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May 7, 2015, 9:20 AM
May 7, 2015, 6:23 AM
- Gold Fields (NYSE:GFI): Q1 Net loss of $14M vs. $0.00 in 1Q14
- Revenue of $609.8M (-13.9% Y/Y)
- Shares -8% PM
Apr. 27, 2015, 6:45 PM
- Gold surged above $1,200/oz. today in its best day since January, as U.S. June gold futures settled up 2.4% to $1,203.20/oz. in its best percentage jump since Jan. 15, amid reports Friday that Venezuela's central bank had converted 1.4M oz. of its gold reserves into at least $1B in cash through a swap with Citibank.
- "That was a huge potential seller taken out of the market. It's not an overhang anymore," Dennis Gartman said of the Venezuela deal.
- Other gold watchers say the bigger factor driving prices was the expiration of May options and short covering; an increase of 13K shorts in the market is a positive since those traders could be forced to buy gold when they cover, says Kevin Grady of Phoenix Futures and Options.
- ETFs: GLD, IAU, SGOL, UGL, DGP, GLL, UGLD, DZZ, GLDI, OUNZ, DGL, DGZ, DGLD, AGOL, TBAR, GEUR, UBG, GYEN, BAR
- Miners finished mostly higher: NEM +2.4%, ABX +2.2%, AU +2.6%, GOLD -0.4%, GFI +5.3%, GG +0.9%, SBGL +3%, NGD +3.1%, EGO +1.7%, AUY +1.8%, KGC flat, IAG +4.2%, BTG +1.9%, HL +1.9%, RGLD -0.8%, FNV +0.8%, AGI +1.3%, AUQ +2.3%.
Apr. 24, 2015, 6:50 PM
- In another day of broad losses among in precious metals miners, Newmont Mining (NYSE:NEM) enjoyed a 6.5% surge following strong Q1 results that included impressive cost reductions in gold and copper production.
- J.P. Morgan analysts especially liked the strong first quarter at Batu Hijau and Yanacocha and the deferral of some capex that allowed NEM to generate $344M in free cash flows and pay down $200M in debt; the firm says full-year guidance could be raised if cost reductions can be maintained in Q2.
- Otherwise, it was not a good day for mining equities, following another drop in gold futures which tumbled to their lowest level in more than a month.
- NEM CEO Gary Goldberg expects gold prices to gain ~25% to $1,500/oz. by 2020 on rising demand from China and a weaker dollar; for now, Goldberg says the strong U.S. dollar is “definitely having an adverse effect” on gold prices, and he expects the dollar will “eventually come back off of its highs in the next couple of years."
- In today's trade: ABX -0.9%, AU -4.2%, GG -2.6%, SBGL -7.7%, GOLD -2%, AUY -2.5%, NGD -1.9%, GFI -4.4%, SLW -1%, PAAS -1.6%, EGO -4.1%, RGLD -2.7%, FNV -2.1%, KGC -0.4%, IAG -1.4%, BTG -1.9%, HL -1.9%, AGI -1.6%, AUQ -3.1%.
Apr. 22, 2015, 6:36 PM
- Gold tumbled today to its sharpest single session loss in more than six weeks, after the strong U.S. existing home sales report that raised expectations for a Fed interest rate hike in June.
- U.S. gold futures for June delivery fell $16.20 (-1.4%) to settle at $1,186.90/oz., while silver fell 1.3% to $15.77.
- Among precious metals miners today: ABX -3.4%, AU -4%, GG -2.8%, SBGL -6.8%, GOLD -1.5%, AUY -3.7%, NG -1.9%, GFI -5%, SLW -2.1%, PAAS -3.5%, NEM -3.1%, EGO -1.4%, RGLD -2.1%, FNV -3.4%, KGC -1.7%, IAG -4.1%, BTG -2.5%, HL -3.8%, AGI -5.4%, AUQ -4.4%.
- ETFs: GLD, SLV, GDX, NUGT, IAU, AGQ, DUST, SIL, USLV, SIVR, SGOL, ZSL, UGL, GLDX, DGP, GLL, UGLD, DZZ, SLVO, GLDI, SGDM, DSLV, OUNZ, SLVP, DGL, DBS, DGZ, RING, DGLD, AGOL, PSAU, USV, TBAR, GEUR, UBG, GYEN, BAR, GDXX
Apr. 20, 2015, 1:23 PM
- Hecla Mining (NYSE:HL) and Australia's Newcrest Mining (OTCPK:NCMGF, OTCPK:NCMGY) reportedly are among the bidders for Barrick Gold's (ABX -0.3%) Australian Cowal mine, which is on the block as ABX continues to shrink its global footprint.
- Gold Fields (NYSE:GFI) and Evolution Mining (OTCPK:CAHPF) also are said to be among other companies to have made it through to a second round of bidding for Cowal.
- ABX in February started a process to sell the mine, as well as a joint venture in Papua New Guinea; Cowal could be worth as much as $700M after the open-pit mine produced 268K oz. of gold last year.
Apr. 14, 2015, 6:19 PM
- Gold Fields (NYSE:GFI) reports that it expects Q1 production will total 501K gold equiv. oz, 10% lower than the 556K in Q4 2014, at all-in sustaining costs of $1,145/oz., vs. $1,023/oz. in Q4.
- GFI says it expected reduced production totals due to the Christmas break in South Africa and mine scheduling at its other operations.
- Despite the slow start for the year, GFI says its previous FY 2015 guidance for 2015 of 2.2M gold equiv. oz. production at all-in sustaining costs of $1,055/oz. remains intact.
Apr. 10, 2015, 12:58 PM
- Gold Fields (GFI +4.4%) says it has reached a three-year wage agreement with trade unions at its South Deep mine in South Africa, will result in average annual wage increases of 10% over the three-year period of the deal.
- In explaining the increase, GFI says South Deep is the only fully mechanized gold mining operation in South Africa, with a different operating model and labor profile vs. labor-intensive gold mining undertaken by other companies.
- AngloGold Ashanti (NYSE:AU), Sibanye Gold (NYSE:SBGL) and Harmony Gold (NYSE:HMY) are thus not likely to see the deal as a precursor to similar wage increases at the other gold mines.
Apr. 10, 2015, 9:12 AM
Apr. 1, 2015, 5:39 PM
Mar. 6, 2015, 2:42 PM
- Precious metals miners are bludgeoned as April Comex gold tumbles 2.7% to $1,164.30/oz. for its lowest settlement of the year so far.
- The culprit was the upbeat February jobs report, which sparked fears that the improving economy will prompt the Fed to hike interest rates sooner rather than later.
- ABX -6%, GG -6.6%, NEM -7.9%, AU -6.1%, AUY -6.6%, KGC -7.8%, SLW -3.4%, GOLD -5.4%, EGO -5%, GFI -7.9%, HL -10.4%, RGLD -8.6%, FNV -3.2%, NG -4.3%, SBGL -6.4%, PAAS -4.3%,BTG -6.5%, IAG -6.2%, AUQ -5.6%, AGI -2.8%.
- Precious metals ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, OUNZ, DGL, DBS, GLTR, DGZ, DGLD, AGOL, DBP, WITE, TBAR, USV, UBG, JJP, BAR, GYEN, GEUR, BARS, RGRP, BLNG
- Precious metals mining ETFs: GDX, NUGT, DUST, SIL, GLDX, SLVP, RING, SGDM, PSAU, GDXX
Feb. 12, 2015, 9:15 AM| Feb. 12, 2015, 9:15 AM | 5 Comments
Feb. 12, 2015, 8:21 AM
- Gold Fields (NYSE:GFI) -4.7% premarket after saying this year's planned buildup of its South Deep mine in South Africa will not be achieved due to a skills deficit and problems with underground infrastructure.
- Production from the operation probably will rise 15% to 230K oz. this year, but the mine will only break even in 2016 as the “knock-on effects of the stoppage last year will have a material impact on 2015,” GFI says.
- GFI had planned to produce 650K-700K oz. from South Deep by 2017, a target that will need to be revised, CEO Nick Holland says; the project already was two years behind its initial schedule.
- South Deep is the world’s largest gold deposit after Grasberg in Indonesia, and production at 700K oz./year would be worth ~$855M in revenue at current spot prices.
- Earlier: Gold Fields net income of -25.5M
Feb. 12, 2015, 7:11 AM
- Gold Fields (NYSE:GFI): Q4 net income of -$25.5M
- Revenue of $708M (-9.3% Y/Y)
Feb. 11, 2015, 8:37 AM
- Q4 post-tax distributable earnings of $60.6M or $0.18 per share vs. $40.2M and $0.13 one year ago.
- Between 17.1M shares of GFI Group (NYSE:GFI) owned by BGC Partners (NASDAQ:BGCP) and 37.9M tendered so far, 43.4% of GFI shares are in support of BGC's $6.10 per share offer.
- Once the deal is closed, BGC expects increased productivity per front-office employee and a reduction in annual expenses by at least $40M in year one. The company also expects to free up tens of millions of dollars of duplicative capital.
- Q1 outlook: Pretax distributable earnings growth of 21-42%.
- Conference call at 10 ET
- Previously: BGC Partners EPS in-line, beats on revenue (Feb. 11)
- In other news, CFO Graham Sadler will resign after more than six years with the firm.
- BGCP flat premarket
Jan. 16, 2015, 2:59 PM
- Gold Fields (GFI +0.6%) says FY 2014 production will tally ~2.2M oz., a slight improvement over the previous year’s production and at a lower cost.
- GFI says its 2014 all-in cost of $1,095/oz. was well below the $1,300/oz. target it set for the business and much improved over 2013's all-in cost of $1,312/oz. on production of 2M oz.
- In Q4, GFI generated 556K oz., slightly lower than the 598K produced in the year-ago quarter; Q4's all-in cost was $1,055/oz., better than $1,095/oz. the year before.
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