Palladium und Metalle (Long Recommendation) - 500 Beiträge pro Seite
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ISIN: US86074Q1022 · WKN: 893759
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Letzter Kurs 12.05.17 Baader Bank
Feedback
Letztes Jahr zu dieser Zeit nahm ich Notiz von einigen starkem frühem institutionellem Interesse bei Goldwerten. Ich begann zu beobachten einige von den Hauptplayern, HM, NEM und PDG. HM insbesonders zeigte eine sehr klare umgekehrte H & S. Typisch, Gold ist bekannt zu haben eine inverse Beziehung mit dem Markt. HM war meine erste Empfehlung und nahm später eine Position. Gold drehte auf zu tun sehr gut letztes Jahr, mit HM mehr als verdoppelt. Später ich würde hinzufügen einen Hauptplayer mehr, NEM.
Ich nutze gerne die Gelegenheit wieder einige Metalle zu besuchen, insbesondere Palladium. (Später ich werde an Gold und Silber erinnern.) Palladium brach zusammen meist bedeutend nach dem 9/11 aber nun scheint es sich zu stabilisieren. Dort gibt es zwei Palladium Werte, SWC und PAL.
Bei SWC ist ein Einstieg nun möglich. (Mein Einstiegskurs lautet 20,20 EUR) Auf diesem Kurs scheint ein Bruch über $ 20 sehr wahrscheinlich, eher als das Risiko wieder zu $ 15 zurück zu gehen.
peter. wedemeier1
Ich nutze gerne die Gelegenheit wieder einige Metalle zu besuchen, insbesondere Palladium. (Später ich werde an Gold und Silber erinnern.) Palladium brach zusammen meist bedeutend nach dem 9/11 aber nun scheint es sich zu stabilisieren. Dort gibt es zwei Palladium Werte, SWC und PAL.
Bei SWC ist ein Einstieg nun möglich. (Mein Einstiegskurs lautet 20,20 EUR) Auf diesem Kurs scheint ein Bruch über $ 20 sehr wahrscheinlich, eher als das Risiko wieder zu $ 15 zurück zu gehen.
peter. wedemeier1
Besser erst lernen deutsch, dann schreiben Beitrag!
S & P bestätigte Ratings von Stillwater Mining,: Off Watch
Folgend eine Pressemitteilung von Standard & Poor´s:
New York Jan. 11, 2002 -- Standard & Poor´s bestätigte heute sein Rating von Stillwater Mining Co. und entfernte Ihn von CreditWatch. Die Ratings wurden gesenkt und platziert auf CreditWatch mit negativen Verwicklungen am 21.10.2001. Der aktuelle Ausblick ist stabil.
Die Aktion folgt der erfolgreichen Verhandlung von finanziellen Verträgen unter dem Unternehmens Kredit Anlagen, kürzlichen Verbesserungen in Platin und Palladium Preisen und Klärung von den Unternehmens verbesserten Minen Plan.
Die Ratings von Stillwater Mining Co. reflektieren die Unternehmens Lieferungs Verträge mit Automobil Herstellern, seiner begrenzten operativen Vielfalt und hohem cost profil, niedrigen Schulden Leverage, und Volatilität von der Platin Gruppe. Das Unternehmen profotiert von Lieferungs Verträgen mit General Motors Co., Ford Motor Co., und Mitsubishi Corp.--Unternehmen die erfordern PGMs zum Gebrauch in Automobilen Emissionen Konverter. Diese Verträge dienen als eine Einschränkung zu volatilen PGM Preisen, reduzierten Preis Risiken durch Minimum Preise Realisierung für die produktion von diesen Metallen.
Trotzdem, mit nur der Stillwater Mine aktuellen Produktion, dem Unternehmen fehlt operative Vielfalt, erhöhend seine Aussetzung zu Produktionsunterbrechungen und anderen unvorhersehbaren operativen Ereignissen. Zu adressieren den Unternehmens mangel von operativer Vielfalt und erhöhter Produktion, Stillwater ist in der Mitte von einer Expansion und Entwicklungs Programm sich konzentrierend auf erhöhte Produktion bei seiner Stillwater Mine und entwickelt die Ost Felsblock Eigentum. Wie auch immer, zahlreiche unvorhergesehene operative und erschlossene Probleme haben verzögert den Produktions Endtermin, dieses führte zu Kosten überrollen, und zwang das Unternehmen die Produktion zu verbessern so gut wie die Kostenziele. Tatsächlich, das Unternehmen verbesserte die durchschnittliche total cash costs Projektion von ungefähr $ 240 per Unze, ist meßbar höher als Standard & Poor´s ursprüngliche Erwartung und steigerte die Verwundbarkeit von dem Unternehmen zu den volatilen PGM Preiszyklen. Erneuerte Bemühungen zu maximieren die existierenden Minenpläne bei der Stillwater Mine sollte führen zu Herabsetzungen in dem Unternehmens cost profil von den aktuellen $ 264 per Unze Niveau erzeugt in dem 3. Quartal geendet am 30.09.2001. Diese Schwierigkeiten unterstreichen die zahlreiche Entwicklung und Expüansions Risiken innewohnend in der Metallminen Industrie. Als ein Ergebnis von hohen cash costs, niedrigeren PGM Preisen, und ein konzentrieren auf die Erhaltung von Kapital, Stillwater entschied zu vorherbestimmen das verbleibende Kapital Auslagen notwendig zu erreichen seine verbesserten Produktionsziele auf eine Million Unzen. Finanzierung ein erfolgreiches 3. Quartal gesteigert mit der Produktion von der Ost Felsblock Mine und jährlicher Produktion von dieser Mine von 140.000 auf 170.000 Unzen pro Jahr, das Management ist nun vorraussagend eine jährliche Produktion von 700.000 Unzen.
Zu der Zeit von dem Oktober downgrade, Palladium und Platin Preise waren $ 318 per Unze bzw. $ 428 per Unze. Anpassung für das Unternehmen 3. Quartal Ergebnisse zu reflektieren aktuelle Spotmarkt Preise und Finanzierung in Preisen unterstützt von den Lieferungsverträgen, das EBITDA zu kapitalisierten Interest Ratio würden ein schwaches 2,1.
Seitdem, Preise für Palldium und Platin haben bedeutend gesteigert auf $ 430 bzw. $ 481 per Unze. Beobachtend eine erfolgreiche Steigerung in der Produktion auf 700.000 Unzen, eine niedrigere Interest Rate Umgebung und verbesserte Preise, bedeutungsvolle Verbesserung in Cash Flow gemessen über den mittleren Zeitraum ist erwartet. Stiilwater wird haben $ 25 Millionen verfügbar unter seinen $ 250 Millionen umlaufenden Kreditmitteln. Zugeordnet zu der Fähigkeit des Unternehmens zu erreichen sichere operative Schwellen.
Ausblick: stabil
Während Perioden von robusten PGM Preisen, finanzielle Performance könnte stärker sein als die Unternehmens Ratings Kategorie. Wie auch immer, dem Unternehmen mangelt es an operativer Vielfalt und die hohen cost profil sind Hemmungen für das Rating.
RATINGS BESTÄTIGT UND ENTFERNT VON CREDITWATCH,
Stillwater Mining Co. Ratings Corporate Credit Rating BB - Senior Secured Bank Loan Rating BB Senior UNsecured Debt B
Folgend eine Pressemitteilung von Standard & Poor´s:
New York Jan. 11, 2002 -- Standard & Poor´s bestätigte heute sein Rating von Stillwater Mining Co. und entfernte Ihn von CreditWatch. Die Ratings wurden gesenkt und platziert auf CreditWatch mit negativen Verwicklungen am 21.10.2001. Der aktuelle Ausblick ist stabil.
Die Aktion folgt der erfolgreichen Verhandlung von finanziellen Verträgen unter dem Unternehmens Kredit Anlagen, kürzlichen Verbesserungen in Platin und Palladium Preisen und Klärung von den Unternehmens verbesserten Minen Plan.
Die Ratings von Stillwater Mining Co. reflektieren die Unternehmens Lieferungs Verträge mit Automobil Herstellern, seiner begrenzten operativen Vielfalt und hohem cost profil, niedrigen Schulden Leverage, und Volatilität von der Platin Gruppe. Das Unternehmen profotiert von Lieferungs Verträgen mit General Motors Co., Ford Motor Co., und Mitsubishi Corp.--Unternehmen die erfordern PGMs zum Gebrauch in Automobilen Emissionen Konverter. Diese Verträge dienen als eine Einschränkung zu volatilen PGM Preisen, reduzierten Preis Risiken durch Minimum Preise Realisierung für die produktion von diesen Metallen.
Trotzdem, mit nur der Stillwater Mine aktuellen Produktion, dem Unternehmen fehlt operative Vielfalt, erhöhend seine Aussetzung zu Produktionsunterbrechungen und anderen unvorhersehbaren operativen Ereignissen. Zu adressieren den Unternehmens mangel von operativer Vielfalt und erhöhter Produktion, Stillwater ist in der Mitte von einer Expansion und Entwicklungs Programm sich konzentrierend auf erhöhte Produktion bei seiner Stillwater Mine und entwickelt die Ost Felsblock Eigentum. Wie auch immer, zahlreiche unvorhergesehene operative und erschlossene Probleme haben verzögert den Produktions Endtermin, dieses führte zu Kosten überrollen, und zwang das Unternehmen die Produktion zu verbessern so gut wie die Kostenziele. Tatsächlich, das Unternehmen verbesserte die durchschnittliche total cash costs Projektion von ungefähr $ 240 per Unze, ist meßbar höher als Standard & Poor´s ursprüngliche Erwartung und steigerte die Verwundbarkeit von dem Unternehmen zu den volatilen PGM Preiszyklen. Erneuerte Bemühungen zu maximieren die existierenden Minenpläne bei der Stillwater Mine sollte führen zu Herabsetzungen in dem Unternehmens cost profil von den aktuellen $ 264 per Unze Niveau erzeugt in dem 3. Quartal geendet am 30.09.2001. Diese Schwierigkeiten unterstreichen die zahlreiche Entwicklung und Expüansions Risiken innewohnend in der Metallminen Industrie. Als ein Ergebnis von hohen cash costs, niedrigeren PGM Preisen, und ein konzentrieren auf die Erhaltung von Kapital, Stillwater entschied zu vorherbestimmen das verbleibende Kapital Auslagen notwendig zu erreichen seine verbesserten Produktionsziele auf eine Million Unzen. Finanzierung ein erfolgreiches 3. Quartal gesteigert mit der Produktion von der Ost Felsblock Mine und jährlicher Produktion von dieser Mine von 140.000 auf 170.000 Unzen pro Jahr, das Management ist nun vorraussagend eine jährliche Produktion von 700.000 Unzen.
Zu der Zeit von dem Oktober downgrade, Palladium und Platin Preise waren $ 318 per Unze bzw. $ 428 per Unze. Anpassung für das Unternehmen 3. Quartal Ergebnisse zu reflektieren aktuelle Spotmarkt Preise und Finanzierung in Preisen unterstützt von den Lieferungsverträgen, das EBITDA zu kapitalisierten Interest Ratio würden ein schwaches 2,1.
Seitdem, Preise für Palldium und Platin haben bedeutend gesteigert auf $ 430 bzw. $ 481 per Unze. Beobachtend eine erfolgreiche Steigerung in der Produktion auf 700.000 Unzen, eine niedrigere Interest Rate Umgebung und verbesserte Preise, bedeutungsvolle Verbesserung in Cash Flow gemessen über den mittleren Zeitraum ist erwartet. Stiilwater wird haben $ 25 Millionen verfügbar unter seinen $ 250 Millionen umlaufenden Kreditmitteln. Zugeordnet zu der Fähigkeit des Unternehmens zu erreichen sichere operative Schwellen.
Ausblick: stabil
Während Perioden von robusten PGM Preisen, finanzielle Performance könnte stärker sein als die Unternehmens Ratings Kategorie. Wie auch immer, dem Unternehmen mangelt es an operativer Vielfalt und die hohen cost profil sind Hemmungen für das Rating.
RATINGS BESTÄTIGT UND ENTFERNT VON CREDITWATCH,
Stillwater Mining Co. Ratings Corporate Credit Rating BB - Senior Secured Bank Loan Rating BB Senior UNsecured Debt B
Long Position eröffnet!
peter.wedemeier1
peter.wedemeier1
Ein guter Kaufzeitpunkt hier.
Trading Spotlight
Long Position geschlossen.
Absolute Spitzenklasse ! Nur ein unerwarteter Besuch hat verhindert, dass ich meine Stillwater Aktien gestern verkaufen konnte. Echt toll ! Habe gedacht, bei 16 US-Dollar günstig gekauft zu haben und eine relative Absicherung gegen den amerikanischen Markt zu haben.
Bin bedient ! :-(
Bin bedient ! :-(
Ich hatte 12,50 bezahlt. So kann ich dieses verschmerzen.
peter.wedemeier1
peter.wedemeier1
Long Position eröffnet.
peter.wedemeier1
peter.wedemeier1
Die Aktien von dieser Mine wurden regelrecht nach unten geprügelt. Ich denke aber, das es dafür keine guten Gründe gibt. Das Unternehmen ist profitabel und wenn sich die Preise von Palladium und Platinum verbessern, dann sollte diese Aktie sich sehr gut entwickeln.
peter.wedemeier1
peter.wedemeier1
Sollte die Börse eine längere Kurserholung starten, ist man mit Edelmetallen
wohl eher schlecht bedient.
wohl eher schlecht bedient.
Boden fischen in dem Minen Sektor. Es ist Zeit für etwas Boden fischen bei den Minenaktien. Kursziel: $13,-, Stop Loss: $8,95.
peter.wedemeier1
peter.wedemeier1
Diversifikation
Versucht auch Platinum, gestiegen gestern um $3,-. Sehr populäres Stockpicking auf Dampf!
peter.wedemeier1
Versucht auch Platinum, gestiegen gestern um $3,-. Sehr populäres Stockpicking auf Dampf!
peter.wedemeier1
Platinum group metals
Platinum group metals (PGMs) are used mainly in the automotive, jewellery and electronics industries. This market, like that of base metals, is keenly waiting for an upturn in global economic activities.
According to Johnson Matthey`s latest report on the global PGMs` sector, `Platinum 2002 ; platinum demand in 2001 rose by 8.3% to reach a record high 6.15m oz, against total supply of 5.86m oz.
For the third consecutive year, consumption had exceeded supplies by widening margins, in this case of 290,000 oz. The average price was $529oz.
The main sector underpinning strong demand was the automobile industry, whose offtake soared 33% to 2.52m oz. However, the metal`s demand for jewellery fabrication fell 10% to 2.55m oz, reflecting weaker sales across America, Japan and Western Europe. China emerged as the principal consumer of platinum jewellery, importing a record 1.3m oz in 2001, thus overtaking Japan.
On the supply-side, South Africa maintained its overriding dominance supplying 4.lm oz, equivalent to 70% of global supplies. The top-three (SA) producers are Anglo Platinum (where refined production totalled 2.11m oz), Impala Platinum and Lonplat.
Production from Russian Federation and North America totalled 1.3m oz and 350,000oz respectively. Johnson Matthey, the world`s largest distributor of PGMs, expects platinum prices to trade at between $480/oz - $580/oz over the next six months.
In contrast, palladium demand fell by a hefty 25% to 6.73m oz in 2001, largely due to a slump in the electronics industry`s off-- take to just 700.000oz. down from 2.16m oz in 200U. Continued volatility of Russian suppliesand higher prices of early 2001 had affected the metal`s consumption and encouraged the use of other industrial metals. Global demand for palladium in auto-catalysts also declined by 9% to 5.11m oz, reflecting increasing use of platinum for diesel-powered cars.
Last year, Russian palladium sales dropped 17% to 4.34m oz, whilst those from South Africa rose 8% to 2.01m oz. Total supplies were 7.32m oz, down from 7.8m oz in 2000. Johnson Matthey believes that SA palladium sales could reach parity with Russia in the coming years, as new projects boost the country`s production capacity. In the second-half 2002, palladium prices are projected at between $250/ oz -- $400/oz, compared with last year`s average of $603.7/oz.
Platinum group metals (PGMs) are used mainly in the automotive, jewellery and electronics industries. This market, like that of base metals, is keenly waiting for an upturn in global economic activities.
According to Johnson Matthey`s latest report on the global PGMs` sector, `Platinum 2002 ; platinum demand in 2001 rose by 8.3% to reach a record high 6.15m oz, against total supply of 5.86m oz.
For the third consecutive year, consumption had exceeded supplies by widening margins, in this case of 290,000 oz. The average price was $529oz.
The main sector underpinning strong demand was the automobile industry, whose offtake soared 33% to 2.52m oz. However, the metal`s demand for jewellery fabrication fell 10% to 2.55m oz, reflecting weaker sales across America, Japan and Western Europe. China emerged as the principal consumer of platinum jewellery, importing a record 1.3m oz in 2001, thus overtaking Japan.
On the supply-side, South Africa maintained its overriding dominance supplying 4.lm oz, equivalent to 70% of global supplies. The top-three (SA) producers are Anglo Platinum (where refined production totalled 2.11m oz), Impala Platinum and Lonplat.
Production from Russian Federation and North America totalled 1.3m oz and 350,000oz respectively. Johnson Matthey, the world`s largest distributor of PGMs, expects platinum prices to trade at between $480/oz - $580/oz over the next six months.
In contrast, palladium demand fell by a hefty 25% to 6.73m oz in 2001, largely due to a slump in the electronics industry`s off-- take to just 700.000oz. down from 2.16m oz in 200U. Continued volatility of Russian suppliesand higher prices of early 2001 had affected the metal`s consumption and encouraged the use of other industrial metals. Global demand for palladium in auto-catalysts also declined by 9% to 5.11m oz, reflecting increasing use of platinum for diesel-powered cars.
Last year, Russian palladium sales dropped 17% to 4.34m oz, whilst those from South Africa rose 8% to 2.01m oz. Total supplies were 7.32m oz, down from 7.8m oz in 2000. Johnson Matthey believes that SA palladium sales could reach parity with Russia in the coming years, as new projects boost the country`s production capacity. In the second-half 2002, palladium prices are projected at between $250/ oz -- $400/oz, compared with last year`s average of $603.7/oz.
und in deutsch heisst das....?
( ich hoffe doch, Stillwater Aktien kaufen :-) )
( ich hoffe doch, Stillwater Aktien kaufen :-) )
Platinum und Palladium Futures steigen wieder.
Unterbewertet.
Der Markt bewertet SWC mit $388 million. Das Unternehmen hat ungefähr $255 million Schulden. Auf aktuellen Preisen hat SWC keine Probleme mit der Deckung von Ihren Schulden und werden Sie auch nicht bekommen, bis die Pt/Pd- Preise kollabieren. Ich bin mir nicht sicher über die genauen Zeiten von Ihren Verkaufsverträgen mit den Automobilherstellern, und der Bedarf der Automobilindustrie ist ein weiterer Faktor, den man berücksichtigen sollte. Langfristig ist dieses möglicherweise kein schlechter Einstiegszeitpunkt, wenn man gewillt ist sehr lange (ein paar Jahre) investiert zu bleiben, aber der Bear zeichnet alles herunter auf Discount, so würde ich mögen einen Boden, der sich ereignet hat, zu sehen, oder einen konstruktiven Turnaround vor dem Trading dieser Aktie.
peter.wedemeier1
Unterbewertet.
Der Markt bewertet SWC mit $388 million. Das Unternehmen hat ungefähr $255 million Schulden. Auf aktuellen Preisen hat SWC keine Probleme mit der Deckung von Ihren Schulden und werden Sie auch nicht bekommen, bis die Pt/Pd- Preise kollabieren. Ich bin mir nicht sicher über die genauen Zeiten von Ihren Verkaufsverträgen mit den Automobilherstellern, und der Bedarf der Automobilindustrie ist ein weiterer Faktor, den man berücksichtigen sollte. Langfristig ist dieses möglicherweise kein schlechter Einstiegszeitpunkt, wenn man gewillt ist sehr lange (ein paar Jahre) investiert zu bleiben, aber der Bear zeichnet alles herunter auf Discount, so würde ich mögen einen Boden, der sich ereignet hat, zu sehen, oder einen konstruktiven Turnaround vor dem Trading dieser Aktie.
peter.wedemeier1
Breakout expected on Tuesday
By Clif Droke
For markets of August 6, 2002
October Platinum: $522.60
Critical underlying support: $520
Critical overhead resistance: $523
We wrote in the previous report that platinum futures would have to overcome $522.50 on a closing basis in order to break the downward trend, adding that "it must happen soon, preferably Monday or Tuesday." Platinum did indeed break above this benchmark on Monday, closing at $522.60 in a remarkably strong trading session relative to the broad precious metals sector.
We also noted in the last report that "how platinum trades early on Monday will likely determine its overall course for the coming week." Monday`s relatively strong trading position could well be a precursor for an upside breakout in October platinum on Tuesday. Note the latest tick chart in platinum, which shows a clearly defined triangle consolidation over the past few days, with prices near the "apex," or breakout point of the triangle. We will likely get a breakout, either up or down, during Tuesday`s session.
Breaking above the critical overhead resistance at $523 would effectively mean a bullish breakout with a run to $530-$532 likely to follow. Breaking below critical underlying support of $520, however, would mean a test of recent lows near $512.
By Clif Droke
For markets of August 6, 2002
October Platinum: $522.60
Critical underlying support: $520
Critical overhead resistance: $523
We wrote in the previous report that platinum futures would have to overcome $522.50 on a closing basis in order to break the downward trend, adding that "it must happen soon, preferably Monday or Tuesday." Platinum did indeed break above this benchmark on Monday, closing at $522.60 in a remarkably strong trading session relative to the broad precious metals sector.
We also noted in the last report that "how platinum trades early on Monday will likely determine its overall course for the coming week." Monday`s relatively strong trading position could well be a precursor for an upside breakout in October platinum on Tuesday. Note the latest tick chart in platinum, which shows a clearly defined triangle consolidation over the past few days, with prices near the "apex," or breakout point of the triangle. We will likely get a breakout, either up or down, during Tuesday`s session.
Breaking above the critical overhead resistance at $523 would effectively mean a bullish breakout with a run to $530-$532 likely to follow. Breaking below critical underlying support of $520, however, would mean a test of recent lows near $512.
Stillwater Mining (NYSE:SWC) – Stillwater, which is headquartered over in Columbus, Montana, saw quarterly net income fell sharply due to lower platinum and palladium prices. The firm reported net income of $11.1 million, or 26 cents a share. This was down from $21.3 million, or 54 cents a share, in the same quarter last year. Revenue fell slightly to $75 million.
The only U.S. producer of palladium and platinum and the new home of many Silver Valley miners, Stillwater has lately been weighed down by weak PGM demand. The stock within the past year traded above $28. Now it’s languishing a little above $8. Despite the pounding the stock has taken, the outfit’s making money and looks tempting at these prices.
The only U.S. producer of palladium and platinum and the new home of many Silver Valley miners, Stillwater has lately been weighed down by weak PGM demand. The stock within the past year traded above $28. Now it’s languishing a little above $8. Despite the pounding the stock has taken, the outfit’s making money and looks tempting at these prices.
Der Einstiegszeitpunkt ist im Moment sehr attraktiv!
peter.wedemeier1
peter.wedemeier1
Hy Peter,
verfolge deine Postings hier aufmerksam und sehr wohlwollend.Bin auf SWC auf anderem wege gestossen und hab mal geschaut ob die uebrhaupt in Deutschland gehandelt werden ,anja ziemlich duerftige Umsaetze.
Koenntest du hier noch mal n Link anfuehren wo man historische Daten fuer die einzelnen Rohstoffpreise heranziehen kann?
dank im vorraus
Toni
verfolge deine Postings hier aufmerksam und sehr wohlwollend.Bin auf SWC auf anderem wege gestossen und hab mal geschaut ob die uebrhaupt in Deutschland gehandelt werden ,anja ziemlich duerftige Umsaetze.
Koenntest du hier noch mal n Link anfuehren wo man historische Daten fuer die einzelnen Rohstoffpreise heranziehen kann?
dank im vorraus
Toni
E I N I D E A L E R E I N S T I E G S Z E I T P U K T !!!
Ein idealer Einstiegszeitpunkt!
peter.wedemeier1
peter.wedemeier1
Long Position geschlossen.
peter.wedemeier1
peter.wedemeier1
Wow, Kursanstieg in New York war nicht schlecht - fast 10%+
Vielleicht besinnen sich die amerikanischen Anleger auf eigene Rohstofflieferanten, denn die Auseinandersetzung mit dem Irak scheint greifbar nahe...
Vielleicht besinnen sich die amerikanischen Anleger auf eigene Rohstofflieferanten, denn die Auseinandersetzung mit dem Irak scheint greifbar nahe...
Hallo Peter -
was hältst Du von Anglo American (WKN 922169) ?
- größtes Bergbauunternehmen auf der Welt
- De Beers : Marktführer
- Anglo American Platinum : Marktführer
- 70 % der sambischen Kupfer- und Kobaltminen
- Besitz von 500 000 Hektar Land unter dem Bodenschätze vermutet werden
- Beteiligungen : http://www.angloamerican.co.uk/about/groupweb.asp
- und nicht zuletzt Anglogold : wenig geliebt und gehedged, aber: Reserven 13,8 Jahre, Lebensdauer der Ressourcen 64,4 Jahre
für Deine Einschätzung wäre ich dankbar
Gruß Konradi
was hältst Du von Anglo American (WKN 922169) ?
- größtes Bergbauunternehmen auf der Welt
- De Beers : Marktführer
- Anglo American Platinum : Marktführer
- 70 % der sambischen Kupfer- und Kobaltminen
- Besitz von 500 000 Hektar Land unter dem Bodenschätze vermutet werden
- Beteiligungen : http://www.angloamerican.co.uk/about/groupweb.asp
- und nicht zuletzt Anglogold : wenig geliebt und gehedged, aber: Reserven 13,8 Jahre, Lebensdauer der Ressourcen 64,4 Jahre
für Deine Einschätzung wäre ich dankbar
Gruß Konradi
@KOnradi
Hast du schon:
Agnico-Eagle Mines (AEM), ASA (ASA), Ashanti Goldfields (ASL), Cambior (CBJ), Coeur Dalene Mines (CDE), Crystallex International (KRY), Durban Roodeport Deep (DROOY), Glamis Gold (GLG), Gold Fields (GFI), Goldcorp (GG), Golden Star Resources (GSS), Harmony Gold Mining (HGMCY), Hecla Mining (HL), Kinross Gold (KGC), Meridian Gold (MDG), Newmont Mining (NEM), Pan American Silver (PAAS), Randgold & Exploration (RANGY), Richmont Mines (RIC), Royal Gold (RGLD), Silver Standard Resources (SSRI)? Wenn nicht, dann schau dir diese Werte mal etwas näher an!!!
peter.wedemeier1
Hast du schon:
Agnico-Eagle Mines (AEM), ASA (ASA), Ashanti Goldfields (ASL), Cambior (CBJ), Coeur Dalene Mines (CDE), Crystallex International (KRY), Durban Roodeport Deep (DROOY), Glamis Gold (GLG), Gold Fields (GFI), Goldcorp (GG), Golden Star Resources (GSS), Harmony Gold Mining (HGMCY), Hecla Mining (HL), Kinross Gold (KGC), Meridian Gold (MDG), Newmont Mining (NEM), Pan American Silver (PAAS), Randgold & Exploration (RANGY), Richmont Mines (RIC), Royal Gold (RGLD), Silver Standard Resources (SSRI)? Wenn nicht, dann schau dir diese Werte mal etwas näher an!!!
peter.wedemeier1
@ Peter
ich habe Newmont, Crystallex, Durban, Kingsgate und Pan American - Anglo American interessiert mich als Holding
(Anglogold, Anglo Platinum etc.) - man kriegt sozusagen mit einer Aktie ein breites Portfolio. Schau Dir mal die Beteiligungen näher an !
Danke und Gruß
Konradi
ich habe Newmont, Crystallex, Durban, Kingsgate und Pan American - Anglo American interessiert mich als Holding
(Anglogold, Anglo Platinum etc.) - man kriegt sozusagen mit einer Aktie ein breites Portfolio. Schau Dir mal die Beteiligungen näher an !
Danke und Gruß
Konradi
@konradi
Dann empfehle ich dir unbedingt einen Vergleich zwischen ASA und AAUK. ASA beteilgt sich als Bank an südafrikanischen Minen und arbeitet wie ein gut gemanagter Fond.
Achtung! Beachte bitte das Auseinanderlaufen ab Mitte März!
Also wenn ich wählen sollte zwischen ASA und AAUK, dann würde ich ein Investment in ASA immer vorziehen!
peter.wedemeier1
Dann empfehle ich dir unbedingt einen Vergleich zwischen ASA und AAUK. ASA beteilgt sich als Bank an südafrikanischen Minen und arbeitet wie ein gut gemanagter Fond.
Achtung! Beachte bitte das Auseinanderlaufen ab Mitte März!
Also wenn ich wählen sollte zwischen ASA und AAUK, dann würde ich ein Investment in ASA immer vorziehen!
peter.wedemeier1
@konradi
http://www.asaltd.com/
ASA Limited is a closed-end investment company organized a vehicle to invest in a portfolio consisting primarily of stocks of companies conducting gold mining and related activities in South Africa.
http://www.asaltd.com/
ASA Limited is a closed-end investment company organized a vehicle to invest in a portfolio consisting primarily of stocks of companies conducting gold mining and related activities in South Africa.
@ Peter
hmm ...
das überzeugt mich !
Vielen Dank für Deine Mühe
und Glück uns beiden -
konradi
hmm ...
das überzeugt mich !
Vielen Dank für Deine Mühe
und Glück uns beiden -
konradi
Stillwater in NY mit 25% im minus - weiss jemand warum ?
@B.ST. Am 12.08. bin ich raus, habe ich Euch aber auch mitgeteilt! Den Grund für den gestrigen Absturz findest du hier:
Press Release Source: Stillwater Mining Company
Stillwater Mining Updates Production Estimates for 2002
Wednesday September 4, 8:31 am ET
http://biz.yahoo.com/prnews/020904/law020_1.html
peter.wedemeier1
Press Release Source: Stillwater Mining Company
Stillwater Mining Updates Production Estimates for 2002
Wednesday September 4, 8:31 am ET
http://biz.yahoo.com/prnews/020904/law020_1.html
peter.wedemeier1
"Deep,
SWC has two problems,
1. Labor and management are at war in a giant slow down action which threatens production quotas.
2. They took on some really crappy debt instruments to get their production moving to higher rates.
Of the two the debt one is the worst. They have locked in requirements which do not allow much leeway and set expectations for getting production higher which were hard to meet in the first place and are totally impossible if you piss the work force off.
I think I suggested that putting your toe in that water starts to look interesting at PE`s of 5 and below. They are getting there fast.
What I would be willing to bet is that below 5:1 PE, there will be a hostile take over bid. Current management is not going to back off without a fight and they need new management if they are going to get the workforce happier and back on track to move production figures higher.
PGE`s are the catalysts which make most plastics, crack oil and even extrude glass fibers. Palladium would have a future in storage of hydrogen if hydrogen fuel cells ever take off. Catalytic converters get the bulk of Palladium now days."
Quelle: http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079114&…
SWC has two problems,
1. Labor and management are at war in a giant slow down action which threatens production quotas.
2. They took on some really crappy debt instruments to get their production moving to higher rates.
Of the two the debt one is the worst. They have locked in requirements which do not allow much leeway and set expectations for getting production higher which were hard to meet in the first place and are totally impossible if you piss the work force off.
I think I suggested that putting your toe in that water starts to look interesting at PE`s of 5 and below. They are getting there fast.
What I would be willing to bet is that below 5:1 PE, there will be a hostile take over bid. Current management is not going to back off without a fight and they need new management if they are going to get the workforce happier and back on track to move production figures higher.
PGE`s are the catalysts which make most plastics, crack oil and even extrude glass fibers. Palladium would have a future in storage of hydrogen if hydrogen fuel cells ever take off. Catalytic converters get the bulk of Palladium now days."
Quelle: http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079114&…
"Is SWC undervalued? If the market is rational, yes, but I am of the school of thought that the market gets more rational over longer periods of time, and can be very irrational over short periods, which is where buying opps come in. SWC provides very important metals to industry, but the downside suprise today hurts. We may see a new management regime soon, unions get mean with backs against the wall.
There have been many strikes in many companies over the years, but I can think of very few where the union actually lost. CAT is the best example - 8 years or so of the UAW on strike, Don Fites never waivered, and the UAW almost went broke. Too many oldtimers there - CAT wanted to keep the jobs American and to do that, they wanted the union to agree to changes in the work schedule (i.e. 40-hour weeks, but longer days). It was a fascinating saga. Then of course you had air traffic controllers and the NFL strike in about `90 where Randy White was named captain Scab by TD Dorsett two weeks before TD crossed the line.
I`m not saying that SWC miners will go on strike, they don`t want to, the slowdown is just a warning, and management is not responding. The union is not well organized or versed in relations either, which may make for a messy situation. Mangement thinks they have a monopoly on jobs in the area, but they do not consider people will drive 1.5 hours to work in the region (Billings does need some qualified labor - much non-qualified labor there though).
I`m no expert in mining or labor relations, and all the above is just my opinions or interpretations. I`m liking the price now if it stabilizes. The news today and the markets reaction should give management a wakeup notice, like getting whacked across the face by a 20 lb walleye!"
Quelle: http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079114&…
There have been many strikes in many companies over the years, but I can think of very few where the union actually lost. CAT is the best example - 8 years or so of the UAW on strike, Don Fites never waivered, and the UAW almost went broke. Too many oldtimers there - CAT wanted to keep the jobs American and to do that, they wanted the union to agree to changes in the work schedule (i.e. 40-hour weeks, but longer days). It was a fascinating saga. Then of course you had air traffic controllers and the NFL strike in about `90 where Randy White was named captain Scab by TD Dorsett two weeks before TD crossed the line.
I`m not saying that SWC miners will go on strike, they don`t want to, the slowdown is just a warning, and management is not responding. The union is not well organized or versed in relations either, which may make for a messy situation. Mangement thinks they have a monopoly on jobs in the area, but they do not consider people will drive 1.5 hours to work in the region (Billings does need some qualified labor - much non-qualified labor there though).
I`m no expert in mining or labor relations, and all the above is just my opinions or interpretations. I`m liking the price now if it stabilizes. The news today and the markets reaction should give management a wakeup notice, like getting whacked across the face by a 20 lb walleye!"
Quelle: http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079114&…
"Phil, are SWC white metals needed in the fuel cell future and certain ceramics and alloy futures? I would think so.
Deep "
Quelle: http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079114&…
Deep "
Quelle: http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079114&…
"Thanks for post with real world input on SWC.
But is she not oversold under $7 with a book value of close to $13?
Deep"
Quelle: http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079114&…
But is she not oversold under $7 with a book value of close to $13?
Deep"
Quelle: http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079114&…
"SWC has made some labor relations blunders lately. I have a cousin who works there, formerly a major union rep. I have been a believer that companies who address only shareholder value are not as viable as those who address stakeholder value. With stakeholders being the shareholders, employees customers and the community affected by the companies actions. JNJ is a poster child for stakeholder value. SWC has chosen to confront employees instead of working with them. Rarely will that increase stakeholder or shareholder value.
My cousin recently told me about the different management that SWC has had over the years, and the current management the worst they have had.
I`m not pro or anit-union, in some places unions serve a good purpose, particularly in dangerous industries, in others, unions exist only to suck money away from employees."
Quelle: http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079114&…
My cousin recently told me about the different management that SWC has had over the years, and the current management the worst they have had.
I`m not pro or anit-union, in some places unions serve a good purpose, particularly in dangerous industries, in others, unions exist only to suck money away from employees."
Quelle: http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079114&…
"CNBC just mentioned that precious metals are THE worst sector today, even though gold was up 20 cents.
SWC was mentioned as a big loser on the day.
Funny how they don`t give PMs the respect on our UP days?
Deep"
Quelle: http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079114&…
SWC was mentioned as a big loser on the day.
Funny how they don`t give PMs the respect on our UP days?
Deep"
Quelle: http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079114&…
Long Position eröffnet.
peter.wedemeier1
peter.wedemeier1
Doppelter Boden! Nun kann es wieder nach oben gehen! Kurzfristiges Kursziel $12,75.
Petes Regel #52...wenn die Salatbar schönes Grün hat, gehe noch einmal hin und hole dir mehr. Trade SWC! Hier könnt Ihr mindestens einen Dollar machen, wenn nicht mehr!
peter.wedemeier1
peter.wedemeier1
Wird gehandelt auf dem halben Buchwert. PE < 7. TA sieht gut aus. SWC bildet einen schönen Boden hier.
Bottom fishing!
Kursziel kurzfristig = $ 8,50
Kursziel mittelfristig = $13,00
Platin und Palladium Mine. 52-Wochen-Tief = $6,34, wo SWC eine starke Unterstützung finden sollte! Das MACD-Histogramm steigt und die Stochastic ist aus der überverkauft Situation heraus gestiegen.
peter.wedemeier1
Kursziel kurzfristig = $ 8,50
Kursziel mittelfristig = $13,00
Platin und Palladium Mine. 52-Wochen-Tief = $6,34, wo SWC eine starke Unterstützung finden sollte! Das MACD-Histogramm steigt und die Stochastic ist aus der überverkauft Situation heraus gestiegen.
peter.wedemeier1
"We have the unfortunate task of reporting that Stillwater Mining`s lower production levels will hurt its earnings and may lead to a failure to comply with loan covenants. It has cut 2002 production targets to 640,000 ounces of palladium and platinum down from an estimated 680,000 ounces. Yet production is up 22% from last year. They have $43 million in cash for operations and $198 million outstanding of a $250 million line of credit facility. Once the news was released the stock dropped to $6.70 a share. This stock sold at $36.50 a year and a half ago. The stock price does not justify the value of the company and if political problems continue in South Africa and there is any mine disruption in South African platinum and palladium properties, this stock will soar. On a long-term basis this stock is a steal."
September 16, 2002
THE INTERNATIONAL FORECASTER
An international financial, economic, political and social commentary.
Published and Edited by: Bob Chapman
September 16, 2002
THE INTERNATIONAL FORECASTER
An international financial, economic, political and social commentary.
Published and Edited by: Bob Chapman
Gestern eine sehr schöne Aktion. Am Ende dieser Woche > $8,-?
peter.wedemeier1
Unterstützung der geraden Zahl. $6,- sollten als starke Unterstützung dienen.
Vielleicht könnte dein Einstieg den Turnaround für diese Aktie bringen?! (price book value 0,5 und price earnings ratio < 7!)
The fund manager is quoted as saying, "The price seems to good to be true for such a singular enterprise as Stillwater Mining. "This stock sold at $36.50 a year and a half ago. The stock price does not justify the value of the company and if political problems continue in South Africa and there is any mine disruption in South African platinum and palladium properties, this stock will soar. On a long-term basis this stock is a steal.
July 29, 2002
STILLWATER MINING CO /DE/ (SWC)
Quarterly Report (SEC form 10-Q)
http://biz.yahoo.com/e/020729/swc.html
Der Kurs sollte als nächstes über die EMA 13-day springen. Wie oben bereits gesagt, dieser niedrige Kurs ist nicht gerechtfertigt!
Unterbewertet! Seht euch diese gedrückte Metallaktie näher an!
Halber Buchwert und ein PE von <7!
Halber Buchwert und ein PE von <7!
Struther`s Resource Stock Report - - V8 # 10.0 - - September, 20, 2002
"Another opportunity is with Stillwater Mining
Stillwater SWC on NY Recent Price US$6.20
Entry Price $13.20 Opinion - average down, strong buy
52 week range $6.05 to $20.50 (new 52 week low yesterday)
The stock took a sharp drop in April on news that the SEC was looking
into the way SWC calculates their probable reserves. This turned out
to be a nit as I speculated at the time, but in a market filled with
Enron type jitters any mention of SEC probe raises fears and the stock
sold off. The company has been mining this ore for 16 years and
probable reserves were verified by 2 separate mining engineering
firms.
In any case on June 7, 2002 SWC announced that they resolved the
issue concerning its estimate of probable ore reserves with the
Securities and Exchange Commission ("SEC").
As a result of these discussions, the Company has agreed to modify
certain parameters used in determining its probable ore reserve
estimate. Historically, the Company has vertically projected its
probable ore reserves in certain ore blocks for distances of up to
1,900 feet beyond sample points. These projections were based on
demonstrated ore continuity within the J-M Reef, the Company`s
knowledge of geologic features affecting ore continuity and
reconciliation of prior ore reserve estimates with actual mining
results. The revised parameters limit ore reserve projections to 1,000
feet beyond sample points.
Based on these revised parameters, total ore reserves for the Company
from both mines will decrease from 27.7 million ounces of palladium
and platinum to 25.0 million ounces, a 10% decrease. The Company
estimates that the Stillwater Mine ore reserves will decrease from
16.1 million ounces of palladium and platinum as reported in the 2001
10-K and 2001 Annual Report to 13.5 million ounces in the revised ore
reserve estimate. The East Boulder Mine ore reserves will decrease
from 11.6 million ounces of palladium and platinum to 11.5 million
ounces in the revised ore reserve estimate.
Francis R. McAllister, Chairman and Chief Executive Officer of the
Company, said, "We are pleased to have reached this resolution with
the SEC. While the Company`s ore reserve methodology has stood the
test of 16 years mining experience, the scrutiny of independent
experts and now this review by the SEC, it is important to put this
matter behind us with a manner which we believe fair to our
shareholders. As stated above, the agreed upon change in our ore
reserve estimate parameters is expected to cause a decrease in the
Company`s reported aggregate ore reserves of approximately 10%. The
change in the ore reserve estimate parameters will be treated as a
change in accounting estimate commencing with the second quarter of
2002. The Company estimates the increase in amortization to be
approximately $5 for each ounce of palladium and platinum produced at
the Stillwater Mine. As a result, amortization will increase from $48
per ounce reported in the first quarter of 2002 to approximately $53
to $55 per ounce commencing in the second quarter. The impact upon
quarterly earnings per share is estimated at $.01 per share. The
Company has discussed these changes in ore reserve estimates with its
outside independent auditors, KPMG LLP, and they are in full
concurrence with our analysis."
stock chart
The stock was knocked down to a very cheap level, below $15. If this
was not enough, on September 4th the company announced they were
revising their PGM production target for 2002 to approximately 640,000
ounces of palladium and platinum, a decrease of 40,000 ounces from the
previous target of 680,000 ounces. For the second half of the year,
the Stillwater Mine is now forecast to produce approximately 240,000
ounces of palladium and platinum and the East Boulder Mine is forecast
to produce approximately 70,000 ounces of palladium and platinum.
Stillwater claimed that, continued industrial relations issues and the
delay of certain infrastructure projects at the Company`s Stillwater
Mine required them to revise short-term production level targets.
I think what spooked investors and caused the sell off was this
statement in the news release
"As a result, it is possible that the Company will not comply with the
ramp up in its bank credit facility production covenant as early as
the third quarter of this year, and it is also possible that certain
financial covenants might also be breached in the fourth quarter of
this year. The Company is working closely with the lenders in its
credit facility to waive or amend the relevant covenants in its credit
agreement in light of the above circumstances and the adjusted
production figures. The Company is hopeful of reaching a satisfactory
resolution, although there can be no assurance that the Company will
be successful."
These days when ever the subject of credit and loans come up, investors
fear bankruptcy.
There is no way this mine is going under and the stock price represents
a steal. This mine is a gem and way to valuable to go out of business.
I don`t think the major shareholders and auto companies would allow it.
Palladium is simply too valuable.
You can see by the chart above that the stock has never been this
cheap and this comes at a time when reserves and production are at their
highest levels ever.
You can see from last years results and the first six months of 2002
that the mine is very profitable. Stillwater has supply contracts that
guarantee palladium prices above the current spot price.
In 2001, SWC achieved record palladium and platinum production, the
Stillwater Mine produced 504,000 ounces of PGMs, excluding 22,000
ounces of PGMs recovered from construction and development activities
at East Boulder. Cash operating costs before royalties and taxes for
2001 were $233 per ounce, compared to $226 per ounce in 2000. Total
cash costs per ounce for the year 2001 of $264 were comparable to the
prior year.
For the year ended December 31, 2001, the Company reported net income
of $65.8 million or $1.68 per share, which includes a fourth quarter
restructuring charge of $11 million, on revenue of $277.4 million,
compared to net income of $61.5 million or $1.57 per share, on revenue
of $225.2 million for 2000.
For the six months of 2002, the Company reported net income of $27.6
million or $0.65 per share, on revenue of $151 million compared to net
income of $50.7 million or $1.29 per share, on revenue of $165.2
million for the six months of 2001.
During the second quarter of 2002, the Company produced a total of
165,000 ounces of palladium and platinum compared to 123,000 ounces
for the second quarter of 2001, a 34% increase as a result of a 9%
increase in production at the Stillwater Mine and the contribution of
31,000 ounces from the East Boulder Mine. Realized prices per ounce
for the second quarter 2002 were $442 for palladium, and $511 for
platinum, compared to $591 and $541, respectively, in the second
quarter of 2001.
At the Stillwater Mine cash costs before royalties and taxes during
the second quarter of 2002 were $219 per ounce, compared to $220 for
last year. After including the East Boulder cash costs for the
quarter, consolidated cash costs before royalties and taxes for the
second quarter of 2002 were $239 per ounce compared to $220 per ounce
in 2001. Total cash costs per ounce at the Stillwater Mine for the
second quarter of 2002 were $247 compared to $259 in 2001. After
including the East Boulder costs for the quarter, total cash costs per
ounce on a consolidated basis for the second quarter of 2002 were $270
compared to $259 for the same period in 2001 due to higher operating
costs primarily related to the East Boulder Mine. The higher cash
costs at East Boulder are due to the higher quantity of low-grade
development material that is being milled as the mine ramps up to its
design capacity.
Summary
The stock is trading for just 5 to 6 times earnings and based on
reserves the stock has a very low valuation. The stock could go lower
but it already is an exceptional bargain. I would buy at current
levels with a plan to add to positions if it drops further. Following
is a snap shot of their financial situation and a valuation per ounce
of palladium reserves
Total current assets 120,556
Total assets $906,657
Total current liabilities 52,082
Long-term debt and
capital lease obligations 209,397
Deferred income taxes 75,222
Other noncurrent liabilities 13,537
Total liabilities 350,238
Shares outstanding 43,335,416
Price $6.20
Market Cap 268,679,579
Long term debt/liabilities 222,934,000 million
Cash 41,709,000
Total Value (market cap+debt - cash) 449,904,579
Reserves 25,000,000
Value/oz of reserves US$18.00
A value of just US$18/oz in the ground is a ridiculous low valuation
for a 25 million oz. PGM deposit that is producing over 600,000 ounces
of palladium a year. It is only a matter of when before the stock
moves much higher or a worse case scenario would be a takeover.
Newmont who is a major shareholder would be the most likely buyer.
Newmont has the cash that they could easily pay off the 200 million
credit facility. I expect any take over would be at least double the
current stock price.
The Stillwater mine is a jewel and before long will command a much
higher valuation. Take advantage of the bargain.
Option Players
Option players could even do better. You could buy the October $7.50
Put for $1.60. As long as SWC remains below $7.50 by the October
expiry, the stock will be `put to you` meaning you have to buy it at
$7.50. However considering the $1.60 premium, in essence you are
paying only $5.90 for the stock. If the stock is back over $7.50 by
October expiry it will not be `put to you` but you keep the $1.60
premium.
Call options seem to have a pretty high premium. The January 2003 $5
Call is price around $1.85 and is $1.20 `in the money` so the premium
is $0.65. The Jan. 2003 $7.50 Call is $0.80 and is $1.30 `out of the
money` so the premium is $2.10. It is quite expensive but you only
have to risk $800 to control 10 Calls or 1000 shares of SWC instead of
$1,850 for the $7.50 Calls. If SWC moved back to $10, you make a much
higher return with the $7.50 Calls as these would move to $2.50 or
higher.
Conservative investors could buy SWC at $6.20 and write the $7.50
Calls (covered Call strategy). This way you receive the $0.80 premium
for the Call but would have to sell SWC at $7.50. Considering the
$6.20 price, you would have profit of $1.30 plus the $0.80 from
writing the Call, in total $2.10 or a return of 34% on your $6.20
investment. You could use margin and double your return. This covered
call strategy would also give you downside protection to $5.40 (6.20 -
.80)
For the newsletter, I am averaging down in SWC to $9.00. I will watch
the stock chart and might add SWC Call options as part of the
speculation weighting in the model portfolio."
CONTACT: Jim Sabala 1-406-322-8724
http://www.stillwatermining.com
http://www.stockhouse.ca/bullboards/viewmessage.asp?no=55566…
"Another opportunity is with Stillwater Mining
Stillwater SWC on NY Recent Price US$6.20
Entry Price $13.20 Opinion - average down, strong buy
52 week range $6.05 to $20.50 (new 52 week low yesterday)
The stock took a sharp drop in April on news that the SEC was looking
into the way SWC calculates their probable reserves. This turned out
to be a nit as I speculated at the time, but in a market filled with
Enron type jitters any mention of SEC probe raises fears and the stock
sold off. The company has been mining this ore for 16 years and
probable reserves were verified by 2 separate mining engineering
firms.
In any case on June 7, 2002 SWC announced that they resolved the
issue concerning its estimate of probable ore reserves with the
Securities and Exchange Commission ("SEC").
As a result of these discussions, the Company has agreed to modify
certain parameters used in determining its probable ore reserve
estimate. Historically, the Company has vertically projected its
probable ore reserves in certain ore blocks for distances of up to
1,900 feet beyond sample points. These projections were based on
demonstrated ore continuity within the J-M Reef, the Company`s
knowledge of geologic features affecting ore continuity and
reconciliation of prior ore reserve estimates with actual mining
results. The revised parameters limit ore reserve projections to 1,000
feet beyond sample points.
Based on these revised parameters, total ore reserves for the Company
from both mines will decrease from 27.7 million ounces of palladium
and platinum to 25.0 million ounces, a 10% decrease. The Company
estimates that the Stillwater Mine ore reserves will decrease from
16.1 million ounces of palladium and platinum as reported in the 2001
10-K and 2001 Annual Report to 13.5 million ounces in the revised ore
reserve estimate. The East Boulder Mine ore reserves will decrease
from 11.6 million ounces of palladium and platinum to 11.5 million
ounces in the revised ore reserve estimate.
Francis R. McAllister, Chairman and Chief Executive Officer of the
Company, said, "We are pleased to have reached this resolution with
the SEC. While the Company`s ore reserve methodology has stood the
test of 16 years mining experience, the scrutiny of independent
experts and now this review by the SEC, it is important to put this
matter behind us with a manner which we believe fair to our
shareholders. As stated above, the agreed upon change in our ore
reserve estimate parameters is expected to cause a decrease in the
Company`s reported aggregate ore reserves of approximately 10%. The
change in the ore reserve estimate parameters will be treated as a
change in accounting estimate commencing with the second quarter of
2002. The Company estimates the increase in amortization to be
approximately $5 for each ounce of palladium and platinum produced at
the Stillwater Mine. As a result, amortization will increase from $48
per ounce reported in the first quarter of 2002 to approximately $53
to $55 per ounce commencing in the second quarter. The impact upon
quarterly earnings per share is estimated at $.01 per share. The
Company has discussed these changes in ore reserve estimates with its
outside independent auditors, KPMG LLP, and they are in full
concurrence with our analysis."
stock chart
The stock was knocked down to a very cheap level, below $15. If this
was not enough, on September 4th the company announced they were
revising their PGM production target for 2002 to approximately 640,000
ounces of palladium and platinum, a decrease of 40,000 ounces from the
previous target of 680,000 ounces. For the second half of the year,
the Stillwater Mine is now forecast to produce approximately 240,000
ounces of palladium and platinum and the East Boulder Mine is forecast
to produce approximately 70,000 ounces of palladium and platinum.
Stillwater claimed that, continued industrial relations issues and the
delay of certain infrastructure projects at the Company`s Stillwater
Mine required them to revise short-term production level targets.
I think what spooked investors and caused the sell off was this
statement in the news release
"As a result, it is possible that the Company will not comply with the
ramp up in its bank credit facility production covenant as early as
the third quarter of this year, and it is also possible that certain
financial covenants might also be breached in the fourth quarter of
this year. The Company is working closely with the lenders in its
credit facility to waive or amend the relevant covenants in its credit
agreement in light of the above circumstances and the adjusted
production figures. The Company is hopeful of reaching a satisfactory
resolution, although there can be no assurance that the Company will
be successful."
These days when ever the subject of credit and loans come up, investors
fear bankruptcy.
There is no way this mine is going under and the stock price represents
a steal. This mine is a gem and way to valuable to go out of business.
I don`t think the major shareholders and auto companies would allow it.
Palladium is simply too valuable.
You can see by the chart above that the stock has never been this
cheap and this comes at a time when reserves and production are at their
highest levels ever.
You can see from last years results and the first six months of 2002
that the mine is very profitable. Stillwater has supply contracts that
guarantee palladium prices above the current spot price.
In 2001, SWC achieved record palladium and platinum production, the
Stillwater Mine produced 504,000 ounces of PGMs, excluding 22,000
ounces of PGMs recovered from construction and development activities
at East Boulder. Cash operating costs before royalties and taxes for
2001 were $233 per ounce, compared to $226 per ounce in 2000. Total
cash costs per ounce for the year 2001 of $264 were comparable to the
prior year.
For the year ended December 31, 2001, the Company reported net income
of $65.8 million or $1.68 per share, which includes a fourth quarter
restructuring charge of $11 million, on revenue of $277.4 million,
compared to net income of $61.5 million or $1.57 per share, on revenue
of $225.2 million for 2000.
For the six months of 2002, the Company reported net income of $27.6
million or $0.65 per share, on revenue of $151 million compared to net
income of $50.7 million or $1.29 per share, on revenue of $165.2
million for the six months of 2001.
During the second quarter of 2002, the Company produced a total of
165,000 ounces of palladium and platinum compared to 123,000 ounces
for the second quarter of 2001, a 34% increase as a result of a 9%
increase in production at the Stillwater Mine and the contribution of
31,000 ounces from the East Boulder Mine. Realized prices per ounce
for the second quarter 2002 were $442 for palladium, and $511 for
platinum, compared to $591 and $541, respectively, in the second
quarter of 2001.
At the Stillwater Mine cash costs before royalties and taxes during
the second quarter of 2002 were $219 per ounce, compared to $220 for
last year. After including the East Boulder cash costs for the
quarter, consolidated cash costs before royalties and taxes for the
second quarter of 2002 were $239 per ounce compared to $220 per ounce
in 2001. Total cash costs per ounce at the Stillwater Mine for the
second quarter of 2002 were $247 compared to $259 in 2001. After
including the East Boulder costs for the quarter, total cash costs per
ounce on a consolidated basis for the second quarter of 2002 were $270
compared to $259 for the same period in 2001 due to higher operating
costs primarily related to the East Boulder Mine. The higher cash
costs at East Boulder are due to the higher quantity of low-grade
development material that is being milled as the mine ramps up to its
design capacity.
Summary
The stock is trading for just 5 to 6 times earnings and based on
reserves the stock has a very low valuation. The stock could go lower
but it already is an exceptional bargain. I would buy at current
levels with a plan to add to positions if it drops further. Following
is a snap shot of their financial situation and a valuation per ounce
of palladium reserves
Total current assets 120,556
Total assets $906,657
Total current liabilities 52,082
Long-term debt and
capital lease obligations 209,397
Deferred income taxes 75,222
Other noncurrent liabilities 13,537
Total liabilities 350,238
Shares outstanding 43,335,416
Price $6.20
Market Cap 268,679,579
Long term debt/liabilities 222,934,000 million
Cash 41,709,000
Total Value (market cap+debt - cash) 449,904,579
Reserves 25,000,000
Value/oz of reserves US$18.00
A value of just US$18/oz in the ground is a ridiculous low valuation
for a 25 million oz. PGM deposit that is producing over 600,000 ounces
of palladium a year. It is only a matter of when before the stock
moves much higher or a worse case scenario would be a takeover.
Newmont who is a major shareholder would be the most likely buyer.
Newmont has the cash that they could easily pay off the 200 million
credit facility. I expect any take over would be at least double the
current stock price.
The Stillwater mine is a jewel and before long will command a much
higher valuation. Take advantage of the bargain.
Option Players
Option players could even do better. You could buy the October $7.50
Put for $1.60. As long as SWC remains below $7.50 by the October
expiry, the stock will be `put to you` meaning you have to buy it at
$7.50. However considering the $1.60 premium, in essence you are
paying only $5.90 for the stock. If the stock is back over $7.50 by
October expiry it will not be `put to you` but you keep the $1.60
premium.
Call options seem to have a pretty high premium. The January 2003 $5
Call is price around $1.85 and is $1.20 `in the money` so the premium
is $0.65. The Jan. 2003 $7.50 Call is $0.80 and is $1.30 `out of the
money` so the premium is $2.10. It is quite expensive but you only
have to risk $800 to control 10 Calls or 1000 shares of SWC instead of
$1,850 for the $7.50 Calls. If SWC moved back to $10, you make a much
higher return with the $7.50 Calls as these would move to $2.50 or
higher.
Conservative investors could buy SWC at $6.20 and write the $7.50
Calls (covered Call strategy). This way you receive the $0.80 premium
for the Call but would have to sell SWC at $7.50. Considering the
$6.20 price, you would have profit of $1.30 plus the $0.80 from
writing the Call, in total $2.10 or a return of 34% on your $6.20
investment. You could use margin and double your return. This covered
call strategy would also give you downside protection to $5.40 (6.20 -
.80)
For the newsletter, I am averaging down in SWC to $9.00. I will watch
the stock chart and might add SWC Call options as part of the
speculation weighting in the model portfolio."
CONTACT: Jim Sabala 1-406-322-8724
http://www.stillwatermining.com
http://www.stockhouse.ca/bullboards/viewmessage.asp?no=55566…
Eine sehr interessante Options strategy in dem vorstehenden Artikel!
peter.wedemeier
peter.wedemeier
SWC leidet unter einem ausgedehnten Streik in Kanada. Wenn der Streik vorüber ist, wird der Kurs von SWC wieder zurück auf $9,- steigen., auf dem es vor dem Streik war und dieses trotz der momentan tiefen Platinpreise. Trotzdem kann dieser Sektor eine noch unentdeckte Nische neben Gold sein. Und SWC und PAL sind die Major Player in diesem Sektor. Und: Beide SWC und PAL sind momentan sehr stark unterbewertet.
Beispiel: SWC mit einem Price/Book von 0,6, damit könnte es sogar ein Pick für Warren Buffet sein.
peter.wedemeier1
Beispiel: SWC mit einem Price/Book von 0,6, damit könnte es sogar ein Pick für Warren Buffet sein.
peter.wedemeier1
Buffet`s Interesse an SWC ist reine Spekulation. Er achtet auf Value, z.B. Kaufpreis unter Price/Book-Ratio, wie SWC mit einem Price/Book-Ratio von ca. 0,5.
Dieses ist der Boden bei SWC! Bei einer Rallye bei dieser Aktie bin ich mit meinen wirklichen Dollars dabei!
SWC ist ein Call von Robt. Chapmann!
SWC ist sehr stark untergepreist und langfristig ein großartiges Unternehmen.! Die Metall könnten nun eine Weile (bis in das nächste Jahr hinein und weiter) rennen und eine Rallye hinlegen. Call für das Gold $400 (nächstes Jahr)! Momentan befinden wir uns in einer Trading Box von $325,- - 350. Zuletzt war es auf $323,50.
Für den Gesamtmarkt sind diese 3 Quartale vergleichbar mit 1987 und vergeßt nicht das die Fond sich bereits auf das nächste Quartal vorbereiten. Dieses dürfte für den Gesamtmarkt nicht s gutes bedeuten, außer sehr stark fallende Kurse und vielleicht einen richtigen Crash, wo es mehrere Tage hintereinander um jeweils 10% bei dem Gesamtmarkt crasht. Gold und Silber und Platin werden zur gleichen Zeit stark steigen im Preis.
peter.wedemeier1
SWC ist ein Call von Robt. Chapmann!
SWC ist sehr stark untergepreist und langfristig ein großartiges Unternehmen.! Die Metall könnten nun eine Weile (bis in das nächste Jahr hinein und weiter) rennen und eine Rallye hinlegen. Call für das Gold $400 (nächstes Jahr)! Momentan befinden wir uns in einer Trading Box von $325,- - 350. Zuletzt war es auf $323,50.
Für den Gesamtmarkt sind diese 3 Quartale vergleichbar mit 1987 und vergeßt nicht das die Fond sich bereits auf das nächste Quartal vorbereiten. Dieses dürfte für den Gesamtmarkt nicht s gutes bedeuten, außer sehr stark fallende Kurse und vielleicht einen richtigen Crash, wo es mehrere Tage hintereinander um jeweils 10% bei dem Gesamtmarkt crasht. Gold und Silber und Platin werden zur gleichen Zeit stark steigen im Preis.
peter.wedemeier1
Viele Faktoren kombiniert, ergibt das aktuelle Tief.
- Stillwater hat lange unter einem inkompetenten Managment gelitten. Das Ergebnis war, das SWC das Produktionsziel um Meilen verfehlte.
Nun scheinen Sie ein komptetentes Team zu haben. Dieses Team braucht aber eine Weile um die Dinge zu wenden und zuletzt haben sich diese Dinge schon zu Gunsten SWC verbessert. SWC ist nun stabil und die Kosten werden gesenkt. Trotzdem hatte dieses einen dramatischen Einfluß auf den Aktienkurs.
- Diese Situation wurde durch einen fallenden Preis beim Palladium noch verschlimmert. Die Russen manipulierten den Palladium Preis so lange und trieben ihn über $1.000/oz, bis zu dem Punkt, wo die industriellen Verbraucher von Palladium auf Platinum wechselten. Das Pendel ist zu weit weg geschwungen in die Richtung, das das Palladium nun auf einem $250,- Discount im Verhältnis zum Platinum gehandelt wird. Dieses sollte die Wirtschaft durch Angebot und Nachfrage wieder korrigieren können.
- Der breite Aktienmarkt (Dow Jones, DAX, Nasdaq und Nemax) befindet sich nun in tiefen Löchern und wird wahrscheinlich in der nächsten Handelswoche einen brutalen Crash (z.B. Dow Jones <7.000 vielleicht schon am Montag!) erleben. Und dieser Aktienmarkt wird sich in den nächsten 20 Jahren nicht mehr aus diesen Löchern befreien können.
Alle diese Faktoren kombiniert, hat den Kurs von SWC auf ein unrealistisches Tief getrieben. Dieses scheint nun ein sehr guter Einstiegszeitpunkt zu sein, an dem man sich nun in das Unternehmen reinkaufen sollte. Mit der Erwartung von einer Verdoppelung bei dem Kurs innerhalb des nächsten Jahres.
peter.wedemeier1
- Stillwater hat lange unter einem inkompetenten Managment gelitten. Das Ergebnis war, das SWC das Produktionsziel um Meilen verfehlte.
Nun scheinen Sie ein komptetentes Team zu haben. Dieses Team braucht aber eine Weile um die Dinge zu wenden und zuletzt haben sich diese Dinge schon zu Gunsten SWC verbessert. SWC ist nun stabil und die Kosten werden gesenkt. Trotzdem hatte dieses einen dramatischen Einfluß auf den Aktienkurs.
- Diese Situation wurde durch einen fallenden Preis beim Palladium noch verschlimmert. Die Russen manipulierten den Palladium Preis so lange und trieben ihn über $1.000/oz, bis zu dem Punkt, wo die industriellen Verbraucher von Palladium auf Platinum wechselten. Das Pendel ist zu weit weg geschwungen in die Richtung, das das Palladium nun auf einem $250,- Discount im Verhältnis zum Platinum gehandelt wird. Dieses sollte die Wirtschaft durch Angebot und Nachfrage wieder korrigieren können.
- Der breite Aktienmarkt (Dow Jones, DAX, Nasdaq und Nemax) befindet sich nun in tiefen Löchern und wird wahrscheinlich in der nächsten Handelswoche einen brutalen Crash (z.B. Dow Jones <7.000 vielleicht schon am Montag!) erleben. Und dieser Aktienmarkt wird sich in den nächsten 20 Jahren nicht mehr aus diesen Löchern befreien können.
Alle diese Faktoren kombiniert, hat den Kurs von SWC auf ein unrealistisches Tief getrieben. Dieses scheint nun ein sehr guter Einstiegszeitpunkt zu sein, an dem man sich nun in das Unternehmen reinkaufen sollte. Mit der Erwartung von einer Verdoppelung bei dem Kurs innerhalb des nächsten Jahres.
peter.wedemeier1
Bollinger Bänder, OBV Wechsel!
Das MACD-Histogramm traf den Horizont, Bollinger Bänder, OBV alle sehen bullish aus! P/E von 6.
Das MACD-Histogramm traf den Horizont, Bollinger Bänder, OBV alle sehen bullish aus! P/E von 6.
Shots Kill Two Miners at S.Africa Gold Mine
Mon Oct 7, 1:08 PM ET
By Jodie Ginsberg
http://story.news.yahoo.com/news?tmpl=story&ncid=586&e=8&cid…
Mon Oct 7, 1:08 PM ET
By Jodie Ginsberg
http://story.news.yahoo.com/news?tmpl=story&ncid=586&e=8&cid…
Stillwater Mining Company Third Quarter 2002 Financial And Operating Results Conference Call
Tuesday October 8, 8:32 am ET
COLUMBUS, Mont., Oct. 8 /PRNewswire-FirstCall/ -- Stillwater Mining Company (NYSE: SWC - News) will report its third quarter results on Monday, October 28, 2002. There will be a conference call that day at 12:00 p.m. Eastern time.
Dial-In Numbers: (800) 230-1092 (US)
(612) 288-0329 (International)
The conference call will also be simultaneously carried on the Company`s web site www.stillwatermining.com in the Investor Relations section under Management Presentations.
Frank McAllister, Chairman & CEO, will host the conference call to review Stillwater Mining Company`s performance and will take questions at the end of the call. Participants should call in at least five minutes prior to the conference start time and will be asked to provide their name and company.
A replay of the call will be available through Monday, November 4, 2002. The replay dial-in numbers are (800) 475-6701 (US) and (320) 365-3844 (International) and the access code is 655317. In addition, the call will be archived on the Company`s web site in the Investor Relations Section under Audio Archives.
Stillwater Mining Company is the only U.S. producer of palladium and platinum and is the largest primary producer of platinum group metals outside of South Africa. The Company`s shares are traded on the New York Stock Exchange under the symbol SWC. Information on Stillwater Mining can be found at its Web site: www.stillwatermining.com
Tuesday October 8, 8:32 am ET
COLUMBUS, Mont., Oct. 8 /PRNewswire-FirstCall/ -- Stillwater Mining Company (NYSE: SWC - News) will report its third quarter results on Monday, October 28, 2002. There will be a conference call that day at 12:00 p.m. Eastern time.
Dial-In Numbers: (800) 230-1092 (US)
(612) 288-0329 (International)
The conference call will also be simultaneously carried on the Company`s web site www.stillwatermining.com in the Investor Relations section under Management Presentations.
Frank McAllister, Chairman & CEO, will host the conference call to review Stillwater Mining Company`s performance and will take questions at the end of the call. Participants should call in at least five minutes prior to the conference start time and will be asked to provide their name and company.
A replay of the call will be available through Monday, November 4, 2002. The replay dial-in numbers are (800) 475-6701 (US) and (320) 365-3844 (International) and the access code is 655317. In addition, the call will be archived on the Company`s web site in the Investor Relations Section under Audio Archives.
Stillwater Mining Company is the only U.S. producer of palladium and platinum and is the largest primary producer of platinum group metals outside of South Africa. The Company`s shares are traded on the New York Stock Exchange under the symbol SWC. Information on Stillwater Mining can be found at its Web site: www.stillwatermining.com
Analyst Consensus Recommendation: Hold
http://investdb.theglobeandmail.com/invest/investSQL/gx.esti…
http://investdb.theglobeandmail.com/invest/investSQL/gx.esti…
Long Position geschlossen.
peter.wedemeier1
peter.wedemeier1
Long Position eröffnet.
peter.wedemeier1
peter.wedemeier1
Rumblings over Stillwater “ballroom bombshell”
Tim Wood
A majority of analysts polled by Mineweb are seething about the reason for a massive leap in the Stillwater [SWC] stock price – a surprise revelation that the company has encountered a “ballroom” that will boost production and grades going forward.
“Ballroom” describes a swelling of the mineralized zone, often contributing more ounces of precious metal per tonne of ore than the average. It is, perhaps, the mining equivalent of having every space on your dance card signed before the first waltz even gets under way.
The ballroom became public knowledge when Prudential Natural Resources fund manager, Leigh Goehring, spoke of it during the Stillwater third quarter conference call on Monday. The Jennison Associates managed fund is one of the biggest shareholders in Stillwater, and most of the analysts believe Goehring’s question was a rehearsed plan to gin up the company’s flagging fortunes.
A New York analyst wasn’t so sure. He said those raising Cain about it were likely short the stock and getting badly burned. The share price rocketed 15.7% from USD6.90 to USD7.98 yesterday, its sixth consecutive gain, and it managed a seventh today.
“They got too greedy and now they’re desperately looking for excuses.” He also noted the strong American-Canadian investment community rivalry that has developed regarding embattled Stillwater and failed North American Palladium.
None of the analysts polled had any foreknowledge of the ballroom, which the company appears to have kept under wraps specifically for the quarterly. Adding insult to injury for the analysts was that the company has been able to delineate the ballroom to such an extent that it described it as potentially the largest ever mined by the company.
“An absolute bombshell,” said a New York analyst. A Toronto competitor agreed: “How does this information end up in just one person’s hands?” A New York broker was scathing of the way in which the information was released and even more cynical about the motives: “It’s just so convenient.” “It stinks,” said the broker’s colleague, highlighting the vested interest of the Pru fund.
There was unanimity in ascribing yesterday’s surge in the Stillwater share price to revised valuations anticipating the ballroom’s beneficial impact. It is expected to be worth as much as ten per cent of production running above the average grade. Despite this, a number of analysts said the ballroom did not “change the story”, which is generally very bearish without a much higher palladium price and improved grades at the Stillwater and East Boulder mines.
“The market has gone on a tear over this, but the excitement will be short-lived,” suggested another New York analyst.
Goehring, speaking in the early part of the question and answer session [1h08’:57 on the replay], asked about the ballroom, which Stillwater chief executive, Frank McAllister, confirmed. This is a verbatim transcript of the conversation:
Goehring: “I believe that you guys have a very large ballroom that’s supposed to come on very soon. Will that be in production in the fourth quarter?”
McAllister: “Leigh, you’re absolutely right and it will be in production in the fourth quarter; in fact it [chuckle]… is a very small portion of it, but it will come on in the fourth quarter. The main production, obviously, will be next year, but it will begin to affect our operations during the fourth quarter. Bob [Robert Taylor, VP Mine Operations], would you like to speak to the size of it?”
Taylor: “Well, it appears that it could be one of the largest ounce based ballrooms we’ve ever encountered. It’s going to be a nice stope; we’re just getting into it now.”
Goehring: “Okay, so it will contribute significantly to operations in the fourth quarter, and ramping up into the first?”
McAllister: “No, let me say the reverse. It will ramp up in the fourth quarter and contribute significantly in year 2003.”
Those polled fumed at how forthcoming the executives were on the ballroom after clamping down on any and all news as pressure to perform mounted. Even preceding the question, the executives were hyper-cautious and reluctant to say much. Virtually every analyst covering the company is deeply frustrated with the information sharing process, which was described by one as akin to “pulling teeth”; even when there is genuinely good news.
The ballroom is clearly good news, but the consensus view is that it will likely only accentuate Stillwater’s problems since it is not expected to boost production and grade in a way that cushions the company from the debt related covenants it must conform with.
No-one would venture an opinion on whether the ballroom constituted a “material” disclosure problem that might attract legal censure, but the hostility doesn’t make it too difficult to read between the lines. The rule of thumb test for “materiality” in the US is quite straightforward – “is the information important to an investor making a decision to buy or sell securities in the company, and would be viewed by a reasonable investor has having significantly altered the total mix of information available on the company.” Canadian standards look to changes in the share price exceeding 5% following unusual disclosure as a trigger for an insider investigation.
There is some wiggle room for a company to plead “unintentional selective disclosure” if it disseminates the information within a day at least. However, the test for intention is extremely tough and the company must prove that there was “a good faith failure to appreciate the market’s reaction to information regarding trends in a corporate business segment.”
The news has had the desired effect, and a Canadian analyst noted wryly: “If the stock gets to USD10 and Stillwater doesn`t jump at raising more money; a real opportunity will have passed them by.” A fund raising would help solve the pressure piling up as debt repayments come into view.
Neither Mr Goehring nor Stillwater responded to requests for comment at the time of publication
Tim Wood
A majority of analysts polled by Mineweb are seething about the reason for a massive leap in the Stillwater [SWC] stock price – a surprise revelation that the company has encountered a “ballroom” that will boost production and grades going forward.
“Ballroom” describes a swelling of the mineralized zone, often contributing more ounces of precious metal per tonne of ore than the average. It is, perhaps, the mining equivalent of having every space on your dance card signed before the first waltz even gets under way.
The ballroom became public knowledge when Prudential Natural Resources fund manager, Leigh Goehring, spoke of it during the Stillwater third quarter conference call on Monday. The Jennison Associates managed fund is one of the biggest shareholders in Stillwater, and most of the analysts believe Goehring’s question was a rehearsed plan to gin up the company’s flagging fortunes.
A New York analyst wasn’t so sure. He said those raising Cain about it were likely short the stock and getting badly burned. The share price rocketed 15.7% from USD6.90 to USD7.98 yesterday, its sixth consecutive gain, and it managed a seventh today.
“They got too greedy and now they’re desperately looking for excuses.” He also noted the strong American-Canadian investment community rivalry that has developed regarding embattled Stillwater and failed North American Palladium.
None of the analysts polled had any foreknowledge of the ballroom, which the company appears to have kept under wraps specifically for the quarterly. Adding insult to injury for the analysts was that the company has been able to delineate the ballroom to such an extent that it described it as potentially the largest ever mined by the company.
“An absolute bombshell,” said a New York analyst. A Toronto competitor agreed: “How does this information end up in just one person’s hands?” A New York broker was scathing of the way in which the information was released and even more cynical about the motives: “It’s just so convenient.” “It stinks,” said the broker’s colleague, highlighting the vested interest of the Pru fund.
There was unanimity in ascribing yesterday’s surge in the Stillwater share price to revised valuations anticipating the ballroom’s beneficial impact. It is expected to be worth as much as ten per cent of production running above the average grade. Despite this, a number of analysts said the ballroom did not “change the story”, which is generally very bearish without a much higher palladium price and improved grades at the Stillwater and East Boulder mines.
“The market has gone on a tear over this, but the excitement will be short-lived,” suggested another New York analyst.
Goehring, speaking in the early part of the question and answer session [1h08’:57 on the replay], asked about the ballroom, which Stillwater chief executive, Frank McAllister, confirmed. This is a verbatim transcript of the conversation:
Goehring: “I believe that you guys have a very large ballroom that’s supposed to come on very soon. Will that be in production in the fourth quarter?”
McAllister: “Leigh, you’re absolutely right and it will be in production in the fourth quarter; in fact it [chuckle]… is a very small portion of it, but it will come on in the fourth quarter. The main production, obviously, will be next year, but it will begin to affect our operations during the fourth quarter. Bob [Robert Taylor, VP Mine Operations], would you like to speak to the size of it?”
Taylor: “Well, it appears that it could be one of the largest ounce based ballrooms we’ve ever encountered. It’s going to be a nice stope; we’re just getting into it now.”
Goehring: “Okay, so it will contribute significantly to operations in the fourth quarter, and ramping up into the first?”
McAllister: “No, let me say the reverse. It will ramp up in the fourth quarter and contribute significantly in year 2003.”
Those polled fumed at how forthcoming the executives were on the ballroom after clamping down on any and all news as pressure to perform mounted. Even preceding the question, the executives were hyper-cautious and reluctant to say much. Virtually every analyst covering the company is deeply frustrated with the information sharing process, which was described by one as akin to “pulling teeth”; even when there is genuinely good news.
The ballroom is clearly good news, but the consensus view is that it will likely only accentuate Stillwater’s problems since it is not expected to boost production and grade in a way that cushions the company from the debt related covenants it must conform with.
No-one would venture an opinion on whether the ballroom constituted a “material” disclosure problem that might attract legal censure, but the hostility doesn’t make it too difficult to read between the lines. The rule of thumb test for “materiality” in the US is quite straightforward – “is the information important to an investor making a decision to buy or sell securities in the company, and would be viewed by a reasonable investor has having significantly altered the total mix of information available on the company.” Canadian standards look to changes in the share price exceeding 5% following unusual disclosure as a trigger for an insider investigation.
There is some wiggle room for a company to plead “unintentional selective disclosure” if it disseminates the information within a day at least. However, the test for intention is extremely tough and the company must prove that there was “a good faith failure to appreciate the market’s reaction to information regarding trends in a corporate business segment.”
The news has had the desired effect, and a Canadian analyst noted wryly: “If the stock gets to USD10 and Stillwater doesn`t jump at raising more money; a real opportunity will have passed them by.” A fund raising would help solve the pressure piling up as debt repayments come into view.
Neither Mr Goehring nor Stillwater responded to requests for comment at the time of publication
... und das heisst bitte auf Deutsch ( auch eine Kurzfassung wäre klasse ) ?
Long Position geschlossen.
peter.wedemeier1
peter.wedemeier1
Long Position eröffnet.
peter.wedemeier1
peter.wedemeier1
Bush Approves SUV Fuel Economy Increase
Thu Dec 12, 3:51 PM ET Add White House - AP to My Yahoo!
By H. JOSEF HEBERT, Associated Press Writer
WASHINGTON (AP) -
http://story.news.yahoo.com/news?tmpl=story&u=/ap/20021212/a…
Thu Dec 12, 3:51 PM ET Add White House - AP to My Yahoo!
By H. JOSEF HEBERT, Associated Press Writer
WASHINGTON (AP) -
http://story.news.yahoo.com/news?tmpl=story&u=/ap/20021212/a…
nesbitt comments onPAL..AVOID
Corporate Developments – The improving operating
results over the previous nine months were interrupted by
the September announcement of unscheduled primary
crusher repairs. Repairs were expected to take 6-8 weeks;
however, repairs will likely extend into December, longer
than forecast, during which time the mill will continue to
process lower-grade stockpile ore at reduced rates.
Fortunately, a working capital build-up secures cash flows
for the next six months.
Studies into the underground mining potential at Lac des
Iles continue. Drilling should be completed in early 2003,
providing the basis for a feasibility study.
At the time of writing, no permanent replacement had been
found for its CEO, Keith Minty, who resigned in September.
Forecasts – Thanks to PDL’s forward sales program, the
low palladium price will not materially impact near-term
earnings. Our 2002 palladium production estimate has been
reduced to 223 koz from 260 koz. Despite the six-month
working capital build-up, a higher per-tonne cost forecast
has impacted our 2002E EPS and CFPS (now C$0.45 and
C$1.02). Recoveries are expected to remain low at 72% in
Q4. By 2003, production is expected to expand to 296 koz.
Valuation – The low palladium price and persistently high
costs have seen us review our reserve assumptions, and our
downwardly revised palladium price outlook has seen our
8% NAV fall to $6.11.
Recommendation – Uncertainty surrounding operating
performances, the replacement of the CEO and the poor
palladium price environment are likely to continue to weigh
on the stock’s valuation.
Using a 15% discount to our 8% NAV, 5x 2004E CFPS,
12x 2004E EPS and a market capitalization of $100 per
ounce of reserves, we calculate a target price of $5.75. We
are downgrading our recommendation to Market Perform
from Outperform.
Corporate Developments – The improving operating
results over the previous nine months were interrupted by
the September announcement of unscheduled primary
crusher repairs. Repairs were expected to take 6-8 weeks;
however, repairs will likely extend into December, longer
than forecast, during which time the mill will continue to
process lower-grade stockpile ore at reduced rates.
Fortunately, a working capital build-up secures cash flows
for the next six months.
Studies into the underground mining potential at Lac des
Iles continue. Drilling should be completed in early 2003,
providing the basis for a feasibility study.
At the time of writing, no permanent replacement had been
found for its CEO, Keith Minty, who resigned in September.
Forecasts – Thanks to PDL’s forward sales program, the
low palladium price will not materially impact near-term
earnings. Our 2002 palladium production estimate has been
reduced to 223 koz from 260 koz. Despite the six-month
working capital build-up, a higher per-tonne cost forecast
has impacted our 2002E EPS and CFPS (now C$0.45 and
C$1.02). Recoveries are expected to remain low at 72% in
Q4. By 2003, production is expected to expand to 296 koz.
Valuation – The low palladium price and persistently high
costs have seen us review our reserve assumptions, and our
downwardly revised palladium price outlook has seen our
8% NAV fall to $6.11.
Recommendation – Uncertainty surrounding operating
performances, the replacement of the CEO and the poor
palladium price environment are likely to continue to weigh
on the stock’s valuation.
Using a 15% discount to our 8% NAV, 5x 2004E CFPS,
12x 2004E EPS and a market capitalization of $100 per
ounce of reserves, we calculate a target price of $5.75. We
are downgrading our recommendation to Market Perform
from Outperform.
Monday, Dec. 16, 2002. Page 9
Norilsk to Demystify PGM Sales, Exports
By Torrey Clark
Staff Writer
http://www.moscowtimes.ru/stories/2002/12/16/047.html
Norilsk to Demystify PGM Sales, Exports
By Torrey Clark
Staff Writer
http://www.moscowtimes.ru/stories/2002/12/16/047.html
Norilsk Nickel forecasts palladium prices
RosBusinessConsulting. Sunday, Dec. 15, 2002, 6:09 PM Moscow Time
http://www.themoscowtimes.com/doc/HotNews.html#31598
RosBusinessConsulting. Sunday, Dec. 15, 2002, 6:09 PM Moscow Time
http://www.themoscowtimes.com/doc/HotNews.html#31598
Verlinke doch die Norislk Artikel bitte.
cu DL
cu DL
@ Peter + Dottore
habt Ihr eine Empfehlung bez. Zertifikate
oder Optionsschein zu Norilsk ?
wäre dankbar für eine Antwort -
Konradi
habt Ihr eine Empfehlung bez. Zertifikate
oder Optionsschein zu Norilsk ?
wäre dankbar für eine Antwort -
Konradi
@konradi
Ich bin bei Stillwater Mining und North American Palladium long.
Gruß
Ich bin bei Stillwater Mining und North American Palladium long.
Gruß
@ Peter
PAL habe ich wieder abgestoßen. Überlege jetzt Norilsk zu kaufen, da Palladiumpreisrutsch im derzeitigen Kurs eingepreist ist und Platin derzeit kräftig zulegt (da gibt´s allerdings schon warnende Stimmen ...) Die Beteiligung an Stillwater ist bekannt, nehme ich an ? -
MMC Norilsk Nickel will acquire 51.0% of Stillwater in the form of 45,463,222 newly issued shares
Consideration
- Total of $341 million, or $7.50 per share
- $100,000,540 cash
- Approximately 876,270 oz. of palladium, valued at $241 million based on November 19, 2002 London PM fix price ($275/oz)
Gruß Konradi
PAL habe ich wieder abgestoßen. Überlege jetzt Norilsk zu kaufen, da Palladiumpreisrutsch im derzeitigen Kurs eingepreist ist und Platin derzeit kräftig zulegt (da gibt´s allerdings schon warnende Stimmen ...) Die Beteiligung an Stillwater ist bekannt, nehme ich an ? -
MMC Norilsk Nickel will acquire 51.0% of Stillwater in the form of 45,463,222 newly issued shares
Consideration
- Total of $341 million, or $7.50 per share
- $100,000,540 cash
- Approximately 876,270 oz. of palladium, valued at $241 million based on November 19, 2002 London PM fix price ($275/oz)
Gruß Konradi
PAL und SWC sind für mich auf jeden Fall ein Kauf!
Norilsk ist für mich auf keinen all ein Kauf. Steige mal tiefer in das Thema ein und lese zwischen den Zeilen.
Gold steady near 3-year highs, consolidates
December 16 2002 at 07:45PM
http://www.businessreport.co.za/html/busrep/br_frame_decider…
Norilsk ist für mich auf keinen all ein Kauf. Steige mal tiefer in das Thema ein und lese zwischen den Zeilen.
Gold steady near 3-year highs, consolidates
December 16 2002 at 07:45PM
http://www.businessreport.co.za/html/busrep/br_frame_decider…
Reuters
Russia to create palladium reserve abroad -Norilsk
Sunday December 15, 10:59 am ET
MOSCOW, Dec 15 (Reuters) -
http://biz.yahoo.com/rc/021215/minerals_russia_palladium_1.h…
Russia to create palladium reserve abroad -Norilsk
Sunday December 15, 10:59 am ET
MOSCOW, Dec 15 (Reuters) -
http://biz.yahoo.com/rc/021215/minerals_russia_palladium_1.h…
Danke...glaube die Russenmafia will das Palladium cornern.
Weil Platin im Verhältnis zu Pall. sauteuer wurde ,..wird es wieder Pt ersetzen ..vulgo im Preis steigen.
Also Stillwater kaufen.
cu DL
Weil Platin im Verhältnis zu Pall. sauteuer wurde ,..wird es wieder Pt ersetzen ..vulgo im Preis steigen.
Also Stillwater kaufen.
cu DL
@ Dottore
- der Verdacht ist mir auch schon gekommen ...
(...)An Aton investment group analyst said the takeover was a "positive development" for Norilsk. It would "likely increase it`s domination of the palladium market and provide it with an inexpensive entry into the largest market for the metal" (...)
Fragt sich nur, ob´s was bringt. Soweit ich es beurteilen kann ist Palladium technisch betrachtet jederzeit durch Platin ersetzbar
@ Peter
Stillwater ist defacto Norilsk, warum nicht auf die Mutter setzen ?
Gruß Konradi
- der Verdacht ist mir auch schon gekommen ...
(...)An Aton investment group analyst said the takeover was a "positive development" for Norilsk. It would "likely increase it`s domination of the palladium market and provide it with an inexpensive entry into the largest market for the metal" (...)
Fragt sich nur, ob´s was bringt. Soweit ich es beurteilen kann ist Palladium technisch betrachtet jederzeit durch Platin ersetzbar
@ Peter
Stillwater ist defacto Norilsk, warum nicht auf die Mutter setzen ?
Gruß Konradi
There`s a gleam in the gold price, but don`t be fooled by new rush
Source: Daily Mail - London
Publication date: 2002-12-14
Arrival time: 2002-12-15
http://cnniw.yellowbrix.com/pages/cnniw/Story.nsp?story_id=3…
Source: Daily Mail - London
Publication date: 2002-12-14
Arrival time: 2002-12-15
http://cnniw.yellowbrix.com/pages/cnniw/Story.nsp?story_id=3…
Habt Ihr den breakout von PAL gestern beobachtet?
@ Konradi: ich glaube Pt ist ungefähr 1,6 x Palladium im Kat. Könnte auch 2x sein ich weis es nicht genau.
Aber so wären die Hersteller den Kaffern ausgeliefert,also wird immer gewechselt.
cu DL
Aber so wären die Hersteller den Kaffern ausgeliefert,also wird immer gewechselt.
cu DL
Ford Motor Company Awards Contract to Catalytic Solutions
Wednesday December 18, 11:48 am ET
OXNARD, Calif.--(BUSINESS WIRE)--Dec. 18, 2002--
http://biz.yahoo.com/bw/021218/180225_1.html
Wednesday December 18, 11:48 am ET
OXNARD, Calif.--(BUSINESS WIRE)--Dec. 18, 2002--
http://biz.yahoo.com/bw/021218/180225_1.html
PAL`s breakout ist nun bestätigt! und es ist ein neuer Held--ein sicherer "PALADAHO". The King is Dead--Long Live The King!!
Chinese ditching gold for platinum
While more are veering towards Western fashion tastes, gold bullion as a form of investment is still a thriving market
By David Hsieh
BEIJING
http://straitstimes.asia1.com.sg/asia/story/0,4386,161637,00…
While more are veering towards Western fashion tastes, gold bullion as a form of investment is still a thriving market
By David Hsieh
BEIJING
http://straitstimes.asia1.com.sg/asia/story/0,4386,161637,00…
Based on spot prices of December 21st, 2002 03:22 New York Time
Platinum $ US 600.00
Palladium $ US 238.00
Platinum $ US 600.00
Palladium $ US 238.00
The Contrarian
Four Simple Rules
David Dreman, 12.23.02, 12:00 AM ET
How can you protect yourself from the worst of the accounting scams still skulking around?
Here are four simple rules that should help:
1) Ignore operating earnings. Companies also must report GAAP earnings, even if the analysts you read don`t. Check out the news releases on their Web sites or their SEC filings.
2) Buy companies that have at least a ten-year record of earnings, and just as important, have not made radical changes in the nature of their operations. This rule is not bulletproof, but it should steer you away from the Enrons and WorldComs.
3) Avoid companies that give large stock option plans to their managements. This practice puts management interests in conflict with those of shareholders; it motivates them to stretch earnings just long enough to sell shares and to run up huge debt loads. And if internal earnings targets are met, executives often are rewarded with still more options.
4) Buy value stocks, which will keep you away from most of the phony accounting used to give the illusion of fast growth.
(such as PAL)
The Contrarian
Four Simple Rules
David Dreman, 12.23.02, 12:00 AM ET
We still just can`t trust earnings, despite all the talk about reform. So here are some tips on other ways to gauge stocks.
http://www.forbes.com/forbes/2002/1223/366.html
Four Simple Rules
David Dreman, 12.23.02, 12:00 AM ET
How can you protect yourself from the worst of the accounting scams still skulking around?
Here are four simple rules that should help:
1) Ignore operating earnings. Companies also must report GAAP earnings, even if the analysts you read don`t. Check out the news releases on their Web sites or their SEC filings.
2) Buy companies that have at least a ten-year record of earnings, and just as important, have not made radical changes in the nature of their operations. This rule is not bulletproof, but it should steer you away from the Enrons and WorldComs.
3) Avoid companies that give large stock option plans to their managements. This practice puts management interests in conflict with those of shareholders; it motivates them to stretch earnings just long enough to sell shares and to run up huge debt loads. And if internal earnings targets are met, executives often are rewarded with still more options.
4) Buy value stocks, which will keep you away from most of the phony accounting used to give the illusion of fast growth.
(such as PAL)
The Contrarian
Four Simple Rules
David Dreman, 12.23.02, 12:00 AM ET
We still just can`t trust earnings, despite all the talk about reform. So here are some tips on other ways to gauge stocks.
http://www.forbes.com/forbes/2002/1223/366.html
Management Performance PAL
http://www.quicken.com/investments/seceval/?p=PAL&cmetric=mg…
Financial Health PAL
http://www.quicken.com/investments/seceval/?p=PAL&cmetric=he…
http://www.quicken.com/investments/seceval/?p=PAL&cmetric=mg…
Financial Health PAL
http://www.quicken.com/investments/seceval/?p=PAL&cmetric=he…
Russia’s Victory In Stillwater Mining Deal
18.12.2002 07:18
Russia`s largest mining company is going to boost demand for palladium by buying the majority interest in Stillwater Mining Co, the financially troubled company.
Through Stillwater Mining, the Russians are buying access to US automakers. The Russians used to sell palladium in this country, but their supplies were erratic and that market dried up.
Part of the assets the Russians are buying include Stillwater`s public listing on the New York Stock Exchange.
Under the purchase agreement, Norilsk will sell 1 million ounces of palladium a year to Stillwater mining, which will then sell the ore to its customers.
Stillwater Mining will receive $100 million in cash from Norilsk and about $241 million in Russian palladium. Norilsk will sell Stillwater 876,000 ounces of palladium at market price when the deal closes.
That means Stillwater mining could get less than the estimated $241 million. Or it could receive more money if the metal`s price increases.
http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079348&…
18.12.2002 07:18
Russia`s largest mining company is going to boost demand for palladium by buying the majority interest in Stillwater Mining Co, the financially troubled company.
Through Stillwater Mining, the Russians are buying access to US automakers. The Russians used to sell palladium in this country, but their supplies were erratic and that market dried up.
Part of the assets the Russians are buying include Stillwater`s public listing on the New York Stock Exchange.
Under the purchase agreement, Norilsk will sell 1 million ounces of palladium a year to Stillwater mining, which will then sell the ore to its customers.
Stillwater Mining will receive $100 million in cash from Norilsk and about $241 million in Russian palladium. Norilsk will sell Stillwater 876,000 ounces of palladium at market price when the deal closes.
That means Stillwater mining could get less than the estimated $241 million. Or it could receive more money if the metal`s price increases.
http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079348&…
China largest consumer of platinum as jewelry sales soar
--------------------------------------------------------------------------------
Story Filed: Sunday, December 22, 2002 5:34 AM EST
BEIJING, Dec 22, 2002 (Xinhua via COMTEX) --
http://library.northernlight.com/FA20021222660000019.html?cb…
--------------------------------------------------------------------------------
Story Filed: Sunday, December 22, 2002 5:34 AM EST
BEIJING, Dec 22, 2002 (Xinhua via COMTEX) --
http://library.northernlight.com/FA20021222660000019.html?cb…
China Becomes World`s Chief Platinum Consumer
http://www.china.org.cn/english/2002/May/33062.htm
http://www.china.org.cn/english/2002/May/33062.htm
ich weiß nicht so recht ob die Rechnung mit Stillwater/ Norilsk aufgeht, denn Palladium rührt sich kaum vom Fleck.
Entweder wir denken zu weit voraus oder die Lagerbestände sind noch zu hoch. Also wenn schon PMG dann der Mutterkonzern ...
Entweder wir denken zu weit voraus oder die Lagerbestände sind noch zu hoch. Also wenn schon PMG dann der Mutterkonzern ...
Palladium producer runs tests to improve recovery
Source: Northern Ontario Business
Publication date: 2002-12-01
Arrival time: 2002-12-30
http://cnniw.yellowbrix.com/pages/cnniw/Story.nsp?story_id=3…
Source: Northern Ontario Business
Publication date: 2002-12-01
Arrival time: 2002-12-30
http://cnniw.yellowbrix.com/pages/cnniw/Story.nsp?story_id=3…
>Stillwater proxy statement enrages shareholders
By: Tim Wood
Posted: 2003/01/07 Tue 17:00 | © Mineweb 1997-2003
NEW YORK --
http://www.mips1.net/MGPlat.nsf/Current/4225685F0043D6538525…
By: Tim Wood
Posted: 2003/01/07 Tue 17:00 | © Mineweb 1997-2003
NEW YORK --
http://www.mips1.net/MGPlat.nsf/Current/4225685F0043D6538525…
Lonmin production may be hit after smelter blast
By Matthew Jones in London Jan 7 2003 16:41
http://news.ft.com/servlet/ContentServer?pagename=Synd/Story…
By Matthew Jones in London Jan 7 2003 16:41
http://news.ft.com/servlet/ContentServer?pagename=Synd/Story…
METALS STOCKS
Gold takes fresh crack at six-year high
Metals stocks climb; demand sparks 7% rise in palladium
By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 4:15 PM ET Jan. 8, 2003
NEW YORK (CBS.MW) -- Gold futures rose as high as $356 an ounce Wednesday as traders, still concerned about economy and U.S. tensions with Iraq and North Korea, rekindled the metal`s move toward a six-year high.
http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yh…
Gold takes fresh crack at six-year high
Metals stocks climb; demand sparks 7% rise in palladium
By Myra P. Saefong, CBS.MarketWatch.com
Last Update: 4:15 PM ET Jan. 8, 2003
NEW YORK (CBS.MW) -- Gold futures rose as high as $356 an ounce Wednesday as traders, still concerned about economy and U.S. tensions with Iraq and North Korea, rekindled the metal`s move toward a six-year high.
http://www.marketwatch.com/news/yhoo/story.asp?source=blq/yh…
DJ BMO Nesbitt Cuts Stillwater Tgt To $5 From $6.25 >SWC
(END) Dow Jones Newswires
01-13-03 0923ET
(END) Dow Jones Newswires
01-13-03 0923ET
Stillwater Mining EPS Estimated At 1.11
Jan 13, 2003 (Nelson`s Broker Summaries via COMTEX) --
Company: Stillwater Mining (amex:SWC) Report Headline: "DAILY - SWC - DEBT COVENANTS BROKEN" Report Date: January 10, 2003 Current FY EPS Estimate [FY2003]: 1.11 Previous EPS Estimate for Current FY [FY2003]: N/A Current Quarter EPS Estimate [Q1]: 0.29 Next FY EPS Estimate [FY2004]: N/A Previous EPS Estimate for Next FY [FY2004]: N/A Current Recommendation: Sell
Research Firm: Scotia Capital Analyst: David Mallalieu Industry: Metals & Mining
Jan 13, 2003 (Nelson`s Broker Summaries via COMTEX) --
Company: Stillwater Mining (amex:SWC) Report Headline: "DAILY - SWC - DEBT COVENANTS BROKEN" Report Date: January 10, 2003 Current FY EPS Estimate [FY2003]: 1.11 Previous EPS Estimate for Current FY [FY2003]: N/A Current Quarter EPS Estimate [Q1]: 0.29 Next FY EPS Estimate [FY2004]: N/A Previous EPS Estimate for Next FY [FY2004]: N/A Current Recommendation: Sell
Research Firm: Scotia Capital Analyst: David Mallalieu Industry: Metals & Mining
Press Release Source: Stillwater Mining Company
Stillwater Mining Corporate Update
Monday January 13, 9:15 am ET
COLUMBUS, Mont., Jan. 13 /PRNewswire-FirstCall/ -- STILLWATER MINING COMPANY (NYSE: SWC - News) announced today that Mr. James A. Sabala has informed the Company that he will be stepping down from his position of Vice President and Chief Financial Officer. Mr. Sabala has been with Stillwater Mining Company since April 1998, and following an organizational transition period, his departure will become effective January 24, 2003. Mr. Sabala will leave Stillwater to join Coeur d`Alene Mines Corporation (NYSE: CDE - News) to assume the position of Executive Vice President and Chief Financial Officer. Prior to joining Stillwater, Mr. Sabala and his family were life-long residents of the North Idaho area.
Commenting on Mr. Sabala`s service Francis R. McAllister, Chairman and Chief Executive Officer said, "Jim was instrumental in the financing for the expansion at the Stillwater Mine and the development of the East Boulder Mine. The past year has been a challenge for the Company but Jim successfully negotiated several amendments to the Company`s Credit Facility. The Company will miss his financial expertise and close association with our lenders. The Board of Directors and senior management wish him well in his future endeavors."
Stillwater Mining Company is the only U.S. producer of palladium and platinum and the only significant primary producer of platinum group metals outside of South Africa. The Company is traded on the New York Stock Exchange under the symbol SWC. Information on Stillwater Mining can be found at its web site: www.stillwatermining.com .
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially from projected results. Such forward-looking statements include comments regarding achieving production goals, supply and demand and market prices for palladium and platinum and the potential effect of lower prices. Factors that could cause actual results to differ materially include price volatility of palladium and platinum, the operational and financial difficulties of commencing and sustaining commercial operations at a new mine, risk of cost overruns, inaccurate forecasts, problems with productivity, unexpected events during expansion or development, fluctuations in ore grade, tons mined, crushed or milled, economic and political events affecting supply and demand for platinum and palladium, ability to access bank or other financing, economic developments affecting the capital markets, dependence on a few customers, labor difficulties, inadequate insurance coverage, government regulations, property title uncertainty, amounts and prices of the Company`s forward metals sales under hedging and supply contracts, complexity of processing platinum group metals, difficulty of estimating reserves accurately, geological, technical, mining or processing problems, and availability and cost of electricity. These and other factors are discussed in more detail in the Company`s filings with the Securities and Exchange Commission, including the "Risk Factors" contained in the Company`s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Descriptions of events relating to the palladium and platinum markets are not intended to be complete, and readers are advised to obtain their own information and advice regarding commodities markets. The Company disclaims any obligation to update forward-looking statements.
--------------------------------------------------------------------------------
Source: Stillwater Mining Company
Stillwater Mining Corporate Update
Monday January 13, 9:15 am ET
COLUMBUS, Mont., Jan. 13 /PRNewswire-FirstCall/ -- STILLWATER MINING COMPANY (NYSE: SWC - News) announced today that Mr. James A. Sabala has informed the Company that he will be stepping down from his position of Vice President and Chief Financial Officer. Mr. Sabala has been with Stillwater Mining Company since April 1998, and following an organizational transition period, his departure will become effective January 24, 2003. Mr. Sabala will leave Stillwater to join Coeur d`Alene Mines Corporation (NYSE: CDE - News) to assume the position of Executive Vice President and Chief Financial Officer. Prior to joining Stillwater, Mr. Sabala and his family were life-long residents of the North Idaho area.
Commenting on Mr. Sabala`s service Francis R. McAllister, Chairman and Chief Executive Officer said, "Jim was instrumental in the financing for the expansion at the Stillwater Mine and the development of the East Boulder Mine. The past year has been a challenge for the Company but Jim successfully negotiated several amendments to the Company`s Credit Facility. The Company will miss his financial expertise and close association with our lenders. The Board of Directors and senior management wish him well in his future endeavors."
Stillwater Mining Company is the only U.S. producer of palladium and platinum and the only significant primary producer of platinum group metals outside of South Africa. The Company is traded on the New York Stock Exchange under the symbol SWC. Information on Stillwater Mining can be found at its web site: www.stillwatermining.com .
THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. Some statements contained in this release are forward-looking and, therefore, involve uncertainties or risks that could cause actual results to differ materially from projected results. Such forward-looking statements include comments regarding achieving production goals, supply and demand and market prices for palladium and platinum and the potential effect of lower prices. Factors that could cause actual results to differ materially include price volatility of palladium and platinum, the operational and financial difficulties of commencing and sustaining commercial operations at a new mine, risk of cost overruns, inaccurate forecasts, problems with productivity, unexpected events during expansion or development, fluctuations in ore grade, tons mined, crushed or milled, economic and political events affecting supply and demand for platinum and palladium, ability to access bank or other financing, economic developments affecting the capital markets, dependence on a few customers, labor difficulties, inadequate insurance coverage, government regulations, property title uncertainty, amounts and prices of the Company`s forward metals sales under hedging and supply contracts, complexity of processing platinum group metals, difficulty of estimating reserves accurately, geological, technical, mining or processing problems, and availability and cost of electricity. These and other factors are discussed in more detail in the Company`s filings with the Securities and Exchange Commission, including the "Risk Factors" contained in the Company`s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Descriptions of events relating to the palladium and platinum markets are not intended to be complete, and readers are advised to obtain their own information and advice regarding commodities markets. The Company disclaims any obligation to update forward-looking statements.
--------------------------------------------------------------------------------
Source: Stillwater Mining Company
Long Position geschlossen.
an peter wedemeier
hast du auch wie ich im Bereich 2,3 bis 2,5 $
wieder zugeschlagen??
Wird eine interessante Sache.
hast du auch wie ich im Bereich 2,3 bis 2,5 $
wieder zugeschlagen??
Wird eine interessante Sache.
Schau dir mal die Nachfrage in NY gestern
abend an.
Bid 2.55 250.000
abend an.
Bid 2.55 250.000
Long Position eröffnet.
Wow SWC läuft heute sehr gut. SWC hat heute in der Tagesperformance CDE an der Spitze bei meinen 27 Minenunternehmen abgelöst. CDE läuft heute auch sehr gut! Trendwende bei den Minen!
Go Gold Go!
Go Silver Go!
Do Platin Go!
Go Gold Go!
Go Silver Go!
Do Platin Go!
SWC (+ 2.29% bei $2.68) hat eben im US-Handel heute die Führung von CDE übernommen und führt nun vor CDE (+ 1.57% bei $1.29) und GSS (+ 1.16% bei §1.74)
Go Platin und Gold und Silber Go!
Go Platin und Gold und Silber Go!
SWC (+ 2.67% bei $2.69) hat nun wieder die Führung von SSRI
(+ 2.42% bei $4.65) übernommen. Beide führen vor PAL
(+ 1.33% bei $3.05).
Go Platin und Silber Go!
(+ 2.42% bei $4.65) übernommen. Beide führen vor PAL
(+ 1.33% bei $3.05).
Go Platin und Silber Go!
SWC (+ 4.58% bei $2.74) hat schon wieder die Führung von SSRI (+ 3.30% bei $4.69) im heutigen US-Handel übernommen. Beide führen nun vor CDE (+ 2.36% bei §1.30).
Go Platin und Silber Go!
Go Platin und Silber Go!
SWC (+ 8.60% bei $3.03) hat eben die Führung im US-Handel von BGO übernommen und führt nun vor RANGY (+ 2.98% bei $9.68) und BGO (+ 2.94% bei $1.05)
Go Platin und Gold Go!
Go Platin und Gold Go!
Und hier sind die sehr guten News dazu!
Reuters
Stillwater receives amendment on credit agreement
Thursday March 20, 10:13 am ET
COLUMBUS, Mont., March 20 (Reuters) - Stillwater Mining Co. (NYSE:SWC - News) on Thursday said it received an amendment to its credit agreement that will reduce operating costs and help it complete a deal to sell a majority stake to Russia`s Norilsk Nickel.
The company, the only U.S. producer of palladium and platinum, said the company`s liquidity needs should be satisfied for the rest of the year. Last month, Stillwater said that it was having credit problems.
The Columbus, Montana-based company said the amendment gave it immediate access to $17.5 million of undrawn funds under a $25 million revolving credit facility.
It also said it amended a provision of the credit agreement that said the entire credit facility would immediately become due in the event of change in control of Stillwater.
The company will now be in default of the agreement if the Norilsk deal is not completed by Jan. 2, 2004, unless it completes an alternate transaction.
Stillwater said that half of the cash realized from the Norilsk Nickel deal must now be used to prepay its bank debt.
In exchange for the amendments, the company has agreed to an amendment fee of 50 basis points, or about $1.1 million, and a 50 basis point increase in the interest rate payable on the loan.
Shares of Stillwater traded Thursday morning at $2.90, up 11 cents, or 4 percent, on the New York Stock Exchange (News - Websites).
Reuters
Stillwater receives amendment on credit agreement
Thursday March 20, 10:13 am ET
COLUMBUS, Mont., March 20 (Reuters) - Stillwater Mining Co. (NYSE:SWC - News) on Thursday said it received an amendment to its credit agreement that will reduce operating costs and help it complete a deal to sell a majority stake to Russia`s Norilsk Nickel.
The company, the only U.S. producer of palladium and platinum, said the company`s liquidity needs should be satisfied for the rest of the year. Last month, Stillwater said that it was having credit problems.
The Columbus, Montana-based company said the amendment gave it immediate access to $17.5 million of undrawn funds under a $25 million revolving credit facility.
It also said it amended a provision of the credit agreement that said the entire credit facility would immediately become due in the event of change in control of Stillwater.
The company will now be in default of the agreement if the Norilsk deal is not completed by Jan. 2, 2004, unless it completes an alternate transaction.
Stillwater said that half of the cash realized from the Norilsk Nickel deal must now be used to prepay its bank debt.
In exchange for the amendments, the company has agreed to an amendment fee of 50 basis points, or about $1.1 million, and a 50 basis point increase in the interest rate payable on the loan.
Shares of Stillwater traded Thursday morning at $2.90, up 11 cents, or 4 percent, on the New York Stock Exchange (News - Websites).
Press Release Source: Stillwater Mining Company
Stillwater Mining Announces Credit Agreement Amendment
Thursday March 20, 9:01 am ET
COLUMBUS, Mont., March 20 /PRNewswire-FirstCall/ -- http://biz.yahoo.com/prnews/030320/lath021_1.html
Stillwater Mining Announces Credit Agreement Amendment
Thursday March 20, 9:01 am ET
COLUMBUS, Mont., March 20 /PRNewswire-FirstCall/ -- http://biz.yahoo.com/prnews/030320/lath021_1.html
"The credit agreement had previously provided that in the event of a change in control of the Company, the entire facility would immediately become due and payable. The credit agreement now provides for an event of default in the event that the Norilsk Nickel transaction is not consummated by January 2, 2004, unless by such time the Company consummates an alternate transaction which raises certain thresholds of new capital through an issuance of equity or unsecured subordinated debt. In accordance with the provisions of the original credit facility, regarding use of proceeds from the issue of the company`s equity, 50% of the net cash to be realized under the Norilsk Nickel transaction, including any cash realized from the sale of the palladium consideration, must be used to prepay the bank indebtedness."
http://biz.yahoo.com/prnews/030320/lath021_1.html
http://biz.yahoo.com/prnews/030320/lath021_1.html
Genau das mit Palladium dürfte jetzt interessant
werden.
Kurs unten.
Bei Stillwater steht noch eine Teilübernahme durch
Norilsk an. Ferner hat der Kurs bei 2,3 bis 2,5 Dollar
nach oben gedreht.
Kurs steigt heute schon wieder stärker.
USD 3.13 0.34 +12,19%
Viel Glück.
werden.
Kurs unten.
Bei Stillwater steht noch eine Teilübernahme durch
Norilsk an. Ferner hat der Kurs bei 2,3 bis 2,5 Dollar
nach oben gedreht.
Kurs steigt heute schon wieder stärker.
USD 3.13 0.34 +12,19%
Viel Glück.
SWC (+ 2.00% bei $2.55) hat soeben die Führung von PAL
(+ 1.61% bei $2.52) übernommen.
Go Palladium Go!
SWC (+ 2.00% bei $2.55) hat soeben im US-Handel die Führung von MDG (+ 1.55% bei $9.18) zurück erobert.
Go Palladium und Gold Go!
Go Palladium und Gold Go!
SWC (+ 1.60% bei $2.54) hat soeben im US-Handel die Führung von KGC übernommen und führt nun vor MDG (+ 1.44% bei $9.17) und KGC (+ 1.36% bei $5.95).
Go Palladium und Gold Go!
Go Palladium und Gold Go!
SWC (+ 2.56% bei $2.40) führt zu Handelsbeginn im US-Handel vor PAL (+ 2.17% bei $2.35).
Go Palladium und Platinum Go!
SWC (+ 3.06% bei $2.36) hat soeben im US-Handel die Führung von PAL (+ 2.58% bei $2.39) übernommen. Beide führen nun vor PAAS (+ 1.88% bei $6.50).
Go Palladium, Platin und Silber Go!
Russian American merger investigated
Posted:04/14/2003 11:00:00 AM | © Mineweb 1997-2003
JOHANNESBURG – The US Federal Trade Commission (FTC) has continued its investigation into Russian pgm and base metals miner, Norilsk Nickel’s proposed buyout of 51 percent of Stillwater, North America’s only platinum and palladium mine.
CNN reports that deal will require that Norilsk pay $100 million in cash and provide 27.2 tonnes (876,000 ounces) of palladium worth $241 million.
FTC scrutiny will focus on palladium’s importance to the auto industry as well as the large size of the combined corporation.
http://www.mips1.net/news.nsf/FNmg1F0?OpenFrameSet&Frame=Art…
Posted:04/14/2003 11:00:00 AM | © Mineweb 1997-2003
JOHANNESBURG – The US Federal Trade Commission (FTC) has continued its investigation into Russian pgm and base metals miner, Norilsk Nickel’s proposed buyout of 51 percent of Stillwater, North America’s only platinum and palladium mine.
CNN reports that deal will require that Norilsk pay $100 million in cash and provide 27.2 tonnes (876,000 ounces) of palladium worth $241 million.
FTC scrutiny will focus on palladium’s importance to the auto industry as well as the large size of the combined corporation.
http://www.mips1.net/news.nsf/FNmg1F0?OpenFrameSet&Frame=Art…
SWC (+ 3.49% bei $2.37) hat soeben im US-Handel die Führung von PAAS (+ 3.45% bei $6.60) zurück erobert. Beide führen nun vor PAL (+ 3.00% bei $2.40).
Go Platin, Palladium und Silber Go!
Go Platin, Palladium und Silber Go!
SWC (+ 2.56% bei $2.40) hat soeben im US-Handel die Führung von PDG (+ 1.67% bei $9.76) übernommen. Beide führen nun vor RGLD (+ 1.35% bei $15.60).
Go Palladium, Platin und Gold Go!
SWC (+ 1.74% bei $2.34) hat soeben im US-Handel die Führung von RGLD übernommen. SWC führt nun vor MDG (+ 1.21% bei $10.04) und ASL (+ 1.16% bei $5.22).
Go Platin, Palladium und Gold Go!
Hier noch ein paar mehr:
#130
SWC (+ 4.76% bei $2.42) hat soeben im US-Handel die Führung von VGZ übernommen. SWC führt nun vor GLG (+ 4.41% bei $11.12) und ASA (+ 3.11% bei $36.19).
Go Platin, Palladium und Gold Go!
SWC (+ 3.90% bei $2.40) hat soeben im US-Handel die Führung von VGZ zurück erobert. SWC führt nun vor GLG (+ 3.57% bei $11.03) und RGLD (+ 2.91% bei $17.66).
Go Platin, Palladium und Gold Go!
Go Platin, Palladium und Gold Go!
SWC (+ 3.03% bei $2.38) hat soeben im US-Handel die Führung von GLG zurück erobert. SWC führt nun vor ASA (+ 2.65% bei $36.03) und GLG (+ 2.63% bei $10.93).
Go Platin, Palladium und Gold Go!
Go Platin, Palladium und Gold Go!
SWC (+ 3.90% bei $2.40) hat soeben von GLG (+ 2.82% bei $10.95) die Führung im US-Handel zurück erobert. Beide führen nun vor KGC (+ 2.43% bei $6.33).
Go Platin, Palladium und Gold Go!
Go Platin, Palladium und Gold Go!
SWC (+ 2.93% bei $2.46) liegt im heutigen US-Handel vor KRY
(+ 2.27% bei $0.900) und GLG (+ 2.02% bei $11.12).
Go Platin, Palladium und Gold Go!
SWC (+ 3.23% bei $2.56) führt im US-Handel vor GSS (+ 2.20% bei $1.86) und GFI (+ 1.19% bei $11.08).
Go Platin, Palladium und Gold Go!
SWC (+ 2.66% bei $2.70) hat soeben im US-Handel die Führung von GFI (+ 2.53% bei $11.35) übernommen. Beide führen nun vor VGZ (+ 1.83% bei $3.34).
Go Platin, Palladium und Gold Go!
Vote has been scheduled
Has the FTC approved the deal?
They must have, else I don`t think the company would have announced this:
PRER 14A: SWC Vote; Adopt Stock Purchase Agreement [delayed]
Ridgeland, MS, APR 23, 2003 (EventX/Knobias.com via COMTEX) --
According to a PRER 14A filed today, a special meeting of stockholders of Stillwater Mining Company (NYSE: SWC) will be held on June 16, 2003 at 12 Noon ET, at the Hyatt Regency Tech Center, Grand Mesa Room, 7800 East Tufts Avenue, Denver, Colorado 80237. The purposes of the special meeting are:
1. To consider and vote on a proposal to approve and adopt the Stock Purchase Agreement, dated November 20, 2002, by and among the Company, MMC Norilsk Nickel and Norimet Limited under which, among other things, the Company will issue 45,463,222 new shares of common stock to Norimet in exchange for $100,000,540 in cash and approximately 877,000 ounces of palladium; and
2. To consider and take action upon such other matters as may properly come before the meeting or any adjournment or postponement thereof.
Only holders of record of shares of the Company`s common stock at the close of business on April 28, 2003 will be entitled to vote at the meeting.
Has the FTC approved the deal?
They must have, else I don`t think the company would have announced this:
PRER 14A: SWC Vote; Adopt Stock Purchase Agreement [delayed]
Ridgeland, MS, APR 23, 2003 (EventX/Knobias.com via COMTEX) --
According to a PRER 14A filed today, a special meeting of stockholders of Stillwater Mining Company (NYSE: SWC) will be held on June 16, 2003 at 12 Noon ET, at the Hyatt Regency Tech Center, Grand Mesa Room, 7800 East Tufts Avenue, Denver, Colorado 80237. The purposes of the special meeting are:
1. To consider and vote on a proposal to approve and adopt the Stock Purchase Agreement, dated November 20, 2002, by and among the Company, MMC Norilsk Nickel and Norimet Limited under which, among other things, the Company will issue 45,463,222 new shares of common stock to Norimet in exchange for $100,000,540 in cash and approximately 877,000 ounces of palladium; and
2. To consider and take action upon such other matters as may properly come before the meeting or any adjournment or postponement thereof.
Only holders of record of shares of the Company`s common stock at the close of business on April 28, 2003 will be entitled to vote at the meeting.
Antitrust Considerations (see page 41)
"Under the HSR Act, Norilsk Nickel and the Company cannot complete the Transaction until they have given certain information and materials to the Federal Trade Commission and the Antitrust Division of the United States Department of Justice and the required waiting period has expired or been terminated. Norilsk Nickel and the Company submitted pre-merger notification and report forms to the Federal Trade Commission and the Antitrust Division of the Department of Justice on December 9, 2002. On January 8, 2003, the parties received a request for additional information under the HSR Act from the Federal Trade Commission. The parties are in the process of gathering information to respond to the request, have provided some responsive information to the Federal Trade Commission and intend to comply with the request as soon as practicable."
"Under the HSR Act, Norilsk Nickel and the Company cannot complete the Transaction until they have given certain information and materials to the Federal Trade Commission and the Antitrust Division of the United States Department of Justice and the required waiting period has expired or been terminated. Norilsk Nickel and the Company submitted pre-merger notification and report forms to the Federal Trade Commission and the Antitrust Division of the Department of Justice on December 9, 2002. On January 8, 2003, the parties received a request for additional information under the HSR Act from the Federal Trade Commission. The parties are in the process of gathering information to respond to the request, have provided some responsive information to the Federal Trade Commission and intend to comply with the request as soon as practicable."
SWC (+ 2.31% bei $2.66) hat soeben im US-Handel die Führung von KRY übernommen. SWC führt nun vor MDG (+ 1.41% bei $10.06).
Gp Platin, Palladium und Gold Go!
SWC (+ 1.15% bei $2.63) hat soeben im US-Handel die Führung von KRY zurück erobert.
Go Platin und Palladium Go!
Go Platin und Palladium Go!
SWC (+ 10.67% bei $2.80) hat soeben im US-Handel die Führung von SSRI (+ 8.14% bei $4.65) übernommen. Beide führen nun vor HL (+ 6.46% bei $3.79).
Go Platin, Palladium und Silber Go!
SWC (+ 9.09% bei $2.76) hat soeben im US-Handel die Führung von SSRI (+ 8.14% bei $4.65) zurück erobert. Beide führen nun vor KRY (+ 6.82% bei $0.940).
Go Platin, Palladium, Silber und Gold Go!
Go Platin, Palladium, Silber und Gold Go!
SWC (+ 8.70% bei $2.75) hat soeben im US-Handel die Führung von SSRI (+ 8.60% bei $4.67) zurück erobert. Beide führen nun vor PAAS (+ 7.81% bei $6.35).
Go Platin, Palladium und Silber Go!
Go Platin, Palladium und Silber Go!
SWC (+ 7.04% bei $2.89) hat soeben die Führung im US-Handel von ASL (+ 6.69% bei $5.58) übernommen. Beide führen nun vor GSS (+ 5.68% bei $1.86).
Go Platin, Palladium und Gold Go!
SWC (+ 8.89% bei $2.94) hat soeben im US-Handel die Führung von SWC zurück erobert. SWC führt nun vor MDG (+ 7.37% bei $10.93) und ASL (+ 7.27% bei $5.61).
Go Platin, Palladium und Gold Go!
Go Platin, Palladium und Gold Go!
SWC (+ 3.96% bei $3.15) führt zu Handelsbeginn im US-Handel vor DROOY (+ 2.13% bei $2.40) und KRY (+ 2.13% bei $0.960).
Go Platin, Palladium und Gold Go!
Press Release Source: Stillwater Mining Company
Stillwater Mining Announces Mailing of Proxy Statement And German Antitrust Clearance of Norilsk Nickel Transaction
Friday May 2, 9:01 am ET
COLUMBUS, Mont., May 2 /PRNewswire-FirstCall/ -- STILLWATER MINING COMPANY (NYSE: SWC - News) announced today that the Company has filed a definitive proxy statement regarding the special meeting of stockholders to consider the Norilsk Nickel transaction. The special meeting of stockholders of Stillwater Mining Company will be held on Monday, June 16, 2003 at 10:00 a.m. (Mountain Time) at the Hyatt Regency Tech Center, 7800 East Tufts Avenue, Denver, Colorado for stockholders of record as of April 28, 2003. The definitive proxy statement and proxy card will be mailed to stockholders beginning the week of May 5th, 2003.
ADVERTISEMENT
Additionally, the Company has received approval from the German Federal Cartel Office under the German Act Against Restraints on Competition for the Norilsk Nickel transaction to proceed.
Stillwater Chairman and Chief Executive Officer, Francis R. McAllister said, "With the passing of these two significant steps, I am pleased we are now able to mail the final proxy statement so our shareholders can vote on this significant transaction. The Company and Norilsk are diligently responding to the FTC requests for information and we anticipate to finalize that review by the end of June 2003. I encourage all our shareholders to carefully read the proxy materials which they will receive as they will contain important information concerning the Company, the transaction and the voting procedures."
Stillwater Mining Company is the only U.S. producer of palladium and platinum and the only significant primary producer of platinum group metals outside of South Africa. The Company is traded on the New York Stock Exchange under the symbol SWC. Information on Stillwater Mining can be found at its web site: www.stillwatermining.com .
--------------------------------------------------------------------------------
Source: Stillwater Mining Company
Stillwater Mining Announces Mailing of Proxy Statement And German Antitrust Clearance of Norilsk Nickel Transaction
Friday May 2, 9:01 am ET
COLUMBUS, Mont., May 2 /PRNewswire-FirstCall/ -- STILLWATER MINING COMPANY (NYSE: SWC - News) announced today that the Company has filed a definitive proxy statement regarding the special meeting of stockholders to consider the Norilsk Nickel transaction. The special meeting of stockholders of Stillwater Mining Company will be held on Monday, June 16, 2003 at 10:00 a.m. (Mountain Time) at the Hyatt Regency Tech Center, 7800 East Tufts Avenue, Denver, Colorado for stockholders of record as of April 28, 2003. The definitive proxy statement and proxy card will be mailed to stockholders beginning the week of May 5th, 2003.
ADVERTISEMENT
Additionally, the Company has received approval from the German Federal Cartel Office under the German Act Against Restraints on Competition for the Norilsk Nickel transaction to proceed.
Stillwater Chairman and Chief Executive Officer, Francis R. McAllister said, "With the passing of these two significant steps, I am pleased we are now able to mail the final proxy statement so our shareholders can vote on this significant transaction. The Company and Norilsk are diligently responding to the FTC requests for information and we anticipate to finalize that review by the end of June 2003. I encourage all our shareholders to carefully read the proxy materials which they will receive as they will contain important information concerning the Company, the transaction and the voting procedures."
Stillwater Mining Company is the only U.S. producer of palladium and platinum and the only significant primary producer of platinum group metals outside of South Africa. The Company is traded on the New York Stock Exchange under the symbol SWC. Information on Stillwater Mining can be found at its web site: www.stillwatermining.com .
--------------------------------------------------------------------------------
Source: Stillwater Mining Company
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) w
of the Securities Exchange Act of 1934
Amendment No. 4
http://www.sec.gov/Archives/edgar/data/931948/00009501230300…
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) w
of the Securities Exchange Act of 1934
Amendment No. 4
http://www.sec.gov/Archives/edgar/data/931948/00009501230300…
page 28 of the new proxy filed this morning:
"The Company received a letter from the Fund, dated April 23, 2003, resubmitting such proposal, which is expected to be reviewed by the Board at its meeting on May 8, 2003."
"The Company received a letter from the Fund, dated April 23, 2003, resubmitting such proposal, which is expected to be reviewed by the Board at its meeting on May 8, 2003."
>Stop Norilsk Nickel`s assault on Stillwater
By: Tim Wood
Posted: 2003/05/02 Fri 08:51 EDT | © Mineweb 1997-2003
http://www.mips1.net/mgplat.nsf/Current/4225685F0043D6538525…
By: Tim Wood
Posted: 2003/05/02 Fri 08:51 EDT | © Mineweb 1997-2003
http://www.mips1.net/mgplat.nsf/Current/4225685F0043D6538525…
SWC (+ 4.13% bei $3.28) hat soeben im US-Handel die Führung von RANGY (+ 4.12% bei $12.39) übernommen. Beide führen nun vor GSS (+ 4.06% bei $2.05).
Go Platin, Palladium und Gold Go!
Board Meeting is today.
>>>>>>
page 28 of the new proxy filed this morning:
"The Company received a letter from the Fund, dated April 23, 2003, resubmitting such proposal, which is expected to be reviewed by the Board at its meeting on May 8, 2003."
>>>>>>
page 28 of the new proxy filed this morning:
"The Company received a letter from the Fund, dated April 23, 2003, resubmitting such proposal, which is expected to be reviewed by the Board at its meeting on May 8, 2003."
SWC (+ 5.40% bei $3.32) hat soeben im US-Handel die Führung von CDE übernommen. SWC führt nun vor GLG (+ 5.15% bei $11.64) und RANGY (+ 4.12% bei $12.39).
Go Platin, Palladium und Gold Go!
Go Platin, Palladium und Gold Go!
na ja. soviel zum palladium.
hat einer `ne meinung zu impala oder zu anglo am. platin?
Board Meeting is today.
>>>>>>
page 28 of the new proxy filed this morning:
"The Company received a letter from the Fund, dated April 23, 2003, resubmitting such proposal, which is expected to be reviewed by the Board at its meeting on May 8, 2003."
>>>>>>
page 28 of the new proxy filed this morning:
"The Company received a letter from the Fund, dated April 23, 2003, resubmitting such proposal, which is expected to be reviewed by the Board at its meeting on May 8, 2003."
SWC (+ 3.40% bei $3.35) führt im US-Handel vor ASL (+ 1.15% bei $6.15).
Go Platin, Palladium und Gold Go!
Stillwater reconsiders backstop rights offer
By: Tim Wood
Posted: 2003/05/08 Thu 12:00 EDT | © Mineweb 1997-2003
http://www.mips1.net/MGPlat.nsf/UNID/TWOD-5MCMBW?OpenDocumen…
By: Tim Wood
Posted: 2003/05/08 Thu 12:00 EDT | © Mineweb 1997-2003
http://www.mips1.net/MGPlat.nsf/UNID/TWOD-5MCMBW?OpenDocumen…
SWC (+ 4.32% bei $3.38) hat soeben im US-Handel die Führung von ASL (+ 3.13% bei $6.27) zurück erobert. Beide führen nun vor BVN (+ 1.54% bei $28.44).
Go Platin, Palladium und Gold Go!
Go Platin, Palladium und Gold Go!
SWC (+ 5.18% bei $3.45) hat soeben im US-Handel die Führung von SSRI übernommen. SWC führt nun vor DROOY (+ 4.31% bei $2.66) und GSS (+ 4.06% bei $2.05).
Go Platin, Palladium und Gold Go!
SWC (+ 5.18% bei $3.45) hat soeben im US-Handel die Führung von DROOY übernommen. SWC führt nun vor SSRI (+ 5.00% bei $5.04) und DROOY (+ 4.71% bei $2.67).
Go Platin, Palladium, Silber und Gold Go!
Go Platin, Palladium, Silber und Gold Go!
SWC (+ 5.18% bei $3.45) hat soeben im US-Handel die Führung von DROOY (+ 4.71% bei $2.67) zurück erobert. Beide führen nun vor RANGY (+ 3.74% bei $13.60).
Go Platin, Palladium und Gold Go!
Go Platin, Palladium und Gold Go!
----------------
10K 3-28-03
Production Covenant, page 16
On March 20, 2003, the company obtained an amendment to the credit agreement that, among other things, modifies certain production and financial covenants for the remaining term of the agreement and allows for the Norilsk Nickel transaction. The amendment also provides the company with access to the $17.5 million of availability under the revolving credit facility. This amendment modified covenants relating to the debt to EBITDA ratio, the debt service coverage ratio, production ounces and the minimum average primary development for the Stillwater and East Boulder mines. During the first quarter of 2003, the company’s debt to EBITDA ratio may not be greater than 3.55:1.0, its debt service coverage ratio may not be less than 2.20:1.0, annual production for the company may not be less than 565,000 ounces, its average primary development with respect to the Stillwater Mine may not be less than 5,000 feet and its average primary development with respect to the East Boulder Mine may not be less than 1,900 feet. All such covenants thereafter change quarterly as set forth in the credit agreement and the amendment. The amendment did not alter the debt to equity ratio, which, during the term of the credit agreement shall not be greater than 1.0:1.0. This amendment also modified the maximum capital expenditures permitted; during the fiscal year 2003, the company is permitted to make capital expenditures up to $57 million. Additionally, the developed proven ore reserves measure based on equivalent months of production was modified.<<
Automobile Contracts, page 17
In late 2000 and in 2001, the company amended these contracts to extend the terms and to modify the pricing mechanisms. The contracts apply to the company’s production through December 2010. Under the contracts, the company has committed between 80% to 100% of its palladium production and between 70% to 100% of its platinum production. Metal sales are priced at a modest discount to market. The remaining production is not committed under these contracts and remains available for sale at prevailing market prices. The contracts provide for floor and ceiling price structures as summarized below: <<<
10K 3-28-03
Production Covenant, page 16
On March 20, 2003, the company obtained an amendment to the credit agreement that, among other things, modifies certain production and financial covenants for the remaining term of the agreement and allows for the Norilsk Nickel transaction. The amendment also provides the company with access to the $17.5 million of availability under the revolving credit facility. This amendment modified covenants relating to the debt to EBITDA ratio, the debt service coverage ratio, production ounces and the minimum average primary development for the Stillwater and East Boulder mines. During the first quarter of 2003, the company’s debt to EBITDA ratio may not be greater than 3.55:1.0, its debt service coverage ratio may not be less than 2.20:1.0, annual production for the company may not be less than 565,000 ounces, its average primary development with respect to the Stillwater Mine may not be less than 5,000 feet and its average primary development with respect to the East Boulder Mine may not be less than 1,900 feet. All such covenants thereafter change quarterly as set forth in the credit agreement and the amendment. The amendment did not alter the debt to equity ratio, which, during the term of the credit agreement shall not be greater than 1.0:1.0. This amendment also modified the maximum capital expenditures permitted; during the fiscal year 2003, the company is permitted to make capital expenditures up to $57 million. Additionally, the developed proven ore reserves measure based on equivalent months of production was modified.<<
Automobile Contracts, page 17
In late 2000 and in 2001, the company amended these contracts to extend the terms and to modify the pricing mechanisms. The contracts apply to the company’s production through December 2010. Under the contracts, the company has committed between 80% to 100% of its palladium production and between 70% to 100% of its platinum production. Metal sales are priced at a modest discount to market. The remaining production is not committed under these contracts and remains available for sale at prevailing market prices. The contracts provide for floor and ceiling price structures as summarized below: <<<
SWC (+ 5.73% bei $3.69) hat soeben im US-Handel die Führung von DROOY übernommen. SWC führt nun vor PAL (+ 5.45% bei $2.90) und HMY (+ 5.02% bei $13.39).
Go Platin, Palladium und Gold Go!
SWC (+ 8.02% bei $3.77) hat soeben im US-Handel die Führung von PAL (+ 8.00% bei $2.97) zurück erobert. Beide führen nun vor DROOY (+ 6.51% bei $2.78).
Go Platin, Palladium und Gold Go!
Go Platin, Palladium und Gold Go!
SWC (+ 4.27% bei $3.91) führt im US-Handel vor RIC (+ 1.16% bei $3.50) und KRY (+ 1.09% bei $0.930).
Go Platin, Palladium und Gold Go!
SWC (+ 7.40% bei $3.92) hat soeben im US-Handel die Führung von PAL (+ 6.23% bei $3.07) übernommen. Beide führen nun vor RANGY (+ 3.30% bei $14.10).
Go Platin, Palladium und Gold Go!
Go Platin, Palladium und Gold Go!
Reuters
Russia`s Norilsk eyes expansion in gold
Friday May 23, 7:51 am ET
LONDON, May 23 (Reuters) - Russian metals giant Norilsk Nickel (GMKN.RTS) is eyeing further expansion in gold after an ambitious buying spree last year which saw it acquire top Russian producer Polyus.
ADVERTISEMENT
Peter Holodny, president of the company`s London-based marketing arm Norimet, said that the world`s largest palladium and nickel producer wanted to diversify both geographically and across metals.
"Gold is a key focus for us and we will continue to move in that direction to increase the amount of gold we mine," Holodny told reporters at a marketing event late on Thursday.
"Norilsk is a dynamically developing company. I think that we have an interest in becoming a global major corporation and I would not rule out future acquisitions to help that," he added.
Holodny said Norilsk is still awaiting clearance from U.S. antitrust authorities concerning its proposed purchase U.S.-based major palladium and platinum producer Stillwater Mining (NYSE:SWC - News) for $341 million in metal and cash.
"We understand that decision should be forthcoming shortly," he said.
Earlier this week Norilsk said it was set to resume spot sales of palladium in the near future, although no specific time-scale had been fixed.
Norilsk had stopped spot sales of palladium, a metal used essentially in car catalysts to clean exhaust fumes, in the second half of 2001 due to weak prices.
Spot palladium prices (XPD=) plummeted to their lowest level in six years last month at $140 an ounce due to oversupply and soft demand for the product, which only 2-1/2 years ago fetched over $1,000 an ounce.
It was quoted at $175.00/180.00 an ounce by 1118 GMT on Friday, up from New York`s previous $168.00/$174.00.
Holodny said palladium was oversold and expected the price to move up to between $200.00 and $250.00 by the end of this year.
However, analysts have made lower predictions, with UK-based refiner Johnson Matthey (London:JMAT.L - News) forecasting prices to trade in a $120-$180 range for the next six months.
Russia`s Norilsk eyes expansion in gold
Friday May 23, 7:51 am ET
LONDON, May 23 (Reuters) - Russian metals giant Norilsk Nickel (GMKN.RTS) is eyeing further expansion in gold after an ambitious buying spree last year which saw it acquire top Russian producer Polyus.
ADVERTISEMENT
Peter Holodny, president of the company`s London-based marketing arm Norimet, said that the world`s largest palladium and nickel producer wanted to diversify both geographically and across metals.
"Gold is a key focus for us and we will continue to move in that direction to increase the amount of gold we mine," Holodny told reporters at a marketing event late on Thursday.
"Norilsk is a dynamically developing company. I think that we have an interest in becoming a global major corporation and I would not rule out future acquisitions to help that," he added.
Holodny said Norilsk is still awaiting clearance from U.S. antitrust authorities concerning its proposed purchase U.S.-based major palladium and platinum producer Stillwater Mining (NYSE:SWC - News) for $341 million in metal and cash.
"We understand that decision should be forthcoming shortly," he said.
Earlier this week Norilsk said it was set to resume spot sales of palladium in the near future, although no specific time-scale had been fixed.
Norilsk had stopped spot sales of palladium, a metal used essentially in car catalysts to clean exhaust fumes, in the second half of 2001 due to weak prices.
Spot palladium prices (XPD=) plummeted to their lowest level in six years last month at $140 an ounce due to oversupply and soft demand for the product, which only 2-1/2 years ago fetched over $1,000 an ounce.
It was quoted at $175.00/180.00 an ounce by 1118 GMT on Friday, up from New York`s previous $168.00/$174.00.
Holodny said palladium was oversold and expected the price to move up to between $200.00 and $250.00 by the end of this year.
However, analysts have made lower predictions, with UK-based refiner Johnson Matthey (London:JMAT.L - News) forecasting prices to trade in a $120-$180 range for the next six months.
Unions declare war on Norilsk Nickel
By John Helmer
MOSCOW - Union leaders have declared political war on Norilsk Nickel, Russia`s largest mining company and the world`s largest producer of nickel and palladium...
http://www.atimes.com/atimes/Central_Asia/EE24Ag03.html
By John Helmer
MOSCOW - Union leaders have declared political war on Norilsk Nickel, Russia`s largest mining company and the world`s largest producer of nickel and palladium...
http://www.atimes.com/atimes/Central_Asia/EE24Ag03.html
SWC (+ 7.87% bei $4.25) hat soeben im Us-handel die Führung von PAL (+ 7.65% bei $3.52) übernommen. Beide führen nun vor GFI (+ 1.94% bei $11.54).
Go Palladium und Gold Go!
Go Palladium und Gold Go!
Rights Offering Proposal Withdrawn
http://biz.yahoo.com/prnews/030527/latu039_1.html
Palladium up $21 to $202 - $212
According to the news, $7.50 by end of 1st half of year. Seems like a no brainer... Comments please.
Norilsk Nickel to Invest $341 Million in Stillwater Mining Company In Exchange for Majority Interest
2002 Nov 20 5:38 PM
Stillwater Mining Company and MMC Norilsk Nickel jointly announced the signing of definitive agreements whereby Norilsk Nickel will acquire a 51% majority ownership in Stillwater through the issuance of 45.5 million newly issued shares of Stillwater common stock in exchange for $100 million cash and approximately 876 thousand ounces of palladium. Under the agreement, Norilsk Nickel will also commence a cash tender offer within 30 days of the closing to acquire additionally up to 10% of the currently outstanding shares of Stillwater at a price of $7.50 per share if the Stillwater share price is below $7.50 per share during the 15 trading days after closing, which additional share purchase would increase Norilsk Nickel`s ownership in Stillwater to approximately 56%. The total investment by Norilsk Nickel will be approximately $341 million, which represents a value of $7.50 for each Stillwater share. The transaction is anticipated to close in the first half of 2003.
http://biz.yahoo.com/prnews/030527/latu039_1.html
Palladium up $21 to $202 - $212
According to the news, $7.50 by end of 1st half of year. Seems like a no brainer... Comments please.
Norilsk Nickel to Invest $341 Million in Stillwater Mining Company In Exchange for Majority Interest
2002 Nov 20 5:38 PM
Stillwater Mining Company and MMC Norilsk Nickel jointly announced the signing of definitive agreements whereby Norilsk Nickel will acquire a 51% majority ownership in Stillwater through the issuance of 45.5 million newly issued shares of Stillwater common stock in exchange for $100 million cash and approximately 876 thousand ounces of palladium. Under the agreement, Norilsk Nickel will also commence a cash tender offer within 30 days of the closing to acquire additionally up to 10% of the currently outstanding shares of Stillwater at a price of $7.50 per share if the Stillwater share price is below $7.50 per share during the 15 trading days after closing, which additional share purchase would increase Norilsk Nickel`s ownership in Stillwater to approximately 56%. The total investment by Norilsk Nickel will be approximately $341 million, which represents a value of $7.50 for each Stillwater share. The transaction is anticipated to close in the first half of 2003.
SWC (+ 1.90% bei $4.30) führt im US-Handel vor CDE (+ 1.53% bei $1.33).
Go Palladium, Platin und Gold Go!
Go Palladium, Platin und Gold Go!
SWC (+ 1.18% bei $4.27) hat soeben im US-Handel die Führung von CDE übernommen.
Go Palladium und Platin Go!
Go Palladium und Platin Go!
SWC (+ 1.90% bei $4.30) hat soeben im US-Handel die Führung von CDE (+ 1.53% bei $1.33) übernommen.
Go Palladium, Platin und Gold Go!
Go Palladium, Platin und Gold Go!
SWC (+ 2.87% bei $4.30) hat soeben im US-Handel die Führung von CDE (+ 1.53% bei $1.33) übernommen.
Go Palladium go SWC!
Go Palladium go SWC!
SWC (+ 2.63% bei $4.29) hat soeben im US-Handel die Führung von HL zurück erobert. SWC führt nun vor CDE (+ 2.29% bei $1.34) und PAL (+ 1.47% bei $3.44).
Go Palladium go SWC go!
Go Palladium go SWC go!
SWC (+ 3.79% bei $4.38) hat im US-Handel zum Handelsschluß von GLG (+ 3.49% bei $11.57) mit einem starken Finish die Führung übernommen. Beide führten zum Handelsschluß vor PDG (+ 2.96% bei $11.49).
Go Palladium go SWC!
Go Palladium go SWC!
SWC (+ 1.37% bei $4.44) führt zu Handelsbeginn im US-Handel.
Go Palladium go SWC!
Go Palladium go SWC!
SWC (+ 1.10% bei $4.59) hat soeben im US-Handel die Führung von PAL übernommen.
Go Palladium go SWC!
Go Palladium go SWC!
Russian bid to take over US mine weakens
http://www.bday.co.za/bday/content/direct/1,3523,1364901-495…
http://www.bday.co.za/bday/content/direct/1,3523,1364901-495…
SWC (+ 2.64% bei $4.66) hat soeben im US-Handel die Führung von PAL zurück erobert. SWC führt nun vor PAAS (+ 1.87% bei $7.10) und GFI (+ 1.76% bei $12.16).
Go Palladium go SWC!
Go Palladium go SWC!
SWC (+ 2.81% bei $4.75) hat soeben im US-Handel die Führung von KRY übernommen. SWC führt nun vor CDE (+ 1.49% bei $1.36) und GSS (+ 1.47% bei $2.77).
Go Palladium go SWC!
Go Palladium go SWC!
Stillwater on Bush and Putin agenda By Kevin Morrison
FT.com site; Jun 15, 2003
http://search.ft.com/search/article.html?id=030615001758
FT.com site; Jun 15, 2003
http://search.ft.com/search/article.html?id=030615001758
*DJ Stillwater Shareholders OK Norilsk Buy Of 51% Of Co.
06/16/2003
Dow Jones News Services
(Copyright © 2003 Dow Jones & Company, Inc.)
06/16/2003
Dow Jones News Services
(Copyright © 2003 Dow Jones & Company, Inc.)
SWC (+ 4.33% bei $4.82) hat zum Handelsschluss im US-Handel die Führung von KRY übernommen. SWC lag zum Handelsschluss vor CDE (+ 3.73% bei $1.39) und KRY (+ 2.91% bei $1.77).
Go Palladium go SWC!
Go Palladium go SWC!
Stillwater Shareholders Vote in Favor of Norilsk Nickel Transaction And FTC Grants Early Termination of Waiting Period
Monday June 16, 1:17 pm ET
DENVER, June 16 /PRNewswire-FirstCall/ -- STILLWATER MINING COMPANY (NYSE: SWC - News) announced that its stockholders approved the proposed transaction with MMC Norilsk Nickel at the special meeting of stockholders held earlier today. Approximately 82.9% of the votes cast at the special meeting voted in favor of the transaction. Additionally, today the Federal Trade Commission (FTC) informed the Company and MMC Norilsk Nickel, that it has granted early termination of the Hart-Scott-Rodino Act waiting period for the transaction. While the transaction remains subject to certain conditions the Company expects that the transaction will close later this month.
At the closing of the transaction, Stillwater will issue 45,463,222 new shares of its common stock to a wholly-owned subsidiary of Norilsk Nickel in exchange for $100,000,540 in cash and approximately 877,000 ounces of palladium.
Francis R. McAllister, Chairman of the Board and Chief Executive Officer of the Company, said, "The Board of Directors is pleased that the shareholders approved the agreement and welcomes the Norilsk Nickel investment in light of the current economic situation and low PGM prices. With this transaction, we will be able to reduce the Company`s debt and use the additional capital to improve our operations."
Monday June 16, 1:17 pm ET
DENVER, June 16 /PRNewswire-FirstCall/ -- STILLWATER MINING COMPANY (NYSE: SWC - News) announced that its stockholders approved the proposed transaction with MMC Norilsk Nickel at the special meeting of stockholders held earlier today. Approximately 82.9% of the votes cast at the special meeting voted in favor of the transaction. Additionally, today the Federal Trade Commission (FTC) informed the Company and MMC Norilsk Nickel, that it has granted early termination of the Hart-Scott-Rodino Act waiting period for the transaction. While the transaction remains subject to certain conditions the Company expects that the transaction will close later this month.
At the closing of the transaction, Stillwater will issue 45,463,222 new shares of its common stock to a wholly-owned subsidiary of Norilsk Nickel in exchange for $100,000,540 in cash and approximately 877,000 ounces of palladium.
Francis R. McAllister, Chairman of the Board and Chief Executive Officer of the Company, said, "The Board of Directors is pleased that the shareholders approved the agreement and welcomes the Norilsk Nickel investment in light of the current economic situation and low PGM prices. With this transaction, we will be able to reduce the Company`s debt and use the additional capital to improve our operations."
COLUMBUS, MONTANA, NOVEMBER 20, 2002 - Stillwater Mining Company (NYSE:SWC) and MMC Norilsk Nickel jointly announced today, the signing of definitive agreements whereby Norilsk Nickel will acquire a 51% majority ownership in Stillwater through the issuance of 45.5 million newly issued shares of Stillwater common stock in exchange for $100 million cash and approximately 876 thousand ounces of palladium, valued at $241 million based on the November 19, 2002, London PM fix. Under the agreement Norilsk Nickel will also commence a cash tender offer within 30 days of the closing to acquire additionally up to 10% of the currently outstanding shares of Stillwater at a price of $7.50 per share if the Stillwater share price is below $7.50 per share during the 15 trading days after closing, which additional share purchase would increase Norilsk Nickel`s ownership in Stillwater to approximately 56%.
SWC (+ 5.14% bei $4.91) führt zu Handelsbeginn im US-Handel vor KRY (+ 4.47% bei $1.87) und PAL (+ 2.40% bei $3.41).
Go Palladium go SWC!
Go Palladium go SWC!
Stillwater purchase approved
By JAN FALSTAD
Of The Gazette Staff
DENVER --
http://www.billingsgazette.com/index.php?ts=1&display=rednew…
By JAN FALSTAD
Of The Gazette Staff
DENVER --
http://www.billingsgazette.com/index.php?ts=1&display=rednew…
>Goodbye Stillwater, privyet Mirinyvada
By: Tim Wood
Posted: 2003/06/16 Mon 22:00 EDT | © Mineweb 1997-2003
NEW YORK --
http://www.mips1.net/MGPlat.nsf/UNID/TWOD-5NL4DB?OpenDocumen…
By: Tim Wood
Posted: 2003/06/16 Mon 22:00 EDT | © Mineweb 1997-2003
NEW YORK --
http://www.mips1.net/MGPlat.nsf/UNID/TWOD-5NL4DB?OpenDocumen…
SWC (+ 5.57% bei $4.93) hat soeben im US-Handel die Führung von DROOY (+ 5.38% bei $2.74) zurück erobert. Beide führen nun vor CDE (+ 3.60% bei $1.44).
Go Palladium go SWC!
Go Palladium go SWC!
SWC (+ 7.07% bei $5.00) hat soeben im US-Handel die Führung von SSRI (+ 7.01% bei $5.34) zurück erobert. Beide führen nun vor DROOY (+ 5.38% bei $2.74).
Go Palladium go SWC!
Go Palladium go SWC!
Hallo einsammer Schreiber......
Lohnt sich noch ein Einstieg?
Die Aktie hat sich ja schon vom Kurs her verdoppelt.
Der Artikel ist zumindest interessant:
ftd.de, Di, 17.6.2003, 2:00
Platin: Anleger spekulieren auf steigende Preise
Von Horst Fugger
Die Entwicklung des Platinpreises war in den vergangenen Monaten von starken Schwankungen gekennzeichnet. Kostete die Feinunze zu Jahresbeginn noch etwa 580 $, so zog der Preis bis Mitte März auf mehr als 700 $ an und erreichte sein höchstes Niveau seit 23 Jahren.
Impala Platinum
Die aktuelle Notierung von etwa 660 $ dürfte kaum von Dauer sein. So erwartet die Investmentbank HSBC, dass die Marke von 700 $ schon bald wieder geknackt wird. Grund genug, sich die Aktien der wichtigsten Platinproduzenten einmal etwas genauer anzusehen.
Die Auswahl ist - etwa im Vergleich zu Goldminentiteln - sehr übersichtlich: Allein auf die beiden Südafrikaner Anglo Platinum und Impala Platinum entfallen gut 55 Prozent der weltweiten Platinförderung. Nimmt man die britisch-südafrikanische Lonmin hinzu, sind es schon mehr als 70 Prozent. Der Rest kommt von einigen kleineren Anbietern in der westlichen Welt sowie aus Russland. Der nordsibirische Bergbaukonzern Norilsk Nickel, der neben Platin hauptsächlich Nickel und Palladium produziert, spielt hier die wichtigste Rolle.
Angebots-Nachfrage-Situation spricht für steigende Platinpreise
Für steigende Platinpreise spricht vor allem die Angebots-Nachfrage-Situation. Der weltweite Bedarf der Schmuck- und der Autoindustrie lag 2002 bei 6,9 Millionen Unzen, die Produktion in den westlichen Ländern bei 4,93 Millionen Unzen. Der für die Preisentwicklung meist entscheidende Faktor ist das von Jahr zu Jahr stark schwankende Volumen der russischen Platinexporte. Streiks und veraltete Produktionsanlagen bei Norilsk Nickel lassen Experten für 2003 und 2004 mit sinkenden, allenfalls stagnierenden Mengen rechnen.
Profitieren könnten davon die Südafrikaner. Anglo Platinum will seine Förderkapazitäten von derzeit zwei auf mehr als drei Millionen Unzen pro Jahr erhöhen. Gerüchte gibt es derzeit über eine Fusion von Impala und Lonmin, die vereint Anglo Platinum als Weltmarktführer ablösen könnten.
Spekulanten setzen auf Stillwater Mining
Die Impala-Aktie sieht mit einem einstelligen KGV und einer Dividendenrendite von etwa sieben Prozent ohnehin recht attraktiv aus. Für Anglo, Impala und Lonmin spricht auch, dass die enorme Aufwertung des südafrikanischen Rand gegenüber dem Dollar, die für deutlich sinkende Gewinnmargen gesorgt hat, nun beendet scheint.
Nur für ausgesprochen spekulative Anleger eignet sich Stillwater Mining. Stillwater ist der einzige Platinproduzent Nordamerikas und besitzt in Montana eines der reichsten Platin- und Palladiumvorkommen der Welt. Niedrige Palladiumpreise und höhere Kosten sorgten aber für Liquiditätsprobleme. Stillwater steht in Verhandlungen mit Norilsk Nickel. Die Russen wollen nach einer Kapitalerhöhung 51 Prozent der Aktien übernehmen, dafür 100 Mio. $ und 87.6000 Unzen Palladium zahlen. Sollte es zu einer Einigung mit Norilsk kommen, dürfte für die Aktie, die seit Ende 1999 weit über 90 Prozent verloren hat und derzeit zu einem Drittel ihres Buchwerts gehandelt wird, bald wieder bessere Zeiten anbrechen.
© 2003 Financial Times Deutschland , © Illustration: FTD
Lohnt sich noch ein Einstieg?
Die Aktie hat sich ja schon vom Kurs her verdoppelt.
Der Artikel ist zumindest interessant:
ftd.de, Di, 17.6.2003, 2:00
Platin: Anleger spekulieren auf steigende Preise
Von Horst Fugger
Die Entwicklung des Platinpreises war in den vergangenen Monaten von starken Schwankungen gekennzeichnet. Kostete die Feinunze zu Jahresbeginn noch etwa 580 $, so zog der Preis bis Mitte März auf mehr als 700 $ an und erreichte sein höchstes Niveau seit 23 Jahren.
Impala Platinum
Die aktuelle Notierung von etwa 660 $ dürfte kaum von Dauer sein. So erwartet die Investmentbank HSBC, dass die Marke von 700 $ schon bald wieder geknackt wird. Grund genug, sich die Aktien der wichtigsten Platinproduzenten einmal etwas genauer anzusehen.
Die Auswahl ist - etwa im Vergleich zu Goldminentiteln - sehr übersichtlich: Allein auf die beiden Südafrikaner Anglo Platinum und Impala Platinum entfallen gut 55 Prozent der weltweiten Platinförderung. Nimmt man die britisch-südafrikanische Lonmin hinzu, sind es schon mehr als 70 Prozent. Der Rest kommt von einigen kleineren Anbietern in der westlichen Welt sowie aus Russland. Der nordsibirische Bergbaukonzern Norilsk Nickel, der neben Platin hauptsächlich Nickel und Palladium produziert, spielt hier die wichtigste Rolle.
Angebots-Nachfrage-Situation spricht für steigende Platinpreise
Für steigende Platinpreise spricht vor allem die Angebots-Nachfrage-Situation. Der weltweite Bedarf der Schmuck- und der Autoindustrie lag 2002 bei 6,9 Millionen Unzen, die Produktion in den westlichen Ländern bei 4,93 Millionen Unzen. Der für die Preisentwicklung meist entscheidende Faktor ist das von Jahr zu Jahr stark schwankende Volumen der russischen Platinexporte. Streiks und veraltete Produktionsanlagen bei Norilsk Nickel lassen Experten für 2003 und 2004 mit sinkenden, allenfalls stagnierenden Mengen rechnen.
Profitieren könnten davon die Südafrikaner. Anglo Platinum will seine Förderkapazitäten von derzeit zwei auf mehr als drei Millionen Unzen pro Jahr erhöhen. Gerüchte gibt es derzeit über eine Fusion von Impala und Lonmin, die vereint Anglo Platinum als Weltmarktführer ablösen könnten.
Spekulanten setzen auf Stillwater Mining
Die Impala-Aktie sieht mit einem einstelligen KGV und einer Dividendenrendite von etwa sieben Prozent ohnehin recht attraktiv aus. Für Anglo, Impala und Lonmin spricht auch, dass die enorme Aufwertung des südafrikanischen Rand gegenüber dem Dollar, die für deutlich sinkende Gewinnmargen gesorgt hat, nun beendet scheint.
Nur für ausgesprochen spekulative Anleger eignet sich Stillwater Mining. Stillwater ist der einzige Platinproduzent Nordamerikas und besitzt in Montana eines der reichsten Platin- und Palladiumvorkommen der Welt. Niedrige Palladiumpreise und höhere Kosten sorgten aber für Liquiditätsprobleme. Stillwater steht in Verhandlungen mit Norilsk Nickel. Die Russen wollen nach einer Kapitalerhöhung 51 Prozent der Aktien übernehmen, dafür 100 Mio. $ und 87.6000 Unzen Palladium zahlen. Sollte es zu einer Einigung mit Norilsk kommen, dürfte für die Aktie, die seit Ende 1999 weit über 90 Prozent verloren hat und derzeit zu einem Drittel ihres Buchwerts gehandelt wird, bald wieder bessere Zeiten anbrechen.
© 2003 Financial Times Deutschland , © Illustration: FTD
Der Buchwert ist wirklich hoch.
Wie sieht es den mit Cash aus?
Haben Sie wirklich so hohe Probleme?
mfg
Save
Wie sieht es den mit Cash aus?
Haben Sie wirklich so hohe Probleme?
mfg
Save
SWC (+ 1.60% bei $5.08) führt heute im US-Handel.
Go Palladium go SWC!
Go Palladium go SWC!
Jetzt weis ich, warum Du einsam bist.
mfg
Save
mfg
Save
SWC (+ 1.85% bei $4.95) führt im US-Handel.
Go Palladium go SWC!
Go Palladium go SWC!
Dow Jones Business News
Stillwater, MMC Norilsk Nickel Complete Deal
Monday June 23, 6:36 pm ET
COLUMBUS, Mont. (Dow Jones)--Stillwater Mining Co. completed the sale of 51% of its stock to Norilsk Nickel Mining & Metallurgical Co. for about $100 million cash and 877,000 ounces of palladium metal.
ADVERTISEMENT
The deal, which has been called one of the largest-ever acquisitions by a Russian company of a U.S. firm., has a total consideration valued at $257 million, based on current palladium prices.
In a press release Monday, Stillwater said Norilsk`s Norimet Ltd. unit will begin a tender offer for an additional 4.4 million Stillwater shares at $7.50 a share.
Stillwater sold 45.5 million shares to Norilsk for the 51% stake. The company said the additional tender offer could bring the Russian company`s stake to about 56%.
Stillwater, which had 2002 revenue of $275.6 million and is the U.S.`s only palladium producer, plans to use the proceeds of the deal to pay down debt.
The company, bogged down with some $230 million in debt, told Dow Jones Newswires last week that it wouldn`t be able to sustain its operations and repay its debts under current conditions without the deal.
Stillwater`s New York Stock Exchange (News - Websites)-listed shares closed Monday at $4.16, down 19 cents, or 3.9. The shares were recently quoted on Island ECN (News - Websites) at $4.88.
-Kara Wetzel; Dow Jones Newswires; 201-938-5400
Stillwater, MMC Norilsk Nickel Complete Deal
Monday June 23, 6:36 pm ET
COLUMBUS, Mont. (Dow Jones)--Stillwater Mining Co. completed the sale of 51% of its stock to Norilsk Nickel Mining & Metallurgical Co. for about $100 million cash and 877,000 ounces of palladium metal.
ADVERTISEMENT
The deal, which has been called one of the largest-ever acquisitions by a Russian company of a U.S. firm., has a total consideration valued at $257 million, based on current palladium prices.
In a press release Monday, Stillwater said Norilsk`s Norimet Ltd. unit will begin a tender offer for an additional 4.4 million Stillwater shares at $7.50 a share.
Stillwater sold 45.5 million shares to Norilsk for the 51% stake. The company said the additional tender offer could bring the Russian company`s stake to about 56%.
Stillwater, which had 2002 revenue of $275.6 million and is the U.S.`s only palladium producer, plans to use the proceeds of the deal to pay down debt.
The company, bogged down with some $230 million in debt, told Dow Jones Newswires last week that it wouldn`t be able to sustain its operations and repay its debts under current conditions without the deal.
Stillwater`s New York Stock Exchange (News - Websites)-listed shares closed Monday at $4.16, down 19 cents, or 3.9. The shares were recently quoted on Island ECN (News - Websites) at $4.88.
-Kara Wetzel; Dow Jones Newswires; 201-938-5400
SWC (+ 1.71% bei $4.75) führt im US-Handel.
Go Palladium go SWC!
Go Palladium go SWC!
hat aber lange gebraucht, bis die ami`s was gemerkt haben ... so richtig verstanden haben sieÄs glaub ich aber noch nicht...
SWC (+ 5.76% bei $5.14) hat sopeben im US-Handel die Führung von MNG übernommen. SWC führt nun vor BGO (+ 2.82% bei $1.46) und IAG (+ 1.92% bei $4.77).
Go Palladium go SWC!
Go Palladium go SWC!
SWC (+ 1.81% bei $5.05) hat soeben im US-Handel die Führung von CBJ (+ 1.28% bei $1.58) übernommen.
Go Palladium go SWC!
Go Palladium go SWC!
SWC (+ 1.61% bei $5.04) hat soeben im US-Handel die Führung von GSS übernommen. SWC führt nun vor NEM (+ 1.30% bei $33.43) und CBJ (+ 1.28% bei $1.58).
Go Palladium go SWC!
Go Palladium go SWC!
SWC (+ 1.61% bei $5.04) hat soeben im US-Handel die Führung von CBJ zurück erobert. SWC führt nun vor GLG (+ 1.14% bei $11.53) und GSS (+ 1.08% bei $2.82).
Go Palladium go SWC!
Go Palladium go SWC!
!
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