Mon, Nov. 23, 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%.
Mon, Nov. 9, 12:18 PM
Thu, Oct. 29, 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.
Thu, Oct. 29, 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.
Thu, Oct. 29, 8:03 AM
Wed, Oct. 28, 5:30 PM
- ABC, ABMD, AET, ALKS, ALLE, ALLT, ALLY, ALU, ALXN, AMT, APD, AVT, AVY, AWI, BANC, BBW, BC, BG, BLL, BWA, BWEN, BXLT, CCE, CHTR, CLF, CME, CMS, COP, CRI, CRR, CSH, CVE, CVI, CVRR, DBD, DFT, DIN, DLPH, EME, EPD, EXAS, EXLS, FCN, FIG, FMS, GCI, GG, GLOP, GLPI, GNC, GOV, GT, GTLS, GTXI, HAR, HEES, HST, HTWR, I, IDA, IMS, INGR, IQNT, IRDM, IVZ, JAH, JCI, KEM, KERX, LDOS, LKQ, LLL, LPLA, MA, MCK, MD, MDP, MDXG, MGM, MMYT, MO, MPC, MPLX, MSCI, MTH, MTRN, MWW, NEO, NICE, NOK, NTCT, NVO, NYT, OAK, ODFL, OFC, OSK, PAG, PBI, PES, PF, PNK, POT, PPL, PX, RDS.A, RFP, RGS, RTIX, RYAM, SABR, SAN, SC, SCG, SHOO, SHW, SMP, SNE, SNMX, STM, TDY, TEVA, TFX, THRM, TPX, TWC, UAN, UBSI, UPL, VA, VICL, WRLD, WST, WWE, XEL, XYL, ZBH
Tue, Oct. 20, 7:56 PM
- Workers who halted operations earlier this month at Goldcorp's (NYSE:GG) Cerro Negro mine in Argentina over working conditions have accepted a timetable for the company to address their grievances, a union official tells Reuters.
- Measures to be discussed range from replacing missing fire extinguishers to "structural improvements" such as maintaining adequate emergency exits.
- Cerro Negro is expected to produce 425K-475K oz. of gold this year, making it one of GG's biggest mines.
Wed, Oct. 14, 2:26 PM
- Gold settles at three-and-a-half month highs, rallying $14.50 (+1.2%) to $1180/oz., as soft U.S. economic data and concerns over deflationary pressures in China add to expectations the Fed will delay any interest rate increases.
- Gold is gaining more ground in electronic trading after the Fed Beige Book release.
- The yellow metal's eighth gain in nine sessions has sent the SPDR Gold Trust ETF (GLD +1.5%) past its 200-day moving average, and gold miners have ripped higher, as evidenced by this month's 18% gain in the Market Vectors Gold Miners ETF (GDX +5.6%).
- Top mining stocks including Barrick Gold (ABX +7.9%), Goldcorp (GG +8.5%), Kinross Gold (KGC +8.3%), Gold Fields (GFI +5.4%), Newmont Mining (NEM +5.4%), Agnico Eagle Mines (AEM +5.7%), Silver Wheaton (SLW +6.8%), Yamana Gold (AUY +6.7%), Franco Nevada (FNV +5%), Randgold (GOLD +4.8%) and AngloGold (AU +5.6%) are all sharply higher.
- Other ETFs: NUGT, AGQ, GGN, DUST, SIL, USLV, ZSL, UGL, GLDX, DGP, GLL, UGLD, DZZ, SLVO, GLDI, SGDM, DSLV, ASA, SLVP, DGL, DBS, DGZ, RING, DGLD, PSAU, USV, TGLDX, GEUR, UBG, GYEN
Mon, Oct. 5, 6:58 PM
- Goldcorp (NYSE:GG) says work has resumed at its Cerro Negro mine in Argentina following the declaration of a mandatory 15-day conciliation period by the local province's top government labor official.
- Union-backed workers had halted work at the mine site on Friday.
- GG says it will work during the conciliation period with employee representatives and government officials to reach a "fair and equitable" resolution.
Mon, Oct. 5, 11:16 AM
Fri, Oct. 2, 6:28 PM
- Goldcorp (GG +7.1%) has announced a work stoppage at its Cerro Negro mine in Argentina.
- The stoppage began Wednesday, by miners represented by Asociacion Obrera Minera Argentina. Goldcorp is trying to win support from Argentina's government to get a 15-day conciliation period for negotiations with the miners.
- Assuming that's granted, Goldcorp says, it would expect workers to resume "in short order" during the meetings. It says it has a comprehensive contingency plan set for quick restart.
- Shares are up 0.2% after hours.
Tue, Sep. 22, 12:36 PM
- Goldcorp (GG -3.4%) reiterates 2015 production estimates at the upper end of its 3.3M-3.6M oz. guidance range, as Latin American mines help counter minor setbacks at its newest operation in Canada.
- Earlier this month, GG cut its production forecast for the Eleonore mine in Quebec, citing higher than expected folding, but CEO Chuck Jeannes now adds that only a small percentage of the ore body is being affected as other mines perform well.
- The CEO also is “very comfortable” with GG's $1.2B-$1.4B capex guidance, as well as an all-in sustaining cost forecast of $850-$900/oz.
- Also, while Jeannes says he always keeps an eye open for acquisition opportunities, the U.S. mines being marketed by Barrick Gold (ABX -5.6%) would not be the kind of assets he would find attractive.
Wed, Sep. 16, 3:45 PM
- Newmont Mining's (NEM +5.8%) stock price target is lowered to $22 from $24 by RBC analysts on the back of downward revisions to base metal price assumptions, including a ~15% reduction to the firm's 2015-19 average copper price assumptions.
- NEM has significant leverage to copper prices through its Batu Hijau, Boddington and Phoenix mines, prompting the firm to reduce its EPS and cash flow/share estimates.
- But for today at least, shares of gold miners are surging, following gold prices higher as optimism grows that the Fed will not raise rates tomorrow: ABX +7%, KGC +9.2%, GG +5.3%, AEM +6.9%, GFI +3%, SBGL +2.4%, FNV +4.7%, NGD +7.1%, AUY +9.1%, IAG +7.6%, BTG +4.1%, EGO +9.7%, SLW +7.1%.
Fri, Sep. 11, 2:39 PM
- Canadian and South African gold stocks slide as prices for the precious metal capped a third straight week of losses and the imminent re-balancing of fund portfolios adds to investor concerns.
- Two gold ETFs run by Market Vectors Gold Miners ETF - GDX and GDXJ - are expected to announce upcoming re-balancing changes after the close; both ETFs are on pace to close at their lowest levels since their respective formations in 2006 and 2009.
- The Global X Silver Miners ETF (NYSEARCA:SIL) and PureFunds ISE Junior Silver ETF (NYSEARCA:SILJ) also are on pace for their record lows.
- KGC -3.2%, GG -0.5%, GFI -8.2%, AU -4.8%, BTG -5.2%, FNV -1.9%, EGO -0.2%, some of them paring larger earlier losses.
- Other ETFs: NUGT, GGN, DUST, SIL, JNUG, GLDX, JDST, SGDM, ASA, SLVP, SILJ, RING, JUNR, PSAU, TGLDX, SGDJ, GDJJ, GDXS, GDXX, GDJS
Tue, Sep. 8, 7:44 PM
- Goldcorp (NYSE:GG) +1.9% AH after cutting its 2015 production forecast for its new Eleonore gold mine in Quebec, citing higher than expected folding in the underground rock resulting in higher dilution and thus lower than planned mined grades and gold production.
- GG says it now expects Eleonore to produce 250K-270K oz. of gold this year, after previously anticipating production of 290K-330K oz.
- GG leaves its overall gold production outlook for the year unchanged, saying it still expects output at the higher end of 3.3M-3.6M oz.
Fri, Sep. 4, 12:01 PM
Other News & PR