Thu, Nov. 12, 11:37 AM
- Pan American Silver (PAAS +0.5%) reports a smaller than expected Q3 loss of $0.06/share on a 10% Y/Y drop in revenues to $159M, as prices for metals produced by the company fell significantly.
- PAAS says its Q3 silver production totaled 6.61M oz., 7% higher than a year ago, and gold production totaled a record 53.6K oz., up 57% Y/Y.
- For full-year 2015, PAAS reaffirms its silver production forecast of 25.5M-26.5M oz. and raises its gold production outlook to 175K-180K oz. from its original forecast of 165K-175K oz.
- Maintains its annual production forecasts of 37K-39K metric tons of zinc, 13K-13.5K metric tons of lead, and 14K-15K metric tons of copper.
Thu, Nov. 12, 8:03 AM
Wed, Nov. 11, 5:30 PM
Tue, Oct. 20, 5:40 PM
Sat, Sep. 19, 8:25 AM
- Metal and mining stocks have been hit hard in recent months, but analysts at FBR Capital argue that there are still attractive names to own in the sector.
- Companies with exposure to the zinc and met coal markets look appealing, FBR says, as supply reductions could act as a positive catalyst for prices; Teck Resources (NYSE:TCK) is the firm's top pick there, with Horsehead Holding (NASDAQ:ZINC) the favorite small-cap idea.
- The firm sees "no structural turnaround for domestic thermal coal," but thinks the rate of decline will begin to slow next year, justifying Outperform ratings on Alliance Resource Partners (NASDAQ:ARLP) and Westmoreland Coal (NASDAQ:WLB); Cloud Peak Energy (NYSE:CLD) and Joy Global (NYSE:JOY) are rated Underperform.
- FBR is fairly upbeat on steel names, initiating SunCoke Energy (NYSE:SXC) and SunCoke Partners (NYSE:SXCP) at Outperform, as SunCoke’s long-lived coke assets are able to generate strong margins “in almost any U.S. steel environment"; Cliffs Natural Resources (NYSE:CLF) is rated Market Perform.
- The copper market will remain in surplus through 2017, FBR says, but it rates Southern Copper (NYSE:SCCO) at Outperform; Freeport McMoRan (NYSE:FCX) is rated Market Perform.
- Among precious metals miners, the firm prefers Pan American Silver (NASDAQ:PAAS) and Royal Gold (NASDAQ:RGLD), the latter "a diversified company with a solid balance sheet and attractive acquisition opportunities."
Wed, Sep. 2, 2:59 PM
- Pan American Silver (PAAS -0.9%) is upgraded to Sector Outperform from Sector Perform with an $11 price target, raised from $10, at Scotiabank, citing its strong balance sheet, healthy dividend yield, attractive valuation and promising expansion projects.
- The firm highlights PAAS's $275M in cash and short-term investments at the end of Q2 along with $470M in working capital and just $62M in debt.
- Scotia also notes expansion projects that are driving margin improvement, with the La Colorada and Dolores mine expansions in Mexico expected to bring consolidated all-in sustaining costs down to $9.76/oz. in 2017 and $9.03/oz. in 2018.
Fri, Aug. 14, 5:36 AM
Thu, Aug. 13, 10:47 PM
Wed, Aug. 12, 5:35 PM
Wed, Aug. 12, 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.
Tue, May 12, 12:53 AM
Tue, May 12, 12:35 AM
Sun, May 10, 5:35 PM
- AMBC, APEI, ARCW, ARNA, ASEI, ATHX, BDE, CALL, CHMI, CLNE, CYTX, DEPO, DRYS, DTSI, EAC, ELON, FF, FMC, FMI, FTEK, FXEN, GBDC, GTY, HALO, HI, IPAR, IPXL, JUNO, LPSN, MBI, MCC, MDR, MNTX, MODN, MR, MTZ, MVNR, OME, OMER, ONTY, OPK, ORIG, PAAS, PEIX, PINC, PVA, RAX, REN, SCLN, SF, SFXE, TCRD, TEP, TRQ, TTEC, UNXL, VRTU, XON, YY, ZGNX
Fri, Apr. 24, 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%.
Wed, Apr. 22, 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
Wed, Apr. 8, 5:46 PM
- McEwen Mining (NYSE:MUX) fell 5.6% in today's trade after yesterday's news that 900 kg of gold-bearing concentrate containing 7K oz. of gold - ~$8.4M in potential revenue - was stolen from its refinery in Mexico's Sinaloa state.
- Armed robberies of significant quantities of gold are not common, but operators in northern Mexico have been targeted in the past as the region is associated with cartels and gangs.
- The robbery raises concerns about other companies with exposure in northern Mexico, which include AGI, AUQ, CDE, PPP and TGD; among those with operations nearby are GG, PAAS, GPL, OTCPK:FNLPF and OTCQX:SMNPF.
Pan American Silver Corp is engaged in the production and sale of silver, gold and base metals including copper, lead and zinc as well as other related activities, including exploration, extraction, processing, refining and reclamation.
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