Mit Harmony das wird nichts mehr! - 500 Beiträge pro Seite

[Mitro]

29.09.03
Harmony (SA, MKP 5.388 Mio. A$) meldet für das Juniquartal einen Rückgang der Goldproduktion um 1,0 % auf 707.053 oz, was einer Jahresrate von etwa 2,8 Mio. oz entspricht. Nach der Fusion mit ARM Gold (SA) wird die Produktion auf jährlich etwa 4,0 Mio. oz ansteigen. Weiteres Wachstumspotential ergibt sich aus der Beteiligung von 26 % an Avgold (SA), von 87 % an Abelle (AUS), von 32 % an Bendigo (AUS), von 17 % an High River (NA) und 32 % an Highland Gold (GB). Die Produktion wurde wegen des starken Rand in einigen Bereichen gezielt zurückgefahren, um die Produktionskosten zu stabilisieren. Bei Nettoproduktionskosten von 303 $/oz und einem Verkaufspreis von 337 $/oz brach die Bruttogewinnspanne von 80 auf 34 $/oz weiter ein. Der Einbruch der Gewinne ist dabei fast ausschließlich auf den steigenden südafrikanischen Rand zurückzuführen. Wegen hoher Abschreibungen mußte ein operativer Verlust von 100,5 Mio. A$ hingenommen werden, was 92 $/oz entspricht. Auch im Septemberquartal wird vor allem der starke Rand einen negativen Einfluß auf die Gewinnentwicklung haben. Bei einer jährlichen Produktion von 4,0 Mio. oz erreicht die Lebensdauer der Reserven 15,5 Jahre und die Lebensdauer der Ressourcen 102,5 Jahre. Die Dividendenrendite erreicht aktuell 2,7 %. Harmony verfügt über Vorwärtsverkäufe im Umfang von 1,0 Mio. oz, was einen Produktionszeitraum von 0,3 Jahren abdeckt. Die unrealisierten Verluste aus den Vorwärtsverkäufen gab Harmony zum 30.06.03 mit 58,7 Mio. A$ an. Am 30.06.03 stand einem Cashbestand von 347,7 Mio A$ eine Kreditbelastung von 1.026,2 Mio. A$ gegenüber.




Wenn der Goldpreis steigt, dann fällt der Dollar!

Südafrikanische Minen sind Müll!

[goreng]

Die Meldung stammt aus dem letzten Gauturnfest
Harmony hat sich doch in den letzten Wochen prächtig entwickelt. Was willst Du mehr?

[goldmaki]

Bernard Swanepoel, CEO Harmony Gold

By: Daniel Thole


Posted: 2003/11/14 Fri 17:03 ZE2 | © Mineweb 1997-2003


MONEYWEB: In tonight’s top story we talk with Harmony Gold chief executive Bernard Swanepoel, about today’s R10bn deal. Bernard, that is right, R10bn?
BERNARD SWANEPOEL: Yes. I think there’re various components to it. Of course, Harmony makes a bid for Avgold, and if that’s seen through with an offer to minorities, a complete takeout, that in its own right is about 7bn.

MONEYWEB: Are you going to do that?

BERNARD SWANEPOEL: Yes, we have to. Obviously, by acquiring Avmin’s 42% that takes us over the 35% with the 11.5% we own.

MONEYWEB: At what price would you make the offer to minorities?

BERNARD SWANEPOEL: Well the ratio was 10 to one, so it’s one Harmony for every 10 Avgolds. At the prices we used it was just over R10, R10.10 or so an Avgold share.

MONEYWEB: Right, so that’s a nice little premium on where you are at the moment – well for minorities, where they are at the moment. When we spoke a little while ago you were kind of non-committal on that, but the future for the Avgold management might look a little bleak as we sit here right now.

BERNARD SWANEPOEL: No, I don’t think so.

MONEYWEB: You have butted heads with them, though?

BERNARD SWANEPOEL: But of course. But butting heads with people sometimes means that you deepen your respect for each other. We certainly, as technical people, have had some differences on technical aspects. They are people we actually respect. I don’t claim to know too many of the on-site management. But remember, Alec, Harmony has done some 25 acquisitions, a lot of them going mines like this one and we certainly have developed an ability to integrate new management teams into Harmony. What you see today is Harmony, not people who come from all the old mining houses of the past, so I really am pretty relaxed that we’ll be able to utilise these people in Harmony’s future plans.

MONEYWEB: It gives Harmony a step up in the global league now. You’ll be number five in the world. Just explain who’s going to be above you and who you’ve gone ahead of.

BERNARD SWANEPOEL: We are at sort of 4m ounces. We are fifth at 4,3. We’re going to be perhaps a few ounces ahead of Gold Fields, perhaps a few ounces behind. I don’t think it really changes where we sit, but it obviously makes us bigger. The most important thing for us with Avgold is it significantly enhances the quality. It’s another quality improvement, much more than size. And we’re way beyond the point of critical mass, we are now big. And therefore this transaction really gives us Target Mine, which is a good-quality mine and Target North is a good-quality project. Now we own a good few projects already, but we believe that, including the mine and the projects people will start to look at our quality completely differently from before.

MONEYWEB: The sad thing is it’s another gold share to leave the stock market.

BERNARD SWANEPOEL: Yes, no that’s certainly is the case, you know. But I think the model for stand-alones, one-mine sort of companies, is one that’s very challenging. Even Target, which is a good mine – one quarter it’s up, next quarter it’s down because, if anything happens to your one mine, then it’s really a very, very volatile sort of set of results coming out of a single mine.

MONEYWEB: It’s got a big hedge book and you are an unhedged – for the most part – producer. Are you going to be able to accelerate the repayment of that hedge book given, or suggesting, that you do in fact get 100% control?

BERNARD SWANEPOEL: We certainly will treat it in exactly the same way we’ve always treated hedge books. We will categorically state that we don’t believe in hedging. We would much rather be unhedged. The hedge book we acquire here is something just short of two months’ worth of Harmony’s total production, so in the big scheme of things it isn’t too bad. In the past we’ve always cleaned up the hedges opportunistically. It really depends on whether the hedges are mainly dollar-denominated or whether they include a rand component. And then you really have to wait for the right moment and close them out.

MONEYWEB: But is that one of your priorities? That’s what I’m getting at.

BERNARD SWANEPOEL: It certainly will be one of the things we will clean up.

MONEYWEB: And will you manage the mine any differently from the way it’s been progressing?

BERNARD SWANEPOEL: You know, the way we go about running our mines I think is pretty well known. We’ve got flat structures, we’re quite obsessed with cost, we prefer to employ our own people rather than making use of contractors, and these are the areas where there will be some sort of adjustments. But if you incorporate a mine like Target into our Free State operations, where we’ve recently incorporated Freegold and the ARM operations, there are some other synergies to be realised as well. We haven’t quantified them as yet. That we will do probably once we’ve acquired control of Avgold and Target.

MONEYWEB: Well, that’s an exciting part of it but it’s not the only part of today’s deal. Avmin is now going to be chaired by your chairman, Patrice Motsepe. It’s a huge deal for Patrice, all of this. You’re taking platinum assets out of African Rainbow Minerals, his company, putting that into Avmin, taking your platinum assets and putting that into Avmin. And at the end of the day what happens – and it’s very difficult on radio because we can’t draw little pictures – but a voting pool between Harmony and ARM, which is primarily Patrice’s company, is going to own 60% of Avmin which will then be a platinum, iron-ore play, with itself having 22% of Harmony.

BERNARD SWANEPOEL: Yes, and that really is exactly what happens. Once we’ve made our bid for Avgold, Avmin ends up with about 10% of Harmony’s shares. They then make a bid at R50 per Avmin share for Patrice’s assets, which is on the one hand 13% of Harmony and on the other hand 41.5% of Modikwa Mine.

MONEYWEB: Do they have to make that R50 bid to other shareholders as well?

BERNARD SWANEPOEL: Well, they make a complete bid to all of …

MONEYWEB: Patrice’s?

BERNARD SWANEPOEL: This is, of course, in effect Patrice taking control of Avmin, so the Avmin shareholders need to vote to stop Patrice making an offer to the minority shareholders of Avmin. And in all of these transactions the necessary regulatory approvals have been obtained, subject to shareholder approval. And in all of the transactions as well we’ve obviously since last night spoken to the biggest shareholder in each one of these transactions – Allan Gray – and we’ve received some irrevocable undertakings from Allan Gray to support the transaction in its various components.

MONEYWEB: Just step back a little bit. This whole deal, when you look at it today, is creating, in essence, a major black-owned mining group, and it is not through any shells or anything else, it’s in fact with black shareholding controlling all of these operations. If you go back three or four years, when you were building Harmony itself, was this in your mind then or is it something that happened more recently?

BERNARD SWANEPOEL: I really think this is a dream that Patrice and I started to share some two years ago. I think perhaps some six months ago this is a dream that, to a large extent, Avmin, Rick Menell, Patrice and I have been sharing. No – two, three years ago I think Patrice was busy building ARMGold, making it ready for a listing and we as Harmony were, you know, still pursuing our strategy in gold. But what we are creating here is a vehicle which may just fill that position which everybody talks about, the “national champion”. A South African company predominantly owned by black people, historically disadvantaged. The ownership structure here is clear and it’s a vehicle which can play a significant part in future black economic empowerment deals. Alec, this deal enhances Harmony’s black economic empowerment credentials where Patrice owns 13%, Avmin (to be renamed ARM) will now own 22%. This creates a BEE company, but this is a business deal. I mean Patrice paid a 15% takeover premium in this deal. The Avmin shares are issued at R50 a share, and of course we’re comfortable with that because through our involvement with Avmin we think R50 is a good value for those shares. But there’s no discount, there’s no BEE discount. This is a business deal and hopefully that’s where we’re going. Hopefully deals will be done firstly on value and then of course the BEE is a secondary benefit.

MONEYWEB: Just to close off, Bernard, where does your personal involvement go from here? Are you going to remain absolutely focused on gold and Harmony, because there is a big job to be done now at the Avmin level?

BERNARD SWANEPOEL: I am the chief executive of Harmony. Through all of this that was my job, I’ve looked after my own shareholders. I sit on the Avmin board and I think Patrice and I perhaps have enhanced the strategic management capacity a little bit. We certainly bring, on his side, entrepreneurial skills, we’ve got a good track record of deal-making and as a director of Avmin I think we will look after Harmony’s continued interest in Avmin or ARM – but my job is that of chief executive of Harmony.

MONEYWEB: Bernard Swanepoel, as he said, chief executive of Harmony. Well, Mr Shapiro, in all of that we left out or we omitted the role that Rick Menell must have played in all of this. Without his kind of mindset, a South Africa-first mindset, or a new South African mindset, none of this would have happened.

DAVID SHAPIRO: I have great admiration for him. Remember that the Anglovaal name has been in his family I think for over 70 years, and to give it up I think must take a lot of courage and he must have a lot of foresight. So I think he’s also one of the people behind this deal that must be admired.

MONEYWEB: Rick will be the deputy chairman of Avmin and the deputy chairman of Harmony in the future, so whereas we always used to talk about Bernard and Patrice, we’ll probably talk Bernard, Patrice and Rick in future.


gruß goldmaki

[jeffery2]

Das haben die Kaffern drauf, die Kleinaktionäre zu bescheissen. Goldfields hat fürn Appel und nen Ei die Beatrix und Kloof eingetütet, da auf eine tolle Übernahmeschlacht zu setzen ist sehr riskant. Alle die dachten mit Ashanti ne Riesenmark zu machen haben sich auch geschnitten.
J2

[Leh007]

O.K.

Die Südafrikanischen Minen schwächeln seit einem
halben Jahr ganz gewaltig.
Aber ich denke im nächsten Jahr werden die gewaltig
aufholen.
Die Nordamerikaner steigen und steigen.
Ich schichte demnächst um.
Roodepoort, Harmony und Impala sind angesagt.
Tschau

[hpoth]

Glaube mit Gold-Fields, Randgold und JCI fährst Du besser,
die Doory und Harmony habe ich allerdings auch,werde wenn möglich einen Tausch in Gold-Fields vornehmen.
Gruß hpoth