have arisen.
5. Credit Facility
On June 27, 2001, the Company reduced its $150 million revolving line
of credit with Normandy Mining Limited to $20 million. During July
2001, this was further reduced to $2 million.
6. Subsequent Event
On July 10, 2001, the Company completed the conversion of the $250
million gold linked notes ("Notes") into 321,501,177 common shares of
the Company. The effect of the conversion was to increase common stock
by $211,761, increase contributed surplus by $34,729, reduce the
current portion of long-term debt by $8,403, reduce deferred charges
by $2,539 and reduce the equity component of gold linked notes by
$240,626. No gain or loss was recognized on the consolidated statement
of operations.
7. Segmented Information
For the six month period ended June 30, 2001
(US$ thousands)
La Coipa Brasilia Crixas Mussel-
white
Revenue 18,746 12,850 13,328 9,868
------------------------------------------
Cost of sales 14,697 9,084 5,487 6,887
Depletion and
depreciation 6,783 3,334 2,468 2,726
------------------------------------------
21,480 12,418 7,955 9,613
------------------------------------------
Earnings (loss)
from operations (2,734) 432 5,373 255
------------------------------------------
Administration - - - -
Exploration 205 - 48 411
Interest expense 198 - 325 -
Interest income (14) (1,265) (413) (15)
Other 452 1,721 720 18
------------------------------------------
841 456 680 414
------------------------------------------
Earnings (loss)
before taxes (3,575) (24) 4,693 (159)
Taxes (290) (1,269) 626 -
Minority interests
and participation
rights (1,643) 623 2,033 (79)
------------------------------------------
Net earnings (loss) (1,642) 622 2,034 (80)
==========================================
Cash 1,934 2,115 5,406 948
Capital expenditures 4,411 964 1,156 1,097
Capital assets 92,654 64,152 25,703 46,428
Total assets 119,562 150,300 35,615 51,167
(US$ thousands) New Stratoni Gree- Corpor- Total
Brit- Operat- ce ate/
annia ions Others
Revenue 7,626 13,608 - 3,225 79,251
--------------------------------------------
Cost of sales 5,429 12,499 - - 54,083
Depletion and
depreciation 2,924 642 - 145 19,022
--------------------------------------------
8,353 13,141 - 145 73,105
--------------------------------------------
Earnings (loss)
from operations (727) 467 - 3,080 6,146
--------------------------------------------
Administration - - - 4,938 4,938
Exploration 178 - - 1,293 2,135
Interest expense - - - 1,702 2,225
Interest income - - - (1,978) (3,685)
Other 85 - - (1,893) 1,103
--------------------------------------------
263 - - 4,062 6,716
--------------------------------------------
Earnings (loss)
before taxes (990) 467 - (982) (570)
Taxes - - - (25) (958)
Minority interests
and participation
rights (495) - - (1,240) (801)
--------------------------------------------
Net earnings (loss) (495) 467 - 283 1,189
============================================
Cash 86 2,869 - 43,123 56,481
Capital expenditures 734 1,913 2,714 3 12,992
Capital assets 19,931 3,532 232,276 3,819 488,495
Total assets 22,925 20,680 238,677 92,278 731,204
For the six month period ended June 30, 2000
(US$ thousands)
La Coipa Brasilia Crixas Mussel-
white
Revenue 24,876 16,015 13,586 11,235
Cost of sales 18,862 9,497 5,175 6,038
Depletion and depreciation 7,003 4,040 2,498 3,058
-------------------------------------
25,865 13,537 7,673 9,096
-------------------------------------
Earnings (loss) from
operations (989) 2,478 5,913 2,139
-------------------------------------
Administration - - - -
Exploration 278 - 167 324
Interest expense 193 354 332 -
Interest income (36) (1,182) (250) -
Other 10 (33) (375) 175
-------------------------------------
445 (861) (126) 499
-------------------------------------
Earnings (loss) before
taxes (1,434) 3,339 6,039 1,640
Taxes 83 326 2,734 -
Minority interests and
participation rights (759) 1,507 1,653 820
-------------------------------------
Net earnings (loss) (759) 1,507 1,653 820
=====================================
Cash 197 7,445 4,169 374
Capital expenditures 4,586 2,107 1,540 147
Capital assets 99,020 68,186 27,921 49,777
Total assets 133,025 95,384 37,415 54,272
(US$ thousands) New Stratoni Gree- Corpor- Total
Britan- Opera- ce ate/
nia tions Others
Revenue 7,956 9,544 - 5,597 88,809
--------------------------------------------
Cost of sales 5,717 9,468 - - 54,757
Depletion and
depreciation 2,149 250 - 27 19,025
--------------------------------------------
7,866 9,718 - 27 73,782
--------------------------------------------
Earnings (loss)
from operations 90 (174) - 5,570 15,027
--------------------------------------------
Administration - - - 4,257 4,257
Exploration 304 86 - 1,180 2,339
Interest expense - - - 721 1,600
Interest income - - - (2,821) (4,289)
Other (17) - - 662 422
---------------------------------------------
287 86 - 3,999 4,329
---------------------------------------------
Earnings (loss)
before taxes (197) (260) - 1,571 10,698
Taxes - - - 1,103 4,246
Minority interests
and participation
rights (99) - - (1,465) 1,657
---------------------------------------------
Net earnings (loss) (99) (260) - 1,933 4,795
=============================================
Cash 80 1,347 - 96,962 110,574
Capital expenditures 875 1,366 21,262 17 31,900
Capital assets 23,033 - 222,983 1,643 492,563
Total assets 26,075 - 241,084 134,841 722,096
For the three month period ended June 30, 2001
(US$ thousands)
La Coipa Brasilia Crixas Mussel-
white
Revenue 9,358 6,051 6,561 4,969
-------------------------------------
Cost of sales 7,973 4,010 2,644 3,374
Depletion and depreciation 3,522 1,729 1,134 1,551
-------------------------------------
11,495 5,739 3,778 4,925
-------------------------------------
Earnings (loss)
from operations (2,137) 312 2,783 44
-------------------------------------
Administration - - - -
Exploration 159 - 26 101
Interest expense 89 16 206 -
Interest income (14) (637) (343) (15)
Other (62) 437 438 (54)
-------------------------------------
172 (184) 327 32
-------------------------------------
Earnings (loss) before
taxes (2,309) 496 2,456 12
Taxes (199) (568) 287 -
Minority interests
and participation rights (1,056) 532 1,084 7
-------------------------------------
Net earnings (loss) (1,054) 532 1,085 5
=====================================
Capital expenditures 2,012 602 691 796
(US$ thousands) New Stratoni Gree- Corpor- Total
Britia- Operat- ce ate/
nnia ions Others
Revenue 3,547 7,999 - 1,478 39,963
---------------------------------------------
Cost of sales 2,395 7,725 - - 28,121
Depletion and
depreciation 1,325 319 - 140 9,720
---------------------------------------------
3,720 8,044 - 140 37,841
---------------------------------------------
Earnings (loss)
from operations (173) (45) - 1,338 2,122
---------------------------------------------
Administration - - - 2,559 2,559
Exploration 118 - - 737 1,141
Interest expense - - - 886 1,197
Interest income - - - (662) (1,671)
Other 30 - - 1,113 1,902
----------------------------------------------
148 - - 4,633 5,128
----------------------------------------------
Earnings (loss)
before taxes (321) (45) - (3,295) (3,006)
Taxes - - - 632 152
Minority interests
and participation
rights (161) - - (1,032) (626)
----------------------------------------------
Net earnings (loss) (160) (45) - (2,895) (2,532)
==============================================
Capital expenditures 318 764 1,705 3 6,891
For the three month period ended June 30, 2000
(US$ thousands)
La Coipa Brasilia Crixas Mussel-
white
Revenue 15,100 8,019 6,586 5,603
---------------------------------------
Cost of sales 11,437 4,933 2,585 3,029
Depletion and depreciation 3,942 1,914 1,186 1,520
---------------------------------------
15,379 6,847 3,771 4,549
---------------------------------------
Earnings (loss)
from operations (279) 1,172 2,815 1,054
---------------------------------------
Administration - - - -
Exploration 231 - 118 127
Interest expense 94 208 198 -
Interest income (7) (484) (152) -
Other 445 431 (269) 50
---------------------------------------
763 155 (105) 177
---------------------------------------
Earnings (loss)
before taxes (1,042) 1,017 2,920 877
Taxes 12 167 1,469 -
Minority interests and
participation rights (527) 425 726 438
---------------------------------------
Net earnings (loss) (527) 425 725 439
=======================================
Capital expenditures 2,218 1,184 898 99
(US$ thousands) New Stratoni Gree- Corpor- Total
Britan- Opera- ce ate/
nia tions Others
Revenue 3,437 5,189 - 2,757 46,691
----------------------------------------------
Cost of sales 2,636 4,868 - - 29,488
Depletion and
depreciation 961 250 - 14 9,787
----------------------------------------------
3,597 5,118 - 14 39,275
----------------------------------------------
Earnings (loss)
from operations (160) 71 - 2,743 7,416
----------------------------------------------
Administration - - - 2,079 2,079
Exploration 180 39 - 632 1,327
Interest expense - - - 417 917
Interest income - - - (1,194) (1,837)
Other (8) - - 29 678
-----------------------------------------------
172 39 - 1,963 3,164
-----------------------------------------------
Earnings (loss)
before taxes (332) 32 - 780 4,252
Taxes - - - 875 2,523
Minority interests
and participation
rights (166) - - 43 939
-----------------------------------------------
Net earnings (loss) (166) 32 - (138) 790
================================================
Capital expenditures 546 895 10,633 5 16,478
Geographic segments are as follows:
(US$ thousands) Three month period Six month period
ended June 30, ended June 30,
2001 2000 2001 2000
-------- ------- ------- -------
Revenue
Canada 9,994 11,797 20,719 24,788
Chile 9,358 15,100 18,746 24,876
Brazil 12,612 14,605 26,178 29,601
Greece 7,999 5,189 13,608 9,544
--------- ------- ------- -------
39,963 46,691 79,251 88,809
========= ======= ======= =======
Identifiable assets
Canada 133,223 107,117
Chile 110,746 145,938
Brazil 188,375 141,840
Greece 259,394 241,084
Others 39,466 86,117
--------- --------
731,204 722,096
========= ========
Forward Looking Statements
Some statements in this report contain forward-looking information. These statements address future events and conditions and, as such, involve inherent risks and uncertainties. Actual results could be significantly different from those projected.
All dollar amounts are expressed in US dollars, unless otherwise stated.
--------------------------------------------------------------------------------
Contact:
TVX Gold Inc.
Carl Hansen, 416/941 -0119
cbhansen@tvxgold.com
or
Investor Relations, 877/TVX-GOLD (889-4653)
info@tvxgold.com
TVX Gold Reports Second Quarter 2001 Net Loss of $2.5 Million
Gold Linked Notes Conversion Completed
TORONTO--(BUSINESS WIRE)--Aug. 15, 2001-- TVX Gold Inc. (``TVX``) reports a second quarter 2001 consolidated net loss of $2.5 million compared to net earnings of $0.8 million achieved during the second quarter of 2000. The loss for the quarter includes a $2.0 million, non-cash, mark to market loss on the Company`s gold and silver commodity contracts. On a year-to-date basis, net earnings were $1.2 million compared to net earnings of $4.8 million in the same period in 2000.
Consolidated operating earnings were $6.1 million for the first six months of 2001 versus $15.0 million in the same period last year.
Revenues fell 14% to $40 million in the second quarter compared to the previous year due to lower gold equivalent production and lower realized gold and silver prices, resulting in second quarter cash flow from operations of $4.8 million, down from the $10.8 million achieved during the corresponding 2000 quarter. Gold equivalent cash costs for the first six months were $177 per ounce and $180 per ounce for the second quarter.
TVX`s attributable second quarter gold equivalent production from the TVX Americas` operations was 56,700 ounces, a 12% decrease compared to the same period last year and 7% below plan. Lower gold and silver grades at the La Coipa mine and reduced mill throughput at the Brasilia mine contributed to this reduction. Year-to-date gold equivalent production of 116,000 ounces was 2% below plan and 11% below the 130,300 ounces produced during the first half of 2000.
TVX`s realized gold and silver prices for the second quarter 2001 were $309 and $3.90 per ounce, respectively, compared to $346 per ounce gold and $3.96 per ounce silver achieved during the second quarter 2000. The second quarter 2001 realized prices take into account the positive impact of deferred revenue of $36 per ounce gold and the negative impact of deferred revenue of $0.50 per ounce silver.
Conversion of Gold Linked Notes Approved
The Company`s common shareholders and noteholders approved the conversion of the Company`s $250 million Gold Linked Convertible Notes (the ``Notes``) voting 81% and 99% in favour, respectively, of the votes cast during separate meetings held on June 28, 2001. The 321,501,177 common shares exchanged for the Notes were listed and posted for trading on The Toronto Stock Exchange and the New York Stock Exchange on July 11, 2001. The Company has 357,223,530 common shares issued and outstanding.
The Notes conversion will result in total future interest payment savings of $8.9 million.
Operations - TVX Normandy Americas
Table 1. Summary of TVX`s Share of Americas` Production
Three months ended June 30, 2001
Tonnes Gold Recov- Produc- Cash Produc-
Milled Grade ery tion Cost tion
Cost
Mine (ownership) (000s) g/t % ounces $/oz $/oz
---------------------------------------------------------------
La Coipa (25%)(1) 350.0 2.1 72.8 17,000 $227 $327
Crixas (25%) 46.8 8.5 95.5 12,200 109 155
Brasilia (24.5%) 947.7 0.47 76.5 11,300 179 256
New Britannia (25%) 43.9 5.2 94.1 6,900 187 290
Musselwhite (16%) 52.9 5.8 94.7 9,300 183 267
------ ---- ----
56,700 $180 $263
Three months ended June 30, 2000
Production Cash Cost Production Cost
Mine (ownership) ounces $/oz $/oz
---------------------------------------------------------------
La Coipa (25%)(1) 22,400 $216 $291
Crixas (25%) 12,000 111 163
Brasilia (24.5%) 14,300 171 238
New Britannia (25%) 6,100 219 299
Musselwhite (16%) 9,900 152 229
------ ---- ----
64,700 $180 $252
(1) Production includes silver converted to gold equivalent
La Coipa Mine, Chile
Second quarter gold equivalent production was 17,000 ounces (6,500 ounces of gold and 637,400 ounces of silver), 8% lower than plan primarily as a result of the lower than planned throughput. Compared to the same period last year, gold equivalent production declined 24% from 22,400 ounces. The reduction in quarter-over-quarter production was attributable to lower silver grades combined with lower recoveries and reduced plant throughput. Mill throughput was negatively impacted by the unscheduled replacement of the mill trunion bearing.
Cash and production costs at $227 and $327 per ounce respectively, were 5% and 12% higher than the same period in 2000.
Ore from stockpiles comprised approximately 45% of the mill feed during the quarter.
Crixas Mine, Brazil
TVX`s share of gold production from the Crixas mine increased slightly during the second quarter to 12,200 ounces from 12,000 ounces achieved during the second quarter of 2000 while cash and production costs at $109 and $155 per ounce, respectively, were similar to those achieved during the same period last year.
As a result of the Brazilian electrical energy shortage, authorities have requested that all electrical consumers reduce consumption by 15 to 30%. In the case of Crixas, authorities have requested a reduction of 20% and, in response, the operation has secured alternative electricity supplies by renting generators. This strategy is expected to increase production costs by $4 per ounce which should be offset by the devaluing Brazilian currency.
Brasilia Mine, Brazil
Repairs to two primary grinding mills during the second quarter resulted in reduced mill throughput and, therefore, gold production being 21% lower than the same period last year and 23% lower than plan. The reduced gold production negatively impacted cash and production costs which both increased 5% compared to the same period last year. Repairs to the four primary mills have now been completed and the fifth mill will undergo repairs during August. Once repairs have been completed, it is anticipated that mill throughput will return to plan.
The Brasilia Mine will also be affected by the requirement to reduce electrical consumption and, like Crixas, Brasilia has sourced generators to compensate for the shortfall in grid-supplied electricity. The use of generators is anticipated to add $11 per ounce to production costs.
Musselwhite Mine, Canada
Second quarter gold production of 9,300 ounces represented a 6% decrease in production compared to the same period last year. Production was negatively impacted by the processing of lower grade ore mined from the upper level stopes while components of the underground conveyor system were being installed.
Compared to the same period last year, cash costs increased by $31 per ounce to $183 per ounce and production costs increased by $38 per ounce to $267 per once as a direct result of the lower grades.
New Britannia Mine, Canada
During the three months ended June 30, 2001, New Britannia gold production increased 13% compared the same period last year and was 12% higher than plan. These positive results were the result of higher gold grades and improved gold recoveries. Cash and production costs also improved to $187 per ounce and $290 per ounce respectively.
Operations - TVX Hellas S.A.
Table 2. Summary of Stratoni Production
Three months ended: June 30, 2001
Stratoni Tonnes Grade Recovery Production
Operation (100%) Milled (%)
----------------------------------------------------------------
83,000
Silver 230 g/t 86.8 533,500 oz
Lead 8.9 % 91.0 6,750 t
Zinc 11.1 % 88.9 8,160 t
Three months ended: June 30, 2000
Stratoni Tonnes Grade Recovery Production
Operation (100%) Milled (%)
----------------------------------------------------------------
50,000
Silver 186 g/t 85.7 256,500 oz
Lead 8.9 % 88.2 3,950 t
Zinc 10.7 % 85.6 4,580 t
Stratoni Mine, Greece
During the second quarter of 2001, silver production doubled, and lead and zinc production increased 71% and 78% respectively over the same three-month period last year (see Table 2) as a result of increased mining and milling rates. The improved productivity is the result of the adoption of a new labour agreement, increasing the underground workweek from five to six days and implementing continuous milling operations at the Stratoni mill. Tonnes milled, grades and recoveries during the quarter did not vary significantly from plan.
Notwithstanding the improvements in productivity at Stratoni, the continuation of operations is subject to uncertainties including metal prices, ore reserves, and the outcome of deliberations of the Conseil d`Etat referred to below. Closure of the operation would entail additional expenditures.
TVX Hellas Update
On January 12, 2001, challenges to certain permits, including the Environmental Impact Study approval, relating to the development of the Olympias project were heard by the plenary session of the Conseil d`Etat, the highest administrative law court in Greece. It is anticipated that the Court will render a final decision during the fourth quarter of 2001. Upon receipt of the judgment, TVX will evaluate its options for the development of the Olympias and Skouries deposits, including possible joint ventures.
Financial Condition, Liquidity and Capital Resources
At June 30, 2001, TVX`s consolidated cash and short-term investments totalled $68.1 million, of which $53.3 million was available corporately and $4.3 million ($2.2 million to TVX) was held by TVX Normandy Americas. The balance of $10.5 million is held at the five Americas operations.
Consolidated current and long-term debt at June 30, 2001 was $104.9 million compared to $115.2 million at December 31, 2000. Of the total debt at June 30, 2001, $67.0 million is to be settled using the proceeds from export prepayment contracts.
After conversion of the Company`s gold linked notes, and excluding debt to be settled using export prepayment contracts, the Company has long-term debt of $25.9 million, of which $16.4 million is associated with the gold commodity contracts (lease rate swaps).
Year to date capital expenditures declined 59% over the same period last year to $13.0 million largely as the result of the completion of basic engineering studies on the Olympias project.
Exploration expenditures year to date were $2.1 million.
New York Stock Exchange Listing Requirements
The Company and the New York Stock Exchange (the ``NYSE``) have had discussions regarding the Company`s shares trading below the NYSE`s $1 minimum requirement. The NYSE has agreed to continue the listing of TVX subject to, among other things, monitoring of the share price subsequent to the July 10, 2001 Notes conversion.
Accounting Changes
Effective January 1, 2001, the Company retroactively adopted a new accounting standard issued by the Canadian Institute of Chartered Accountants (``CICA``) relating to interim financial statements. This new standard had no significant effect on the Company`s interim financial statements.
Also effective January 1, 2001, the Company adopted, retroactively, a new CICA accounting policy relating to earnings per share. This standard modifies the method of calculating fully diluted earnings per share but had no effect on the Company`s reported earnings per share.
Management Changes
On July 17, 2001, Mr. George F. Michals was appointed non-executive Chairman of the Board of Directors replacing Mr. T. Sean Harvey, the Chairman appointed upon the resignation of Mr. Eike Batista on April 1, 2001. Mr. Harvey remains President and Chief Executive Officer of the Company as well as a member of the Board of Directors. The size of the Board of Directors was recently increased to eight and Mr. Mark Young was re-appointed to the Board.
During the quarter, Mr. Melvyn Williams, formerly Vice President, Finance of TVX, was appointed Chief Financial Officer. Mr. R. Gregory Laing, formerly Vice President, Legal and Corporate Secretary was appointed General Counsel, Vice President and Corporate Secretary. Mr. Robert Whittall was appointed Vice President, Finance.
For Investor and Media Information, contact:
Carl Hansen
Manager, Investor Relations
Tel: 416 941 -0119
cbhansen@tvxgold.com
Investor Relations
Toll Free (in North America):
1 877 TVX GOLD (889-4653)
info@tvxgold.com
Visit the TVX Gold Web Site at: http://www.tvxgold.com
2001 Second Quarter Highlights
(US$ millions, except per share amounts; unaudited)
Second Quarter Year to Date
2001 2000 2001 2000
Revenue $ 40.0 $ 46.7 $ 79.3 $ 88.8
Net earnings (loss) $ (2.5) $ 0.8 $ 1.2 $ 4.8
Less:
Interest on
convertible notes(1) (2.6) (2.6) (5.3) (5.0)
Amortization of
issuance costs(1) (0.6) (0.5) (1.0) (1.1)
---------------------------------------
Adjusted loss $ (5.7) $ (2.3) $ (5.1) $ (1.3)
---------------------------------------
Loss per share $(0.16) $(0.06) $(0.14) $(0.04)
Operating cash flow $ 4.8 $ 10.8 $ 11.1 $ 25.3
Operating cash flow
per share $ 0.13 $ 0.30 $ 0.31 $ 0.71
Common shares outstanding
(millions)(2)
Weighted average 35.7 35.9 35.7 35.9
Period end 35.7 35.7 35.7 35.7
(1) $250 million, 5% gold linked convertible notes, issued March
24, 1997.
(2) As of June 30, 2001, there were 35,722,353 common shares
outstanding; the Company had an outstanding US$250 million 5% gold
linked convertible note, issued in March, 1997; 2,565,525 options and
80,000 warrants to purchase common shares were outstanding, none of
which were in the money (see note 6 to the interim consolidated
financial statements).
Reserves and Resources
December 31, December 31,
2000 1999
Reserves (ounces) (ounces)
Gold 9,562,000 9,830,000
Silver 23,453,000 31,900,000
---------- ----------
Gold equivalent 9,992,000 10,370,000
Total Resources
(Reserves + Resources) (1)
Gold 12,571,000 12,573,000
Silver 28,843,000 38,092,000
---------- ----------
Gold equivalent 13,100,000 13,220,000
(1) Total resources exclude inferred resource category.
Realized Metals Prices
(US$ per ounce)
For the quarter ended June 30,
2001 2000
Gold Silver Gold Silver
-------------------------------------------
Spot $ 268 $ 4.40 $ 280 $ 5.01
Cash hedge(1) 5 - - -
Deferred revenue 36 (0.50) 66 (1.05)
-------------------------------------------
Realized price $ 309 $ 3.90 $ 346 $ 3.96
===========================================
(1) Also includes mine actual cash realized versus spot average
TVX Gold Inc.
Consolidated Statements of Operations
(US$ thousands, except per share amounts; unaudited)
Three months Six months
ended June 30, ended June 30,
2001 2000 2001 2000
-------------------------------------
Revenue $ 39,963 $ 46,691 $ 79,251 $ 88,809
-------------------------------------
Mine Operating Costs
Cost of sales 28,121 29,488 54,083 54,757
Depletion and depreciation 9,720 9,787 19,022 19,025
-------------------------------------
37,841 39,275 73,105 73,782
-------------------------------------
Earnings Before the
Undernoted 2,122 7,416 6,146 15,027
-------------------------------------
Other Expenses (Income)
Corporate administration 2,559 2,079 4,938 4,257
Interest expense 1,197 917 2,225 1,600
Exploration 1,141 1,327 2,135 2,339
Foreign exchange (gain) loss 626 (244) 1,857 (580)
Interest income (1,671) (1,837) (3,685) (4,289)
Other, net 1,276 922 (754) 1,002
-------------------------------------
5,128 3,164 6,716 4,329
-------------------------------------
Earnings (loss) before
the undernoted (3,006) 4,252 (570) 10,698
Income taxes (recovery) 152 2,523 (958) 4,246
Minority interests and
participation rights (626) 939 (801) 1,657
-------------------------------------
Net Earnings (Loss) $ (2,532) $ 790 $ 1,189 $ 4,795
=====================================
Loss Per Share(1) $ (0.16) $ (0.06) $ (0.14) $ (0.04)
=====================================
(1) After accounting for interest and amortization of issuance
costs on the 5% gold-linked convertible notes
TVX Gold Inc.
Consolidated Statements of Deficit
(US$ thousands; unaudited)
Three months ended Six months ended
June 30, June 30,
--------------------------------------------
2001 2000 2001 2000
--------------------------------------------
Deficit, beginning
of period - as
originally
reported $(221,252) $(220,960) $(221,837) $(219,838)
Change in
accounting for
income taxes - - - (2,102)
--------------------------------------------
Deficit, beginning
of period -
restated (221,252) (220,960) (221,837) (221,940)
Net earnings for
the period (2,532) 790 1,189 4,795
Accretion of
convertible notes (3,197) (3,080) (6,333) (6,105)
--------------------------------------------
Deficit, end
of period $(226,981) $(223,250) $(226,981) $(223,250)
============================================
TVX Gold Inc.
Consolidated Balance Sheets
(US$ thousands; unaudited)
June 30, December 31,
2001 2000
----------- ------------
Assets
Current assets
Cash and cash equivalents $ 56,481 $ 93,635
Short-term investments 11,576 31,492
Accounts receivable 29,278 29,596
Inventories 32,700 32,986
----------- ------------
130,035 187,709
Mining property, plant and equipment 488,495 494,105
Export prepayment contracts 69,543 43,695
Deferred charges 12,062 7,384
Deferred income taxes 8,743 9,112
Other assets 22,326 21,002
----------- ------------
$ 731,204 $ 763,007
=========== ============
Liabilities
Current liabilities
Accounts payable and
accrued liabilities $ 23,664 $ 28,407
Current portion of
long-term debt (note 6) 17,099 18,585
Debenture payable -- 26,855
Deferred revenue 5,592 4,984
----------- -----------
46,355 78,831
Long-term debt 87,796 69,780
Other liabilities 25,636 24,648
Deferred income taxes 26,608 28,411
----------- -----------
186,395 201,670
Minority interests and
participation rights 147,071 164,788
----------- -----------
333,466 366,458
----------- -----------
Shareholders` Equity
Capital stock 382,900 382,900
Contributed surplus 1,526 1,526
Gold-linked convertible notes
(note 6) 240,293 233,960
Deficit (226,981) (221,837)
----------- ----------
397,738 396,549
----------- ----------
$731,204 $763,007
=========== ==========
TVX Gold Inc.
Consolidated Statements of Cash Flows
(US$ thousands; unaudited)
Three months ended Six months ended
June 30 June 30
2001 2000 2001 2000
--------- -------- -------- --------
Operating Activities
Net earnings
(loss) $ (2,532) $ 790 $ 1,189 $ 4,795
Non-cash items:
Depletion and
depreciation 9,720 9,787 19,022 19,025
Deferred income taxes 140 792 (1,703) 1,005
Minority interests and
participation rights (626) 939 (801) 1,657
Other 1,765 2,960 (165) 2,823
Deferred revenue (1,337) (2,764) (2,674) (5,600)
---------- -------- -------- --------
7,130 12,504 14,868 23,705
Change in working
capital (2,347) (1,715) (3,817) 1,613
----------- --------- -------- --------
Cash provided by
operating activities 4,783 10,789 11,051 25,318
----------- --------- -------- --------
Investing Activities
Mining property,
plant and equipment (6,891) (16,478) (12,992) (31,900)
Short-term investments (9,896) 9,699 19,916 (970)
Export prepayment
contracts (26,981) - (25,848) -
Other (159) (229) (259) 955
----------- --------- --------- --------
Cash used for
investing activities (43,927) (7,008) (19,183) (31,915)
----------- --------- --------- ---------
Financing Activities
Gold-linked convertible
notes 261 500 (5,605) (5,137)
Common shares repurchased - (626) - (626)
Minority interest
dividends (14,976) (5,000) (16,916) (10,078)
Debenture payable (26,855) - (26,855) -
Long-term debt 20,889 (8,039) 20,354 (14,164)
----------- --------- --------- ---------
Cash used for
financing activities (20,681) (13,165) (29,022) (30,005)
------------ --------- --------- ---------
Decrease in cash and
cash equivalents (59,825) (9,384) (37,154) (36,602)
Cash and cash
equivalents,
beginning
of period 116,306 119,958 93,635 147,176
------------ --------- --------- ---------
Cash and cash
equivalents,
end of period $ 56,481 $ 110,574 $ 56,481 $ 110,574
============ ========= ========= =========
TVX Gold Inc.
Notes to the Interim Consolidated Financial Statements
June 30, 2001
(Unaudited)
(United States dollars, unless otherwise stated)
(All dollar amounts are expressed in thousands, except per share
amounts)
1. Basis of Presentation
These unaudited interim consolidated financial statements have been
prepared in accordance with generally accepted accounting principles
in Canada ("GAAP") for interim financial information. Accordingly,
these interim consolidated financial statements do not include all
information and note disclosures required under GAAP and they should
be read in conjunction with the consolidated financial statements of
the Company for the year ended December 31, 2000. The interim
financial statements follow the same accounting policies and methods
of their application as the most recent consolidated annual financial
statements except for the adoption of a new standard relating to
earnings per share described in note 2.
2. Change in Accounting Policy
Effective January 1, 2001, the Company adopted, retroactively, a new
accounting standard issued by the Canadian Institute of Chartered
Accountants relating to earnings per share. This standard modifies the
method of calculating fully diluted earnings per share. Diluted
earnings per share in 2001 was unchanged as a result of adopting the
new standard.
3. Common Shares and Earnings Per Share
Basic earnings per share is computed by dividing the earnings
applicable to common shares for the period by the weighted average
number of common shares outstanding during the period. Diluted
earnings per share is computed by dividing the earnings applicable to
common shares for the period by the weighted average number of common
shares outstanding had potentially dilutive common shares been issued.
A diluted earnings per share is not presented since it is
non-dilutive.
The number of common shares outstanding at June 30, 2001 and December
31, 2000 was 35,722,353 (June 30, 2000 - 35,722,353; restated to
reflect the five old for one new share consolidation effective July
31, 2000).
At June 30, 2001, the Company had 2,565,525 stock options outstanding,
all priced above the market price of the Company`s common shares.
Basic earnings per share is computed as follows:
Three months ended Six months ended
June 30, June 30,
(in thousands except per share amounts)
Basic earnings (loss) 2001 2000 2001 2000
per share --------- --------- --------- ---------
Numerator
Net earnings
(loss) $ (2,532) $ 790 $ 1,189 $ 4,795
Interest accretion
on Gold-linked
convertible Notes (3,197) (3,080) (6,333) (6,105)
--------- --------- --------- ---------
Net earnings
applicable
to common shares $ (5,729) $ (2,290) $ (5,144) $ (1,310)
========== ========= ========= =========
Denominator
Weighted average
common shares
outstanding $ 35,722 $ 35,890 $ 35,722 $ 35,906
========== ========= ========= =========
Basic loss per
common share $ (0.16) $ (0.06) $ (0.14) $ (0.04)
========== ========= ========= =========
4. Commitments and Contingencies
There have been no changes to the commitments and contingencies
described in the notes to the consolidated financial statements for
the year ended December 31, 2000 and no new matters have arisen.
5. Credit Facility
On June 27, 2001, the Company reduced its $150 million revolving line
of credit with Normandy Mining Limited to $20 million. During July
2001, this was further reduced to $2 million.
6. Subsequent Event
On July 10, 2001, the Company completed the conversion of the $250
million gold linked notes ("Notes") into 321,501,177 common shares of
the Company. The effect of the conversion was to increase common stock
by $211,761, increase contributed surplus by $34,729, reduce the
current portion of long-term debt by $8,403, reduce deferred charges
by $2,539 and reduce the equity component of gold linked notes by
$240,626. No gain or loss was recognized on the consolidated statement
of operations.
7. Segmented Information
For the six month period ended June 30, 2001
(US$ thousands)
La Coipa Brasilia Crixas Mussel-
white
Revenue 18,746 12,850 13,328 9,868
------------------------------------------
Cost of sales 14,697 9,084 5,487 6,887
Depletion and
depreciation 6,783 3,334 2,468 2,726
------------------------------------------
21,480 12,418 7,955 9,613
------------------------------------------
Earnings (loss)
from operations (2,734) 432 5,373 255
------------------------------------------
Administration - - - -
Exploration 205 - 48 411
Interest expense 198 - 325 -
Interest income (14) (1,265) (413) (15)
Other 452 1,721 720 18
------------------------------------------
841 456 680 414
------------------------------------------
Earnings (loss)
before taxes (3,575) (24) 4,693 (159)
Taxes (290) (1,269) 626 -
Minority interests
and participation
rights (1,643) 623 2,033 (79)
------------------------------------------
Net earnings (loss) (1,642) 622 2,034 (80)
==========================================
Cash 1,934 2,115 5,406 948
Capital expenditures 4,411 964 1,156 1,097
Capital assets 92,654 64,152 25,703 46,428
Total assets 119,562 150,300 35,615 51,167
(US$ thousands) New Stratoni Gree- Corpor- Total
Brit- Operat- ce ate/
annia ions Others
Revenue 7,626 13,608 - 3,225 79,251
--------------------------------------------
Cost of sales 5,429 12,499 - - 54,083
Depletion and
depreciation 2,924 642 - 145 19,022
--------------------------------------------
8,353 13,141 - 145 73,105
--------------------------------------------
Earnings (loss)
from operations (727) 467 - 3,080 6,146
--------------------------------------------
Administration - - - 4,938 4,938
Exploration 178 - - 1,293 2,135
Interest expense - - - 1,702 2,225
Interest income - - - (1,978) (3,685)
Other 85 - - (1,893) 1,103
--------------------------------------------
263 - - 4,062 6,716
--------------------------------------------
Earnings (loss)
before taxes (990) 467 - (982) (570)
Taxes - - - (25) (958)
Minority interests
and participation
rights (495) - - (1,240) (801)
--------------------------------------------
Net earnings (loss) (495) 467 - 283 1,189
============================================
Cash 86 2,869 - 43,123 56,481
Capital expenditures 734 1,913 2,714 3 12,992
Capital assets 19,931 3,532 232,276 3,819 488,495
Total assets 22,925 20,680 238,677 92,278 731,204
For the six month period ended June 30, 2000
(US$ thousands)
La Coipa Brasilia Crixas Mussel-
white
Revenue 24,876 16,015 13,586 11,235
Cost of sales 18,862 9,497 5,175 6,038
Depletion and depreciation 7,003 4,040 2,498 3,058
-------------------------------------
25,865 13,537 7,673 9,096
-------------------------------------
Earnings (loss) from
operations (989) 2,478 5,913 2,139
-------------------------------------
Administration - - - -
Exploration 278 - 167 324
Interest expense 193 354 332 -
Interest income (36) (1,182) (250) -
Other 10 (33) (375) 175
-------------------------------------
445 (861) (126) 499
-------------------------------------
Earnings (loss) before
taxes (1,434) 3,339 6,039 1,640
Taxes 83 326 2,734 -
Minority interests and
participation rights (759) 1,507 1,653 820
-------------------------------------
Net earnings (loss) (759) 1,507 1,653 820
=====================================
Cash 197 7,445 4,169 374
Capital expenditures 4,586 2,107 1,540 147
Capital assets 99,020 68,186 27,921 49,777
Total assets 133,025 95,384 37,415 54,272
(US$ thousands) New Stratoni Gree- Corpor- Total
Britan- Opera- ce ate/
nia tions Others
Revenue 7,956 9,544 - 5,597 88,809
--------------------------------------------
Cost of sales 5,717 9,468 - - 54,757
Depletion and
depreciation 2,149 250 - 27 19,025
--------------------------------------------
7,866 9,718 - 27 73,782
--------------------------------------------
Earnings (loss)
from operations 90 (174) - 5,570 15,027
--------------------------------------------
Administration - - - 4,257 4,257
Exploration 304 86 - 1,180 2,339
Interest expense - - - 721 1,600
Interest income - - - (2,821) (4,289)
Other (17) - - 662 422
---------------------------------------------
287 86 - 3,999 4,329
---------------------------------------------
Earnings (loss)
before taxes (197) (260) - 1,571 10,698
Taxes - - - 1,103 4,246
Minority interests
and participation
rights (99) - - (1,465) 1,657
---------------------------------------------
Net earnings (loss) (99) (260) - 1,933 4,795
=============================================
Cash 80 1,347 - 96,962 110,574
Capital expenditures 875 1,366 21,262 17 31,900
Capital assets 23,033 - 222,983 1,643 492,563
Total assets 26,075 - 241,084 134,841 722,096
For the three month period ended June 30, 2001
(US$ thousands)
La Coipa Brasilia Crixas Mussel-
white
Revenue 9,358 6,051 6,561 4,969
-------------------------------------
Cost of sales 7,973 4,010 2,644 3,374
Depletion and depreciation 3,522 1,729 1,134 1,551
-------------------------------------
11,495 5,739 3,778 4,925
-------------------------------------
Earnings (loss)
from operations (2,137) 312 2,783 44
-------------------------------------
Administration - - - -
Exploration 159 - 26 101
Interest expense 89 16 206 -
Interest income (14) (637) (343) (15)
Other (62) 437 438 (54)
-------------------------------------
172 (184) 327 32
-------------------------------------
Earnings (loss) before
taxes (2,309) 496 2,456 12
Taxes (199) (568) 287 -
Minority interests
and participation rights (1,056) 532 1,084 7
-------------------------------------
Net earnings (loss) (1,054) 532 1,085 5
=====================================
Capital expenditures 2,012 602 691 796
(US$ thousands) New Stratoni Gree- Corpor- Total
Britia- Operat- ce ate/
nnia ions Others
Revenue 3,547 7,999 - 1,478 39,963
---------------------------------------------
Cost of sales 2,395 7,725 - - 28,121
Depletion and
depreciation 1,325 319 - 140 9,720
---------------------------------------------
3,720 8,044 - 140 37,841
---------------------------------------------
Earnings (loss)
from operations (173) (45) - 1,338 2,122
---------------------------------------------
Administration - - - 2,559 2,559
Exploration 118 - - 737 1,141
Interest expense - - - 886 1,197
Interest income - - - (662) (1,671)
Other 30 - - 1,113 1,902
----------------------------------------------
148 - - 4,633 5,128
----------------------------------------------
Earnings (loss)
before taxes (321) (45) - (3,295) (3,006)
Taxes - - - 632 152
Minority interests
and participation
rights (161) - - (1,032) (626)
----------------------------------------------
Net earnings (loss) (160) (45) - (2,895) (2,532)
==============================================
Capital expenditures 318 764 1,705 3 6,891
For the three month period ended June 30, 2000
(US$ thousands)
La Coipa Brasilia Crixas Mussel-
white
Revenue 15,100 8,019 6,586 5,603
---------------------------------------
Cost of sales 11,437 4,933 2,585 3,029
Depletion and depreciation 3,942 1,914 1,186 1,520
---------------------------------------
15,379 6,847 3,771 4,549
---------------------------------------
Earnings (loss)
from operations (279) 1,172 2,815 1,054
---------------------------------------
Administration - - - -
Exploration 231 - 118 127
Interest expense 94 208 198 -
Interest income (7) (484) (152) -
Other 445 431 (269) 50
---------------------------------------
763 155 (105) 177
---------------------------------------
Earnings (loss)
before taxes (1,042) 1,017 2,920 877
Taxes 12 167 1,469 -
Minority interests and
participation rights (527) 425 726 438
---------------------------------------
Net earnings (loss) (527) 425 725 439
=======================================
Capital expenditures 2,218 1,184 898 99
(US$ thousands) New Stratoni Gree- Corpor- Total
Britan- Opera- ce ate/
nia tions Others
Revenue 3,437 5,189 - 2,757 46,691
----------------------------------------------
Cost of sales 2,636 4,868 - - 29,488
Depletion and
depreciation 961 250 - 14 9,787
----------------------------------------------
3,597 5,118 - 14 39,275
----------------------------------------------
Earnings (loss)
from operations (160) 71 - 2,743 7,416
----------------------------------------------
Administration - - - 2,079 2,079
Exploration 180 39 - 632 1,327
Interest expense - - - 417 917
Interest income - - - (1,194) (1,837)
Other (8) - - 29 678
-----------------------------------------------
172 39 - 1,963 3,164
-----------------------------------------------
Earnings (loss)
before taxes (332) 32 - 780 4,252
Taxes - - - 875 2,523
Minority interests
and participation
rights (166) - - 43 939
-----------------------------------------------
Net earnings (loss) (166) 32 - (138) 790
================================================
Capital expenditures 546 895 10,633 5 16,478
Geographic segments are as follows:
(US$ thousands) Three month period Six month period
ended June 30, ended June 30,
2001 2000 2001 2000
-------- ------- ------- -------
Revenue
Canada 9,994 11,797 20,719 24,788
Chile 9,358 15,100 18,746 24,876
Brazil 12,612 14,605 26,178 29,601
Greece 7,999 5,189 13,608 9,544
--------- ------- ------- -------
39,963 46,691 79,251 88,809
========= ======= ======= =======
Identifiable assets
Canada 133,223 107,117
Chile 110,746 145,938
Brazil 188,375 141,840
Greece 259,394 241,084
Others 39,466 86,117
--------- --------
731,204 722,096
========= ========
Forward Looking Statements
Some statements in this report contain forward-looking information. These statements address future events and conditions and, as such, involve inherent risks and uncertainties. Actual results could be significantly different from those projected.
All dollar amounts are expressed in US dollars, unless otherwise stated.
--------------------------------------------------------------------------------
Contact:
TVX Gold Inc.
Carl Hansen, 416/941 -0119
cbhansen@tvxgold.com
or
Investor Relations, 877/TVX-GOLD (889-4653)
info@tvxgold.com
DurchsuchenBeitrag zu dieser Diskussion schreiben
Zu dieser Diskussion können keine Beiträge mehr verfasst werden, da der letzte Beitrag vor mehr als zwei Jahren verfasst wurde und die Diskussion daraufhin archiviert wurde.
Bitte wenden Sie sich an feedback@wallstreet-online.de und erfragen Sie die Reaktivierung der Diskussion oder starten Sie eine neue Diskussion.
Investoren beobachten auch:
| Wertpapier | Perf. % |
|---|---|
| +0,95 | |
| -2,71 | |
| -0,61 | |
| -0,04 | |
| +0,29 | |
| -1,38 | |
| -0,09 | |
| -0,33 | |
| -1,14 | |
| 0,00 |
Meistdiskutiert
| Wertpapier | Beiträge | |
|---|---|---|
| 325 | ||
| 127 | ||
| 124 | ||
| 106 | ||
| 63 | ||
| 54 | ||
| 45 | ||
| 44 | ||
| 42 | ||
| 40 |
