Mon, Apr. 13, 7:00 AM
- AngloGold Ashanti (NYSE:AU) is entering second-round talks with Newmont Mining (NYSE:NEM) and Kinross Gold (NYSE:KGC) for its Cripple Creek & Victor mine in the U.S., FT reports.
- Iamgold (NYSE:IAG) and Goldcorp (NYSE:GG) have also expressed interest for part or all of Cripple Creek.
- AngloGold says the sale is part of an "objective to simplify and improve the overall quality of its portfolio." It could also raise up to $1B and help the South African group cut its debt after a plan for a rights issue failed last year.
- AU -1.4% premarket
Fri, Apr. 10, 4:58 PM
- Credit Suisse sees potential for a near-term rally in gold prices, and expects copper prices to do well this year.
- The firm upgrades First Quantum Minerals (OTCPK:FQVLF) to Outperform from Neutral on positive copper and stock re-rating catalysts in H2 2015, and likes HudBay Minerals (NYSE:HBM) and Tahoe Resources (NYSE:TAHO); it downgrades Teck Resources (NYSE:TCK) to Neutral from Outperform based on a weaker outlook for coking coal and valuation.
- Among gold miners, CS prefers Agnico Eagle Mines (NYSE:AEM) for its lower cost assets, operational consistency, strong free cash flow and organic exploration and growth opportunities, and Goldcorp (NYSE:GG) for its growth and relatively strong balance sheet; Yamana Gold (NYSE:AUY) and Detour Gold (OTCPK:DRGDF) provide leverage to a gold price rally.
Thu, Apr. 9, 10:23 AM
- Goldcorp (GG -0.5%), now holding its annual investor day, says Q1 gold production totaled 724.8K oz. and expects all-in sustaining costs at ~$900/oz. (.pdf)
- GG also reiterates FY 2015 production guidance of 3.3M-3.6M oz. of gold and all-in costs of $875-$950/oz.
- As previously reported, 2015 gold production is expected to be weighted to H2 of the year due primarily to new mine ramp-ups and the planned mine sequence at Peñasquito.
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.
Tue, Apr. 7, 12:59 PM
Mon, Apr. 6, 10:21 AM
- Goldcorp (GG +3.3%) agrees to sell its 40% stake in the South Arturo mine project in Nevada to Premier Gold Mines (OTCPK:PIRGF).
- Barrick Gold (NYSE:ABX) is 60% owner and operator of the project and has right of first refusal.
- Premier agrees to pay GG $20M at closing and to transfer 5% of its interest in the Rahill-Bonznsa joint venture in Red Lake, Ontario, where GG has one of its major mines; in turn, GG has agreed to invest $12.5M in Premier.
Wed, Apr. 1, 11:44 AM
- Goldcorp (GG +3.7%) says its Eleonore mine in Quebec has achieved commercial production and is expected to produce 290K-330K oz. of gold this year, with production weighted towards H2.
- For accounting purposes, GG says it will begin recognizing revenues from the sale of gold and mine operating costs in its consolidated statement of earnings effective April 1.
Mon, Mar. 16, 10:53 AM
- Three Goldcorp (GG -0.4%) employees have been found dead after they were believed to have been abducted in southwestern Mexico's Guerrero state, the same area where 43 teachers were abducted and massacred last year.
- State officials had said recently that four company employees had possibly been kidnapped; the fourth employee apparently has been freed.
Mon, Mar. 9, 11:57 AM
- Four workers at Goldcorp's (GG -2.3%) Los Filos mine in Mexico's Guerrero state have gone missing and were possibly kidnapped, the state attorney general’s office says.
- Guerrero state has the highest homicide rate in the country and was where 43 student teachers were abducted in September by corrupt police and apparently massacred by drug gang members.
Fri, Mar. 6, 2:42 PM
- Precious metals miners are bludgeoned as April Comex gold tumbles 2.7% to $1,164.30/oz. for its lowest settlement of the year so far.
- The culprit was the upbeat February jobs report, which sparked fears that the improving economy will prompt the Fed to hike interest rates sooner rather than later.
- ABX -6%, GG -6.6%, NEM -7.9%, AU -6.1%, AUY -6.6%, KGC -7.8%, SLW -3.4%, GOLD -5.4%, EGO -5%, GFI -7.9%, HL -10.4%, RGLD -8.6%, FNV -3.2%, NG -4.3%, SBGL -6.4%, PAAS -4.3%,BTG -6.5%, IAG -6.2%, AUQ -5.6%, AGI -2.8%.
- Precious metals ETFs: GLD, SLV, AGQ, IAU, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, OUNZ, DGL, DBS, GLTR, DGZ, DGLD, AGOL, DBP, WITE, TBAR, USV, UBG, JJP, BAR, GYEN, GEUR, BARS, RGRP, BLNG
- Precious metals mining ETFs: GDX, NUGT, DUST, SIL, GLDX, SLVP, RING, SGDM, PSAU, GDXX
Mon, Mar. 2, 11:35 AM
Thu, Feb. 19, 5:55 PM
- Goldcorp (NYSE:GG) fell 8.4% today after missing Q4 earnings expectations and posting a huge impairment charge on one of its newest mines, which CEO Chuck Jeannes called "frustrating."
- In today's earnings conference call, the CEO said analysts seemed to expect sales from the Cerro Negro mine and another mine to be included in this quarter’s results, even though he had told them it would not happen.
- Jeannes said he is still positive about Cerro Negro despite the writedown, which came because of high inflation and import and currency restrictions in Argentina; the country has recovered from the sort of crisis it is now experiencing before, he said.
- Despite the disappointing report, analysts remain largely positive on the stock; a BMO analyst today described GG as "the preferred senior gold stock, offering strong production growth, reasonable balance sheet and healthy dividend yield."
Thu, Feb. 19, 10:26 AM
- Goldcorp (GG -3.2%) missed Q4 earnings and revenue expectations, as lower prices and higher costs offset a big jump in production.
- GG's unadjusted $2.4B loss in Q4 was mostly attributable to a $2.3B writedown on its Cerro Negro gold mine in Argentina, which achieved commercial production just after the end of Q4; GG previously had warned it could take a charge of up to $2.7B on the project.
- Q4 gold production totaled a record 890.9K oz., up from 768.9K oz. in the year-ago period, but all-in sustaining costs were much higher at $1,035/oz. from $810/oz. a year earlier.
- GG forecasts 2015 production to rise ~20% Y/Y to 3.3M-3.6M oz. and all-in sustaining costs of $875-$950/oz.; plans capital spending for the year at $1.2B-$1.4B.
- GG expects major contributions from its new operations at Cerro Negro, Eleonore and Cochenour (still in development); Eleonore reached production in October but produced only 18.3K oz. due to issues with a tailings filter press system that the company says have been resolved.
- Also announced proven and probable mineral reserves of 49.6M oz. of gold and 789M oz. of silver.
Thu, Feb. 19, 8:03 AM
Wed, Feb. 18, 5:30 PM| 7 Comments
Tue, Feb. 10, 11:38 AM
- Goldcorp (GG -1.1%) and Agnico Eagle Mines (AEM -1.7%) are highlighted as the two top picks in the gold mining sector at Credit Suisse.
- GG is the firm's preferred senior gold equity due to its growth profile, dividend yield, strong balance sheet and low debt level, and longer average mine life with strong exploration potential at key assets.
- AEM is a top pick because of its strong free cash flow outlook, operational track record and relatively de-risked 2015 outlook, but the firm is slightly cautious since the stock has been a top performer YTD and its valuation could now be reflecting better than analyst expectations on costs.
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