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Wed, Jul. 29, 6:58 PM
- Kinross Gold (NYSE:KGC) posts an in-line Q2 loss due to weaker gold prices, lower gold sales and the temporary suspension of operations at in Chile because of heavy rains.
- KGC says it is tracking at the high end of 2015 guidance for production (2.4M-2.6M gold equiv. oz.), at the low end of guidance for production cost of sales ($720-$780/gold equiv. oz.) and all-in sustaining cost ($1,000-$1,100/god equiv. oz.), and below total capex guidance ($725M).
- In Q2, KGC says it produced 660.9K gold equiv. oz., down 2.8% Y/Y, and all-in sustaining costs rose to $1,011/gold equiv. oz. compared with $976/oz. a year ago.
Wed, Jul. 29, 5:04 PM
Mon, Jul. 20, 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
Mon, Jul. 20, 9:14 AM
Fri, Jul. 17, 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
Tue, Jun. 16, 6:19 AM
- Agnico Eagle Mines (NYSE:AEM) rated new Market Perform, price-target $35.
- Yamana Gold (NYSE:AUY) rated new Market Perform, price-target $3.75.
- Goldcorp (NYSE:GG) rated new Outperform, price-target $22.
- Barrick Gold (NYSE:ABX) rated new Outperform, price-target $16.
- Kinross Gold (NYSE:KGC) rated new Market Perform, price-target $2.75.
- Eldorado Gold (NYSE:EGO) rated new Market Perform, price-target C$6.00.
Tue, Jun. 2, 7:57 AM
- Newmont Mining (NYSE:NEM) is in exclusive talks with AngloGold Ashanti (NYSE:AU) as it moves closer toward clinching a deal to buy the latter's Cripple Creek & Victor gold mine in Colorado, Reuters reports.
- If AU agrees to a sale, the asset is likely to fetch a price in the $700M-$800M range, according to the report, which would be well below the $1B initially speculated by analysts.
- Others that may still re-enter the bidding if NEM fails to strike a deal are Canadian miners Iamgold (NYSE:IAG), Kinross (NYSE:KGC), Goldcorp (NYSE:GG) and Yamana (NYSE:AUY); Hecla Mining (NYSE:HL) has said it looked at the mine but decided against making a bid for it.
- AU said in April it was seeking a partner or buyer for the mine as it attempts to cut $3.1B in debt; Cripple Creek & Victor is an open pit mine that produced 211K oz. of gold and 110K oz. of silver in 2014.
Tue, May 5, 5:03 PM
Mon, May 4, 5:35 PM
- ACLS, AGU, AIZ, ALL, AMRS, AMSG, ANAD, ANDE, ARC, ATSG, AWR, AXLL, BIO, BRDR, CENT, CERS, CLUB, COUP, CRAY, CSU, CTL, CVG, CYH, DK, DKL, DLR, DTLK, DVN, EA, ENPH, EXAM, FISV, FOSL, FTR, GCA, GHDX, GMED, GNMK, GPOR, GRPN, HK, HLF, HRZN, IAG, ICUI, IGTE, IRWD, JIVE, KAR, KGC, KONA, LC, MHLD, MM, MYGN, MYL, NDLS, NFX, NVGS, NYMT, OCLR, OKE, OKS, OUT, PAA, PACB, PAGP, PBPB, PKD, PXD, PZZA, QGEN, QNST, QUAD, REGI, REXX, RLOC, RNR, RP, RUBI, SBRA, SCTY, SKUL, SLF, SM, SPA, SUPN, TEG, TMH, TNET, TRNX, TSRA, TTGT, USNA, VVUS, WAGE, WES, WGP, WR, WSR, WSTC, WTR, WTW, XXIA, Y, ZAGG, ZEN, ZLTQ, ZU
Mon, Apr. 27, 6:45 PM
- Gold surged above $1,200/oz. today in its best day since January, as U.S. June gold futures settled up 2.4% to $1,203.20/oz. in its best percentage jump since Jan. 15, amid reports Friday that Venezuela's central bank had converted 1.4M oz. of its gold reserves into at least $1B in cash through a swap with Citibank.
- "That was a huge potential seller taken out of the market. It's not an overhang anymore," Dennis Gartman said of the Venezuela deal.
- Other gold watchers say the bigger factor driving prices was the expiration of May options and short covering; an increase of 13K shorts in the market is a positive since those traders could be forced to buy gold when they cover, says Kevin Grady of Phoenix Futures and Options.
- ETFs: GLD, IAU, SGOL, UGL, DGP, GLL, UGLD, DZZ, GLDI, OUNZ, DGL, DGZ, DGLD, AGOL, TBAR, GEUR, UBG, GYEN, BAR
- Miners finished mostly higher: NEM +2.4%, ABX +2.2%, AU +2.6%, GOLD -0.4%, GFI +5.3%, GG +0.9%, SBGL +3%, NGD +3.1%, EGO +1.7%, AUY +1.8%, KGC flat, IAG +4.2%, BTG +1.9%, HL +1.9%, RGLD -0.8%, FNV +0.8%, AGI +1.3%, AUQ +2.3%.
Fri, Apr. 24, 6:50 PM
- In another day of broad losses among in precious metals miners, Newmont Mining (NYSE:NEM) enjoyed a 6.5% surge following strong Q1 results that included impressive cost reductions in gold and copper production.
- J.P. Morgan analysts especially liked the strong first quarter at Batu Hijau and Yanacocha and the deferral of some capex that allowed NEM to generate $344M in free cash flows and pay down $200M in debt; the firm says full-year guidance could be raised if cost reductions can be maintained in Q2.
- Otherwise, it was not a good day for mining equities, following another drop in gold futures which tumbled to their lowest level in more than a month.
- NEM CEO Gary Goldberg expects gold prices to gain ~25% to $1,500/oz. by 2020 on rising demand from China and a weaker dollar; for now, Goldberg says the strong U.S. dollar is “definitely having an adverse effect” on gold prices, and he expects the dollar will “eventually come back off of its highs in the next couple of years."
- In today's trade: ABX -0.9%, AU -4.2%, GG -2.6%, SBGL -7.7%, GOLD -2%, AUY -2.5%, NGD -1.9%, GFI -4.4%, SLW -1%, PAAS -1.6%, EGO -4.1%, RGLD -2.7%, FNV -2.1%, KGC -0.4%, IAG -1.4%, BTG -1.9%, HL -1.9%, AGI -1.6%, AUQ -3.1%.
Wed, Apr. 22, 6:36 PM
- Gold tumbled today to its sharpest single session loss in more than six weeks, after the strong U.S. existing home sales report that raised expectations for a Fed interest rate hike in June.
- U.S. gold futures for June delivery fell $16.20 (-1.4%) to settle at $1,186.90/oz., while silver fell 1.3% to $15.77.
- Among precious metals miners today: ABX -3.4%, AU -4%, GG -2.8%, SBGL -6.8%, GOLD -1.5%, AUY -3.7%, NG -1.9%, GFI -5%, SLW -2.1%, PAAS -3.5%, NEM -3.1%, EGO -1.4%, RGLD -2.1%, FNV -3.4%, KGC -1.7%, IAG -4.1%, BTG -2.5%, HL -3.8%, AGI -5.4%, AUQ -4.4%.
- ETFs: GLD, SLV, GDX, NUGT, IAU, AGQ, DUST, SIL, USLV, SIVR, SGOL, ZSL, UGL, GLDX, DGP, GLL, UGLD, DZZ, SLVO, GLDI, SGDM, DSLV, OUNZ, SLVP, DGL, DBS, DGZ, RING, DGLD, AGOL, PSAU, USV, TBAR, GEUR, UBG, GYEN, BAR, GDXX
Tue, Apr. 14, 6:57 PM
- The merger of equals between Alamos Gold (NYSE:AGI) and AuRico Gold (NYSE:AUQ) makes no sense for AGI shareholders, as the deal "effectively rescues" AUQ from its balance sheet troubles and provides AGI no premium in exchange, says TD Securities analyst Steven Green.
- The deal's enterprise value of $392 for AGI vs. AUQ's EV of a bit more than $1B means the merger undervalues AGI, Green says in downgrading AGI to Hold from Buy and cuts his stock price target to $9 from $11.
- The deal effectively puts both miners into M&A play, Green says, speculating that Agnico Eagle Mines (NYSE:AEM), Kinross Gold (NYSE:KGC) and Iamgold (NYSE:IAG) could be interested in AGI.
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
Wed, Apr. 1, 7:11 PM
- Kinross Gold (NYSE:KGC) says heavy rains have temporarily suspended operations at its Maricunga mine in northern Chile.
- Severe floods a week ago affected mining operations throughout the region, and KGC says its mining and crushing operations have been halted ever since, although its ADR plant continues to produce gold from existing material in the heap leach.
- Nevertheless, KGC says it does not expect the halt to affect its regional production forecast for the year.
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
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