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NCMGF vs. ETF Alternatives
Monday, Dec 302013, 4:35 AM
Monday, Dec 302013, 4:35 AM| 5 Comments
- Gold miners face major write-downs and a drop in the size of their reserves due to a sharp fall in the price of bullion this year, which has reduced the value of those reserves and undermined their economic viability.
- Gold started 2013 at around $1,600/oz, but is now just above $1,200.
- Barrick Gold (ABX) last assumed a price of $1,500/oz and Newmont Mining (NEM) $1,400/oz price; Barrick, Newcrest Mining (NCMGY) and other miners have already taken billions of dollars in write-downs this year.
- Kinross Gold (KGC) might be less affected going forward, as its latest reserves assume $1,200/oz.
Saturday, Sep 72013, 6:55 PM
Saturday, Sep 72013, 6:55 PM| 6 Comments
- "The sectors that benefit the most would be the materials, particularly mining stocks," one economist said Thursday, regarding the prospect of a Tony Abbott victory in Australia.
- Abbott did indeed emerge victorious and will become the country's 27th prime minister after being sworn in next week.
- Of particular note is Abbott's promise to repeal a mining tax, a move expected to benefit Rio Tinto (RIO) and BHP Billiton (BHP). Also on watch: Newcrest Mining (NCMGF.PK)
- ETFs - Stocks: EWA, EWAS, KROO, AUSE, FAUS Bonds: AUD, AUNZ Currency: FXA, GDAY, CROC
Monday, Aug 122013, 8:27 AM
Monday, Aug 122013, 8:27 AM| Comment!
- Newcrest Mining (NCMGF.PK; NCMGY.PK) reports a A$5.78B full-year loss, the biggest annual loss in its history, after falling gold prices forced it to write down the value of its mines and investments by A$6.23B ($5.73B).
- Newcrest also scraps its final dividend and says further cutbacks are possible if gold prices fall further.
- After stripping out one-off items, profits of A$451M topped the A$434.6M analyst consensus.
Wednesday, Jun 262013, 10:27 AMNewcrest Mining (NCMGF.PK) has become so cheap since it announced plans to reduce the value of its mines by $5B-$6B that even gold bears think the company is now a takeover target for the likes of Newmont Mining (NEM), Bloomberg reports. With an enterprise value of 253x the 40 years' worth of gold in its reserves, Newcrest’s multiple is less than half the median fetched by peers. |Wednesday, Jun 262013, 10:27 AM| 3 Comments
Monday, Jun 242013, 9:45 AMNewcrest Mining's decision to write down the value of its mines by $5B-$6B is more than the biggest one-time charge in gold mining history; Jefferies believes Barrick Gold (ABX -5%), Newmont Mining (NEM -3.4%), Gold Fields (GFI -3%) and Goldcorp (GG -4.1%) are among other top producers facing big writedowns. “It is not too late to be short these names on this writedown theme," the firm's Jake Greenberg says. (also) |Monday, Jun 242013, 9:45 AM| 6 Comments
Friday, Jun 72013, 7:15 PMMany gold miners still offer attractive dividends, but Newcrest Mining's (NCMGF.PK) likely dividend cut and Newmont Mining's (NEM) earlier dividend reduction have sector investors wondering if their stock is next. Miners are widely cutting exploration and capex to boost cash flow and try to return cash to shareholders, but dividend levels often are linked to gold prices. If prices keep falling, it seems sure that dividends would follow. |Friday, Jun 72013, 7:15 PM| 2 Comments
Friday, Jun 72013, 12:53 AMNewcrest Mining (NCMGF.PK) filed a statement with the ASX Friday morning saying it will be taking writedowns of $5B-$6B for the financial year. The gold miner will also be closing its Brisbane office and reducing capex by 33%. Newcrest's stock, which had already lost more than $1B in market value in the past two days, is plunging this morning on the news, down 11.2% in early trade on the ASX. |Friday, Jun 72013, 12:53 AM| Comment!
Thursday, May 302013, 9:24 PM
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