Beste blogposts sinds 2010: Eén per keer om jullie niet te verslikken.
De pagina "Gold Miner Pulse", die wekelijks begewerkt wordt: http://gwyde.blogspot.be/p/gold-miner-pulse.html
De pagina houdt de vinger aan de pols van goudmijnen (HUI-index) relatief tov van goud en van zilvermijnen (ETF: SIL) tov zilver. Verder de GoldMinerPulse gerelateerde mijner-indexen en een 'performance spread' die een goed idee geeft van hoeveel (of beter hoe weinig) mijnen het er nog behoorlijk van af brengen over ruim 18 maand.
Miners page
Posted: 16 Jun 2012, 20:49
by Gwyde
De "miners page" is ook een blog pagina die een regelmatige poetsbeurt krijgt. Op die pagina wordt doorverwezen naar persartikels in verband met Novagold, Northern Dynasty en Seabridge Gold.
Het tweede luik is een overzicht van de performantie van de (momenteel 101) explorers en miners uit de Gold Miner Pulse database. Aangezien de data enkel van de 'quotelist' afhangen, wordt bvb Golden Minerals hier nog steeds gecovered.
Het koersverloop sinds 19 nov 2010 (start of coverage) wordt voor alle componenten weergegeven. Die zijn gesorteerd in 5 grafieken (quintielen). De explorers en miners worden weergegeven met hun Canadees TSX symbool.
James Sinclair CEO Tanzanian Royalty Exploration Corp (CA:TNX)
vanaf 1:37
EXTORRE ENTERS INTO AGREEMENT FOR SALE TO YAMANA
Posted: 19 Jun 2012, 13:42
by Gwyde
EXTORRE ENTERS INTO AGREEMENT FOR SALE TO YAMANA
All amounts are expressed in Canadian dollars, unless otherwise indicated
Vancouver, British Columbia, June 18, 2012 – Extorre Gold Mines Limited (NYSE-MKT:XG; TSX:XG; Frankfurt:E1R) (“Extorre” or the “Company”) is pleased to announce today that it has entered into a definitive agreement (the “Agreement”) with Yamana Gold Inc. (TSX:YRI; NYSE:AUY; LSE:YAU) (“Yamana”) pursuant to which Yamana will acquire all of the issued and outstanding common shares of Extorre (“Extorre Shares”) by way of a statutory plan of arrangement (the “Arrangement”) under the Canada Business Corporations Act.
Transaction Details
Under the terms of the Agreement, each Extorre shareholder will receive in exchange for each Extorre Share held, $3.50 in cash and 0.0467 of a common share of Yamana (“Yamana Share”).
Extorre is een goud-explorer die in Argentinië het Cerro Moro project ontwikkelt. Het aandeel is van een topkoers van €14 vorig jaar afgegleden naar een bodem van €2.15 eerder in mei. Het bod van Yamana stuxt de koers nu 68% hoger, wat niet wegneemt dat de overgrote meerderheid van de investeerders met een behoorlijke kater achterblijft. Yamana doet er ongetwijfeld een goeie zaak aan (ondanks de opgeklopte politieke risico's).
No mercy for gold explorers
Posted: 29 Jun 2012, 14:34
by Gwyde
Gemeten aan de Global-X gold explorer ETF: GLDX, verliezen de exloratiebedrijven steeds verder terrein, zelfs in vergelijking met de goudmijnen (GDX Etf) die het zelf al niet onder de markt hebben.
PM miners relative to gold or silver: a tactical approach
Posted: 02 Jul 2012, 21:16
by Gwyde
Canadian markets are closed today compensating for Canada day being a Sunday. The normal daily market comment is now changed for a more lengthy article on "PM miners relative to gold or silver: a tactical approach": http://gwyde.blogspot.be/2012/07/miners ... metal.html
Contrary to the short term perspective on the regularly updated gold-miner-pulse page, the focus is rather on the long-term perspective here and on what caused the wild gyrations of relative valuations we've witnessed.
Summer doldrum slide
Posted: 18 Jul 2012, 16:40
by Gwyde
Gold was fractionally lower yesterday, closing at $1582.4 (-0.39%), while silver is flat at $27.31. Miners disappoint once more, with losses outnumbering gains 7:4 on the GoldMinerPulse list. The GMP gold miners index sheds 1.37%. The silver miners index loses 0.96% and the equal weight index is down 0.53%. HUI/Gold further slides to 0.252.
Double digit rallies and swoons: three of each, but on the downside Aurico is a major drag on our index.
AuRico Gold's CEO René Marion Steps Down For Health Reasons; Scott Perry Appointed CEO
TORONTO, July 17, 2012 /PRNewswire/ --
AuRico Gold Inc. (TSX: AUQ)(NYSE: AUQ) announced today that René Marion, President, Chief Executive Officer and Director has tendered his resignation for health reasons effective September 3, 2012 and that Scott Perry has been appointed President and Chief Executive Officer. Russell Tremayne and Peter MacPhail will remain as the Chief Operating Officers of Mexico and Canada respectively. Mr. Colin Benner has been appointed as Executive Chairman and will work with the management team through the transition period.
Mr. Marion has a non-life threatening degenerative medical condition that will require his full attention as he undergoes treatment. He will remain with the company as a strategic advisor to the Board of Directors.
Mr. Marion was appointed Chief Executive Officer in October 2007. Under his leadership the Company made significant acquisitions, including Northgate Minerals Corp. and Capital Gold Corp. He leaves the company well-positioned for future growth with quality assets in North America, a robust production profile, a low cost base and a strong balance sheet.
If there is one single similarity between this "Summer doldrum slide" and the neolithic, it is that one spark of hope doesn't ignite the fire of a rally. We will need the hay and twigs to get drier than what they are like... which is not evident with the 2012 West-European summer weather.
August 9, 2012, at 1:57 pm
by Jim Sinclair in the category Jim's Mailbox
Jim,
I was reading a filing of a company (Golden Star Resources – GSS) that’s on my watch list this morning. This looks like about 30% or so in new taxes on miners, consistent with Australian and Tanzanian 30% increases. The "leverage" play in miners goes away pretty quickly when governments tax it away… You’ve gotta love the government’s Tax Stability Renegotiation Team cited below! I’d love to see an analysis of when taxation wipes out leverage completely at different levels of gold price/fully loaded cost to produce. You have to think that as the gold spot increases, greedy government officials will tax it so highly, that production and exploration will dry up, killing off the goose that lays golden eggs for many of these governments.
Take a look at this:
INCREASES IN TAXATION
In the first quarter of 2012, the Government of Ghana enacted three changes to tax rules which apply to mining companies operating in Ghana and further announced its intent to implement two additional changes.
Changes enacted and implemented in the first quarter of 2012 are as follows:
1. Rate Increase: A 10% increase in income tax rates from 25% in 2011 to 35% in the first quarter of 2012 resulted in a one-time increase in our deferred tax liability of approximately $9.6 million as our deferred future income tax liabilities as of December 31, 2011, were increased to reflect the new higher rate.
2. Tax Depreciation Limits: Prior to 2012, a mining company could add 80% of the cost of its annual qualified capital spending to a tax asset pool known as "Capital Allowances", which was immediately available, on an unlimited basis, to reduce taxable income. Once taxable income was reduced to zero in a given year, the remaining balance of the Capital Allowance pool was available for use in subsequent years. Under the new rule, only 20% of a year’s capital spending can be added to the Capital Allowance pool, and one fourth of the remaining 80% is added to the pool in each of the subsequent four years. This new rule delays the availability of Capital Allowances and could result in a smaller amount of available Capital Allowance in a given year which could result in a higher taxable income and accelerated cash paid for taxes.
3. Ring Fencing: The Government’s new rules disallow the use of expenditures in one mining area as a deduction from revenues in a separate mining area leased by the same company in determining the company’s taxable income. While no details have been released for the application of this new rule, the Company expects this to have an immaterial impact on the calculation of tax expense in the current year. Additional changes announced but not yet enacted:
4. Windfall Profit Tax: The Government of Ghana has stated its intention to implement a 10% windfall profit tax on mining companies. The Government held hearings on this new development during the second quarter of 2012, but has not yet finalized the details of the new tax.
5. Stability Agreement Renegotiations: The Government has established a tax stability renegotiation team that is reviewing the existing tax stability agreements of mining companies operating in Ghana. While our subsidiaries do not have tax stability agreements, it is not clear if the tax stability renegotiation team will also review the Deeds of Warranty which specify certain tax agreements for our properties.
Sincerely,
CIGA Elliot
Elliot,
There is no increase in TZ. The tax level is 30% and has always been 30%.
My question to you is what is wrong with paying 30% income tax when what you are mining minerals that belongs to the country in which you are operating and regardless of how producing companies fell, not to the mining company.
Colonialism in the mining company’s mind and their shareholders is over even if they do not yet know it.
If miners would pay the tax rates, usually lower than general commerce with no fancy book keeping to zero their profits at mine head, there would never be any problem.
How about pre-empting problems by sharing at the beginning?
The industry makes 100% of what they call problems. I share 45% on my largest project and am very happy to do it.
Jim
