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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.
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
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.
Oct. 14, 2015, 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
Oct. 2, 2015, 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.
Sep. 22, 2015, 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.
Sep. 16, 2015, 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%.
Sep. 11, 2015, 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
Sep. 8, 2015, 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.
Aug. 20, 2015, 2:29 PM
- Alongside interest rate sensitive names, the gold miners are well-bid as the major averages tumble.
- The yellow metal itself is higher by 2.15% to $1,152 per ounce.
- Gold Fields (GFI +15.1%), AngloGold Ashanti (AU +11.2%), Sibanye Gold (SBGL +11.3%), Alamos Gold (AGI +9.7%), IAMGOLD (IAG +6.1%), Randgold (GOLD +5.6%), Barrick (ABX +4.9%), Newmont (NEM +3.7%), Kincross (KGC +2.6%), Goldcorp (GG +3.2%).
Aug. 13, 2015, 2:58 PM
- Goldcorp (GG -5.2%) is well positioned to identify strategic M&A opportunities following strong Q2 results with further improvement expected, proceeds from the Tahoe sale, an expanded credit facility and additional capital after its dividend cut, RBC analyst Steven Walker says.
- Walker expects GG to identify its non-core mines that could be spun out like Tahoe and higher-quality new mines and projects identified for the portfolio; candidates for non-core assets include the Los Filos and Porcupine mines, each forecast to produce 275K-300K oz./year of gold, or 8%-9% of the production profile, so any acquisition should contribute at least 10% to production.
- Walker has a Sector Perform rating on GG and a $21 price target.
Aug. 12, 2015, 3:46 PM
- China's moves to devalue the yuan and the potential for further devaluation have favorably shifted the risk/reward for stocks of precious metal miners, Deutsche Bank says as it upgrades Newmont Mining (NEM +6.1%) and Barrick Gold (ABX +5.2%) to Buy from Hold, citing improving balance sheets and share pullbacks the firm views as overdone compared to the move in gold prices.
- The firm notes 82% of ABX's and NEM's estimated 2016 revenues come from gold; Kinross Gold (KGC +2.8%) and Goldcorp (GG +4.9%) derive a respective 97% and 73% of their expected 2016 revenues from gold.
- Among silver miners, Deutsche Bank upgrades Pan American Silver (PAAS +6.1%) and Hecla Mining (HL +7.6%) to Buy from Hold, citing their cost exposures outside the U.S. and their respective 26% and 38% gold exposure.
Jul. 30, 2015, 9:59 AM
- Goldcorp (GG -2.1%) opens lower after saying it will cut its dividend by 60% even though it has a strong balance sheet compared to many of its peers, while reporting slightly better than expected Q2 earnings as well as improved production and cost forecasts.
- GG says its move to cut the cut the monthly payout to US$0.02/share from $0.05 will save nearly $300M/year.
- Q2 gold sales totaled 903K oz. on production of 908K oz., vs. sales of 639.5K oz. on production of 648.7K oz. in the year-ago quarter; the quarterly record was driven by higher grades at Penasquito in Mexico and an ongoing ramp-up at Cerro Negro in Argentina, but the average realized price dropped to $1,189/oz. from $1,296/oz.
- Q2 all-in sustaining costs were $846/oz. of gold compared to $852/oz. in the year-ago quarter.
- GG says it sees 2015 production at the high end of its forecast of 3.3M-3.6M oz., with all-in sustaining costs at $850-$900/oz., down from an earlier estimate of $875-$950/oz.
- In addition to the dividend cut, GG has taken a couple of other measures in recent weeks to improve its liquidity: It sold its take in Tahoe Resources for nearly $1B, and expanded a credit facility by $1B.
Jul. 24, 2015, 5:40 PM
Jul. 20, 2015, 10:39 AM
- Several gold miner stocks strike new 52-week lows in early trading, as gold prices plunge below $1,100/oz. overnight and adding pressure to a sector that already faces razor-thin margins.
- Investors have turned sharply negative on gold as the U.S. dollar rises ahead of a likely rise in interest rates, and a report out of China shows lower than expected holdings of the metal.
- While most senior gold miners can generate decent margins at $1,100 gold, many small and mid-tier producers are underwater at the price, and some of the seniors are struggling with heavy debt.
- Hitting new 52-week lows today: ABX -9.3%, GG -7.7%, GFI -10.7%, KGC -9.4%, AGI -6.6%, AU -9.7%, SBGL -7.8%, BTG -9.3%, EGO -2.9%, NGD -8%, AUY -8.8%, RGLD -8.2%, FNV -6.8%, SLW -5%.
- Also lower: NEM -9.4%, AEM -7.9%, NG -7%, GOLD -4.8%, IAG -5.1%, HL -5.4%.
- ETFs: GDX, NUGT, GDXJ, GGN, DUST, SIL, JNUG, GLDX, JDST, SGDM, ASA, SLVP, SILJ, RING, JUNR, PSAU, TGLDX, GDJJ, GDXS, GDXX, GDJS
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