|
| 05/09/2009
www.insidemetals.com
|
Vol
4, Issue 9 |
|
 |
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
May 23,
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
$912.75/oz
(London
Fix)
on
May
7,
2009,
a
1.7%
increase
from
the
$897.50/oz
(London
Fix)
closing
price
on
April
23,
2009,
when
data
for
the
previous
newsletter
was
gathered.
Silver
closed
at
$14.01/oz
(London
Fix)
on
May
7,
2009,
an
8.8%
increase
from
the
$12.88oz
(London
Fix)
closing
price
on
April
23,
2009.
Platinum
closed
at
$1161.00/oz
(London
Fix)
on
May
7,
2009,
a
0.1.4%
decrease
from
the
$1177.00/oz
(London
Fix)
closing
price
on,
April
23,
2009.
Palladium
closed
at
$241.00/oz
(London
Fix)
on
May
7,
2009,
a
13.1%
increase
from
the
$213.00/oz
(London
Fix)
closing
price
on
April
23,
2009.
ONE
YEAR
GOLD
vs.
EURO/U.S.
DOLLAR
CHART
The
gold
price
has
risen
from
its
October
low
($712.50)
and
closed
at
$912.75
per
ounce
on
May
7,
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
$870
per
ounce
level.
During
this
rise
in
the
bullion
price,
there
were
strong
fluctuations
in
the
U.S.
Dollar.
On
January
9,
2009
the
Euro/$
was
1.3684
and
the
dollar
has
increased
in
value
to
a
Euro/$
value
of
1.2555
on
March
5,
2009,
as
the
dollar
strengthened.
Today,
May
7,
2009,
the
Euro/$
value
is
now
1.3363
the
dollar
is
weakening
compared
to
1.2932,
when
this
newsletter
was
last
published
on
April
2,
2009.
|
| Advertise
to a
world-wide
targeted
audience |
|
| Gold
&
Silver ETF's |
|
The SPDR
Gold
Trust
(GLD)
controls
over
35,500,000
ounces
of gold.
The gold
holdings
have
been
steadily
increasing
since
October
in spite
of
periodic
gold
price
fluctuations.
The GLD
reached
a record
36,255,954
ounces
of gold
on April
9, 2009,
and has
since
declined
to
35,497,611
ounces
as gold
prices
have
declined
and
recently
moved
back up
to the
$900 per
ounce
level.
The
accumulation
of
silver
by the
iShares
Silver
Trust
(SLV)
has
been
steadily
increasing
since
early
2008
in
spite
of
declining
silver
prices
beginning
in
August
through
October.
SLV
silver
holdings
and
the
price
of
silver
moved
upward
in
mid-January.
SLV
silver
holdings
peaked
on
April
3,
2009
with a
record
270,484,575
ounces.
As of
May 7,
2009
these
holdings
stand
at
268,400,195
ounces
as the
silver
price
dropped
below
$13.00
per
ounce.
|
2007
Silver
Nevada
Miner Bar
- 99.9%
Pure 5
Troy
Ounces of
American
History
|
|
|
| GEO
POLITICAL
VIEW |
 INFLATION
IS COMING
Along
with the
interest
rate
cuts and
huge
infusions
of cash
by the
U.S.
Treasury
to
bailout
the
country's
largest
financial
institutions,
and
major
corporations,
i.e.,
the auto
industry,
it has
been
expected
that
inflation
would
follow.
Recently
there
has been
a strong
rise in
the DOW
as
investor
sentiment
seems to
be
improving.
The DOW,
year-to-date
is down
6.9%
from its
January
high of
9,034
which
occurred
on the
close of
the
first
day of
trading
in 2009.
The DOW
on May
7, 2009
closed
at
8,409,
and has
since
climbed
28.4%
from the
year-to-date
low of
6,547
which
occurred
on March
9, 2009.
The DOW
has
recently
made
strong
gains as
both the
Chrysler
and GM
bailouts
look
like
they
will
result
in
bankruptcy,
and the
released
banking
stress
test
results
indicate
that the
banks
may only
have to
raise a
manageable
$75
billion,
which is
much
less
than
feared
by
investors.
The rise
in the
DOW has
been
accompanied
by a
rise in
oil
prices
which
reached
a six
month
high of
$58.63
on
Friday,
May 8,
2009 as
the DOW
closed
up 165
points
and the
U.S.
dollar
continues
to
weaken
against
other
major
currencies.
Along
with the
rise in
oil
prices
there
has been
a
general
upward
trend in
base
metal
prices.
An
examination
of
Aluminum,
Copper,
Lead,
Nickel,
Tin and
Zinc
prices
reported
on the
London
Metals
Exchange
over the
last six
months
shows
there
has been
upward
price
improvement
from the
relative
lows
that
occurred
in the
December
2008 to
March
2009
period,
depending
on the
specific
metal.
There
have
been
some
signs of
limited
metal
purchases
by the
Chinese,
but
there
are
actions
being
taken by
the
government
to
downsize
some of
its
outmoded
oil
refining,
steel,
and
metal
production
plants
which
contribute
to over
supply
of
products.
China's
National
Development
and
Reform
Commission
plans to
close
some of
the
country's
smaller
inefficient
operations.
A
reduction
in
plants
should
reduce
inventory
and
support
metal
prices.
Gold and
silver
prices
have
also
recently
moved
upward.
Gold is
again
pushing
to break
$900 per
ounce
while
silver
has
closed
above
$14.00
per
ounce.
Gold
prices
are
expected
to stay
high as
the U.S.
dollar
weakens.
|
Advertise
to a
world-wide
targeted
audience
|
|
Whitney
&
Whitney
Inc.
- A Nevada
Based
Management
Consulting
Firm
|
|
|
| NYSE
GOLD
PRODUCER
NEWS |
April
27,
2009:
Newmont
Mining
Corp.
(NEM)
reported
that
it
has
reopened
its
Midas
Mine
in
Elko
County,
NV
following
improvement
after
a
ground
failure
collapse
that
caused
the
mine
to
close
on
March
10,
2009.
April
29,
2009:
Newmont
Mining
Corp.
(NEM)
announced
that
the
Indonesian
government
is
likely
to
purchase
a
stake
in a
local
unit
of
NEM
either
directly
or
through
state
firms.
An
arbitration
court
earlier
in
the
month
ordered
the
foreign
owners
of
PT
Newmont
Nusa
Tenggara
(NTT),
which
operates
the
Batu
Hijau
copper
and
gold
mine
in
Sumbawa,
to
sell
part
of
their
stake
to
the
government
within
six
months.
NEM
values
the
whole
unit
at
$4.9
billion
and
has
started
negotiations
with
the
government
over
the
price
of
its
stake
in
NTT
April
29,
2009:
Barrick
Gold
Corp.
(ABX)
reported
that its
first
quarter
2009
profit
fell 28%
as a
result
of
higher
costs
and
weaker
copper
prices.
During
the
quarter
ABX
earned
$371
million
compared
to $514
million
earned
in the
year
earlier
quarter.
Gold
production
during
the
quarter
rose
0.6% to
1.76
million
ounces
while
copper
production
increased
9% to 95
million
pounds.
The cash
cost of
gold
production
rose to
$484 per
ounce
from
$395 per
ounce.
The
realized
price
for gold
sold
declined
slightly
to $912
per
ounce
compared
to $925
per
ounce
for the
first
quarter
of 2008.
Copper
prices
for the
first
quarter
of 2009
declined
16% from
the
first
quarter
of 2008.
The
decline
in
realized
metal
prices
resulted
in a
6.6%
decline
in
revenue
to $1.8
billion.
ABX
expects
to
produce
7.2
million
to 7.6
million
ounces
in 2009
at $450
to $475
per
ounce.
April
29,
2009:
Barrick
Gold
Corp.
(ABX)
reported
that
Chilean
tax
authorities
reached
a deal
with
their
counterparts
in
Argentina
over tax
issues
related
to
transborder
services
at ABX's
Pascua
Lama
gold
project.
Transborder
services
are
services
rendered
by
individual
companies
on
either
side of
the
border.
Chile
and
Argentina
had
already
agreed
to tax
profits
on mined
metals
depending
on which
country
was the
source
of the
metal.
Pascua
Lama
contains
proven
and
probable
reserves
of 18
million
ounces
of gold,
718
million
ounces
of
silver,
and 650
million
pounds
of
copper
that
straddles
the
borders
of both
countries.
April
29,
2009:
Barrick
Gold
Corp.
(ABX)
reported
that its
50%
owned
Donlin
Creek
gold
project
in
Alaska
contains
a gold
reserve
of 29.3
million
ounces.
The
joint
venture
with
NovaGold
Resources
Inc.
should
produce
an
average
of 1.6
million
ounces
of gold
per year
over the
first
five
years
after
starting
production
in 2015.
The
feasibility
study
for the
project
estimates
a
capital
cost of
$4.5
billion
to build
and
produce
gold at
a cash
cost of
$398 per
ounce
over the
first
five
years.
April
29,
2009: Gammon
Gold
Inc.
(GRS)
reported
that 420
unionized
mine
workers
at GRS's
El Cubo
mine in
Mexico
went on
strike
over
working
hours
and
wages.
The
union is
asking
for an
8%
salary
increase
plus 3%
in
benefits.
The
union
also
objects
to the
current
10 hour
work
day.
April
30,
2009:
Agnico-Eagle
Mines
Ltd.
(AEM)
reported
record
first
quarter
2009
gold
production
of
91,812
ounces,
as well
as net
income
$54.3
million.
The
result
included
a tax
recovery
of $38.6
million,
a
non-cash
forex
translation
gain of
$7.5
million,
and a
stock
option
expense
of $12
million.
Gold
production
for the
quarter
increased
by 80%
over the
first
quarter
of 2008,
at a
cash
cost of
$312 per
ounce
compared
to a
negative
cash
cost of
$389 per
ounce
for the
year-earlier
quarter
as a
result
of
higher
base
metal
prices
in 2008.
Gold
production
in 2009
is
expected
to be
approximately
550,000
to
575,000
ounces.
The
increased
production
is
expected
in 2009
from new
mines at
Kittila,
Finland;
the Lapa
mine in
northwestern
Quebec;
Pinos
Altos
Mexico;
and
Meadowbank
at
Nunavut
Canada
in 2010.
April
30,
2009:
Newmont
Mining
Corp.
(NEM)
reported
that its
first
quarter
profit
declined
48% on
lower
gold and
copper
prices.
NEM
reported
quarterly
earnings
of $189
million,
or $0.40
per
share
compared
to $356
million,
or $0.80
per
share
during
the year
earlier
quarter.
Revenue
declined
20% to
$1.55
billion
from
$1.94
billion
for the
prior
year.
For the
first
quarter
NEM sold
1.27
million
attributable
ounces
of gold
at an
average
realized
gold
price of
$906 per
ounce,
and 43
million
attributable
pounds
of
copper
at a
realized
copper
price of
$1.69
per
pound.
NEM
expects
to sell
5.2
million
to 5.5
million
attributable
ounces
of gold
in 2009.
May
1, 2009:
Compania
de Minas
Buenaventure
SA (BVN)
reported
that it
expects
its gold
and
silver
production
to rise
in 2009
despite
lower
global
metal
prices.
BVN
expects
to
produce
1.3
million
ounces
of gold
and 19.5
million
ounces
of
silver.
BVN
reported
a first
quarter
net
profit
of
$100.3
million,
despite
a 22%
decline
in
revenue
from
falling
base
metal
prices.
May
4, 2009:
Barrick
Gold
Corp.
(ABX)
announced
its
first
gold
pour at
its
Buzwagi
mine in
Tanzania.
Buzwagi
is
expected
to
produce
200,000
ounces
of gold
in 2009
at a
cash
cost of
$320 -
$335 per
ounce.
Buzwagi
is the
sixth
ABX
project
brought
into
production
on time
in the
last six
years.
Buzwagi
has
proven
and
probable
reserves
of 3.3
million
ounces
as of
year end
2008.
May
4, 2009:
Goldcorp.
Inc.
(GG)
declared
its
fifth
consecutive
monthly
dividend
payment
of for
2009 of
$0.015
per
share.
Shareholders
of
record
on May
14, 2009
will be
entitled
to
receive
payment
of the
dividend
on May
22,
2009.
May
4, 2009:
Kinross
Gold
Corp.
(KGC)
announced
that it
has
agreed
to
acquire
10
million
shares
of
Fortress
Minerals
Corp.
via
participation
in a CDN
$3.5
million,
14
million
share
private
placement
offered
by
Fortress,
at $0.25
per
share.
Upon
completion
of the
private
placement,
KGC will
own 6%
of
Fortress,
and will
have the
right to
participate
in
future
financings
of
Fortress
and to
maintain
its
equity
position.
Net
proceeds
of the
private
placement
will be
used
toward
advancing
the
Svetloye
project
in
Russia,
which
has to
date
identified
an
estimated,
inferred
1.428
million
ounces
of gold
at a
grade of
0.065
ounces
per ton
gold. An
aggressive
26,240
foot
drilling
program
is
scheduled
for
2009.
two
drills
will
start
work in
May
2009.
May
5, 2009:
Kinross
Gold
Corp.
(KGC)
reported
that its
first
quarter
profit
rose
7.9% as
a result
of
higher
output
and
lower
costs.
Net
income
climbed
to $76.5
million
from
$70.9
million
reported
in the
year-earlier
quarter.
Gold-equivalent
production
in the
quarter
rose 59%
to
526,888
ounces,
while
costs
decreased
11% to
$419 per
ounce.
KGC sold
shares
valued
at
$414.6
million
during
the
quarter
to fund
acquisitions.
May
5, 2009:
Newmont
Mining
Corp.
(NEM)
reported
that 79
miners
were
safely
evacuated
from the
Leeville
mine
located
in
Eureka
County,
NV
following
a flash
in the
mines
electrical
load
center
located
1,500
feet
below
the
surface.
The
electrical
surge
triggered
an
emergency
response.
Mining
operations
will not
resume
until an
electrical
inspection
is made
and the
problem
resolved.
May
5, 2009:
Newmont
Mining
Corp.
(NEM)
reported
that one
of the
main
obstacles
had been
resolved,
paving
the way
for a
dispute
with the
government
to be
settled.
The
government
of
Indonesia
said NEM
could
not sell
its
stake in
PT
Newmont
Nusa
Tenggara
(NTT)
because
the
shares
were
pledged
as
collateral
for a $1
billion
loan.
The
lenders
have now
agreed
to
release
the 31%
stake in
NTT as
collateral
as NEM
has
repaid
about
$650
million
to $700
million
of the
loan.
NTT will
still be
obligated
for the
remaining
$300
million
to $350
million
balance
of the
loan.
May
5, 2009:
Yamana
Gold
Inc.
(AUY)
announced
financial
and
operating
results
for the
first
quarter
of 2009.
AUY had
net
earnings
of $86
million
on
revenue
of
$224.3
million
in the
quarter.
Net
earnings
had
increased
33% over
the
year-earlier
quarter.
Revenue
for the
first
quarter
included
a
non-cash
mark-to-market
gain of
$34.9
million
related
to prior
period
invoices.
Total
production
in the
quarter
from all
mines
totaled
271,482
gold-equivalent
ounces
at an
average
co-product
cash
cost of
$379 per
ounce.
Refer to
the
press
release
for
detailed
activity
at
individual
mines.
AUY
continues
to move
forward
to
reaching
its goal
of
producing
2.0
million
ounces
annually
by 2012.
May
6, 2009:
Kinross
Gold
Corp.
(KGC)
announced
that it
has high
hopes
for
increasing
gold
production
from the
Maricunga
belt in
Chile
from its
mines at
La Coipa
and
Maricunga.
KGC
plans to
complete
a
scoping
study on
the
Lobo-Marte
by
mid-year,
and is
evaluating
bids for
the
feasibility
study
and
engineering
it wants
to have
completed
by
year-end.
Lobo-Marte
contains
an
indicated
resource
of 5.4
million
ounces
of gold,
and an
inferred
resource
of 0.5
million
ounces.
KGC will
start a
three
month
drilling
program
to
acquire
metallurgical
samples
in June,
and has
started
to
collect
data to
be
submitted
next
year for
the
environmental
impact
assessment.
KGC
plans to
build a
40,000
to
50,000
ton per
day heap
leach
operation
at
Lobo-Marte,
and has
plans to
haul
higher
grade
ore to
the mill
at La
Coipa
for
processing
before
the heap
leach
facility
is
built.
KGC is
also
evaluating
the
expansion
of
throughput
at
Maricunga,
after
completing
an
initial
scoping
study
that
indicated
the
economic
viability
of
doubling
production.
May
7, 2009:
AngloGold
Ashanti
Ltd.
(AU)
announced
that the
government
of
Colombia
has
issued a
temporary
permit
allowing
AU to
carry
out
limited
exploration
work on
a small
portion
of the
company's
La
Colossa
gold
mine.
This
permit
doesn't
guarantee
AU that
it will
receive
to
conduct
future
mining.
La
Colossa
contains
an
estimated
reserve
of more
than 12
million
ounces.
May
7, 2009:
Gold
Fields
Ltd.
(GFI),
the
world's
4th
largest
gold
producer
reported
adjusted
headline
earnings
of
R1,512
million
for the
quarter
compared
to
R1,246
million
in the
year
earlier
quarter.
Attributable
gold
production
increased
4% to
871,000
ounces.
Operating
profits
increased
55% to
R4.0
billion.
GFI
forecasts
a 3%
rise in
gold
production
for the
fourth
quarter.
May
7, 2009:
Goldcorp.
Inc.
(GG)
reported
that its
first
quarter
2009 net
profit
rose
more
than
25%. GG,
Canada's
No. 2
gold
producer
earned
$290.9
million
in the
quarter
compared
to
$229.5
million
in the
year
earlier
quarter.
Quarterly
revenue
fell
slightly
from
$626.7
million
to
$624.8
million,
as
production
climbed
18.1% to
616,500
ounces
of gold.
Ounces
of gold
sold
during
the
quarter
rose
17.4% to
607,900
ounces.
GG
reiterated
its 2009
production
forecast
of 2.3
million
ounces
at a
total
cash
cost of
approximately
$365 per
ounce on
a
by-product
basis
and $400
per
ounce on
a
co-product
basis.
|
| AMEX
GOLD
PRODUCER
NEWS |
 April
27, 2009:
Eldorado
Gold Corp.
(EGO)
reported a
summary of
an
internal
review of
is
Kisladag
mine
located in
western
Turkey.
The study
identified
opportunities
to
effectively
increase
annual
production
and to
lower unit
costs.
Kisladag
has the
potential
to
increase
production
by 30% -
40%, and
to lower
operating
costs by
15%. A
capital
investment
of $45
million
may be
required
in order
to meet
this
expanded
production.
EGO has a
planned
2010
production
rate of
240,000
ounces per
year.
April
27,
2009:
Richmont
Mines
Inc.
(RIC)
announced
that it
has
started
dewatering
activities
at its
Francoeur
Project,
which is
located
25 km
west of
Rouyn-Noranda
in
Canada.
The
dewatering
will
also
include
commissioning
of the
existing
shaft.
The
existing
mine
workings
extend
to a
depth of
approximately
2,700
feet. It
is
estimated
that it
will
take 8
months
to
complete
the
work.
RIC
produced
more
than
345,000
ounces
of gold
from the
mine
from
1991 to
2001.
Mining
was
stopped
in 2001
when
gold
prices
were
under
$300 per
ounce.
Left in
the mine
was an
estimated
227,500
ounces
as a
non-compliant
NI
43-101
indicated
resource.
Underground
development
is
planned
for the
first
quarter
of 2010.
May
1, 2009:
Apollo
Gold
Corp.
(AGT)
updated
the
market
on its
progress
at its
Black
Fox
project
in
Ontario.
Open pit
mining
commenced
on March
18,
2009,
and to
date
265,000
tons of
material
including
82,700
tons of
ore were
mined.
17,650
tons of
this ore
had been
crushed
and
transported
to the
Black
Fox mill
which is
16 miles
to the
west of
the
mine.
Commissioning
of the
upgraded
mill
commenced
in mid
April
using
stockpiled
low
grade
ore.
Final
commissioning
of the
mill is
ongoing.
Currently
772 tons
(700
tonnes)
per day
are
being
processed
at the
Black
Fox
mill.
When the
new ball
mill is
online,
the
throughput
will be
slowly
increased
to a
planned
1654
tons
(1500
tonnes)
per day.
The
first
gold
pour and
sale is
expected
in the
first
part of
May.
May
1, 2009:
Endeavour
Silver
Corp.
(EXK)
announced
that
pursuant
to the
Mexican
Presidential
decree
issued
April
30, 2009
to
prevent
the
spread
of the
Swine
Flu, EXK
will
temporarily
stop
operations
at its
two
Mexican
mines.
Operations
will
resume
on May
6, 2009.
May
4, 2009:
Endeavour
Silver
Corp.
(EXK)
announced
that its
SEC Form
40F and
Annual
Information
Form
dated
December
31, 2008
are now
available
on the
company's
website.
May
4, 2009:
Gold
Star
Resources
Ltd.
(GSS)
announced
that it
has
arranged
for a
$30
million
revolving
line of
credit
with
Standard
Charted
Bank for
working
capital
and
general
corporate
purposes.
This
fully
committed
credit
facility
has a
three
year
term and
provides
for $15
million
upon
signing,
and an
additional
$15
million
either
at the
completion
of
syndication
or in 90
days,
whichever
comes
first.
The
credit
line is
secured
by a
pledge
of GSS
shares
and by
pledges
on other
presently
unsecured
assets.
May
6, 2009:
Eldorado
Gold
Corp.
(EGO)
announced
that
diamond
drilling
in the
North
Ore
Shoot at
the
Efemcukuru
gold
project
in
Turkey
encountered
the
highest
grade
and
deepest
mineralized
intercept
to date.
Drill
hole
KV-310
intersected
8.53
feet
grading
1.51
ounces
per ton
gold,
1.15
ounce
per ton
silver,
3.7%
lead,
and 4.3%
zinc.
May
7, 2009:
Minefinders
Corp
Ltd.
(MFN)
announced
that its
Dolores
Mine in
Mexico
has
achieved
commercial
production
effective
May 1,
2009.
The mine
produced
7,218
ounces
of gold
and
139,565
ounces
of
silver
in April
2009.
March
production
was
6,426
ounces
of gold
and
121,091
ounces
of
silver.
The mine
is
expected
to
produce
over 1.7
million
ounces
of gold
and 64
million
ounces
of
silver
over the
mines
initial
15 year
life.
May
7, 2009:
Richmont
Mines
Inc.
(RIC)
reported
strong
revenue
growth
and
increased
net
income
for the
first
quarter
of 2009.
Revenue
for the
first
quarter
increased
33% to
$19.9
million
from
$15.0
million
in the
first
quarter
of 2008.
Net
earnings
for the
first
quarter
of 2009
were
$1.4
million
compared
to net
earnings
of $0.4
million
for the
year-earlier
quarter.
During
the
quarter,
RIC sold
16,614
ounces
of gold
at an
average
price of
$908 per
ounce
compared
to
14,995
ounces
sold in
the
year-earlier
quarter
at an
average
price of
$888 an
ounce.
RIC
advanced
its
exploration
and
developments
efforts
by
spending
$1.2
million
to
increase
its
reserves
at the
Beaufor
Mine, at
the
Island
Gold
Mine,
and the
Francoeur
property.
|
| NASDAQ
GOLD
PRODUCER
NEWS |
April
24,
2009:
DRDGOLD
LTD.
(DROOY)
reported
its
Q3'09
results
for the
quarter
ending
March
31,
2009.
DROOY
had
revenue
of
R536.5
million
compared
to
R476.5
million
for the
year
earlier
period
(Q3'08).
Profit
attributable
to
ordinary
shareholders
decreased
to R34.1
million
from
R54.7
million
reported
in
Q3'08.
In the
Q3'09
DROOY
produced
58,997
ounces
of gold
compared
to
60,057
ounces
in
Q3'08.
April
30,
2009:
Lihr
Gold
Ltd.
(LIHR)
reported
a
sharp
rise
in
first
quarter
2009
gold
production
to
317,998
ounces
which
more
than
doubled
the
139,188
ounces
produced
in the
first
quarter
of
2008.
Cash
costs
for
this
first
quarter
2009
production
has
been
reduced
to
$328
per
ounce.
Production
from
its
mines
in
Papua
New
Guinea,
and
the
Ivory
Coast
for
the
full
year
2009
is
expected
to be
in the
range
of
1.04 -
1.2
million
ounces
as per
previous
guidance.
May
7,
2009:
Randgold
Resources
Ltd.
(GOLD)
reported
that
its
first
quarter
2009
net
profit
declined
28% as
cash
costs
rose
and
gold
prices
weakened.
Net
profit
fell
to
$13.1
million
from
$18.2
million
in the
year
earlier
quarter.
Attributable
gold
production
climbed
to
110,318
ounces
from
103,649
ounces
in the
year-earlier
period,
while
cash
cost
rose
to
$461
and
ounce
from
$440
an
ounce.
|
| INSIDEMETALS.COM
WEBSITE
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Pan
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(PAAS)
has
been
updated
on the
website
to
reflect
operating
and
financial
results
for
the
fourth
quarter
of
2008.
InsideMetals
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