Showing posts with label Gold Production. Show all posts
Showing posts with label Gold Production. Show all posts
Friday, September 28, 2012
Newmont (NEM) Slashes Gold Production Estimates at Batu Hijau
After Newmont Mining (NEM) announced its gold and copper production estimates were significantly lowered, it also said it plans on cutting workers and other costs at it Batu Hijau Indonesian mine.
Saying it is now costing the company $1 million a day in cash flow to work the mine because of the low quality of the rock it is now mining.
Gold production for 2012 was downwardly revised from 114,000 ounces to 71,000 ounces. Copper production estimates were cut from 192 million pounds to 170.6 million pounds.
In 2011 the mine produced approximately 282 million pounds of copper and 318,000 ounces of gold for Newmont and its partners Sumitomo (8053.T) and Bakrie Group.
Expectations are low production will continue through 2013. Going into 2014 and 2015, the firm sees production rebounding at the mine as they tap into the more productive core ore body once again. The coming is preparing to widen the pit in the near future.
The lower production appears to present more problems for Newmont, as in November negotiations with workers will begin, with expectations high on their part of major wage increases after Freeport McMoRan Copper & Gold (FCX) workers gave its workers a huge 37 percent boost in wages over a two-year period in the latter part of 2011.
According to Newmont, it's looking at cutting costs, which will surely strain negotiations with workers.
Batu Hijau general manager, Ian McGaffin, said, "We are looking at trimming costs from all facets of our business including mining and processing and support costs. This includes reviews of contract services, parts and supplies, and salaries and wages."
Also a challenge for Newmont and other miners working in Indonesia is the change in rules in 2012 which now require companies to divest 51 percent of their mine assets after operating in the country for a decade. At that time they are also expected to pay a 20 percent levy on raw ore exports.
What is highly unlikely even though made a rule for miners, is all ore is to be smelted locally in Indonesia by 2014. No one thinks that will have any teeth to it, as no miners have plans in place to add more smelting capacity in the world, as there are already more than are needed.
Newmont does have to walk a fine line though, as Elang, another mining resource discovery close to Batu Hijau, could have more resources than that mine. That has yet to be confirmed though.
Newmont closed Friday at $56.01, falling $0.53, or 0.93 percent.
Friday, October 15, 2010
Rio Tinto (NYSE:RIO) Beats Analysts' Iron Ore Estimates
Rio Tinto (NYSE:RIO) reported it surpassed analysts' expectations for iron ore production in the third quarter, breaking its own quarter record in the segment, while also breaking quarterly production records for coking coal and alumina.
Iron ore production was up 10 percent, alumina 6 percent and coking coal 17 percent. Another metal gaining significantly was bauxite, which gained 17 percent in the same period.
The company said: "This quarter we achieved record production in iron ore, alumina and coking coal. Our investment in organic growth is gathering momentum. We approved more than $4 billion of capital projects during the third quarter, including investment towards the expansion of our Pilbara iron ore operations to 330 million tons per annum. This takes our total approvals this year to $5.5 billion and is consistent with our capex guidance of $13 billion over the 18 months to December 2011."
The bad news for the company was gold and copper production was down at a time when prices for both metals have been skyrocketing. Copper was down 19 percent and gold 33 percent in the third quarter.
Also slightly down was aluminum production, dropping 2 percent, and thermal coal production in Australia, which fell 14 percent.
Iron ore production was up 10 percent, alumina 6 percent and coking coal 17 percent. Another metal gaining significantly was bauxite, which gained 17 percent in the same period.
The company said: "This quarter we achieved record production in iron ore, alumina and coking coal. Our investment in organic growth is gathering momentum. We approved more than $4 billion of capital projects during the third quarter, including investment towards the expansion of our Pilbara iron ore operations to 330 million tons per annum. This takes our total approvals this year to $5.5 billion and is consistent with our capex guidance of $13 billion over the 18 months to December 2011."
The bad news for the company was gold and copper production was down at a time when prices for both metals have been skyrocketing. Copper was down 19 percent and gold 33 percent in the third quarter.
Also slightly down was aluminum production, dropping 2 percent, and thermal coal production in Australia, which fell 14 percent.
Friday, August 27, 2010
Harmony Gold (NYSE:HMY) Delaying Development at Evander Mine
Harmony Gold Mining Company (NYSE:HMY) announced it is going to hold off on the development of its R6 billion shaft at its Evander mine in South Africa, citing a shortage of cash to complete the project.
“At the moment we have got no intention of proceeding with the Evander project,” said CEO Graham Briggs.
While the development of the shaft was expected to increase production, other projects are in the midst of being ramped up as well, with those evidently having a priority over R6.
Briggs said he believed it would be hard to gain approval from the board when the other units of the company are in the middle of preparing to increase production.
In the last quarter Harmony gold production increased by 40 percent to 346,714 ounces.
“At the moment we have got no intention of proceeding with the Evander project,” said CEO Graham Briggs.
While the development of the shaft was expected to increase production, other projects are in the midst of being ramped up as well, with those evidently having a priority over R6.
Briggs said he believed it would be hard to gain approval from the board when the other units of the company are in the middle of preparing to increase production.
In the last quarter Harmony gold production increased by 40 percent to 346,714 ounces.
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.
Thursday, July 15, 2010
Rio Tinto (NYSE:RTP) Production Drops in Second Quarter
Production for Rio Tinto (NYSE:RTP) for the second quarter was down for several key raw materials, including iron ore, copper, gold and molybdenum.
Rio CEO Tom Albanese attempted to shrug off the lower production, saying this, “2010 continues to shape up well for Rio Tinto and we are driving our operations at close to capacity. Markets for most of our products are strong and the overall long-term demand outlook is positive.”
Albanese did admit though that it probably will be very volatile going forward, and that pattern should continue.
Iron ore production dropped from 44.6 million tons in the second quarter of 2009 to 43.6 million metric tons this year. Last in iron ore accounted for about 28 percent of Rio's overall revenue.
Copper production was down 19 percent from last year, while gold production plunged 34 percent.
Rio CEO Tom Albanese attempted to shrug off the lower production, saying this, “2010 continues to shape up well for Rio Tinto and we are driving our operations at close to capacity. Markets for most of our products are strong and the overall long-term demand outlook is positive.”
Albanese did admit though that it probably will be very volatile going forward, and that pattern should continue.
Iron ore production dropped from 44.6 million tons in the second quarter of 2009 to 43.6 million metric tons this year. Last in iron ore accounted for about 28 percent of Rio's overall revenue.
Copper production was down 19 percent from last year, while gold production plunged 34 percent.
Thursday, May 13, 2010
Silver Wheaton (TSE:SLW) Triples Profits, Underperforms
Silver Wheaton (TSE:SLW) (NYSE: SLW) is one of those companies most investors love to own a piece of, and even when they perform strongly, expectations can be very high and difficult to meet.
That's the case in their latest quarter where their first-quarter profits almost tripled to $44.6 million, or 13 cents a share, while analysts had been looking for 16 cents a share. Last years' earnings were $15.1 million, or 6 cents a share.
Revenue for the quarter increased to $85.9 million, and 128.5 percent rise over last year, but again, missing the $91.3 million estimated by analysts.
Earnings for the quarter were largely helped by the 45 percent increase in the price of silver.
Silver equivalent sales grew by 58 percent to 5 million ounces (combination of gold and silver).
The price Silver Wheaton averaged for silver in the quarter was $17,27 an ounce, and for gold they received an average of $1 100 an ounce.
Guidance for attributable silver equivalent was reiterated as 23.5 million ounces for 2010.
That's the case in their latest quarter where their first-quarter profits almost tripled to $44.6 million, or 13 cents a share, while analysts had been looking for 16 cents a share. Last years' earnings were $15.1 million, or 6 cents a share.
Revenue for the quarter increased to $85.9 million, and 128.5 percent rise over last year, but again, missing the $91.3 million estimated by analysts.
Earnings for the quarter were largely helped by the 45 percent increase in the price of silver.
Silver equivalent sales grew by 58 percent to 5 million ounces (combination of gold and silver).
The price Silver Wheaton averaged for silver in the quarter was $17,27 an ounce, and for gold they received an average of $1 100 an ounce.
Guidance for attributable silver equivalent was reiterated as 23.5 million ounces for 2010.
Wednesday, May 12, 2010
Pan American Silver (Nasdaq:PAAS) Breaking Out?
With silver prices seemingly about to take off, Pan American Silver (Nasdaq:PAAS) could be one of the best deals among silver mining companies, as the price of silver has found support and when silver prices have been strong in the past, Pan American has soared to over $40 a share.
The company seems to have positioned itself nicely for a long run if it comes, and last quarter their performance shined, and they and their shareholders are probably about to be rewarded for it.
For example, silver production for the quarter increased by 13 percent to 5.5 million ounces, while gold production rose by 34 percent. What was most impressive to me though was the way the company cut the cash costs to $4.35 an ounce, leaving them terrific margins and earnings potential.
Even though the share price has been moving up, Pan American Silver is still a bargain, and they have a lot of room to grow before their value is reflected in the share price.
The company seems to have positioned itself nicely for a long run if it comes, and last quarter their performance shined, and they and their shareholders are probably about to be rewarded for it.
For example, silver production for the quarter increased by 13 percent to 5.5 million ounces, while gold production rose by 34 percent. What was most impressive to me though was the way the company cut the cash costs to $4.35 an ounce, leaving them terrific margins and earnings potential.
Even though the share price has been moving up, Pan American Silver is still a bargain, and they have a lot of room to grow before their value is reflected in the share price.
Tuesday, May 11, 2010
Northgate Minerals (TSE:NGX) Up On Higher Metal Prices
Northgate Minerals (TSE:NGX) first quarter earnings came in at estimates, generating earnings of $4.9 million, or 2 cents a share. Adjusted quarterly earnings stood a 3 cents a share, in line with what analysts had been looking for.
Revenue for the quarter increased to $125.3 million, slightly up from the $123.8 million last year in the same quarter.
Profits last year were higher at $21.4 million, or 8 cents a share.
Gold and copper production dropped significantly in the first quarter, with gold production plunging by 32 percent to 73,362 ounces, and copper production falling by 37 percent, or 9.5 million pounds.
Guidance for production for the full year was given at 310,000 ounces of gold at a cash cost of $553 an ounce.
The company was helped by stronger gold and copper prices during the quarter.
Revenue for the quarter increased to $125.3 million, slightly up from the $123.8 million last year in the same quarter.
Profits last year were higher at $21.4 million, or 8 cents a share.
Gold and copper production dropped significantly in the first quarter, with gold production plunging by 32 percent to 73,362 ounces, and copper production falling by 37 percent, or 9.5 million pounds.
Guidance for production for the full year was given at 310,000 ounces of gold at a cash cost of $553 an ounce.
The company was helped by stronger gold and copper prices during the quarter.
Monday, May 10, 2010
Endeavour Silver (TSE:EDR) Profits Up
Endeavour Silver (TSE:EDR) reported earnings for the first quarter have increased to $1.7 million, or 3 cents a share, improving over the same quarter last year where the company lost $1.7 million or 3 cents a share.
Gold production increased for Endeavour to 3,775 ounces, a 62 percent improvemnent. Silver production was also up, reaching 766,210 ounces, a 34 percent gain.
Overall revenue for the quarter was over double what it was last year, growing to $18.2 million, a 115 percent rise.
Guidance for the company wasn't great, as they stated the company will increase spending on exploration, which will cut into earnings for the second quarter.
Even so, gold producton should increase at the company for the next quarter, and gold prices are expected to continue rising as well.
Gold production increased for Endeavour to 3,775 ounces, a 62 percent improvemnent. Silver production was also up, reaching 766,210 ounces, a 34 percent gain.
Overall revenue for the quarter was over double what it was last year, growing to $18.2 million, a 115 percent rise.
Guidance for the company wasn't great, as they stated the company will increase spending on exploration, which will cut into earnings for the second quarter.
Even so, gold producton should increase at the company for the next quarter, and gold prices are expected to continue rising as well.
Monday, May 3, 2010
Yamana (TSE:YRI) Earnings Up on Gold Production, Price
Yamana Gold (TSE:YRI) (NYSE:AUY) enjoyed a 62 percent increase in its first-quarter revenue, as gold production rose along with the price of gold.
Earnings for the quarter increased by $79.5 million, or 11 cents a share, although it would have been even higher except for the large foreign exchange gain in the same quarter last year.
Profits came in level with what analysts estimated of 11 cents, before one-time items.
In the same quarter last year Yamana posted profits of $86 million, or 12 cents a share.
Revenue increased to $346.3 million on production gains of six percent, as well as the rise in gold prices.
Using base metals production as a cost offset, cash cost an ounce came to $161.
Guidance for 2010 was reiterated with expectations to reach production levels between 1 million to 1.1 million gold equivalent ounces.
Earnings for the quarter increased by $79.5 million, or 11 cents a share, although it would have been even higher except for the large foreign exchange gain in the same quarter last year.
Profits came in level with what analysts estimated of 11 cents, before one-time items.
In the same quarter last year Yamana posted profits of $86 million, or 12 cents a share.
Revenue increased to $346.3 million on production gains of six percent, as well as the rise in gold prices.
Using base metals production as a cost offset, cash cost an ounce came to $161.
Guidance for 2010 was reiterated with expectations to reach production levels between 1 million to 1.1 million gold equivalent ounces.
Friday, April 16, 2010
Aura Minerals (TSE:ORA) Gold Production Up
Aura Minerals (TSE:ORA) has been one of the stronger performers of the emerging gold mining companies, and those owning shares in the company have ridden them for a strong 160 percent gain over the last year, and they're poised for a strong year going forward as well.
One of the elements making them a strong company is the increased production, where they're ready to reach their goal of 190,00 ounces of gold for 2010.
They are achieving this through more capital investment and the pending acquisition of two mines.
At its San Andres Mine in Honduras, Aura has increased its gold production in the first quarter to 19,299 ounces, a gain of 32 percent over the year before.
The company is somewhat of a sleeper because most don't know a lot about the assets they control, including the more hidden ones: the Aranzazu Project in Mexico and Serrote Deposit in Brazil, which is located within the Arapiraca Project. Metals combined from both these mines include copper, iron, gold and silver.
If the prices of these metals hold for some time, the revenue and profits from them will make Aura a player among its larger competitors.
One of the elements making them a strong company is the increased production, where they're ready to reach their goal of 190,00 ounces of gold for 2010.
They are achieving this through more capital investment and the pending acquisition of two mines.
At its San Andres Mine in Honduras, Aura has increased its gold production in the first quarter to 19,299 ounces, a gain of 32 percent over the year before.
The company is somewhat of a sleeper because most don't know a lot about the assets they control, including the more hidden ones: the Aranzazu Project in Mexico and Serrote Deposit in Brazil, which is located within the Arapiraca Project. Metals combined from both these mines include copper, iron, gold and silver.
If the prices of these metals hold for some time, the revenue and profits from them will make Aura a player among its larger competitors.
Tuesday, April 13, 2010
Fortuna Silver Mines (TSE:FVI) Production Surges 33.8 Percent
Fortuna Silver Mines Production
Fortuna Silver Mines (TSE:FVI) had a great quarter by any measurement, led mostly by increased production across several of their key metals, including silver.
The only decrease in production was zinc, which dropped a slight 1 percent to 6,868,811 pounds.
Silver production increased by 30 percent to 479,821 ounces, a record for Fortuna, while copper production exploded upwardly, increasing by 213 percent, ending the quarter with 295,854 pounds produced.
Lead had a 1.5 percent gain, with 295,854 pounds extracted from Fortuna's properties.
Fortuna looks strong going forward, as their sales in 2009 of $51.4 million, double the year before, shouldn't decrease in any way in 2010, and will continue to rise based on the increased production levels of their precious metals.
Fortuna Silver Mines (TSE:FVI) had a great quarter by any measurement, led mostly by increased production across several of their key metals, including silver.
The only decrease in production was zinc, which dropped a slight 1 percent to 6,868,811 pounds.
Silver production increased by 30 percent to 479,821 ounces, a record for Fortuna, while copper production exploded upwardly, increasing by 213 percent, ending the quarter with 295,854 pounds produced.
Lead had a 1.5 percent gain, with 295,854 pounds extracted from Fortuna's properties.
Fortuna looks strong going forward, as their sales in 2009 of $51.4 million, double the year before, shouldn't decrease in any way in 2010, and will continue to rise based on the increased production levels of their precious metals.
Friday, March 19, 2010
Aurizon (TSE:ARZ) Beats Quarterly Estimates
Aurizon beats estimates for quarter
Aurizon Mines Ltd beat analyst estimates by increasing earnings to C$9.9 million, or C6 cents a share for the last quarter. Last year in the same quarter earnings a share came in at a loss of C$4.1 million, or C3 cents a share.
While an increase in gold prices was the key reason for the increase in profits, there was also C$4.5 million of non-refundable tax credits which helped them as well.
Analysts had been looking for earnings of C4 cents a share of revenue of C$36.7 million.
One concern for 2010 is the decreasing gold production at their major mine in Quebec, which is expected to fall from 159,261 ounces in 2009 to between 145,000 and 155,000 in 2010. Lower grades of gold was cited as the reason behind that.
That could be why Aurizon Mines has mentioned acquiring early stage gold mines in the near future.
Aurizon Mines Ltd beat analyst estimates by increasing earnings to C$9.9 million, or C6 cents a share for the last quarter. Last year in the same quarter earnings a share came in at a loss of C$4.1 million, or C3 cents a share.
While an increase in gold prices was the key reason for the increase in profits, there was also C$4.5 million of non-refundable tax credits which helped them as well.
Analysts had been looking for earnings of C4 cents a share of revenue of C$36.7 million.
One concern for 2010 is the decreasing gold production at their major mine in Quebec, which is expected to fall from 159,261 ounces in 2009 to between 145,000 and 155,000 in 2010. Lower grades of gold was cited as the reason behind that.
That could be why Aurizon Mines has mentioned acquiring early stage gold mines in the near future.
Thursday, March 18, 2010
New Gold (TSE:NGD) Resumes Operations at Cerro San Pedro Mine
Full Operations Resume at New Gold's Cerro San Pedro Mine
New Gold (TSE:NGD) said it has received approval from a Mexican court to resume full operations at its Cerro San Pedro mine in Mexico.
The mine was partially shut down when concerns over explosives used there had to be litigated.
A federal court made a ruling in 2006 which resulted in the environmental ministry revoking New Gold's permit until the issue was resolved.
Now that full production will resume, New Gold estimates to produce about 95,000 to 105,000 ounces of gold a year, costing about C$390 to C$410 an ounce sold.
New Gold (TSE:NGD) said it has received approval from a Mexican court to resume full operations at its Cerro San Pedro mine in Mexico.
The mine was partially shut down when concerns over explosives used there had to be litigated.
A federal court made a ruling in 2006 which resulted in the environmental ministry revoking New Gold's permit until the issue was resolved.
Now that full production will resume, New Gold estimates to produce about 95,000 to 105,000 ounces of gold a year, costing about C$390 to C$410 an ounce sold.
Wednesday, March 17, 2010
Alamos Gold (TSE:AGI): Going Big Time?
Alamos Gold is Ready for the Big Time
After a solid fourth-quarter report, Alamos Gold (TSE:AGI) has walked away from it with some swagger, and is looking toward significant expansion going forward.
The company has enjoyed three straight years of increasing their gold production, as their Mulatos Mine in Mexico continues to produce well, projecting between 160,000 to 175,000 ounces to be mined in 2010.
Cost an ounce will be at about $338, making it a very profitable project.
With that effort and a strong war chest of $147 million, including short-term investments and cash, Alamos gold is positioned to grow the company out through acquisitions, while maintaining some solid organic growth.
CEO John McCluskey has thrown aside subtle and let it be known they are hunting for gold properties and companies, and are willing to merge and do things nice, or get aggressive and make hostile bids if that's what it takes to grow the company.
They have two gold projects they acquired from Teck Resources (NYSE:TCK)and Fronteer Development Group (AMEX:FRG) in the early part of 2010, and estimate it'll begin production in the early part of 2013. They bought those for cash.
I like this company because of their strong cash position, organic growth potential, and the desire to grow over the next several years. Most of what I like is the cost controls in place, which show they have good management in place who aren't ready to just throw money around hoping to land a deal which could easily bankrupt or weaken the company.
That means they've worked hard to position themselves to take advantage of a number of opportunities in the near future, or to make their own opportunities. If they keep their heads and operational discipline, this could be a very nice gold company to invest in and hold.
Alamos Gold is Ready for the Big Time
After a solid fourth-quarter report, Alamos Gold (TSE:AGI) has walked away from it with some swagger, and is looking toward significant expansion going forward.
The company has enjoyed three straight years of increasing their gold production, as their Mulatos Mine in Mexico continues to produce well, projecting between 160,000 to 175,000 ounces to be mined in 2010.
Cost an ounce will be at about $338, making it a very profitable project.
With that effort and a strong war chest of $147 million, including short-term investments and cash, Alamos gold is positioned to grow the company out through acquisitions, while maintaining some solid organic growth.
CEO John McCluskey has thrown aside subtle and let it be known they are hunting for gold properties and companies, and are willing to merge and do things nice, or get aggressive and make hostile bids if that's what it takes to grow the company.
They have two gold projects they acquired from Teck Resources (NYSE:TCK)and Fronteer Development Group (AMEX:FRG) in the early part of 2010, and estimate it'll begin production in the early part of 2013. They bought those for cash.
I like this company because of their strong cash position, organic growth potential, and the desire to grow over the next several years. Most of what I like is the cost controls in place, which show they have good management in place who aren't ready to just throw money around hoping to land a deal which could easily bankrupt or weaken the company.
That means they've worked hard to position themselves to take advantage of a number of opportunities in the near future, or to make their own opportunities. If they keep their heads and operational discipline, this could be a very nice gold company to invest in and hold.
Alamos Gold is Ready for the Big Time
Friday, March 12, 2010
Barrick Gold (TSE:ABX) CEO: Closing Hedgebooks
Gold Companies Closing Hedgebooks
Barrick Gold (TSE:ABX) CEO Aaron Regent said you can confirm from the actions of the gold production industry over the last year, they are bullish on the direction the price of gold is heading, based on many gold mining companies closing their hedgebooks during that time.
That means gold producers believe there is a certain support for gold, and at this time there is no need to hedge against it because even in difficult times and various market conditions gold prices will hold up for some time to come.
As governments foolishly attempt to force the economy to come back based on throwing printed money at it, gold will continue to do well, as inflation continues to go high and the value of currencies decline from oversupply in the market.
Regent sees a strong support for gold at the $1,100 level, and doesnt' think that's going to change any time soon.
Gold Companies Closing Hedgebooks
Barrick Gold (TSE:ABX) CEO Aaron Regent said you can confirm from the actions of the gold production industry over the last year, they are bullish on the direction the price of gold is heading, based on many gold mining companies closing their hedgebooks during that time.
That means gold producers believe there is a certain support for gold, and at this time there is no need to hedge against it because even in difficult times and various market conditions gold prices will hold up for some time to come.
As governments foolishly attempt to force the economy to come back based on throwing printed money at it, gold will continue to do well, as inflation continues to go high and the value of currencies decline from oversupply in the market.
Regent sees a strong support for gold at the $1,100 level, and doesnt' think that's going to change any time soon.
Gold Companies Closing Hedgebooks
Thursday, March 11, 2010
NovaGold Resources (AMEX:NG) Hold Any Gold?
NovaGold Resources Gold Reserves
It's hard to tell what it is that's driving up the share price of NovaGold Resources (AMEX:NG), as there seems to be nothing to indicate the company has much if anything in reserves, as noted by the difference in classification between them and Barrick Gold (NYSE:ABX) over their jointly owned Donlin Creek property.
NovaGold claims 60 percent of the resources at Donlin are reserves, while Barrick lists the property as having no reserves. Someone's wrong there.
NovaGold has had a scandalous past, and taking into consideration they haven't had positive revenue and continue in negative cash flow from 2004 to 2009, you have to wonder what's going on there and if it's a shell company with no assets.
NovaGold Resources Gold Reserves
It's hard to tell what it is that's driving up the share price of NovaGold Resources (AMEX:NG), as there seems to be nothing to indicate the company has much if anything in reserves, as noted by the difference in classification between them and Barrick Gold (NYSE:ABX) over their jointly owned Donlin Creek property.
NovaGold claims 60 percent of the resources at Donlin are reserves, while Barrick lists the property as having no reserves. Someone's wrong there.
NovaGold has had a scandalous past, and taking into consideration they haven't had positive revenue and continue in negative cash flow from 2004 to 2009, you have to wonder what's going on there and if it's a shell company with no assets.
NovaGold Resources Gold Reserves
Tuesday, March 9, 2010
NovaGold Resources Inc. (TSE:NG) Completes Stock Offering
NovaGold Resources Common Shares Offering
NovaGold Resources Inc. (TSE:NG) announced it has completed and closed it common share stock offering, raising $100 million ($99,999,999) from the $5.50 a share they received for them.
Paulson & Co. bought the shares in a non-brokered deal. The financing will officially close on March 11.
NovaGold said they'll use the capital primarily for development and exploration of several of their properties, Ambler property, Donlin Creek, Galore Creek and Rock Creek.
Some of the funds could be used for future acquisitions by the company as well.
NovaGold Resources Common Shares Offering
NovaGold Resources Inc. (TSE:NG) announced it has completed and closed it common share stock offering, raising $100 million ($99,999,999) from the $5.50 a share they received for them.
Paulson & Co. bought the shares in a non-brokered deal. The financing will officially close on March 11.
NovaGold said they'll use the capital primarily for development and exploration of several of their properties, Ambler property, Donlin Creek, Galore Creek and Rock Creek.
Some of the funds could be used for future acquisitions by the company as well.
NovaGold Resources Common Shares Offering
Eldorado Gold (NYSE:EGO) Gold Reserves Up 42 Percent
Gold Reserves at Eldorado Gold Eastern Dragon Project
The Eastern Dragon Project in China has exceeded original proven and probable gold reserves by a large margin, as Eldorado Gold (NYSE:EGO) now estimates about 747,000 ounces now in the mine, and more possibly to be discovered.
Just on the most recent revised data the company has increased its exploration budget at the mine by $2.4 million, as they search other vein structures for more gold resources at their prolific project.
Gold Reserves at Eldorado Gold Eastern Dragon Project
The Eastern Dragon Project in China has exceeded original proven and probable gold reserves by a large margin, as Eldorado Gold (NYSE:EGO) now estimates about 747,000 ounces now in the mine, and more possibly to be discovered.
Just on the most recent revised data the company has increased its exploration budget at the mine by $2.4 million, as they search other vein structures for more gold resources at their prolific project.
Gold Reserves at Eldorado Gold Eastern Dragon Project
Barrick Gold (TSE:ABX) and Kinross Gold (TSE:K) Down
Barrick Gold and Kinross Gold Share Price
Barrick Gold (TSE:ABX) and Kinross Gold (TSE:K) were down some yesterday, as lower gold prices put downward pressure on the gold production companies.
Much of this was related to those moving out of their hedging positions in relationship to the very volatile currency market, along with some technical selling which took place.
Barrick Gold and Kinross Gold Share Price
Barrick Gold (TSE:ABX) and Kinross Gold (TSE:K) were down some yesterday, as lower gold prices put downward pressure on the gold production companies.
Much of this was related to those moving out of their hedging positions in relationship to the very volatile currency market, along with some technical selling which took place.
Barrick Gold and Kinross Gold Share Price
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