May. 29, 2014, 7:50 AM| 1 Comment
May. 15, 2014, 5:53 PM
- John Paulson maintained his place as the biggest shareholder in the SPDR Gold Trust ETF (GLD) as of the end of Q1, keeping his 10.2M-share stake valued at nearly $1.3B while tinkering around the edges of some single-company bets in the mining sector.
- Paulson cut his stake in Freeport McMoRan (FCX) by a third and in AngloGold Ashanti (AU) by ~10%, while holding steady on positions in Agnico Eagle Mines (AEM), Allied Nevada (ANV), Gold Fields (GFI), Iamgold (IAG) and Randgold Resources (GOLD).
- His biggest new positions came in Verizon (VZ), buying ~8.75M shares worth $415.9M, and CBS, acquiring a ~4.47M-share stake worth $276.6M; he more than doubled holdings in (GM, $138M) and Cobalt Energy (CIE, $499M) while cutting his stake in Hess (HES) by 62%.
May. 2, 2014, 9:18 AM
May. 1, 2014, 6:32 PM
- Agnico Eagle Mines (AEM) +6.4% AH after Q1 earnings more than quadrupled Y/Y and beat estimates, as it set a company record for gold production with 366,421 oz. at total cash costs of $537/oz.
- AEM says it now expects FY 2014 production to come in above its previous high estimate, while costs will come in under the low of its previous forecast range.
- Q1 operating activities provided $247M of cash, up from $146M in the year-ago quarter, despite lower gold prices.
- Sees 2014 capex of $431M, more than previous guidance of $416M, as several new projects were approved.
May. 1, 2014, 4:31 PM
Apr. 30, 2014, 5:35 PM
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Apr. 23, 2014, 11:19 AM
- Yamana Gold (AUY -0.6%) and Agnico Eagle (AEM +2%) are "clear winners" for acquiring Osisko Mining (OSKFF) because it is crucial for gold miners to secure low-risk production at this stage in the cycle, National Bank analyst Steve Parsons says.
- It is increasingly difficult to find large gold deposits in mining friendly jurisdictions - such as Osisko's Canadian Malartic mine in Quebec - and companies need to look at obtaining those assets now or face declining production profiles in the future, Parsons says, adding that now is a good time for mid-tier miners to do business with senior producers who are busy cleaning up their balance sheets.
- For AUY, Parsons says the addition of a low-cost, cornerstone asset should help the stock get re-rated towards its higher-multiple peers; for AEM, the deal is accretive on all metrics and adds another cornerstone asset to its already concentrated portfolio.
Apr. 23, 2014, 9:49 AM
- Agnico Eagle Mines (AEM +1.9%) is upgraded to Outperform from Sector Perform with a $43 price target at RBC Capital following the combined bid with Yamana for Osisko, which is expected to succeed as Goldcorp's (GG) final offer has now expired.
- The firm views the overall transaction as positive and accretive to EPS and cash flow/share, and sees recent share price weakness as creating an attractive entry point.
Apr. 21, 2014, 12:51 PM
- Goldcorp (GG +0.8%) officially gives up its bid for Osisko Mining (OSKFF -0.1%), saying it will not raise its offer to acquire the company; its most recent C$3.6B offer will expire tomorrow night before midnight.
- Yamana Gold (AUY -3.5%) and Agnico Eagle Mines (AEM -3.7%) joined forces last week for a C$3.9B offer to acquire Osisko.
Apr. 17, 2014, 2:59 PM
- After getting the best deal he could for Osisko Mining (OSKFF) with the friendly $3.9B combined offer from Yamana Gold (AUY) and Agnico Eagle Mines (AEM), thwarting Goldcorp's (GG) out-of-the-blue hostile offer, CEO Sean Roosen lashes out at the Canadian system that led to the outcome.
- "The bigger companies basically have free range to rape and pillage," Roosen says, believing large companies benefit from rules requiring Toronto-listed bidders to win approval from their own shareholders for an acquisition being paid for with a new share issue equal to more than 25% of the current float.
- Poison pills in Canada are limited in duration, unlike in the U.S. where they can, at least in theory, last forever.
Apr. 16, 2014, 12:46 PM
Apr. 16, 2014, 9:51 AM
- Yamana Gold (AUY -1.5%) and Agnico Eagle Mines (AEM -3.3%) agree to acquire Osisko Mining (OSKFF) for C$3.9B, or C$8.15/share.
- The total offer consists of C$1B in cash, C$2.33B in AUY and AEM shares, and shares of a new company with an implied value of ~C$575M.
- The companies say the offer represents an ~11% premium to the implied value of Goldcorp's (GG +2%) hostile bid.
- The deal replaces a transaction announced April 2 in which AUY agreed to buy 50% of Osisko’s assets.
Feb. 13, 2014, 3:53 PM
- Agnico Eagle Mines (AEM +1.9%) continues to gain strength despite cutting its dividend, after reporting Q4 earnings that beat forecasts and finishing 2013 with production ahead of guidance and costs below guidance.
- AEM says all-in sustaining costs of mining were $952/oz. in 2013, below guidance of $1,025/oz., adding that it has lowered its cost per ton at many mines while also raising production.
- With growth projects well underway at several operations, AEM is able to cut its capital spending while maintaining growth, Cowen analysts say.
- Reports record annual gold production at Meadowbank: 430,613 oz. at a total cash cost of $774/oz.
Feb. 13, 2014, 12:09 AM| 1 Comment
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