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Anglogold kriegt kalten Füße - 500 Beiträge pro Seite

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Diese Nachricht hat einen eigenen Thread verdient:

Anglogold kriegt kalte Füsse!!

Geben bekannt, dass sie die Vorwärtsverkäufe um 3.5 Millionen Unzen reduzierten!!!


Mining News
Mon, 28 Jan 2002, 11:58pm EST
AngloGold Reduces Forward Gold Sales by 3.5 Million Ounces
By Antony Sguazzin

Johannesburg, Jan. 28 (Bloomberg) -- AngloGold Ltd., the world`s second-biggest gold company, said it has cut the amount of gold it sold at preset prices by 3.5 million ounces over the last 12 months.

``There has been quite a substantial decline in our hedge position,`` said Steve Lenahan, AngloGold spokesman in an interview.

Lenahan did not give the total size of AngloGold`s hedge position, saying it will be released on Thursday when the company announces its fourth-quarter earnings.

Three months ago, AngloGold had sold about 16 million ounces of gold forward.

AngloGold sells gold forward to protect it against unexpected decline in the metal`s price, a practice known as hedging. Some of the adjustments had been to forward-selling contracts set in rand. The
rand fell 37 percent against the U.S. dollar last year.


Vielleicht hätten sie das zwei Wochen früher bekannt geben sollen? ;)

Die Newmont-Merger bereitet ihnen schlaflose Nächte. Ich denke, diese war das wichtigste Ereignis im Goldsektor seit einiger Zeit. Und hier im Board scheint sie schon fast vergessen zu sein...
Möglicherweise durfte Anglogold die Vorwärtsverkäufe nur eindecken, weil sie einen großen Teil der Produktion an Harmony verkauft hat.

Es wird schwierig sein, von Harmony herauszubekommen, ob sie die Vorwärtsverkäufe jetzt am Hals hat.

Auf die niedrigere Produktion berechnet hat sich bei Anglogold wahrscheinlich nur wenig verändert.

Die Goldhotline
:laugh:Rand Gold Hedging...:laugh:

AngloGold scales back Rand hedging

By: David McKay & Laura Clancy

Posted: 2002/01/31 Thu 20:00 ZE2 | © Miningweb 1997-2002

JOHANNESBURG – AngloGold today (31 January) confirmed it had made a fundamental shift in its attitude to gold hedging declaring its intention to further haul in the rand component of its forward contracts and reduce its overall hedge position.
In practice this has meant not adding to the hedge book while simultaneously delivering into its positions. For instance, the group`s rand forward positions last year totalled about 38 000 kilograms compared to only 20 000 kilograms in 2002. Overall, AngloGold`s rand forward position has been reduced to 103 000 kilograms from 125 000 kilograms previously. Total rand priced hedges will amount to 125 tons or 27 percent of the total hedge.

"By maintaining forward price cover, AngloGold has managed its hedge actively over the years, and it is our intention to further reduce the level of rand priced cover by restructuring the hedge as particular market circumstances provide the opportunity to do so from time to time," said Kelvin Williams, AngloGold`s marketing director.

The scaling back in the hedging by AngloGold has been significant this year. As Miningweb earlier reported, the company has reduced its total hedge position of all varieties, by 105 tons or 3.4 million ounces in the last 12-months. Of this, some 1.7 million ounces was removed in the last quarter suggesting a concerted acceleration. The rand decline, which shed over 40 percent against the dollar last year, was a major catalyst.

"The company certainly did not anticipate the very sharp drop in the rand value against the dollar, and other hard currencies, which occurred during this quarter," said Bobby Godsell, AngloGold`s chief executive, at the group`s December quarter and year-end figures.

"Clearly the extent of these rand-priced contracts has limited the extent of the benefit derived by AngloGold from the significantly lower rand/dollar exchange rate," he said. AngloGold achieved an average price received of R92 544 per kilogram compared to an estimated industry average of R90 112 per kilogram, an increase in the rand spot price quarter on quarter of 23 percent. But AngloGold is probably interested in participating equally well in revenues during the current quarter in which the average rand gold price is expected to exceed R100 000 per kilogram.

Godsell says steps to reduce the rand component of the forward contracts has already left the company "substantially less exposed to further declines in the local currency". Going forward, "management intends to continue to reduce the rand component of its forward contracts," he said. The irony is that it comes too late to convince a sceptical public. The retail market, at least, believed AngloGold`s past of actively managing its hedge book made it a less attractive partner for Normandy Mining, the Australian company which the South Africans wanted to buy.
Die Angaben wurden sicherlich von Arthur Anderson geprüft.

Die Goldhotline
AngloGold to continue to trim hedge book

1/31/2002 2:17:00 PM

JOHANNESBURG, Jan 31 (Reuters) - Major South African gold miner AngloGold Ltd on Thursday defended its policy of selling gold forward but said it would continue to reduce its hedge book as it saw fit.

AngloGold, which trimmed its hedge book by some 3.5 million ounces in 2001, was asked during a conference call with U.S. analysts whether it should not be more aggressive in reducing its hedges.

"It doesn`t seem to be helping shareholders at the moment," one analyst said during the call with AngloGold executives to review the company`s 2001 results.

The hedge books of South African gold producers have been a focus of attention during the current reporting season for the quarter ended December 31, which saw a 20 percent fall in the value of the local rand currency against the dollar.

"We are reducing our hedge," AngloGold Chief Executive Bobby Godsell told the analysts.

"We have reduced it this year by 3.5 million ounces and we significantly reduced that part of our hedge that is rand denominated and will continue to do so," he added.

Hedging is used by mining firms to lock in higher sale prices for their gold and reduce risk. The practice has often been blamed for weak gold prices in recent years.

AngloGold has sold forward part of its South African production in rand-denominated contracts for many years.

"We have rand costs and it has been a process over a number of years to hedge a portion of our South African hedge in rand," said AngloGold marketing director Kelvin Williams.

AngloGold said the recent rand weakness required active management of that portion of the hedge book priced in rands, including delivering into contracts and restructuring the hedge.

"Clearly the extent of these rand-priced contracts has limited the extent of the benefit derived by AngloGold from the significantly lower rand/dollar exchange rate," the company said in a statement.

However, Godsell said AngloGold still achieved a price for its product in both dollar and rand terms that was above the spot price in the fourth quarter.

"You can argue an opportunity cost, which you can always argue when you fix prices into the future. But we will continue to actively manage our hedge and we`ll do it in the direction that optimises shareholder value. :eek:We think we`ve done quite well by our shareholders," Godsell told analysts.:eek:

(Bem. Für wie blöd hält er die Leute eigentlich??
Siehe http://finance.yahoo.com/q?d=c&c=gold+hgmcy+drooy&k=c1&t=6m&…)

AngloGold said outstanding rand-priced hedges currently amounted to 125 tonnes, or 27 percent of the total hedge. That was down from 153 tonnes, or 30 percent of the total hedge at the end of the quarter to end September.


Rtr 14:17 01-31-02 Copyright 2002, Reuters News Service
An alle

habt ihr schon die Dividente ausbezahlt bekommen?

falls ja: wann genau?

Viele Grüße und einen schönen Tag wünscht euch
User Schalom_qed
An alle

habt ihr schon die Dividente ausbezahlt bekommen?

falls ja: wann genau?

Viele Grüße und einen schönen Tag wünscht euch
User Schalom_qed

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