Mon, Oct. 5, 6:58 PM
- Goldcorp (NYSE:GG) says work has resumed at its Cerro Negro mine in Argentina following the declaration of a mandatory 15-day conciliation period by the local province's top government labor official.
- Union-backed workers had halted work at the mine site on Friday.
- GG says it will work during the conciliation period with employee representatives and government officials to reach a "fair and equitable" resolution.
Mon, Oct. 5, 11:16 AM
Fri, Oct. 2, 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.
Tue, Sep. 22, 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.
Wed, Sep. 16, 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%.
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
Tue, Sep. 8, 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.
Fri, Sep. 4, 12:01 PM
Wed, Sep. 2, 5:48 PM
- Lower copper prices could mean trouble for some gold miners, including Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM), New Gold (NYSEMKT:NGD) and Buenaventura (NYSE:BVN), J.P. Morgan analysts warn.
- Gold has been under pressure but nevertheless shows relative strength, the firm says, while "perversely, copper had its own semi-investment demand when it was used for collateral lending, but if this category of demand falls away, prices could be weaker."
- JPM likes Goldcorp (NYSE:GG) and Agnico Eagle Mines (NYSE:AEM) for their production pipeline, but it cuts targets for ABX, NEM and BVN by a respective 14%, 15% and 20% due in part to their exposure to copper by-product credits.
Thu, Aug. 27, 9:17 AM
- Goldcorp (NYSE:GG) and Teck Resources (NYSE:TCK) say they are forming a joint venture to combine and develop neighboring projects in Chile, in an effort to cut development costs as metal prices languish at multi-year lows.
- Based on a preliminary economic assessment, the JV plans a conveyor to transport ore from GG's El Morro gold and copper project to a single line mill at TCK's Relincho copper and molybdenum project.
- An initial capital cost target of $3.5B to bring the two projects into production compares to previous estimates of $3.9B for El Morro and $4.5B for Relincho.
- GG also agrees to acquire New Gold's (NYSEMKT:NGD) 30% interest in El Morro for $90M plus a 4% gold stream on future gold production from the property.
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. 13, 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.
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.
Mon, Aug. 10, 12:27 PM
Thu, Jul. 30, 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.
Thu, Jul. 30, 8:02 AM
GG vs. ETF Alternatives
Other News & PR