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Major Gold Miners: GDX, GOLD, NEM vs UGL

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Gold Summary for April 7, 2022
[2022-04-07 18:46]
Kinross Gold has big drill plans for Great Bear, the former Dixie project acquired through the takeover of Great Bear Resources early this year. Goldsource Mines has a resource update for Eagle Mountain in Guyana and Karora Resources has one for its Australian mines.  more...

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Long Term... from 2010: All:

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Here, you can see RGLD, a royalty co. has outperformed Gold and some Gold shares

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Barrick reports lower Q1 gold production, says on track to achieve 2022 targets

Barrick Gold (TSX: ABX) today reported preliminary Q1 2022 production of 1.0 million ounces of gold (Q1 2021: 1.1 Moz) and 101 million pounds of copper (Q1 2021: 93 Mlbs).

Barrick said that, as previously guided, its gold production in 2022 is expected to be the lowest in the first quarter increasing through the year, while copper production is expected to be higher in the second half of the year.

The company noted that preliminary Q1 gold production was lower than Q4 2021 primarily due to the depletion of stockpiled higher grade underground ore processed in Q4 2021 at Carlin and Cortez after the mechanical mill failure at the Goldstrike roaster in Q2 2021.

Importantly, Barrick added that, as Q1 2022 gold ounces sold were 20% lower than the previous quarter, Q1 gold cost of sales per ounce is expected to be 10% to 12% higher, total cash costs per ounce are expected to be 15% to 17% higher and all-in sustaining costs per ounce are expected to be 19% to 21% higher than Q4.

> https://www.kitco.com/news/2022-04-14/Barrick-reports-lower-Q1-gold-production-says-on-track-to-achieve-2022-targets.html

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Kinross to sell its Chirano gold mine in Ghana to Asante for $225 million

mine66.jpg(Kitco News) - Kinross Gold (TSX:K) announced today that it has entered into a sale agreement with Asante Gold to sell its 90% interest in the Chirano mine in Ghana for a total consideration of $225 million in cash and shares.

Chirano is an open-pit and underground operation located in southwestern Ghana, approximately 100 kilometres southwest of Kumasi, the country's second largest city. Chirano ore is processed at the mine's mill, which has capacity of approximately 3.5 million tonnes per year.

Chirano produced 154,668 gold equivalent ounces in 2021. According to Kinross, exploration and mine optimization have been successful at extending mine life. In 2021, the site added 400 Au koz in Measured and Indicated Resources, and extended mine life again by one year to 2026. 

Chirano represented approximately 3% of Kinross' total mineral reserve estimates as of year-end 2021. With the expected close of the transaction, Kinross will have no assets or interests in Ghana. The Ghanaian government has a 10% carried interest in Chirano.

Kinross said it expects to update its 2022 and three-year guidance reflecting the recently announced pending sales of its assets in Russia and Ghana, as well as provide additional commentary regarding the sale transactions, as part of its upcoming Q1 2022 results disclosures.

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Barrick GOLD: Corrected back to 76d MA, and poised to ROLL on Higher.. again? ( It Did... for a few days)

GOLD ... update / Updated to 5.4.22: $23.19 +0.78 / GDX: $35.78 +0.67 = Ratio: 64.8% was 63.8%

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RATIO: $22.31 -0.12 / GDX: $34.99 = Ratio: 63.8% > Target: 68-69%

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KGC is back down...

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Ratio

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Miner Barrick Gold Q1 profit beat estimates, doubles dividend to $0.20 (/ Qtr.)

Reuters |

May 4 (Reuters) - Miner Barrick Gold Corp (ABX.TO), doubled its quarterly dividend on Wednesday after reporting first-quarter profit above Wall Street expectations, on the back of higher gold and copper prices.

The miner's realized gold price in the quarter rose 5.6% to $1,876 per ounce from a year earlier, while copper saw a near 14% increase to $4.68 per pound.

However, the company's gold production in the quarter fell 10.1% to 990,000 ounces from a year earlier, hurt by lower output at its Nevada gold mines.

The omicron coronavirus variant has caused labor shortages and other production disruptions, forcing rivals like Newmont Corp (NEM.N) to take a hit of as much as 150,000 ounces in the first quarter. read more

The company said rising inflation, exacerbated by the conflict between Russia and Ukraine and western sanctions, has had a direct impact on Barrick's business, not only in terms of fuel and gas prices but also the cost and availability of input commodities.

Barrick said its all in sustaining costs, an industry metric that reflects total costs associated with production, was up at $1,164 per ounce of gold from $1,018 per ounce a year earlier.

Barrick also declared a dividend of 20 cents per share for the first quarter, nearly double from the previous quarter.

U.S.-listed shares of the company, which have gained 18% so far this year, were up 0.5% in premarket trading.

Barrick books $393M free cash flow in 'softer' first quarter, announces enhanced dividend

The company added that its operating cash flow in Q1 2022 was $1,004 million (Q1 2021: $1,302 million) and free cash flow was $393 million (Q1 2021: $763 million). Net earnings per share were $0.25 (Q1 2021: $0.3) and adjusted net earnings per share were $0.26 (Q1 2021: $0.29).

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UPDATE after the "Carnage" of May

GOLD ... 5yr : Last: $20.52 / GDX ($31.18) = 65.8%

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GDX.  ... 5yr: 2yr: 1yr:  Last: $31.18 / vs.UGL... 5yr: 2yr: 1yr: Last: $000

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GDX.($31.18) / vs.UGL ($58.17)... 5yr: 2yr: 1yr: 

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UGL ($58.17)... 5yr: 2yr: 1yr: 

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Ratio: GOLD: $20.52 / GDX ($31.18) = 65.8%, yrL: 58%, yrH: 70%

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Ratio: GOLD: $20.52 / UGL ($58.17) = 35.3%  Target to 40%

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Ratio: GDX: $31.18 / UGL ($58.17) = 53.6% 

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Equinox Gold / EQX ... update: $5.95 / GDX: $32.51 = Ratio; 18.3%

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EQX $5.95 / GDX: $32.51 = Ratio; 18.3%

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KGC Reduced the Price (from $680M > $340M), but got Cash...  the "hit" is $340m/ 838M shs= $0.405/ KGC share

Kinross completes sale of its gold assets in Russia for (just) $340 million

thumbnail_image001.png(Kitco News) - Kinross Gold (TSX: K) announced today that it has completed the sale of 100% of its Russian assets to the Highland Gold Mining group of companies for total consideration of $340 million in cash.

Kinross said it has received $300 million in U.S. denominated cash in its corporate account and will receive a deferred payment of $40 million on the one-year anniversary of closing.

The company added that as disclosed on April 5, 2022, the previously agreed total consideration for the transaction was $680 million, which included a payment of $100 million upon closing, with the remaining $580 million scheduled to be received in annual payments from 2023 through to 2027.

However, according to the company's statement, the transaction consideration was adjusted by the parties following review by the recently formed Russian Sub-commission on the Control of Foreign Investments, which approved this transaction for a purchase price not exceeding $340 million.

Kinross also noted that with the approval and completion of the sale, the company has divested all of its interests in Russia and has no further obligations or liabilities in the country.

"After the completed divestment of our Russian business, Kinross' rebalanced portfolio maintains a substantial production outlook anchored by its two tier one assets – Tasiast and Paracatu – as well as a strong portfolio of mines in the Americas, a growing business in Chile, and the large, world-class Great Bear project in Canada," said President and CEO J. Paul Rollinson.

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