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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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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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  • 3 weeks later...

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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  • 4 weeks later...

Barrick ups copper production 18%, gold 4%

July 14th, 2022/.  Barrick Gold (NYSE:GOLD) said today Q2 production was 1.04 million ounces of gold and 120 million pounds of copper.

The miner announced its preliminary results.

In Q1 the company had production of 1.0 million ounces of gold and 101 million pounds of copper.

"As previously guided, Barrick’s gold production in 2022 is expected to increase through the year, and with the stronger Q2 performance, it remains on track to achieve 2022 gold and copper guidance," wrote the company.

Barrick said the average market price for gold in Q2 was $1,871 per ounce. The average market price for copper in Q2 was $4.32 per pound.

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UGL vs TLT ... fr.2018: update: $51.10 / $118.55 (+1.96, +1.7%) = 43.1%

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fr.2018:

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Ratio: $51.10 / $118.55 (+1.96, +1.7%) = 43.1%

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  • 3 weeks later...

UGL has Opened up a BIG GAP to the upside of GDX... once again, like in Q2.2020

GDX ($27.22) vs. UGL ($55.72), 2x Gold .... update: Falling Ratio: 48.9%

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Ratio: GDX ($27.22) / UGL ($55.72) = 48.9%. "Normal Range" is 50-60%

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  • 4 weeks later...

GDX, and Barrick Gold may be ready to play catch up

GOLD. GDX vs. UGL, SLV ... from May'21: YTD: 10d: 15.92, 25.10, 50.31, 17.32

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Ratio : 15.92 / 50.31 = 31.6%

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SLV etc ... YTD: 10d / 17.32, 25.10, 50.31,

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Equinox declares commercial production at its Santa Luz gold mine in Brazil

excavator-g7d80d9976_640.jpg(Kitco News) - Yesterday, Equinox Gold (TSX, NYSE: EQX) announced that commercial production has been achieved at the company’s Santa Luz gold mine in Brazil effective October 1, 2022.

The company said that the Santa Luz mill is operating at approximately 90% of design capacity of 7,400 tonnes per day, with recoveries consistently above 70% and ranging up to 85%.

Equinox added that approximately 23,000 ounces of gold have been produced to September 30, 2022, and gold production is expected to continue to increase through the fourth quarter of 2022.

During 2022, with a partial year of production, the company expects Santa Luz to produce 45,000 to 55,000 oz of gold. Once operating at capacity, Santa Luz is expected to produce approximately 100,000 oz of gold annually.

Importantly, Equinox noted that using the base case $1,500/oz gold price, Santa Luz is expected to produce 903,000 oz of gold and generate $436 million in after-tax net cash flow over an initial 9.5-year mine life, with additional upside from underground mineral resources.

President and CEO Greg Smith commented, “Santa Luz is our fourth operating mine in Brazil and represents 100,000 ounces of average annual production with mine life extension potential from near-mine surface targets, an underground deposit, and additional opportunities in the 70-km-long mineralized greenstone belt that hosts our Santa Luz and Fazenda mines.”

Equinox Gold is a Canadian mining company operating entirely in the Americas, with seven operating gold mines and a plan to achieve more than one million ounces of annual gold production from a pipeline of development and expansion projects.

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SLV / SILVER AS PATHFINDER...  vs. UGL (2x Gold), and GDX
SLV -etc.  5yr: 2yr: Ytd: 10d / $18.99 / $50.11 (UGL)= 37.9%. GDX: $25.37, 50.6% UGL

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Looks to me now that SLV / Silver (blue line) is a "pathfinder" now leading UGL back up.  At the TOP, it lagged, suggesting that early MarchTop could be the end of the Rally. UGL "blew off", shoot up most on its own, not confirmed by Silver. Metals were weak after that.  Now SLV has gotten ahead of UGL. Seems ready to lead to higher.

UGL is a heavier Line, But is slower to make the Turn than SLV.  In the last few weeks, SLV is now suddenly STRONGER than UGL.  This may be signal -ing an important Upturn in all precious metals

RATIO, SLV: $18.99 / $50.11 (UGL)= 37.9%.

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Longer Term comparison

UGL-etc.. All: 10yr: 5yr: 2yr: Ytd: 10d/ $50.12; SLV: $18.99, GDX: $24?

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  • 4 weeks later...

SIL vs. UGL. From Nov'17: 10yr: 5yr: 2yr: Ytd: 10d. $25.14, $29.95 /$45.69= 55.0%

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Nov'17: 10yr: 5yr: 2yr: Ytd:

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Ratio, SLV: $17.78 / $45.69 (UGL)= 38.9%. , was 37.9% (18.99/ 50.11)

Ratio: SIL-toUGL: $25.14 /$45.69= 55.0%

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SLV : 17.74
Mo. : strike: Mid. :  Pct
Dec.: $18C: 0.77: 4.3% : $20P: 2.45: 13.8%
=== : $20C: 0.26: 1.5% : $22P: 4.30: 24.2%
Jan.: $18C: 1.04: 5.9% : $20P: 2.60: 14.7%
=== : $20C: 0.45: 2.5% : $22P: 4.38: 24.7%

SIL : 25.14
Mo. : strike: Mid. :  Pct. : strike: Mid. :  Pct. :
Dec.: $25C: 1.93: 7.7% : $28P: 3.55: 14.1%
=== : $29C: 0.60: 2.4%: $29P: 4.25: 16.9%
Jan.: $25C: 2.45: 9.7% : $28P: 4.05: 16.1%
=== : $29C: 1.03: 4.1% : $29P: 4.75: 18.9%

RATIO: SIL-toSLV : 141.7%
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  • 3 weeks later...

‘Others buy, Barrick builds' - CEO Mark Bristow

“Others buy, Barrick builds. This investment is expected to extend the Tier One mine’s life to beyond 2040, at an average annual production rate of more than 800,000 ounces,” Bristow said.

“There’s also more to come from our three Tier One assets in Nevada, where we hold 8,000 square kilometers of prospective land in one of the world’s most richly-endowed gold districts. In Africa, our two Tier One mines continue to deliver geologically driven growth, while the two Tanzanian mines we took over have been transformed into successful operations and have the potential to achieve Tier One status as a combined complex.

> https://www.kitco.com/news/2022-11-18/-Others-buy-Barrick-builds-CEO-Mark-Bristow.html

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Organic Growth Powers Robust Production Profile for Barrick

2022-11-18 08:16 ET - News Release

All amounts expressed in US dollars

NEW YORK, Nov. 18, 2022 (GLOBE NEWSWIRE) -- Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) – Barrick’s industry-leading portfolio of gold and copper assets is projected to show strong growth over the next five and 10 years, president and chief executive Mark Bristow told an investor meeting here today.

The unlocking of value at the Pueblo Viejo gold mine in the Dominican Republic, following the finalization of the location for the new tailings storage facility, will support that growth, he said, with the latest geological model for its current $2.1 billion expansion project1 now showing the potential for upgrading 2 million ounces of inferred resources to indicated which, together with approximately 10 million ounces of measured and indicated resources, are expected to convert to proven and probable reserves2.

“Others buy, Barrick builds. This investment is expected to extend the Tier One3 mine’s life to beyond 2040, at an average annual production rate of more than 800,000 ounces1,” Bristow said.

“There’s also more to come from our three Tier One assets in Nevada, where we hold 8,000 square kilometers of prospective land in one of the world’s most richly-endowed gold districts. In Africa, our two Tier One mines continue to deliver geologically driven growth, while the two Tanzanian mines we took over have been transformed into successful operations and have the potential to achieve Tier One status as a combined complex. Meanwhile, we’re well on our way to building a Tier One copper business as a result of the Reko Diq project in Pakistan and the Lumwana super pit in Zambia.”

Bristow said Barrick’s performance since its merger with Randgold three years ago had been driven by a clear and disciplined long-term strategy, focused on leveraging its Tier One assets, and finding more. Gold and copper production has met or exceeded guidance each year since the merger. Strong cash flow generation has turned net debt of $4.2 billion into net cash of $145 million at the end of last quarter4. The strong balance sheet has enabled the company to deliver peer-leading returns to shareholders within the framework of a performance-linked dividend policy. Brownfields exploration continues to replace reserves depleted by mining, and the search for new discoveries has been extended across Barrick’s expanding global footprint. The company already operates in 18 countries across four continents.

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  • 2 weeks later...

GOLD MODEL show support... and Room for a potential breakout

GLD / Gold. since 2005: 5yr: Ytd: 10d / Last: $165.35,  9.8% above Low; Range: 150.57- 193.30

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Gold Model, since the 1930s 

Discussion at about 13 min. into THIS VIDEO: Chris Rutherglen: $3000 in 2023?

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GOLD versus SILVER - Silver has more extreme swings

Is now at apparent "Fair Value" with Gold ($1777.5) and Silver ($23.11): Ratio 76.9x

GLD ($165.35) vs SLV ($21.24) : since 2010: 1/2018: 2yr: Ytd: 10d :  Ratio= 7.78x

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GLD ($165.35) vs SLV ($21.24) :  Ratio= 7.78x

Gold to Silver Ratio

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Barrick says massive Reko Diq project gets all clear, targets first production for 2028

According to a company statement, one of the largest undeveloped copper-gold projects in the world, Reko Diq is owned 50% by Barrick, 25% by three federal state-owned enterprises, 15% by the Province of Balochistan on a fully funded basis and 10% by the Province of Balochistan on a free carried basis.

Barrick president and chief executive Mark Bristow said the completion of the legal processes was a key step in progressing the development of Reko Diq into a world-class, long-life mine which would substantially expand the company’s strategically significant copper portfolio and benefit its Pakistani stakeholders for generations to come.

“We are currently updating the project’s 2010 feasibility and 2011 feasibility expansion studies. This should be completed by 2024, with 2028 targeted for first production,” Bristow said.

“With its unique combination of large scale, low strip and good grade, Reko Diq is expected to have a life of at least 40 years. We envisage a truck-and-shovel open pit operation with processing facilities producing a high-quality copper-gold concentrate. We expect it to be constructed in two phases with a combined process capacity of 80 million tonnes per annum.”

> MORE: https://www.kitco.com/news/2022-12-15/Barrick-says-massive-Reko-Diq-project-gets-all-clear-targets-first-production-for-2028.html

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