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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. 14, 2015, 6:57 PM
- Silver Wheaton (NYSE:SLW) +3.6% AH after initiating its first ever normal course issuer bid for 20.23M common shares, representing 5% of total common shares outstanding.
- SLW says its share price "does not currently reflect the high quality asset base underlying the company's robust business model," and that at current prices its shares "may represent the best investment option for our shareholders."
Sep. 14, 2015, 5:39 PM
Aug. 11, 2015, 7:49 PM
- Silver Wheaton (NYSE:SLW) +2.3% AH after a mostly in-line Q2 earnings report, as a higher cost of sales and lower commodity prices sent profit lower by 15% Y/Y but revenues rose 10.7%.
- SLW says it tallied record totals for attributable silver equiv. production of 10.9M oz. (7.2M oz. of silver and 50.5K oz. of gold), up 29% from 8.5M oz. in Q2 2014, and silver equiv. sales volume of 10M oz. (5.6M oz. of silver and 61K oz. of gold), up 34% from 7.5M oz. in the year-ago quarter.
- SLW says its average realized sale price per silver equiv. oz. sold during Q2 fell more than 17% to $16.38.
- Says it expects federal and provincial tax of ~C$190M, resulting from Canada Revenue Agency's proposal to tax ~C$715M of income earned by the company's foreign units during 2005-10.
Aug. 11, 2015, 5:53 PM
- Silver Wheaton (NYSE:SLW) declares $0.05/share quarterly dividend, in line with previous.
- Forward yield 1.52%
- Payable Sept. 4; for shareholders of record Aug. 26; ex-div Aug. 24.
Aug. 11, 2015, 5:23 PM
- Silver Wheaton (NYSE:SLW): Q2 EPS of $0.13 in-line.
- Revenue of $164.4M (+10.7% Y/Y) misses by $2.26M.
Aug. 10, 2015, 5:35 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
Jul. 20, 2015, 9:14 AM
Jul. 17, 2015, 2:58 PM
- Barrick Gold (ABX -4.9%) sinks to 24-year lows in Toronto trading, leading a rout among bullion miners as the yellow metal extends its selloff to five-year lows.
- ABX is under particular pressure, as the fall in gold casts doubt on the company’s strategy of shedding assets to pay down its $12.9B debt, as it "becomes harder and harder to sell those assets at any kind of reasonable value if metal prices are unwinding," Macquarie analyst Ron Stewart says.
- ABX reportedly is nearing a deal to sell its Zaldivar copper mine in Chile, and is looking for buyers for its 50% stake in its Kalgoorlie mine, among other properties.
- NEM -2.6%, GG -5.7%, GFI -1.1%, KGC -5.2%, AEM -5.1%, NG -2.2%, AGI -6.6%, AU -5.7%, GOLD -2.5%, SBGL -4.2%, BTG -6.4%, IAG -7.6%, EGO -7.6%, HL -3.5%, NGD -8.4%, AUY -2.9%, RGLD -2.9%, FNV -3.6%, SLW -3.3%.
- ETFs: GDX, NUGT, GGN, DUST, SIL, GLDX, SGDM, ASA, SLVP, RING, PSAU, TGLDX, GDXS, GDXX
Jul. 9, 2015, 11:25 AM
- Franco-Nevada (FNV -0.1%) says Canada's review of how competitor Silver Wheaton (SLW -0.9%) pays tax on foreign earnings could make financing for some mine projects more expensive in the future.
- The move "changes the level of where these deals would get bid,” FNV CEO David Harquail tells Bloomberg, referring to streaming arrangements in which companies help fund a mining company in exchange for a percentage of future revenue from the operation in the form of discounted metals.
- Harquail believes SLW will have to factor the tax risk into future streaming bids, and "that’s the way we’ll be bidding them as well."
- SLW appears to see it differently, as CEO Randy Smallwood says, “Tax does not decide if we win or lose. This is not a big enough issue that it has that much impact on our business model.”
Jul. 8, 2015, 12:46 PM
- Silver Wheaton (SLW -1.9%) fell 12% yesterday on news that the Canada Revenue Agency was set to target it for back taxes, and the probe raises concerns about the entire precious metals streaming model.
- TD Securities analyst Greg Barnes says such a scenario would have negative implications for Franco Nevada (FNV -1.3%), but that the potential impact probably would not be too material.
- FNV is relatively new to the streaming business and does not have a long history of income from it that the CRA could target, and most of its offshore streaming deals are on projects that are either not yet in production or are recent acquisitions.
Jul. 7, 2015, 9:14 AM
Jul. 7, 2015, 7:52 AM
- Silver Wheaton (NYSE:SLW) -1.9% premarket after saying it received a proposal letter from the Canada Revenue Agency to reassess the company under various income tax rules.
- The CRA is seeking to tax streaming income earned by the company's foreign units, and says SLW's taxable income should be increased by ~C$715M for the 2005-10 period.
- SLW estimates it would be subject to federal and provincial tax of ~C$150M for the relevant taxation years if it would be assessed taxes on income from foreign subsidiaries on the same basis as its Canadian income.
- SLW says it is not required to make any payment to the CRA at this time and that it intends to vigorously defend its tax filing positions.
Jun. 24, 2015, 5:45 PM
- Teck Resources (NYSE:TCK) has said it is on the lookout for copper acquisitions, so TD Securities analysts raise the possibility that it could raise $1B from sales of ~75% of its silver production from the Antamina, Red Dog and Highland Valley mines to Silver Wheaton (NYSE:SLW).
- Selling silver streams to add production could make sense for TCK and would reduce debt or equity issuance, the firm says, and SLW could easily fund the purchase of the three TCK streams with its existing credit facility and would not have to issue equity.
- The acquisition would provide immediate growth, adding ~6.2M oz. of silver production in the first year, TD says.
May 8, 2015, 8:45 AM
- Silver Wheaton (NYSE:SLW) flat premarket after reporting Q1 earnings and revenues that fell short of expectations, amid record attributable silver equiv. production of 10.4M oz., 15% more than in the prior-year quarter.
- Q1 silver equiv. sales volume fell 5% Y/Y to 7.7M oz., with the average realized price per silver equiv. oz. falling 17% Y/Y to $16.90 from $20.38.
- SLW's 2015 forecast includes estimated annual attributable production of 43.5M silver equiv. oz., including 230K oz. of gold; by 2019, estimated annual attributable production is expected to rise to 51M silver equiv. oz., including 325K oz. of gold.
- SLW says it raised the limit on its revolving credit facility during Q1 to $2B from $1B and used the proceeds, together with cash on hand, to repay a $1B outstanding debt on a non-revolving term loan.
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