|
| 03/07/2009
www.insidemetals.com
|
Vol
4, Issue 5 |
|
 |
In
This Edition...
Precious
Metals Market Update
Gold & Silver
ETF's
Geopolitical View
Gold
Producer News
Website Updates
|
|
| Dear
Subscriber, |
| The
newsletter will be
published next on March
21, 2009. |
IN
THIS EDITION OF
INSIDEMETALS
|
|
In this edition of the
InsideMetals Newsletter,
we'll take a look at gold
& silver ETF's,
production, pricing and
news, as well as precious
metals trends, gold
producer news and recent
website updates, which
includes our new
Advertising and Media Kit
information.
|
|
 |
| In
This Issue |
| Precious
Metals Markets Update |
| 2007
Silver Nevada Miner Bar |
| Geopolitical
View |
| Whitney
& Whitney Inc. |
| NYSE
Gold Producer News |
| AMEX
Gold Producer News |
| NASD
Gold Producer News |
| InsideMetals.com
Website Updates |
|
| PRECIOUS
METALS MARKET UPDATE |
Gold
closed at
$913.00/oz (London
Fix) on March 5,
2009, a 0.8%
decrease from the
$920.00/oz (London
Fix) closing price
on February 19,
2009, when data
for the previous
newsletter was
gathered.
Silver
closed at
$13.15/oz
(London Fix) on
March 5, 2009, a
6.0% increase
from the
$12.40/oz
(London Fix)
closing price on
February 19,
2009.
Platinum
closed at
$1056.00/oz
(London Fix) on
March 5, 2009, a
7.6% increase
from the
$981.00/oz
(London Fix)
closing price
on, February 19,
2009.
Palladium
closed at
$198.00/oz
(London Fix) on
March 5, 2009, a
1.2% decrease
from the
$200.50/oz
(London Fix)
closing price on
February 19,
2009.
ONE YEAR
GOLD vs.
EURO/U.S. DOLLAR
CHART
The gold bullion
vs. the
Euro/U.S. Dollar
chart displayed
below for the
last year shows
a good
correlation
between bullion
and currency.
Gold values
peaked in March
2008 above
$1,000 per
ounce,
consolidated in
the second
quarter of 2008
below $900 per
ounce, and then
climbed briefly
back above $950
per ounce in
July as news
about the
financial crisis
intensified
during the third
quarter.
The gold price
has risen from
its October low
($712.50) and
closed at
$913.00 per
ounce on March
5, 2009. Gold
has been
steadily rising
since the
October lows,
and briefly
popped over a
$1,000 per ounce
in late
February, before
declining to
test the $900
per ounce level.
During this rise
in the bullion
price, there
were strong
fluctuations in
the U.S. Dollar.
On January 9,
2009 the Euro/$
was 1.3684 and
the dollar has
increased in
value to a
Euro/$ value of
1.2555 on March
5, 2009, due to
a strengthening
dollar. Today,
March 6, 2009,
gold prices have
resumed their
rise. The rise
in the gold
price reflects
investor flight
to safety as
investors still
have
reservations
about the U.S.
economy and
continued
problems with
the banks, the
U.S. auto
industry and
escalating job
losses. The
simultaneous
strength in the
U.S. dollar also
reflects
investor concern
about the
weakness in
other
currencies. The
continuing
strong
divergence in
gold price and
currency
reflects the
concerns of both
bullion and
currency
investor.
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| Gold
& Silver ETF's |
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The SPDR Gold Trust
(GLD) controls over
33,000,000 ounces of
gold. The gold holdings
have been steadily
increasing since October
in spite of significant
gold price fluctuations.
The GLD now holds a
record 33,092,632 ounces
of gold.
The accumulation of
silver by the iShares
Silver Trust (SLV) has
been increasing as
silver prices have
risen above $14.00 per
ounce. Silver holdings
have been strongly
building since August
in spite of declining
silver prices through
October. SLV silver
holdings and the price
of silver have moved
upward in mid-January.
SLV silver holdings
peaked on February 23,
2009 with a record
263,008.023 ounces. As
of March 5, 2009 these
holdings stand at
256,600,428 ounces as
the silver price
dropped below $14.00
per ounce.
|
| 2007
Silver Nevada Miner Bar
- 99.9% Pure 5 Troy Ounces
of American History
|
|
|
| GEO
POLITICAL VIEW |
 BETTER
TO BUY BEFORE STIMULATING
Based on rumors that the
Chinese were going to
add to their November
$586 billion stimulus
package, the DOW closed
up more than 150 points
on Wednesday, March 4,
2009. The stimulus
package announced in
November by Premier Wen
Jiabao, would focus on
infrastructure such as
airports, highways, and
would provide more aid
to poor farmers, and cut
taxes for importers. Tax
cuts for importers could
boost demand for iron
ore, from Brazil and
Australia; increase
demand for factory and
equipment from the U.S.
and Europe, and
industrial components
throughout Asia.
Rumors of additional
stimulus caused a rise
in the DOW, and a
surge in commodity
prices, and especially
the stocks of mining
companies. The stocks
of world class mining
companies, such as
copper giant
Freeport-McMoRan
Copper and Gold (FCX),
Brazilian iron ore
giant Companhia Vale
do Rio Doce (CRVD),
and Australian
diversified base and
industrial mineral
producer Rio Tinto Plc
(RTP) and Australian
base metals and oil
producer BHP Billiton
Ltd. (BHP) all rose
sharply on the rumor.
On Thursday, March 5,
2009, Premier Wen
Jiabao threw cold
water on the prior
day's market flare-up
by announcing that
China could achieve an
8% growth rate without
adding to the
previously announced
November plan. The
stock prices of the
above noted companies
fell back when
investors realized
there would be no
additional stimulus by
China ... until they
were ready.
Since their November
announcement, the
Chinese have been
acquiring commodity
companies. Doesn't it
make sense to buy low
before a surge in
imports increases
commodity prices. It
makes even more sense
to acquire equity
positions in the
commodity producers in
order to secure long
term sources of
commodities at low
prices.
Early in February
2009, Mineweb reported
that one of
Australia's best known
analysts and market
commentators, Keith
Goode, at Sydney-based
Eagle Advisory Service
stated that China was
clearly on a quest to
acquire control of
mineral deposits
outside of China for
the next 20 to 40
years, not just the
next fiscal year or
business cycle. Goode
pointed out that the
Chinese are reacting
to being held hostage
last year by the BHP
and RTP over iron ore
pricing.
The Chinese have taken
advantage of the debt
that RTP took on to
thwart the hostile
take over bid by BHP.
RTP added $38.1
billion in debt by
purchasing Alcan Inc.
A year ago the
Aluminum Corporation
of China (Chinalco)
joined with Alcoa (AA)
to purchase 12% of
RTP. Chinalco's buy
into RTP was then
viewed as having a
potential impact on
the then ongoing iron
ore contract
negotiations with BHP,
RTP, and RIO, and even
if iron ore prices
increased, Chinalco
would be a beneficiary
from increased profits
received by RTP.
On March 4, 2009,
Reuters reported that
China Investment Corp.
(CIC) wants to
diversify its
portfolio into the
natural resources
sector after booking
heavy losses on high
profile financial
investments in private
equity funds managed
by Blackstone and
Morgan Stanley. The
CIC is responsible for
managing part of
China's foreign
exchange reserves
which have $200
million under
management, making it
the fourth largest
Sovereign Wealth Fund.
A move into
commodities by the CIC
would add to the wave
of recent investments
by Chinese state funds
that topped $50
billion in February
alone that include a
$25 billion loan to
Russian oil company
Rosneff, a $10 billion
loan to Brazilian oil
producer Petrobras,
and investments into
Australian mining
companies:
Ginadalbie Metals Ltd.
shareholders in Perth
agreed to a $A162
million placement with
Chinese partner Ansham
Iron & Steel Group
to keep its Karara
iron ore project in
Western Australia on
track.
Chinese state owned
metals group Minmetals
will use its $1.7
billion acquisition of
debt ridden Oz
Minerals to buy more
distressed firms
Chinese steelmaker
Hunan Valin purchased
275 million shares of
Pilbara iron ore
producer Fortescue
Metals for $364
million in a new share
allotment plus
participation in a
co-operative
exploration agreement.
Chinalco invested
$12.3 billion for a
stake in RTP's iron
ore, copper, and
aluminum assets and
$7.2 billion for
convertible notes that
could take its equity
position to 18%.
The Chinese resource
spending is expected
to accelerate over the
next year and is
expected to include
Canadian mining and
energy companies. The
above investments will
stimulate the Chinese
economy for years in
the future.
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| NYSE
GOLD PRODUCER NEWS |
February 20,
2009:
Barrick Gold Corp.
(ABX) reported
record operating
cash flow of $2.21
billion for 2008, a
27% increase over
the $1.73 billion
for the prior year.
Net income was $0.79
billion compared to
$1.12 billion for
the prior year. The
adjusted fourth
quarter net income
was $277 million
compared an adjusted
net income of $597
million in the
fourth quarter of
2007. A net loss of
$468 million
reported for the
fourth quarter was
largely a result of
non-cash impairment
charges of $773
million mainly
related to goodwill.
For the full year,
gold production was
7.68 million ounces
at a total cash cost
of $443 per ounce.
Fourth quarter 2008
gold production was
2.11 million ounces
at a total cash cost
of $471 which
reflected more
production from
Goldstrike and
Cortez. Year-end,
2008 reserves
increased by 11% to
138.5 million
ounces. Three
advance stage
projects remain on
schedule and in line
with pre-production
capital budgets.
Cortez Hills is in
construction and
expected to be in
production in the
first quarter of
2010. Initial
production is
expected from Pueblo
Viejo in the fourth
quarter of 2011, and
the first gold
production is
expected from
Buzwagi in the
second quarter of
2009.
February 20,
2009:
Barrick Gold Corp.
(ABX) announced that
it has agreed to buy
a 50% in the Hemlo
Mine, located in
western Ontario from
its joint venture
partner Teck Cominco
for $65 million
February 20,
2009:
IAMGOLD Corp. (IAG)
announced that the
Ontario Superior
Court issued a final
order approving the
terms of its
arrangement with
Orezone Resources
Inc. (OZN) Under the
terms of its
arrangement
shareholders will
receive 0.08 common
shares of IAG plus
0.125 of a share of
the new exploration
company, Orezone
Gold Exploration
Corp. (TSX: ORG).
February 24,
2009:
IAMGOLD Corp. (IAG)
reported record gold
production of
997,000 ounces in
2008, an 8% increase
over 2007 gold
production at a cash
cost of $459 per
ounce. Revenue for
2008 was $869.6
million, a 28%
increase over the
prior year. Fourth
quarter revenue
reached $200.6
million, an 8%
increase over the
fourth quarter of
2007. IAG increased
their gold reserves
20%, or 1.6 million
ounces in 2008 to
9.6 million ounces.
An additional 3.1
million ounces will
be added through the
purchase of Orezone
Resources Inc. IAG
also increased their
niobium reserves by
36% to 151,929 tons
of Nb2O5, which
represents an 18
year mine life at
current production
rates.
February 26,
2009:
Newmont Mining Corp.
(NEM) reports that
it expects copper
production from its
Indonesian unit to
increase by 60% in
2009 as it starts to
mine higher grade
ore at its Batu
Hijau copper and
gold mine in Sumbawa
island in eastern
Indonesia. NEM
expects to produce
227,500 tons of
copper concentrate
in 2009, up from
142,000 tons in
2008. The mine will
also produce 486,000
ounces of gold in
2009, up 80.6% from
the 269,000 ounces
produced in 2008.
NEM does have a
concern that the
government hasn't
issued a land use
permit to clear land
for waste disposal.
Mining operations
could be curtailed
in 2011 if the
permit is not
issued, a delay in
issuing the permit
could result in the
lay off of workers
in the first quarter
of 2009.
February 27,
2009: Coeur
d'Alene Mines Corp.
reported that its
fourth quarter 2008
profit fell as
precious metal
prices declined, but
said that it would
produce more gold
and silver in 2009
at expected higher
prices. Net income
for the quarter was
$4.3 million,
compared to fourth
quarter 2007 income
of $14.3 million.
Revenue for the
quarter fell to
$42.4 million from
$59.9 million in the
fourth quarter of
2007. Silver
production in the
fourth quarter of
2008 was 4 million
ounces of silver, an
increase of 28%
resulting from
production from
start up of the San
Bartolome mine in
Bolivia. During the
quarter the average
realize price of
silver decreased 38%
from the prices
received in the
fourth quarter of
2007. CDE forecast
that silver
production in 2009
would increase by
66% to 20 million
ounces. Operations
at its new Palmarejo
silver and gold mine
in Mexico is
expected to to begin
in March 2009.
March 2,
2009:
Newmont Mining Corp.
(NEM) CEO Richard
O'Brien has
announced that in
view of recent
volatility in global
mining, the company
has elected to defer
decisions on its
Conga project in
Peru and the Akyem
project in Ghana.
NEM is currently
facing stiff
opposition at Akyem,
after receiving a
license to start
mining from the
Environmental
Protection Agency.
The project is
surrounded by the
Aykem Ajenua Bepo
Forest Reserve.
Conga is a gold-rich
copper porphyry
system located
northeast of
Yanacocha, Peru. A
feasibility study
was completed in
2004. The company
continues to
evaluate the optimum
development plan for
Conga. NEM
anticipates that
production would not
commence until after
2010.
March 3,
2009:
Barrick Gold Corp.
(ABX) announced that
it hopes to make a
decision soon on its
next major potential
mine, the
Pascua-Lama project
which straddles the
borders of Argentina
and Chile. ABX hopes
to cut the estimated
$2.7 billion cost
and resolve tax
issues with both
governments. The
project contains an
estimated 18 million
ounces of gold. If a
decision is made to
go ahead with the
project, gold
production would
begin in late 2012
or early 2013. The
$2.7 billion
estimate was made
about a year ago,
since that time many
materials and fuel
costs have declined.
March 4,
2009:
Agnico-Eagle Mines
Ltd. (AEM) provided
an update on its
2008 exploration
program. During
2008, AEM spent $72
million on
exploration,
including $38
million on
exploration
capitalized at its
development
projects.
Exploration in 2008
resulted in a
significant increase
in reserves and
resources. Gold
reserves were
increased 8% to a
record 18.1 million
ounces. Gold
resources were
increased to 9
million ounces. At
Meadowbank,
mineralization was
extended at depth
and along strike. At
Pinos Altos,
reserves total 0.5
million ounces of
gold and 8.9 million
ounces of silver. At
Kittila, 1.3 million
ounces of inferred
resources have been
added at depth.
AEM's exploration
budget for 2009 is
approximately $54
million, as the
company has planned
to complete
approximately
725,000 feet of
drilling. Refer to
the press release
for details on
operations and
projects.
March 4,
2009:
Yamana Gold Inc.
(AUY) announced
proven and probable
gold reserves of
19.4 million ounces
as of December 31,
2008. Newly
discovered proven
and probable gold
reserves totaled 2.5
million ounces,
while total measured
and indicated
resources were up
22% to 15.7 million
ounces. The increase
was mainly
attributed to the
addition of 600,000
ounces at Mercedes
in Mexico, and 1.1
million ounces at
Gualcamayo in
Argentina. AUY plans
to spend a minimum
of $56 million on
exploration in 2009
in Chile, Brazil,
Mexico, and
Argentina in areas
adjacent to existing
mines.
March 5,
2009:
Yamana Gold Inc.
(AUY) reported net
earnings of $344.8
million or $0.63 per
share for 2008,
compared to $157.2
million or $0.38 per
share for net
earnings for 2007.
Net earnings for the
fourth quarter were
$179.4 million or
$0.25 per share, up
from $47.1 million
or $0.08 per share
in the year-earlier
period. In 2009, AUY
expects production
to increase by 35%
in 2009 to more than
1.35 million gold
equivalent ounces.
March 5,
2009:
Newmont Mining Corp.
(NEM) announced that
it has signed an
agreement with
Solomon Gold Plc,
which allows NEM to
earn up to a 70%
interest in five of
Solomon's
exploration
licenses. NEM may
spend $6 million
within three years
to earn a 51% stake
in five copper-gold
licenses on the
island of
Guadacanal. Under
the agreement NEM
may spend an
additional $6
million to take the
interest up to 70%
over an additional
two year period.
|
| AMEX
GOLD PRODUCER NEWS |
February 20,
2009: Aurizon
Mines Ltd. (AZK)
reported that it
replaced its mined
reserves at Casa
Bernardi in 2008. Casa
Berardi is located in
northwestern Quebec.
Reserves at Casa
Berardi in 2008
totaled 956,000 ounces
of gold, a 4% increase
over the 918,000
ounces reported in
2007. Reserves were
estimated using an
average long-term gold
price of $750 per
ounce. Resources at
Casa Berardi in 2008
totaled 1.85 million
ounces of gold.
February 23,
2009:
Eldorado Gold Corp.
(EGO) announced that
it plans to sell
about $220 million
in stock. The number
of shares to be
issued will be
determined at the
time of the pricing.
The offer will be
underwritten by
Macquarie Capital
Markets, and should
close about March
16, 2009.
February 23,
2009:
Apollo Gold Corp.
(AGT) announced that
it has closed its
$70 million
financing agreement
for its 100% owned
Black Fox Project
located near
Timmins, Ontario.
This facility
refinances the $15
million bridge
facility entered
into on December 10,
2008. The agreement
includes a
commitment by both
Macquarie Bank Ltd
and RMB Australia
Holding Ltd. to
provide AGT up to
$70 million
available for
drawdown between the
closing and June 30,
2009. Interest on
the outstanding
principal amount
accruing will be at
a rate equal to
LIBOR plus 7% per
annum and repayable
in quarterly
installments
commencing September
30, 2009. An
arrangement fee of
$3,465,551 will be
paid by AGT upon the
first drawdown.
February 24,
2009:
Eldorado Gold Corp.
(EGO) announced that
it plans to withdraw
its offer to sale
approximately $220
million in stock.
EGO stated that the
offer had strong
support, but the
terms presented by
the underwriter did
not meet the
company's minimum
expectations of net
proceeds without
exceeding an
acceptable limit of
dilution.
February 25,
2009:
Golden Star
Resources Ltd. (GSS)
reported annual gold
sales of 295,926
ounces of gold, a
20% increase over
2007. Gold sales for
the fourth quarter,
which exceeded
guidance was 86,144
ounces. Gold
revenues for the
year totaled $257.4
million, a 46.5%
increase over 2007
revenue. A net loss
of $120.1 million
was incurred in
2008, which included
a non-cash $16.4
million stockpile
inventory
adjustment, and a
$60.7 million in
asset impairment
write-offs net of
tax. The adjusted
loss before
inventory and
impairment
write-offs was $43.0
million. In the
third quarter of
2008, GSS began
mining at Benso and
initiated
construction of the
haul road from Benso
to Hwini-Butre. The
addition of gold
sales from Benso,
and followed by
Hwini-Butre will
result in additional
ounces. In 2008, GSS
spent $15.8 million
on exploration, up
from $13.9 million
in 2007. The focus
of exploration was
centered on close
proximity to
operating mines.
Mineral reserves
after mining
depletion decreased
in 2008 by 1.65
million ounces, or
33% to a contained
3.26 million ounces.
February 27,
2009:
Endeavour Silver
Corp. (EXK)
announced that it
has closed a C$14
million private
placement financing
of subordinated,
unsecured
convertible,
redeemable
debentures for 5
years at 10%.
March 4,
2009:
Central Sun Mining
Inc. (SMC) announced
updated mineral
reserve and mineral
resource estimates
for its Limon Mine,
Orosi Mine, and
Mestiza La India
projects in
Nicaragua. These
updated estimates
include the results
of a successful 2008
exploration program
which discovered new
zones at Limon, and
Orosi. The recently
returned Cerro Quema
property in Panama
and the Bellavista
Mine are currently
being evaluated and
are not included in
this current
estimate. Total
proven and probable
reserves at Limon
contain 174,100
ounces of gold, down
from 217,200 ounces
in 2007. Total
measured and
indicated resources
total 102,900
ounces. Total proven
and probable
reserves and
measured and
indicated resources
at Orosi remain
unchanged at 509,500
ounces and 200,400
ounces respectively.
Inferred resources
at Orosi (San Juan
zone) now include
141,400 ounces of
gold. The Tatiana
vein at Mestiza La
Linda contains a
previously reported
inferred resource of
156,600 ounces of
gold.
March 4,
2009:
Western Goldfields
Inc. (WGW) announced
that it has entered
into a definitive
agreement with New
Gold Inc. (NYSE
Alternext: NGD),
whereby NGD will
acquire by way of a
plan of arrangement
for all of the
outstanding shares
of WGW. NGD will
issue one new common
share and C$.0001 in
cash for each common
share of WGM. Upon
completion of the
transaction,
existing NGD and WGW
shareholders will
respectively own
approximately 58%
and 42% of the
combined company.
Based on the March
3, 2009 closing
price of NGD common
shares, the day
prior to the
announcement, the
transaction
represents a 19.2%
premium to the
closing price of WGW
shares. Completion
of the transaction
will result in a
company having
diversified gold
production from
three mines in
politically friendly
jurisdictions with
forecasted gold
production of
approximately
335,000 ounces in
2009. Production is
expected to grow to
400,000 in 2012. The
combined company
will have mineable
reserves totaling
7.6 million ounces.
|
| NASDAQ
GOLD PRODUCER NEWS |
March 4, 2009:
Lihir Gold Ltd. (LIHR)
announced that it has
launched an
institutional share
placement to raise
approximately $325
million. The proceeds
will be used to
accelerate key stages
of the planned process
plant expansion at
Lihir Island in PNG.
The placement will
take advantage of
changing market
conditions that have
led to reduced prices
and shorter lead-times
for components; will
position the company
for further growth
opportunities that
will emerge in West
Africa; and will
provide continued
financial strength and
flexibility for
growth. The placement
will be conducted by
way of an
institutional
book-build and will be
made available only to
accredited investors.
The new shares will be
issued to participants
on March 12, 2009.
March 4, 2009:
Northgate Minerals
Corp. (NXG) reported
net earnings of $18.67
million or $0.07 per
diluted common share
for the fourth quarter
of 2008. For the
full year, net
earnings were $10.74
million or $0.04 per
diluted common share.
NXG had record gold
production of 354,800
ounces in 2008 at a
net cash cost of $447
per ounce, which
included record fourth
quarter production of
118,265 ounces at an
average net cash cost
of $413 per ounce. NXG
posted revenue of $137
million for the fourth
quarter, a 43%
increase over the
year-earlier quarter.
For the full year NXG
reported revenue of
$461 million, a 37%
increase over 2007
revenue. NXG doubled
measured and indicated
gold resources at
Young-Davidson to over
3 million ounces, and
increased inferred
resources by 300,000
ounces to a total
748,000 ounces of
gold. NXG also
announced its first
resource estimate for
the recently expanded
Harrier Underground
Zone at Fosterville
which added indicated
resources of 159,000
ounces and inferred
resources of 221,000
ounces.
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WEBSITE UPDATES |
Western
Goldfields Inc. (WGW)
has agreed to be
acquired by New Gold
Inc. (NGD). A vote by
shareholders is
scheduled for a May
2009 Special Meeting.
If approved by
shareholders, WGW will
be replaced on the
list of InsideMetals
Gold Stock Producers
by New Gold Inc.
InsideMetals
has added to the Home Page
of its website, an Advertising
& Marketing Guide
link for readers who may
be interested in
advertising their business
on the InsideMetals
website, or in the
newsletter. The website
has been visited by
readers from more than 184
countries.
The
Advertising
& Marketing
Guide
contains basic
demographic
information as to
the regions in the
world from which the
website is viewed;
information as to
banner
advertisements and
placements in the
website and in the
newsletter; and
special Gold
and Silver Medallion
Advertising Programs
that are available
to mining and
exploration
companies.
If
interested, please visit
the following links for
more information:
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We
hope you have enjoyed our
newsletter.
The newsletter will be
published next on March
21, 2009.
Until next time!!!,
InsideMetals
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