Seeking Alpha

Russ Winter

 
View as an RSS Feed
View Russ Winter's Comments BY TICKER:
Latest  |  Highest rated
  • Lydian International: Confirmed Political Risk Or Unexpected Buying Opportunity? [View article]
    Well done, one of if not the greatest bargain in a space with lots of bargains.

    There are 115 local men being trained for working and running equipment at Amulsar, which is a God send to families in villages where men often leave to work in Siberia. The nearby villages stay intact, no relocation.

    Armenia’s mining law was worked out with the World Bank, which also helps finance the country’s projects. Fourteen banks have visited the site and have conducted due diligence. There is a 30% tax, which is not out of line. Mineral extraction comprises 60% of Armenia’s economic activity.
    Nov 1 08:48 AM | Likes Like |Link to Comment
  • Precious Metal Miners: Value Buy Or Money Pit? [View article]
    Rising Costs Headlines for Yesterday's Papers:

    http://seekingalpha.co...
    Nov 1 04:50 AM | Likes Like |Link to Comment
  • Precious Metal Miners: Value Buy Or Money Pit? [View article]
    Analysts weren't even close on costs here, way too high:

    Newmont Mining Corp. (NEM), the world’s second-largest gold producer, reported earnings that exceeded analysts’ estimates after costs were lower than expected.

    Third-quarter net income rose to $408 million, or 82 cents a share, from $367 million, or 74 cents, a year earlier, Greenwood Village, Colorado-based Newmont said today in a statement. Profit excluding one-time items was 46 cents a share, topping the 32-cent average of 17 estimates compiled by Bloomberg. Sales declined to $1.98 billion from $2.48 billion, less than the $2 billion average estimate.

    Newmont’s Gary Goldberg is among chief executive officers in the industry looking for ways to bolster profit margins after gold slipped into a bear market in April. Newmont is aiming to reduce its cost to produce an ounce of gold by about $125 by 2015, Goldberg said Sept. 24. The company has cut its corporate office staff by almost 30 percent and reduced spending compared with last year, he said.
    Newmont’s average cost applicable to sales was $649 an ounce, compared with $693 a year earlier and the $717 average of six estimates compiled by Bloomberg
    Nov 1 04:47 AM | 2 Likes Like |Link to Comment
  • Rising Mining Costs: Headlines For Yesterday's Papers [View article]
    Analysts weren't even close on costs here:

    Newmont Mining Corp. (NEM), the world’s second-largest gold producer, reported earnings that exceeded analysts’ estimates after costs were lower than expected.

    Third-quarter net income rose to $408 million, or 82 cents a share, from $367 million, or 74 cents, a year earlier, Greenwood Village, Colorado-based Newmont said today in a statement. Profit excluding one-time items was 46 cents a share, topping the 32-cent average of 17 estimates compiled by Bloomberg. Sales declined to $1.98 billion from $2.48 billion, less than the $2 billion average estimate.

    Newmont’s Gary Goldberg is among chief executive officers in the industry looking for ways to bolster profit margins after gold slipped into a bear market in April. Newmont is aiming to reduce its cost to produce an ounce of gold by about $125 by 2015, Goldberg said Sept. 24. The company has cut its corporate office staff by almost 30 percent and reduced spending compared with last year, he said.
    Newmont’s average cost applicable to sales was $649 an ounce, compared with $693 a year earlier and the $717 average of six estimates compiled by Bloomberg
    Nov 1 04:40 AM | 2 Likes Like |Link to Comment
  • Rising Mining Costs: Headlines For Yesterday's Papers [View article]
    I think this reserve writeoff event will prove to be an anomaly and will be brought back. I wrote about why here.

    http://seekingalpha.co...
    Nov 1 02:09 AM | Likes Like |Link to Comment
  • B2Gold Establishing A Foothold In West Africa [View article]
    I am hoping it goes quite high, say 40 cents. I did the math on my site, see what you think.

    I also think their Romanian project has huge potential. If the Gabriel is postively resolved CPN's project will be rerated. CPN is ridiculously cheap.
    Oct 29 03:24 PM | Likes Like |Link to Comment
  • B2Gold Establishing A Foothold In West Africa [View article]
    I think BTG will work fine, but have some other ideas in mind: adding to CPN, Torex, Lydian and starting another name I will be putting once it sell off just a little more.
    Oct 29 02:25 PM | Likes Like |Link to Comment
  • B2Gold Establishing A Foothold In West Africa [View article]
    As a Volta shareholder I can only say that B2Gold picked up an extreme bargain. It is nice to pocket some coin for a change, but this will do little to rerate the other juniors, just done too cheap.

    BTG rewarded by selling off 5% today just shows how completely clueless this "market" is.
    Oct 29 01:51 PM | 1 Like Like |Link to Comment
  • US Treasury Issues Fiscal Position Summary For 2013: Gold Investors Don't Miss The Forest For The Trees [View article]
    2 million ounces of fresh short exposure and a $20 phony drop was all they could get out of it? Nice try, not impressed, this short attack is like a dog that can't really bark. This is the the Friday's Slinger attack on gold looked like:

    8:42 AM: 367 Dec. contracts traded
    8:43 AM: 7,993 Dec. contracts traded
    8:44 AM: 4,860 Dec. contracts traded
    8:45 AM: 4,050 Dec. contracts traded
    Oct 12 04:15 AM | 1 Like Like |Link to Comment
  • Gold sell-off tied to single trade: Nanex [View news story]
    Must be nice to sell 500,000 oz of gold you don't even have.
    Oct 11 01:52 PM | 16 Likes Like |Link to Comment
  • Pretium Resources Independent Auditor Strathcona Resigns - Is This Bad News For The Company? [View article]
    PVG has produced dozens of super- bonanza intercepts since June. There has been a whole summer of it. Here they are again this morning with seven more 1000 gram + 1/2 meter intercepts. These 1/2 meter veins can be followed for hundreds of meters. This is classic mining, done even in ancient times. This talk of having to extract huge quantities of barren rock is pure BS.

    Selected drill highlights include:

    Hole VU-279 (exploration hole) intersected 3,180 grams of gold per tonne uncut over 0.50 metre;
    Hole VU-281 (exploration hole) intersected 2,010 grams of gold per tonne uncut over 0.50 metre;
    Hole VU-273 (program hole) intersected 1,875 grams of gold per tonne uncut over 0.50 metre;
    Hole VU-291 (program hole) intersected 1,550 grams of gold per tonne uncut over 0.50 metre;
    Hole VU-259 (program hole) intersected 1,360 grams of gold per tonne uncut over 0.50 metre;
    Hole VU-277 (exploration hole) intersected 1,430 grams of gold per tonne uncut over 0.50 metre and 1,070 grams of gold per tonne uncut over 0.50 metre.

    http://bit.ly/16TjEED
    Oct 10 09:33 AM | 2 Likes Like |Link to Comment
  • Pretium Resources Independent Auditor Strathcona Resigns - Is This Bad News For The Company? [View article]
    Both Snowden and Stratchcona have the top consulting reputations in the business, which is why I think this is a professional disagreement that has gotten costly for their mutual client Pretium and PVG shareholders.

    I think this quote from PVG's operational guy is key:

    “We're not the QPs and can't say either way which way we think is right,” Ovsenek said. “What we can do is produce the gold. I don't think anybody can argue there. If we put the rock through the mill and we get this much gold.”
    Oct 9 05:18 PM | 1 Like Like |Link to Comment
  • Pretium Resources Independent Auditor Strathcona Resigns - Is This Bad News For The Company? [View article]
    VANCOUVER, Oct 9 (Reuters) - Shares in Pretium Resources Inc lost more than a quarter of their value on Wednesday after the independent consultant conducting a gold sampling program on the company's flagship exploration project in Western Canada resigned. Pretium said that Strathcona Mineral Services Ltd, which was conducting a 10,000 tonne bulk sample program at its Brucejack project in northern British Columbia, had quit. It gave no reason for Strathcona's resignation. By early afternoon, Pretium's stock was down 27.5 percent, or C$1.93, at C$5.08 on the Toronto Stock Exchange in heavy trading of more than 2.5 million shares.

    Strathcona President Graham Farquharson declined to comment on the company's resignation from the project and Pretium was not immediately available for comment.

    Dan Rollins, an analyst at RBC Capital Markets, said in a note to clients that a conversation with company management lead him to believe that the resignation was due to a "difference in opinion" between Strathcona and a second consultant working on the project, Snowden Mining Industry Consultants, on what method to use to estimate how much gold the project could contain.

    That was echoed by Adam Graf, an analyst with Cowen and Company, who added that the market was perhaps drawing the wrong conclusion from Strathcona's resignation. "You have a QP (Qualified Person) resign and everybody's going to be saying, 'something must be wrong,'" he said. "My understanding is that this is no reflection on the project. Snowden is a perfectly good and reputable QP, and they are continuing on." Snowden Mining, which prepared the 2012 resource estimate at the project, will now take over as the independent Qualified Person and issue the final report on the program, Pretium said in a news release on Wednesday morning. Although still at an early stage of development, the Brucejack project has garnered investor and industry attention due to its high gold grades. Brucejack's Valley of the Kings area hosts a probable mineral reserve of 6.6 million ounces and the project is expected to produce an average of 321,500 ounces of gold annually over its life, according to a feasibility study released in June. Pretium is targeting 2016 for the start of commercial production at the planned underground mine.

    The company's management is also well-regarded in the mining industry and includes chief executive Robert Quartermain, who was previously president of Silver Standard Resource Inc. , owner of one of the world's largest silver mines. Before Wednesday's slide by Pretium, the stock was down 46 percent so far this year, in line with other small gold stocks, which have been hurt by a weaker gold price and a dearth of industry funding. (Reporting By Nicole Mordant and Julie Gordon in Vancouver and Euan Rocha in Toronto;
    Oct 9 03:30 PM | Likes Like |Link to Comment
  • Pretium Resources Independent Auditor Strathcona Resigns - Is This Bad News For The Company? [View article]
    The Strathcona differences were with Snowden, not PVG management.
    Oct 9 02:40 PM | 3 Likes Like |Link to Comment
  • Pretium Resources Independent Auditor Strathcona Resigns - Is This Bad News For The Company? [View article]
    According to RBC is this an extreme overreaction. I picked up more shares at 4.80.

    RBC / October 9, 2013 Pretium Resources Inc. Update on Valley of the Kings bulk sample; Independent QP resigns Impact: Slight Negative We expect Pretium's shares could come under some pressure this morning with the resignation of Strathcona, the independent consultant conducting the company's bulk sample program. Although no reason for the resignation was provided within the press release, our conversation with management leads us to believe the resignation is a result of a difference in opinion between Strathcona and Snowden with respect to what method should be used to reconcile the bulk sample to the block model. That being said, the resignation of Strathcona is likely to lead to some uncertainty by the market participants. Pretium provided an update on the ongoing bulk sample program from the Valley of the Kings at its Brucejack project. Processing of the 10,000 tonne sample is progressing according to plan, with the company expecting to produce approximately 4,000 oz of gold from the sample. Pretium plans to continue releasing drill results from ongoing exploration activities at Brucejack as they are received, with the next round (426585E cross-cut) expected in the next two weeks. The company also noted that Strathcona Minerals, the independent "Qualified Person" overseeing the bulk sample, has resigned and that Snowden Mining, which prepared the 2012 Resource estimate, will take over as independent Qualified Person and issue the final report on the program. No reason for the resignation was outlined in the press release. However, our conversation with management leads us to believe the resignation of Strathcona was a result of a difference in opinions between Strathcona and Snowden on how to proceed with reconciling the bulk sample to the block model. It appears Strathcona wanted to use the results from the sample tower while Snowden wanted to use the results from the processed ore. As Strathcona was expected to provide a third party analysis beyond Snowden and Pretium, the resignation is likely to be viewed negatively by some investors. Given the unexpected resignation, we expect the company's share price is likely to come under pressure this morning as investors digest the news.
    Oct 9 01:35 PM | 5 Likes Like |Link to Comment
COMMENTS STATS
648 Comments
909 Likes