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Wed, Feb. 3, 5:33 PM
- Mining companies that have been hit hard by weakening Chinese demand surged the most in five months today, as a rally in metal prices signaled production cuts are starting to pay off, Bloomberg reports.
- Newmont Mining (NEM +11.3%), Freeport McMoRan (FCX +11.2%) and First Quantum Minerals (OTCPK:FQVLF +16.6%) all gained at least 11% today in leading the Bloomberg Americas Mining Index to a 7% surge and its biggest increase since August.
- Gold futures broke above their 200-day MA for the first time since October, and zinc, copper, aluminum, nickel, lead and tin all gained, helped by the outlook for tighter supplies and a plunge in the dollar.
- In today's trade: ABX +8.8%, GG +10.2%, AEM +5.5%, SLW +8.7%, KGC +10.3%, NG +6.6%, AU +9.6%, FNV +7%, GFI +8.5%, HMY +5.1%, SBGL +6.1%, IAG +9.6%, GOLD +3.6%, EGO +8.3%.
- ETFs: GLD, GDX, NUGT, IAU, GGN, DUST, PHYS, SGOL, UGL, GLDX, DGP, GTU, GLL, JJC, UGLD, DZZ, DBB, SGDM, ASA, OUNZ, DGL, DGZ, RING, DGLD, JJN, PSAU, JJU, TGLDX, CPER, UBG, JJT, BOM, RJZ, BOS, FOIL
Mon, Feb. 1, 12:00 PM
Thu, Jan. 28, 11:58 AM
- Barrick Gold (ABX -1.4%) is Canada’s best-performing major stock YTD, with shares up 36% in Toronto, and has overtaken its two biggest competitors, Goldcorp (GG +0.1%) and Newmont Mining (NEM +0.1%) in market cap to allow it to reclaim the title of the world’s most valuable gold company.
- "It’s great to see that our shareholders are starting to recognize the progress that we’ve made but there’s a lot of lifting we have to do in 2016,” ABX President Kelvin Dushnisky tells Bloomberg, adding that this year's focus will remain on cutting operating costs and improving productivity to further reduce debt.
- ABX stock is benefiting from the run-up in gold more than its competitors because of its high debt, which makes it a “levered play on gold," says T. Rowe Price's Rick de Los Reyes, adding that the company needs to start generating enough cash to get debt down to less than 2x EBITDA; currently, the ratio is 3.66x, well above NEM and GG at 2.22x and 2.18x, respectively.
Fri, Jan. 22, 8:28 AM
- Moody's places 120 oil and gas companies on review for a downgrade, in a sweeping global review that includes all major regions and ranges from the world's top global majors such as Royal Dutch Shell (RDS.A, RDS.B), Total (NYSE:TOT) and BP to 69 U.S. E&P and services firms.
- Warning of "a substantial risk that prices may recover much more slowly over the medium term than many companies expect, as well as a risk that prices might fall further," Moody's now sees both WTI and Brent crude averaging $33/bbl this year, a $7 cut for WTI and a $10 reduction for Brent from its previous forecast.
- The ratings firm also places 55 mining companies on review for downgrade as they battle a slump in commodity prices.
- Among the companies placed on review are Alcoa (NYSE:AA), Schlumberger (NYSE:SLB), Chesapeake Energy (NYSE:CHK), Transocean (NYSE:RIG), Statoil (NYSE:STO), Vale (NYSE:VALE), Goldcorp (NYSE:GG), National Oilwell Varco (NYSE:NOV) and Diamond Offshore (NYSE:DO).
- ETFs: XLE, VDE, ERX, OIH, XOP, ERY, FCG, DIG, GASL, DUG, BGR, XES, IYE, IEO, IEZ, FENY, PXE, PXI, FIF, PXJ, NDP, RYE, FXN, DDG
Wed, Jan. 13, 10:39 AM
- Goldcorp (GG -3.7%) sinks after Credit Suisse downgrades shares to Neutral from Outperform with a $14 price target, cut from $15.50, citing potential headwinds from a CEO transition and concerns over the production outlook.
- The firm says the transition to new CEO David Garofalo, who is currently the CEO of HudBay Minerals, could create uncertainty about the strategy and the outlook for the company.
Mon, Jan. 11, 2:23 PM
- Incoming Goldcorp (GG -5.9%) CEO David Garofalo says the miner plans to look beyond the Americas to some parts of Africa and eastern Europe for opportunities to expand.
- “If there’s anybody who’s positioned to take on a little more political risk, it’s Goldcorp, given its premium market cap relative to our competitors,” Garofalo tells Bloomberg.
- The CEO says the company's priority will continue to be operating large, low-cost mines, ideally capable of producing 500K/ year oz. of gold, and says he has no intention of wading into high-risk political zones such as Russia or China but sees Africa as attractive.
- The price of gold is not likely to improve significantly until the market believes the Fed’s bias has reversed in favor of lower rates, Garofalo also says.
Thu, Jan. 7, 6:38 PM
- Gold and silver miners are the lone rose growing in this week's stock market garbage heap, as the out-of-favor group responds to the highest gold prices in two months amid the flight to perceived safe havens.
- China’s move to devalue its currency at once stokes worries that growth in the world’s no. 2 economy is more sluggish than feared and that other Asian countries will retaliate with devaluations of their own to keep exports competitive, which could bode well for further gold price upside.
- This week's results so far for top precious metals miners: HMY +53.7%, ABX +18.4%, IAG +14.3%, AEM +14.1%, GFI +13.2%, AUY +12.9%, SBGL +12.8%, AU +11.2%, EGO +10.8%, GG +10.1%, KGC +9.9%, FNV +7.9%, GOLD +6.1%, NEM +4.9%, SLW +4.6%.
- ETFs: GDX, NUGT, GGN, DUST, SIL, GLDX, SGDM, ASA, SLVP, RING, PSAU, TGLDX, PICK, GDXS, GDXX
Mon, Jan. 4, 12:02 PM
Dec. 28, 2015, 12:57 PM
- Much like oil/gas firms (hurt by fresh oil price declines), coal, gold, and silver miners are having a rough day. End-of-year tax and fund selling could be playing a role. Comex gold is down a moderate 0.6%, and Comex silver down 3.2%. The S&P is down 0.5%.
- Notable coal decliners: Peabody Energy (BTU -13.6%), Westmoreland Coal (WLB -6.4%), CONSOL Energy (CNX -9%), and Cloud Peak Energy (CLD -4%).
- Notable gold decliners: Goldcorp (GG -3.5%), Barrick Gold (ABX -3.1%), Newmont Mining (NEM -4%), Kinross Gold (KGC -3.8%), Gold Fields (GFI -6.7%), AngloGold Ashanti (AU -5%), Harmony Gold (HMY -6.5%), and Sibanye Gold (SBGL -4.2%).
- Notable silver decliners: Silver Wheaton (SLW -3.8%), Pan American Silver (PAAS -3.6%), First Majestic Silver (AG -6.9%), Tahoe Resources (TAHO -4.9%), and Coeur Mining (CDE -5.8%).
- ETFs: GLD, SLV, IAU, AGQ, PSLV, PHYS, USLV, SIVR, SGOL, ZSL, UGL, DGP, GTU, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, OUNZ, DGL, DBS, DGZ, DGLD, USV, GEUR, UBG, GYEN, TONS, QGLDX
Dec. 7, 2015, 5:58 PM
- Incoming Goldcorp (NYSE:GG) CEO David Garofalo tells Financial Post that for the first time in his career, he is "inheriting a company that’s actually running very smoothly."
- Under Chuck Jeannes, set to retire in April, GG has grown to the point where it is now the world’s most valuable gold miner, but the bigger question for investors is what lies ahead, as the miner expects production to top out at 3.4M-3.7M oz. in 2017 and decline after that.
- Garofalo tells FP there are clear parallels between the strategies of his current company, HudBay (NYSE:HBM), and Goldcorp: Both companies have built nearly all the mines they operate, both like to acquire early-stage projects and add value themselves through drilling and construction, and both have sold plenty of non-core assets that do not fit their long-term plans.
- "Garofalo’s challenge will be to lead a more mature company that has transitioned from being an upstart to one of the industry’s largest companies,” TD Securities analyst Greg Barnes says, noting that other precious metals miners struggled to grow once they got as big as GG.
Dec. 7, 2015, 11:11 AM
Dec. 4, 2015, 5:11 PM
- Goldcorp (NYSE:GG) says CEO Chuck Jeannes will retire following its annual general meeting in April, to be succeeded by HudBay Minerals (NYSE:HBM) President and CEO David Garofalo.
- Garofalo is a 25-year veteran of the natural resources sector, serving most recently as HBM's President and CEO since 2010; before joining HBM, he was senior VP and CFO of Agnico-Eagle Mines from 1998.
- Jeannes has led GG since 2007 and has been with the company and its Glamis Gold predecessor for nearly 17 years.
Nov. 23, 2015, 7:07 PM
- Barrick Gold (NYSE:ABX) lowers its 2015 production forecast because of a mechanical problem at its jointly owned Pueblo Viejo mine in the Dominican Republic that will reduce output until mid-January 2016.
- ABX says it now expects to produce 6M-6.15M oz. of gold this year, down from its previous estimate of 6.1M-6.3M oz.
- ABX owns 60% of Pueblo Viejo, while Goldcorp (NYSE:GG) owns the remaining 40%.
Nov. 9, 2015, 12:18 PM
- Goldcorp (NYSE:GG) declares $0.02/share monthly dividend, in line with previous.
- Forward yield 2.07%
- Payable Nov. 27; for shareholders of record Nov. 19; ex-div Nov. 17.
Oct. 29, 2015, 6:56 PM
- Goldcorp (NYSE:GG) says it is delaying plans to ramp up production at its Cochenour mine in Canada through 2016, and now expects full ramp-up in late 2016 and into 2017.
- Cochenour is expected to produce 225K-250K oz./year of gold at full production but only "a few thousand ounces" in 2016, CEO Chuck Jeannes said in today's earnings conference call.
- GG also said problems at its Eleonore mine in Canada could affect the operation's 2015 production guidance of 250K-270K gold oz.
- Shares fell 10% in today's trade after the company posted a surprise Q3 loss on an inventory writedown and declining prices.
Oct. 29, 2015, 9:57 AM
- Goldcorp (GG -2.8%) opens lower after reporting a surprise Q3 loss even as revenue rose to $1.3B on increased gold production.
- However, GG maintains its production and cost guidance, and says it generated $168M of free cash flow in Q3 despite low gold prices.
- GG sees FY 2015 production at the high end of a range of 3.3M-3.6M oz. of gold, all-in sustaining costs of $850-$900/oz. and capital spending of $1.2B-$1.4B.
- GG says its Q3 gold production rose to a record 922.2K oz. from 651.7K as the average realized price fell to $1,114/oz. from $1,266/oz.; all-in sustaining costs were $848/oz. vs. $1,066/oz. a year earlier.
- Q3 production from the new Eleonore mine in Quebec reached a lower than expected 86.7K oz. as it struggles to ramp up, but delivered solid results from its Penasquito, Cerro Negro and Musselwhite operations.
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