Fri, Oct. 2, 9:12 AM
- The risk of a strike by workers at South African gold mines rises after the second-biggest miner union rejects a pay offer even as the largest union accepts it.
- The wage proposals by producers including AngloGold Ashanti (NYSE:AU), Harmony Gold (NYSE:HMY) and Sibanye Gold (NYSE:SBGL) are "pathetic,” says the Treasurer of the Association of Mineworkers and Construction Union, which speaks for 31% of gold employees; however, the offer was accepted by the National Union of Mineworkers, which represents 52% of miners.
- The companies hoped to avoid a repeat of last year’s five-month strike at platinum mines that crippled output and led to job losses; with weak gold prices, South Africa's largest producers are losing money on ~35% of production at current prices.
Wed, Sep. 30, 5:36 PM
Thu, Sep. 17, 5:37 PM
Wed, Sep. 16, 12:49 PM
- AngloGold Ashanti (AU +5.4%) and Randgold Resources (GOLD +5.1%) say they have concluded an investment agreement aimed at the formation of a joint venture to redevelop and operate AU's Obuasi gold mine in Ghana.
- Obuasi is expected to be remodeled to survive on a gold price of $1 000/oz., Randgold's yardstick.
Tue, Sep. 15, 5:42 PM
Fri, Sep. 11, 5:37 PM
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
Thu, Sep. 3, 5:36 PM
Tue, Sep. 1, 5:39 PM
Mon, Aug. 31, 5:37 PM
Fri, Aug. 21, 9:15 AM
Thu, Aug. 20, 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%).
Thu, Aug. 20, 12:45 PM
Thu, Aug. 20, 9:14 AM
Mon, Aug. 17, 9:15 AM
Mon, Aug. 17, 8:28 AM
- A focus on costs looks to be working with Q2 production of 1.007Moz at a total cash cost of $718 per ounce vs. 1.098Moz at a cost of $833 per ounce a year earlier. Guidance had been for just under 1Moz at $770-$820 per ounce.
- All-in sustaining costs (AISC) of $928 per ounce fell from $1,052 a year earlier.
- Adjusted EBITDA of $391M vs. $372M a year ago, even as gold price received fell 8% and production slipped.
- Gold production for Q3 is expected at 900K-950K ounces, with total cash cost of $770-$820 per ounce.
- Previously: AngloGold Ashanti reports Q2 results (Aug. 17)
- AU +8.8% premarket
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