Showing posts with label Barrick Gold. Show all posts
Showing posts with label Barrick Gold. Show all posts
Friday, November 2, 2012
Barrick (ABX) (AAA) (AWC) (OIS) (EPL) (FSLR) (MT) Ratings Changes
Barrick Gold Corp (ABX), ALLANA POTASH CORP (AAA), Alumina Limited (AWC), Oil States International, Inc. (OIS), Energy Partners, Ltd. (EPL), First Solar, Inc. (FSLR) and ArcelorMittal ADR (MT) had ratings on them adjusted by analysts.
Raymond James upgraded ALLANA POTASH CORP (AAA) from a "Market Perform" rating to an "Outperform" rating. They have a price target of $1.25 on the company.
Bank of America (BAC) upgraded Alumina Limited (AWC) from a "Neutral" rating to a "Buy" rating.
Raymond James upgraded Oil States International, Inc. (OIS) from a "Market Perform" rating to an "Outperform" rating. They have a price target of $85.00 on the company.
BMO Capital Markets downgraded Barrick Gold Corp. (ABX) from an "Outperform" rating to a "Market Perform" rating. They have a price target of $46.00 on the company.
Global Hunter Securities downgraded Energy Partners, Ltd. (EPL) from a "Buy" rating to an "Accumulate" rating. They have a price target of $25.00 on the company.
Cantor Fitzgerald downgraded First Solar, Inc. (FSLR) from a "Buy" rating to a "Hold" rating.
Natixis downgraded ArcelorMittal ADR (MT) from a "Buy" rating to a "Neutral" rating.
Tuesday, October 16, 2012
Newmont (NEM) (IAG) (KGC) (EGO) (ABX) (AEM) (AUY) Had Ratings on Them Initiated
Newmont Mining Co. (NEM), IAMGOLD Corp. (IAG), Kinross Gold Corp. (KGC), Eldorado Gold Co. (EGO), Barrick Gold Corp. (ABX), Agnico-Eagle Mines Limited (AEM), Yamana Gold (AUY) had ratings on them initiated by analysts.
Barclays Capital initiated coverage on Newmont Mining Co. (NEM). They placed an "Overweight" rating and price target of $73.00 on the company.
Barclays Capital initiated coverage on IAMGOLD Corp. (IAG). They placed an "Equal Weight" rating and price target of $19.00 on the company.
Barclays Capital initiated coverage on Kinross Gold Corp. (KGC). They placed an "Equal Weight" rating and price target of $13.00 on the company.
Barclays Capital initiated coverage on Eldorado Gold Co. (EGO). They placed an "Equal Weight" rating and price target of $18.00 on the company.
Barclays Capital initiated coverage on Barrick Gold Corp. (ABX). They placed an "Equal WeightThey placed an "Equal Weight" rating and price target of $52.00 on the company.
Barclays Capital initiated coverage on Agnico-Eagle Mines Limited (AEM). They placed an "Equal Weight" rating and price target of $62.00 on the company.
Barclays Capital initiated coverage on Yamana Gold (AUY). They placed an "Overweight" rating and price target of $25.00 on the company.
Friday, July 27, 2012
Barrick (ABX) (XOM) (CNX) (CWEI) (LINE) (WLT) (WY) (PAAS) (CLF) Analyst Coverage
Here's an update on analysts covering commodity companies Barrick Gold (ABX), Exxon Mobil (XOM), CONSOL Energy Inc. (CNX), Clayton Williams Energy (CWEI), Linn Energy, LLC (LINE), Cliffs Natural Resources (CLF), Walter Energy (WLT), Weyerhaeuser (WY)and Pan American Silver Corp. (PAAS).
Macquarie downgraded Barrick Gold (ABX) from an "Outperform" rating to a "Neutral" rating.
BB&T (BBT) downgraded CONSOL Energy Inc. (CNX) from a "Buy" rating to a "Hold" rating.
Global Hunter Securities downgraded Clayton Williams Energy Inc (CWEI) from an "Accumulate" rating to a "Neutral" rating. They lowered their price target from $93.00 to $50.00 on the company.
Credit Suisse downgraded Linn Energy, LLC (LINE) from an "Outperform" rating to a "Neutral" rating.
Johnson Rice downgraded Walter Energy (WLT) from an "Overweight" rating to an "Equal Weight" rating.
Buckingham Research downgraded Weyerhaeuser (WY) from a "Buy" rating to a "Neutral" rating.
UBS AG (UBS) downgraded Exxon Mobil (XOM) from a "Buy" rating to a "Neutral" rating.
Credit Suisse (CS) upgraded Cliffs Natural Resources (CLF) from an "Underperform" rating to a "Neutral" rating.
RBC Capital initiated coverage on Pan American Silver Corp. (PAAS). They placed a "Sector Perform" rating on the company.
Macquarie downgraded Barrick Gold (ABX) from an "Outperform" rating to a "Neutral" rating.
BB&T (BBT) downgraded CONSOL Energy Inc. (CNX) from a "Buy" rating to a "Hold" rating.
Global Hunter Securities downgraded Clayton Williams Energy Inc (CWEI) from an "Accumulate" rating to a "Neutral" rating. They lowered their price target from $93.00 to $50.00 on the company.
Credit Suisse downgraded Linn Energy, LLC (LINE) from an "Outperform" rating to a "Neutral" rating.
Johnson Rice downgraded Walter Energy (WLT) from an "Overweight" rating to an "Equal Weight" rating.
Buckingham Research downgraded Weyerhaeuser (WY) from a "Buy" rating to a "Neutral" rating.
UBS AG (UBS) downgraded Exxon Mobil (XOM) from a "Buy" rating to a "Neutral" rating.
Credit Suisse (CS) upgraded Cliffs Natural Resources (CLF) from an "Underperform" rating to a "Neutral" rating.
RBC Capital initiated coverage on Pan American Silver Corp. (PAAS). They placed a "Sector Perform" rating on the company.
Friday, June 10, 2011
Barrick (ABX) (GG) (IAG) (EGO) (KGC) (NEM) Rise on Higher Gold Future Prices
IAMGOLD Corporation (NYSE:IAG), Eldorado Gold Corporation (NYSE:EGO), Kinross Gold (NYSE:KGC), Newmont (NYSE:NEM), Goldcorp (NYSE:GG) and Barrick Gold (NYSE:ABX) all closed in positive territory Thursday as gold futures continued to rise.
Gold futures for August delivery climbed $4 to $1,547.70 an ounce. Silver prices were also up, settling at $37.32 an ounce, a 2 percent gain.
NovaGold Resources Inc. (AMEX:NG) was among the few miners closing in negative territory.
The job market in the U.S. continues on its disastrous journey, as the number of people applying for unemployment benefits for the first time rose to 427,000 last week. Economists had been looking for the number to drop to 419,000. The number applying for jobless benefits rose from the prior week as well, being upwardly revised from 422,000 to 426,000.
Gold was also the benefactor of the decision by the European Central Bank in keeping its interest rate unchanged, although it hinted it may raise interest rates in July.
The European Central Bank kept its key interest rate at 1.25 percent. The Bank of England left its main interest rate unchanged at 0.50 percent, a record low.
Kinross Gold closed Thursday at $15.63, up $0.54, or 3.58 percent. Eldorado Gold Corporation closed at $14.46, gaining $0.39, or 2.77 percent. IAMGOLD Corporation ended the session at $20.97, rising $0.59, or 2.89 percent. Goldcorp closed at $47.59, jumping $0.57, or 1.21 percent. Barrick Gold ended the day at $44.40, climbing $0.08, or 0.18 percent. Newmont closed at $52.92, increasing $0.58, or 1.11 percent.
Gold futures for August delivery climbed $4 to $1,547.70 an ounce. Silver prices were also up, settling at $37.32 an ounce, a 2 percent gain.
NovaGold Resources Inc. (AMEX:NG) was among the few miners closing in negative territory.
The job market in the U.S. continues on its disastrous journey, as the number of people applying for unemployment benefits for the first time rose to 427,000 last week. Economists had been looking for the number to drop to 419,000. The number applying for jobless benefits rose from the prior week as well, being upwardly revised from 422,000 to 426,000.
Gold was also the benefactor of the decision by the European Central Bank in keeping its interest rate unchanged, although it hinted it may raise interest rates in July.
The European Central Bank kept its key interest rate at 1.25 percent. The Bank of England left its main interest rate unchanged at 0.50 percent, a record low.
Kinross Gold closed Thursday at $15.63, up $0.54, or 3.58 percent. Eldorado Gold Corporation closed at $14.46, gaining $0.39, or 2.77 percent. IAMGOLD Corporation ended the session at $20.97, rising $0.59, or 2.89 percent. Goldcorp closed at $47.59, jumping $0.57, or 1.21 percent. Barrick Gold ended the day at $44.40, climbing $0.08, or 0.18 percent. Newmont closed at $52.92, increasing $0.58, or 1.11 percent.
Thursday, June 2, 2011
NovaGold (NG) (GG) (NEM) (GFI) (ABX) Lag Rising Gold Prices
NovaGold Resources Inc. (AMEX:NG), Goldcorp (NYSE:GG), Newmont Mining (NYSE:NEM), Gold Fields (NYSE:GFI) and Barrick Gold (NYSE:ABX) all closed down Wednesday, lagging behind rising gold prices responding to a fragile and weak American economy, as well as weak manufacturing numbers from China and the EU.
Gold and silver went in opposite directions on Wednesday after an employment report from the ADP said an anemic 38,000 jobs were added in May, while the figure for April was downwardly revised by 2,000.
Weak manufacturing numbers from China, the U.S. and the European Union pressed on silver, although it did gain some back as the trading day advanced.
News that Germany may get behind another bailout of the insolvent Greece was also considered a positive by the market, and could put some pressure on gold if the €60 billion expected to be lent to Greece is put into effect.
The realization the United States is in fact not in a recovery is counteracting the positive news out of Europe, and will probably be a stronger determining factor in gold and silver prices than any other consideration.
Gold for August delivery climbed $6.40 to $1,543.20 an ounce. Silver for July delivery was down 61.1 cents to settle at $37.694 an ounce.
Kinross Gold was able to close slightly in positive territory on Wednesday. Most of the major gold miners were trading up after hours.
Barrick closed at $47.28, falling $0.48, or 1.01 percent. NovaGold ended the session at $11.23, dropping $0.23, or 2.01 percent. Newmont closed at $55.67, down $0.90, or 1.59 percent. Goldcorp was at $49.46, declining $0.61, or 1.22 percent. Gold Fields ended at $16.05, falling $0.39, or 2.37 percent.
Gold and silver went in opposite directions on Wednesday after an employment report from the ADP said an anemic 38,000 jobs were added in May, while the figure for April was downwardly revised by 2,000.
Weak manufacturing numbers from China, the U.S. and the European Union pressed on silver, although it did gain some back as the trading day advanced.
News that Germany may get behind another bailout of the insolvent Greece was also considered a positive by the market, and could put some pressure on gold if the €60 billion expected to be lent to Greece is put into effect.
The realization the United States is in fact not in a recovery is counteracting the positive news out of Europe, and will probably be a stronger determining factor in gold and silver prices than any other consideration.
Gold for August delivery climbed $6.40 to $1,543.20 an ounce. Silver for July delivery was down 61.1 cents to settle at $37.694 an ounce.
Kinross Gold was able to close slightly in positive territory on Wednesday. Most of the major gold miners were trading up after hours.
Barrick closed at $47.28, falling $0.48, or 1.01 percent. NovaGold ended the session at $11.23, dropping $0.23, or 2.01 percent. Newmont closed at $55.67, down $0.90, or 1.59 percent. Goldcorp was at $49.46, declining $0.61, or 1.22 percent. Gold Fields ended at $16.05, falling $0.39, or 2.37 percent.
Tuesday, May 31, 2011
Barrick (ABX) Gets Zambian Approval for Copper Mine
Barrick Gold Corp. (NYSE:ABX) was given the go ahead by the Zambian Competition Commission to acquire takeover of Equinox Minerals Ltd. (EQN), which includes the Lumwana copper mine.
The giant gold miner, which is seeking to diversify its assets, will acquire the company for $7.5 billion.
According to the Zambian Competition Commission, "The Board granted final conditional authorization on the premise that the acquisition did not raise any competition concerns because Barrick Gold Corp. had no known presence in Zambia and, therefore, unlikely to lead to a situation that could substantially lessen competition in the mining sector.”
Conditions attached to the approval of the deal include honoring existing contracts with local suppliers and smelters, along with having Zambia Consolidated Copper Mines Investment Holdings retain a 2.2 percent stake in Equinox.
Barrick Gold closed Friday at $47.39, jumping $0.22, or 0.47 percent.
The giant gold miner, which is seeking to diversify its assets, will acquire the company for $7.5 billion.
According to the Zambian Competition Commission, "The Board granted final conditional authorization on the premise that the acquisition did not raise any competition concerns because Barrick Gold Corp. had no known presence in Zambia and, therefore, unlikely to lead to a situation that could substantially lessen competition in the mining sector.”
Conditions attached to the approval of the deal include honoring existing contracts with local suppliers and smelters, along with having Zambia Consolidated Copper Mines Investment Holdings retain a 2.2 percent stake in Equinox.
Barrick Gold closed Friday at $47.39, jumping $0.22, or 0.47 percent.
Barrick's (ABX) Pueblo Viejo Project to be Delayed
After heavy rainfalls early last week, Barrick Gold's (NYSE:ABX) Pueblo Viejo project in the Dominican Republic will probably not start during its planned launch in the first quarter of 2012.
The tailings facility at Pueblo Viejo has damaged from the large build-up of rainwater, which the giant miner is now working on. The facility hasn't been fully constructed yet and work still must be done to bring to its full capacity.
A damage assessment is ongoing concerning what the depth the effect will be on the launch timeline as well as the budget originally set aside for preproduction costs.
Costs for the project are already weighing on Barrick, as well as partner in the project, Goldcorp (NYSE:GG), which have had cost estimated boosted to a range of $3.3 billion to $3.5 billion in 2011 so far. This will assuredly add to the mounting costs.
An estimated 1.04 million to 1.13 million ounces of gold are expected to be produced at Pueblo Viejo during the first five years of operation. Cash costs per ounce are projected to be from $250 an ounce to $275 an ounce.
Barrick Gold has a 60 percent stake in the project while Goldcorp has the remaining 40 percent.
The tailings facility at Pueblo Viejo has damaged from the large build-up of rainwater, which the giant miner is now working on. The facility hasn't been fully constructed yet and work still must be done to bring to its full capacity.
A damage assessment is ongoing concerning what the depth the effect will be on the launch timeline as well as the budget originally set aside for preproduction costs.
Costs for the project are already weighing on Barrick, as well as partner in the project, Goldcorp (NYSE:GG), which have had cost estimated boosted to a range of $3.3 billion to $3.5 billion in 2011 so far. This will assuredly add to the mounting costs.
An estimated 1.04 million to 1.13 million ounces of gold are expected to be produced at Pueblo Viejo during the first five years of operation. Cash costs per ounce are projected to be from $250 an ounce to $275 an ounce.
Barrick Gold has a 60 percent stake in the project while Goldcorp has the remaining 40 percent.
Friday, May 27, 2011
Newmont (NEM) (GG) (ABX) (NG) (EGO) Trade Higher as Gold Jumps
A weakened U.S. dollar and dismal data about an 11.6 percent drop in pending home sales has offered gold and silver prices support today, with major miners like Newmont Gold (NYSE:NEM), Goldcorp (NYSE:GG), Barrick Gold (NYSE:ABX), Novagold (NYSE:NG) and Eldorado Gold (NYSE:EGO) all trading in positive territory.
Gold for June delivery was up $10.60 to $1,533.40 an ounce at the Comex division of the New York Mercantile Exchange. It has traded in a range of $1,518.40 to $1,535.50.
Silver prices were climbing 64 cents to $37.97 an ounce while the U.S. dollar index fell to $75.08, losing 0.66 percent.
Kitco.com senior analyst Jon Nadler said he believes thinks gold will have to wait to gain momentum until after Memorial Day weekend. "I think you're looking at bargain hunters in the $1,480-$1,500 range in gold but again we have to overcome decisively the $1,530-$1,540 area until we can talk about higher levels."
Eldorado Gold was trading at $16.07, gaining $0.26, or 1.64 percent, as of 12:36 PM EDT. NovaGold was at $11.53, up $0.24, or 2.17 percent. Newmont Mining was trading at $56.62, rising $0.79, or 1.42 percent. Goldcorp was at $50.19, climbing $0.26, or 0.52 percent. Barrick Gold was at $47.63, jumping $0.46, or 0.98 percent.
Gold for June delivery was up $10.60 to $1,533.40 an ounce at the Comex division of the New York Mercantile Exchange. It has traded in a range of $1,518.40 to $1,535.50.
Silver prices were climbing 64 cents to $37.97 an ounce while the U.S. dollar index fell to $75.08, losing 0.66 percent.
Kitco.com senior analyst Jon Nadler said he believes thinks gold will have to wait to gain momentum until after Memorial Day weekend. "I think you're looking at bargain hunters in the $1,480-$1,500 range in gold but again we have to overcome decisively the $1,530-$1,540 area until we can talk about higher levels."
Eldorado Gold was trading at $16.07, gaining $0.26, or 1.64 percent, as of 12:36 PM EDT. NovaGold was at $11.53, up $0.24, or 2.17 percent. Newmont Mining was trading at $56.62, rising $0.79, or 1.42 percent. Goldcorp was at $50.19, climbing $0.26, or 0.52 percent. Barrick Gold was at $47.63, jumping $0.46, or 0.98 percent.
Barrick (ABX) (GFI) (GG) (NEM) Close Up Even as Gold Settles Slightly Down
Shares of Barrick Gold (NYSE:ABX), Gold Fields (NYSE:GFI), Goldcorp (NYSE:GG) and Newmont Mining all closed up on Thursday, even as gold prices traded slightly down.
Gold for June delivery declined $3.90, or 0.3 percent, to $1,522.80 an ounce.
Gold for August delivery was down $4.10, or 0.3 percent, to $1,523.70 an ounce in the Comex division of the New York Mercantile Exchange.
July silver fell 31 cents to settle at $37.33 an ounce, lower by 0.8 percent.
Trading was light as we approach Memorial Day weekend in the United States.
The U.S. dollar was weaker, as was economic data, but it wasn't enough to push up the price of gold, while other metals traded mixed.
First-time jobless claims were up again last week, jumping 10,000 remain above the 400,000 mark.
Barrick Gold closed at $47.12, rising $0.31 or 0.7 percent. Gold Fields ended at $16.10, up $0.27 or 1.7 percent, to . Goldcorp closed at $49.76, gaining $0.22 or 0.4 percent. Newmont Mining ended the session at $55.61, jumping $0.40 or 0.7 percent.
Gold for June delivery declined $3.90, or 0.3 percent, to $1,522.80 an ounce.
Gold for August delivery was down $4.10, or 0.3 percent, to $1,523.70 an ounce in the Comex division of the New York Mercantile Exchange.
July silver fell 31 cents to settle at $37.33 an ounce, lower by 0.8 percent.
Trading was light as we approach Memorial Day weekend in the United States.
The U.S. dollar was weaker, as was economic data, but it wasn't enough to push up the price of gold, while other metals traded mixed.
First-time jobless claims were up again last week, jumping 10,000 remain above the 400,000 mark.
Barrick Gold closed at $47.12, rising $0.31 or 0.7 percent. Gold Fields ended at $16.10, up $0.27 or 1.7 percent, to . Goldcorp closed at $49.76, gaining $0.22 or 0.4 percent. Newmont Mining ended the session at $55.61, jumping $0.40 or 0.7 percent.
Wednesday, May 25, 2011
Ex-Dividend for Barrick (ABX) (ACI) (AEM) (CMP) (ZEUS) is May 27
The ex-dividend date for Barrick Gold Corporation (NYSE:ABX), Arch Coal Inc. (NYSE:ACI), Agnico-Eagle Mines (NYSE:AEM), Compass Minerals International Inc. (NYSE:CMP) and Olympic Steel (NASDAQ:ZEUS) is May 27.
Barrick Gold Corporation (ABX) pays a dividend of $0.12 with a yield of 1.06 percent.
Arch Coal Inc. (NYSE:ACI) pays a dividend of $0.11 with a yield of 1.50 percent.
Agnico-Eagle Mines (NYSE:AEM) pays a dividend of $0.16 with a yield of 1.02 percent.
Compass Minerals International Inc. (NYSE:CMP) pays a dividend of $0.45 with a yield of 1.93 percent.
Olympic Steel (NASDAQ:ZEUS) pays a dividend of $0.02 with a yield of 0.27 percent.
Barrick Gold Corporation (ABX) pays a dividend of $0.12 with a yield of 1.06 percent.
Arch Coal Inc. (NYSE:ACI) pays a dividend of $0.11 with a yield of 1.50 percent.
Agnico-Eagle Mines (NYSE:AEM) pays a dividend of $0.16 with a yield of 1.02 percent.
Compass Minerals International Inc. (NYSE:CMP) pays a dividend of $0.45 with a yield of 1.93 percent.
Olympic Steel (NASDAQ:ZEUS) pays a dividend of $0.02 with a yield of 0.27 percent.
Tuesday, October 19, 2010
BHP (NYSE:BHP), Teck (NYSE:TCK), Freeport (NYSE:FCX) and Rio Tinto (NYSE:RIO) Will Soar on Quantitative Easing
With the Federal Reserve poised to inflate via quantitative easing, a number of commodities will surge in price, which will strongly benefit diversified miners like BHP Billiton (NYSE:BHP), Teck Resources (NYSE:TCK), Freeport McMoran (NYSE:FCX) and Rio Tinto (NYSE:RIO).
According to UBS (NYSE:UBS), some of their top commodity picks include gold, copper, palladium, iron ore, thermal coal and zinc. They added they believe it's a "game changer" for commodities.
Talking on global capital flows, UBS said that should strengthen "credit creation in emerging markets." The giant bank concluded, "We believe that QE2 will prolong the bull market in commodities."
UBS' top pick in the commodity sector is palladium, which they see making significant gains through 2015.
In what could be troubling news for aluminum producers like Alcoa (NYSE:AA), UBS sees aluminum and nickel, among other commodities whose supply has little constraint upon them as being less desirable and affected by quantitative easing.
Gold of course will continue to perform strongly for some time to come. In that space, besides companies mentioned above, they like gold mining giant Barrick Gold (NYSE:ABX).
UBS said they like gold mining stocks over ownership of physical gold.
According to UBS (NYSE:UBS), some of their top commodity picks include gold, copper, palladium, iron ore, thermal coal and zinc. They added they believe it's a "game changer" for commodities.
Talking on global capital flows, UBS said that should strengthen "credit creation in emerging markets." The giant bank concluded, "We believe that QE2 will prolong the bull market in commodities."
UBS' top pick in the commodity sector is palladium, which they see making significant gains through 2015.
In what could be troubling news for aluminum producers like Alcoa (NYSE:AA), UBS sees aluminum and nickel, among other commodities whose supply has little constraint upon them as being less desirable and affected by quantitative easing.
Gold of course will continue to perform strongly for some time to come. In that space, besides companies mentioned above, they like gold mining giant Barrick Gold (NYSE:ABX).
UBS said they like gold mining stocks over ownership of physical gold.
Tuesday, September 14, 2010
Goldcorp (NYSE:GG), Barrick (NYSE:ABX), Newmont (NYSE:NEM) and Kinross (NYSE:KGC) All Up on Record Gold Prices
Weak economic news from Europe, confirming the ongoing weak global economy, has shares of Goldcorp (NYSE:GG), Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM) and Kinross Gold (NYSE:KGC) all moving up with the price of gold.
Gold on the New York Mercantile Exchange reached a record high of $1273.40, jumping $25.90 for December delivery.
A weaker U.S. dollar may have contributed a little earlier in the session, but the price movement of gold shows investors aren't buying into the hype that there is an economic recovery.
Mainstream financial news targets every bit of positive for their man Obama, while lightly covering the economic disaster growing under his administration.
Investors and business know the real conditions, and the ongoing weakness confirms we're a long way from any real recovery, and gold will continue its long bull run in response to those realities.
Gold on the New York Mercantile Exchange reached a record high of $1273.40, jumping $25.90 for December delivery.
A weaker U.S. dollar may have contributed a little earlier in the session, but the price movement of gold shows investors aren't buying into the hype that there is an economic recovery.
Mainstream financial news targets every bit of positive for their man Obama, while lightly covering the economic disaster growing under his administration.
Investors and business know the real conditions, and the ongoing weakness confirms we're a long way from any real recovery, and gold will continue its long bull run in response to those realities.
Wednesday, September 1, 2010
NovaGold (AMEX:NG) Names Gerry McConnell New Chairman
NovaGold Resources Inc. (AMEX:NG) announced it has named Gerry McConnell as the new chairman of the board.
Chief executive officer and president Rick Van Nieuwenhuyse remains in his position, and continues on as a member of the board, which includes the feisty and interesting Marc Faber.
Van Nieuwenhuyse said on the appointment of McConnell, "I am pleased that Gerry has accepted this appointment as Chairman of the Board. Gerry's legal background and extensive knowledge of the mining business and our projects makes him the ideal candidate to manage the Board activities that help guide the company. NovaGold's Board of Directors and employees are committed to adding value for shareholders as we advance our world-class portfolio of projects."
NovaGold's assets are all based in North America, and include the Donlin Creek project in Alaska and the Galore project in British Columbia.
Barrick Gold (NYSE:ABX) is a partner in Donlin Creek, while Teck Resources (NYSE:TCK) is a partner in Galore.
Chief executive officer and president Rick Van Nieuwenhuyse remains in his position, and continues on as a member of the board, which includes the feisty and interesting Marc Faber.
Van Nieuwenhuyse said on the appointment of McConnell, "I am pleased that Gerry has accepted this appointment as Chairman of the Board. Gerry's legal background and extensive knowledge of the mining business and our projects makes him the ideal candidate to manage the Board activities that help guide the company. NovaGold's Board of Directors and employees are committed to adding value for shareholders as we advance our world-class portfolio of projects."
NovaGold's assets are all based in North America, and include the Donlin Creek project in Alaska and the Galore project in British Columbia.
Barrick Gold (NYSE:ABX) is a partner in Donlin Creek, while Teck Resources (NYSE:TCK) is a partner in Galore.
Monday, August 30, 2010
NovaGold (AMEX:NG) Expanding Financing Search
After having a cash infusion of $175 million from combined investments from Paulson & Co. Inc. and Quantum Partners Ltd., it put NovaGold (AMEX:NG) (TSE:NG) in the enviable position of having a two-year cushion to work with.
But aren't resting on that by any means, as estimates for their part in the development of Galore Creek copper-silver-gold mine, which they're partnering with Teck Resources (NYSE:TCK), and on Donlin Creek, which they're partnering with Barrick Gold Corp. (NYSE:ABX), comes in at about $4 billion.
When you consider the estimated revenue for NovaGold is $2 million this year, it's incredible to look at the numbers being thrown at them.
This isn't of about where they are, but where they're going to be, and once the feasibility studies are completed, we'll have a better look. But the large amount of resources at just these two mines are staggering, and will generate a flow of revenue for years.
For example, at Galore Creek, there is an indicated resource of close to 9 billion pounds of copper and 7.3 million ounces of gold. By the time these mines begin operating, assuming they do, it will be at a time when demand will continue to be high; for sure for copper, with gold being less certain depending on when production begins.
At earliest production at Galore isn't expected to launch until 2016, and most of the time they won't meet those dates, so it could be assumed to be even later than that.
NovaGold also has significant projects in Argentina, with their San Roque project, and in Alaska with the Ambler project, which may contain one of the largest copper-zinc deposits in the world.
They have a bright future, but it will be an expensive one to develop, and that's why NovaGold Chief Executive Officer Rick Van Nieuwenhuyse has been reaching out to Asia to woo investors in the company.
In exchange for investment, NovaGold is offering a piece of the metal production, which is a huge attractant to the Asian region who will be building out infrastructure for years.
Even in this recession, metal will be in demand, and is expected to surge again whenever a real recovery begins. Now it's a race to get the needed financing to supply the hungry markets.
With the demand out there, a significant number of interested parties should emerge, and NovaGold does have some time to find the best partners.
But aren't resting on that by any means, as estimates for their part in the development of Galore Creek copper-silver-gold mine, which they're partnering with Teck Resources (NYSE:TCK), and on Donlin Creek, which they're partnering with Barrick Gold Corp. (NYSE:ABX), comes in at about $4 billion.
When you consider the estimated revenue for NovaGold is $2 million this year, it's incredible to look at the numbers being thrown at them.
This isn't of about where they are, but where they're going to be, and once the feasibility studies are completed, we'll have a better look. But the large amount of resources at just these two mines are staggering, and will generate a flow of revenue for years.
For example, at Galore Creek, there is an indicated resource of close to 9 billion pounds of copper and 7.3 million ounces of gold. By the time these mines begin operating, assuming they do, it will be at a time when demand will continue to be high; for sure for copper, with gold being less certain depending on when production begins.
At earliest production at Galore isn't expected to launch until 2016, and most of the time they won't meet those dates, so it could be assumed to be even later than that.
NovaGold also has significant projects in Argentina, with their San Roque project, and in Alaska with the Ambler project, which may contain one of the largest copper-zinc deposits in the world.
They have a bright future, but it will be an expensive one to develop, and that's why NovaGold Chief Executive Officer Rick Van Nieuwenhuyse has been reaching out to Asia to woo investors in the company.
In exchange for investment, NovaGold is offering a piece of the metal production, which is a huge attractant to the Asian region who will be building out infrastructure for years.
Even in this recession, metal will be in demand, and is expected to surge again whenever a real recovery begins. Now it's a race to get the needed financing to supply the hungry markets.
With the demand out there, a significant number of interested parties should emerge, and NovaGold does have some time to find the best partners.
Friday, August 27, 2010
Lihir Gold (Nasdaq:LIHR) Posts $87 Million Profit
Lihir Gold, Limited (Nasdaq:LIHR), which is soon to be taken over by Newcrest Mining (ASX:NCM), turned around in the first half, generating net earnings of $87 million, after losing $301 million in the same period a year ago.
Once the merger between the two companies is completed, Lihir will be included as part of the fourth-largest gold company in the world, behind Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM), and Goldcorp (NYSE:GG).
Guidance for production remained the same as prior estimates, with expectations of 1 million to 1.1 million ounces of gold to be mined for the full year.
Once the merger between the two companies is completed, Lihir will be included as part of the fourth-largest gold company in the world, behind Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM), and Goldcorp (NYSE:GG).
Guidance for production remained the same as prior estimates, with expectations of 1 million to 1.1 million ounces of gold to be mined for the full year.
Barrick (NYSE:ABX) Resumes Production at Mine Where 2 Workers Died
Barrick Gold Corp. (NYSE:ABX) has ramped up production again at its Meikle Mine in Nevada, where two workers died earlier in the month.
Evidently the accident was localized and not spread across the mine, as a vertical pipe broke away from the wall and hit the cage lowering the two miners down into the shaft.
The pipe wasn't a typical pipe one thinks of, but rather one about 2 feet in diameter, which had to have had a lot of force with it when it detached from the wall.
The shaft which took the life of the miners remains closed while regulators continue investigating the accident.
Some miners went back to work last week, according to Barrick, and the rest returned by the weekend.
Evidently the accident was localized and not spread across the mine, as a vertical pipe broke away from the wall and hit the cage lowering the two miners down into the shaft.
The pipe wasn't a typical pipe one thinks of, but rather one about 2 feet in diameter, which had to have had a lot of force with it when it detached from the wall.
The shaft which took the life of the miners remains closed while regulators continue investigating the accident.
Some miners went back to work last week, according to Barrick, and the rest returned by the weekend.
Wednesday, August 25, 2010
Eldorado (NYSE:EGO), Barrick (NYSE:ABX), Goldcorp (NYSE:GG) Soar as Investors Flock to Gold
The realization we've never left the recession is starting to be realized by a growing number of investors, and gold miners like Eldorado Gold Corp. (NYSE:EGO), Barrick Gold (NYSE:ABX) and Goldcorp (NYSE:GG) are soaring today as gold prices continue their upward march with investors seeking safety.
Gold prices are approaching two-month highs, up to $1,240, a gain of $10.20, as of 1:15 PM EDT.
Continuing bad news concerning the economy is the major reason for the resumption in gold prices surging upward. As the stimulus money leaves the system the underlying weakness is again in the face of investors who see it did nothing but hide the economic disaster, rather than do anything to help.
And calls for more stimulus have people extremely worried as economic report after economic report, including the plunge in sales of previously-owned homes plunging, and a record low in sales of new homes, which plunged to an annual rate of 276,600, along with a 12.4 percent decline in July.
A report from the Commerce Department also revealed orders for durable goods failed to meet expectations, indicating continued weakness in the manufacturing sector.
Gold prices today show the future pattern, and gold mining companies will be the beneficiaries of this strong move as the disaster the economy really is becomes to be understood more fully by investors, who will increasingly use gold investments as a safe haven.
Gold prices are approaching two-month highs, up to $1,240, a gain of $10.20, as of 1:15 PM EDT.
Continuing bad news concerning the economy is the major reason for the resumption in gold prices surging upward. As the stimulus money leaves the system the underlying weakness is again in the face of investors who see it did nothing but hide the economic disaster, rather than do anything to help.
And calls for more stimulus have people extremely worried as economic report after economic report, including the plunge in sales of previously-owned homes plunging, and a record low in sales of new homes, which plunged to an annual rate of 276,600, along with a 12.4 percent decline in July.
A report from the Commerce Department also revealed orders for durable goods failed to meet expectations, indicating continued weakness in the manufacturing sector.
Gold prices today show the future pattern, and gold mining companies will be the beneficiaries of this strong move as the disaster the economy really is becomes to be understood more fully by investors, who will increasingly use gold investments as a safe haven.
Monday, August 23, 2010
Barrick (NYSE:ABX), Newmont (NYSE:NEM) Out, Newcrest for Lihir (NASDAQ:LIHR) Acquisition
Rumors are winding down as clarity comes to the Lihir Gold Limited (NASDAQ:LIHR)acquisition story in connection to Newcrest Gold, as potential suitors Barrick Gold (NYSE:ABX) and Newmont Mining (NYSE:NEM) are apparently no longer interested in the company, clearing the way for the process to go forward.
Lihir shareholders voted their approval today to allow the merge to go forward, which will create a company valued at about A$25 billion. Measured by market cap, that will create the fourth-largest gold miner in the world.
The one remaining obstacle is the approval of a Papua New Guinea court, which is scheduled for August 27, with the scheme of arrangement taking effect on August 30.
Shareholders of Lihir will receive one Newcrest share for each 8.43 Lihir shares held, plus and additional 22.5 cents in cash for each share they hold.
Lihir shareholders voted their approval today to allow the merge to go forward, which will create a company valued at about A$25 billion. Measured by market cap, that will create the fourth-largest gold miner in the world.
The one remaining obstacle is the approval of a Papua New Guinea court, which is scheduled for August 27, with the scheme of arrangement taking effect on August 30.
Shareholders of Lihir will receive one Newcrest share for each 8.43 Lihir shares held, plus and additional 22.5 cents in cash for each share they hold.
Eldorado Gold (NYSE:EGO) Fastest Growing Company in 2010
It's interesting and not all that surprising that the usual fastest-growing company in 2010 isn't a tech company, but rather, a gold miner. In this case, Eldorado Gold (NYSE:EGO), according to Fortune Magazine's list of the '100 Fastest-Growing Companies for 2010.'
Surprisingly, Eldorado Gold was the only gold miner on the list, although if gold prices continue to rise as they're expected to, that should change.
One problem that is accompanying the rise in gold prices, especially for smaller and mid-tier miners, is that costs have been rising along with prices, and these miners usually are highly leveraged and unable to control costs in the way better-positioned gold miners like Eldorado are, or major miners like Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM) and Goldcorp (NYSE:GG) are able to, although even there some are struggling more than in the past.
For Eldorado, their competitive advantage is their position in China, where they are able to produce gold at lower costs than their competitors who either aren't exposed there, or have limited exposure.
There is also the increase in demand from China, which is now the fastest-growing consumer of gold in the world, and second in consumption only behind India.
With that in mind and Eldorado strongly positioned to supply growing demand at low costs, they should have a solid future in reference to growth, assuming they can keep costs under control.
Surprisingly, Eldorado Gold was the only gold miner on the list, although if gold prices continue to rise as they're expected to, that should change.
One problem that is accompanying the rise in gold prices, especially for smaller and mid-tier miners, is that costs have been rising along with prices, and these miners usually are highly leveraged and unable to control costs in the way better-positioned gold miners like Eldorado are, or major miners like Barrick Gold (NYSE:ABX), Newmont Mining (NYSE:NEM) and Goldcorp (NYSE:GG) are able to, although even there some are struggling more than in the past.
For Eldorado, their competitive advantage is their position in China, where they are able to produce gold at lower costs than their competitors who either aren't exposed there, or have limited exposure.
There is also the increase in demand from China, which is now the fastest-growing consumer of gold in the world, and second in consumption only behind India.
With that in mind and Eldorado strongly positioned to supply growing demand at low costs, they should have a solid future in reference to growth, assuming they can keep costs under control.
Friday, August 20, 2010
Barrick (NYSE:ABX) Chairman Sees Gold Prices Going Higher
Citing the weak economic conditions, Barrick Gold Corp. (NYSE:ABX) Peter Munk said gold prices have a better chance of going higher than falling in the future.
Munk added that he sees no reason for the company to hedge at this time, as it's not likely there'll be major declines in gold prices because of the instability in the global economy, which pushes up rather than lowers the value of gold.
Even in healthy economic conditions gold tends to move upward in the fall season, add the deteriorating global economy and in the near term there will be a big push for gold, which while eventually leveling off, will continue on an upward trajectory for some time to come.
The countries and central banks around the world have for the most part made every wrong decision they could have to battle the ongoing recession, and even though they're saying the possibility of a double dip could happen, the reality is outrageous amounts of money spent on stimulus plans only masked and hid the recession, it did nothing to change it, as the results obviously reveal.
Already the Federal Reserve has stated they're ready to begin "quantitative easing" again (print money, buy Treasuries), and that will play into the increased value of gold as investors flock to it to protect their assets.
Munk added that he sees no reason for the company to hedge at this time, as it's not likely there'll be major declines in gold prices because of the instability in the global economy, which pushes up rather than lowers the value of gold.
Even in healthy economic conditions gold tends to move upward in the fall season, add the deteriorating global economy and in the near term there will be a big push for gold, which while eventually leveling off, will continue on an upward trajectory for some time to come.
The countries and central banks around the world have for the most part made every wrong decision they could have to battle the ongoing recession, and even though they're saying the possibility of a double dip could happen, the reality is outrageous amounts of money spent on stimulus plans only masked and hid the recession, it did nothing to change it, as the results obviously reveal.
Already the Federal Reserve has stated they're ready to begin "quantitative easing" again (print money, buy Treasuries), and that will play into the increased value of gold as investors flock to it to protect their assets.
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