Adam Davidson, CEO of Trident Royalties, discusses offtake milestones and catalysts to boost FY24. Watch the video here.
By Alex MacDonald LONDON--West African gold producer Randgold Resources Ltd. (GOLD) has reduced its total capital expenditure for this year by 7% to ensure that its investment plans can be self-funded if gold prices fall further, the company's chief executive said Thursday. The revised capital expenditure plan means FTSE-100 miner can be self-funded without tapping any of its credit lines at $1,150 a troy ounce as opposed to $1,250/oz, Mark Bristow told The Wall Street Journal in an interview. "We are facing a capital hump and we want to manage our way over it," Mr. Bristow said, noting that this year is expected to be the company's largest capital expenditure year on record. The cut to $626 million from previous guidance of $670 million reflects revisions to capital spend on the Congolese Kibali gold project and the underground mines of its Loulo-Gounkoto complex in Mali. It isn't expected to result in any delays to Kibali's production schedule nor will it affect the group's total output this year despite a drop in Loulo-Gounkoto's full-year production guidance because of material already on stock, Mr. Bristow said. Mr. Bristow said the spot gold price, which fell last month to a low of $1,321.50/oz, may rise to $1,500/oz this year. "$1,500/oz is an achievable number, but it could [also] go lower before the end of the year," he said. Spot gold is at $1,456.30/oz. He said there is still strong demand for gold given depleted stocks in India and Asia. He also said that the gold price should find a floor quickly as gold production start to pare back in response to the drop in gold prices. Mr. Bristow also said he expects the company to start generating free cashflow of $500 million to $600 million from 2015 and plans to announce a new dividend policy at the end of 2014. In the interim, the company will continue to increase its dividend, Mr. Bristow said. Write to Alex MacDonald at alex.macdonald@dowjones.com
43....well if gold continues to decline its a possibility!
Its ok Nkotb...they've only sold a few...gone from 5% to 4.83%... Just before results tomorrow!!!!
Hi...tcg..no not me..never been in there...and as for opinions you really have to DYOR and make your own mind up. Miners are undeperforming at the moment....slow growth....metal prices are down....could go lower yet...who knows not me....opinions are divided..good luck what ever you decide. I am disillusioned enough to know that no mans opinion on any subject is worth a damn unless backed up with enough information to make him know what he's talking about. HP Lovecraft http://www.forbes.com/sites/zacks/2013/04/30/randgold-rallies-in-gold-rebound-but-outlook-dim/
Why does a chief executive with a huge stake in a firm need 'career shares'? Randgold Resources should count itself lucky that only 39% of voting shareholders opposed the award Randgold Resources' remuneration report to its shareholders reads more like a love letter to the gold miner's founder and chief executive. Mark Bristow is lauded to the skies for his "outstanding contribution" and his "exceptional leadership". Fair comment, you might say, since Randgold's shares have been slick performers. But why does Bristow, with a personal shareholding in Randgold worth £36m, need another £2.6m of shares, labelled "career shares", to keep him keen? Pay committee chairman, Norborne Cole, never really explains – he just asserts that his colleagues "strongly believe" the award is merited in the interests of securing Bristow's "continued commitment and motivation". Come on, if most of his personal wealth is invested in the business, the chief executive surely has all the incentive he needs to get up in the morning. Randgold should count itself lucky that only 39% of voting shareholders opposed the award. Mind you, the 99.7% approval for Cole's re-election is the baffling part. What are the objectors to Bristow's award saying? That they don't like Cole's decisions but they like him? No logic there.
Randgold investors reject CEO's $4m http://www.fin24.com/Companies/Mining/Randgold-investors-shun-CEOs-4m-award-20130430
We will have to wait and see! http://www.bloomberg.com/news/2013-04-26/gold-seen-falling-to-as-low-as-1-150-ounce-technical-analysis.html?
Of tranquility just like your house and nkotb's...when you pop down the allotments!...can almost hear the sigh of relief...glad you are both still alive and almost kicking!... Lol :0)
ENRC Chairman Mehmet Dalman is still of a mind to quit over what he terms “issues of principle” – as regards his concerns over how the company is being run. That is despite news that the company may be taken private by its founder, Alexander Machkevitch, and his two fellow co-founders. Machkevitch has hired Societe Generale to work on the bid. However, while the offer is close to being funded it is likely that it could be at a price well below Friday’s closing level. Valuing a bid will be difficult given that the consortium owns a majority stake, The Sunday Telegraph explains. http://www.telegraph.co.uk/finance/newsbysector/industry/mining/10008121/Dalman-may-step-down-before-ENRC-buy-out-offer-is-tabled.html
Doug Casey: The Gold Crash Is Not What Either Bulls or Bears Are Telling You L: That is an interesting explanation. A lot of people have been pointing at the lower price target and guidance issued by Goldman Sachs – but why anybody would listen to those guys after all they've been wrong about, at taxpayers' expense, is beyond me. Doug: Yes. It makes no sense that anyone would listen to Wall Street analysts about gold. Insofar as these people have an education in economics, it's invariably something they've gotten from a conventional university program, which is to say that their economics degrees are worth nothing, and their economic thinking is both totally askew and totally conventional. You can always rely on conventional thinking from the Establishment. The moment someone looks like he's thinking independently, he's seen as a danger and asked to go away. Which means getting off the gravy train. And who wants to both be ostracized and lose a fat income? http://news.goldseek.com/GoldSeek/1366297513.php?
http://seekingalpha.com/article/1350131-what-to-do-with-randgold-resources-now?source=email_rt_article_readmore Tbh think its anyones guess atm.. There is a possibility of more downside maybe.....all depends on golds direction...but who knows certainly not me!
Amusingly, Goldman was stopped out on yet another trade overnight, this time its Commodity Carry Basket which hit the firm's -6% stop loss signal, and yet even with gold crossing Goldman's target, the firm has so far refused to close out its position: Although gold has now traded below the $1,450/toz target embedded in our short recommendation, we are maintaining our short as we argued last week that prices could decline more than we initially thought as positioning is stretched and the momentum is to the downside. The most recent ETF holdings showed acceleration in the liquidation of length, which points to a broad-based sell-off extending beyond the futures markets with potentially more room to go. As a result, we are now lowering the stop to $1,400/toz (which locks in a potential gain of 12%) while we wait for evidence of a bottom, though we are not changing our price forecasts now. Looks like Goldman has much more gold to buy from its muppets, who continue being routed on the firm's various other trading recos with realized losses. Below are some other fresh overnight view on gold: Credit Suisse: The price is now not far from the level CS’s technical analysts identify as the next key area of support: $1,310 Next key level is $1,156, then $1,122; Beyond that, $1,000 HSBC: Factors affecting the metal: April 10th FOMC minutes showed some members favor an early end to QE, a shift out of commodities into equities and bonds, ongoing gold ETF liquidation and reduction in net longs on the Comex Price break of $1,525/oz followed by $1,500/oz at the end of last week were important technical support and psychological levels Of the top 20, 17 of the biggest drops occurred during the 1970s and 1980s; this daily drop is the biggest for 20 years with the next biggest occurring in Oct. 2008 at the height of the financial crisis Expects “slow grind” higher Liberum: Gold is the key sentiment setter among commodities; price moves appear to be the result of a concerted short sale by funds trading futures Seems to have been a series of drivers behind collapse; key has been the potential for an end to QE in U.S. Will be a while before there can be a strong rally; would require a big policy mistake from a major central bank to reignite anti-dollar sentiment Coutts: Although risks still skewed to downside, an attractive entry opportunity is unfolding, especially if gold consolidates around next technical support level near $1,250/oz Recent selloff is an exaggeration; sales of ETFs have unwound almost all of the eurozone crisis buying seen in 2012 Numis: Longer term fundamentals remain unchanged Gold likely to bounce in 2H and move slowly upward as inevitable further monetary easing comes to play http://www.zerohedge.com/news/2013-04-16/overnight-sentiment-gold-rout-halted-now?
I'm with you losing a fair bit ATM.....only time will tell..might see further downside yet.. Tbh I have no idea, but longterm I'm not overly worried... As they say in sport 'form is temporary class is permanent'....good luck all..anothet reminder that the market is and can be a cruel mistress
Gold prices plunged nearly $77 an ounce -- more than 5% -- to below $1,500 Friday afternoon on massive selling. "From what I've heard it's just extraordinary selling on the Comex," says Caesar Bryan, portfolio manager of the Gabelli Gold fund. Gold has been falling steadily since its peak at about $1,900 an ounce in September 2011. Early reports said much of the selling Friday was tripped by stop-loss orders, which are directions to sell an asset when the price reaches a specific point. Clusters of stop-loss orders near a specific price will often cause a cascade of selling as each order is tripped and brokers dump their holdings. The collapse in gold is unusual in that it seems to have little relation to economic events. Gold typically rises on worries about inflation or currency collapse, neither one of which has seemed likely lately. The most recent economic news has indicated a softer economy, which is unlikely to spark inflation. And the dollar has risen against the euro and the yen. Shares of SPDR Gold Shares, an exchange-traded fund (ETF) that buys and sells bullion, were down more than 4% shortly before the close. Gold bullion was down $77, to $1,487. Volume was heavy in the early morning, but tapered off by the afternoon. Sales by gold ETFs could be making the debacle worse. Worldwide, gold ETFs hold 80.8 million ounces. SPDR Gold Shares, the largest gold ETF, has 38 million ounces.
ouch!...
Guess which way she's going atm!...can turn on a sixpence and go just as fast the other way....keeps us on our toes! Good luck all!
http://moneymorning.com/2013/04/11/goldman-sachs-is-manipulating-gold-prices-right-before-your-eyes/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+USMoneyMorning+%28Money+Morning%29 Nkotb.. Think it finished there or there abouts in the states!
Likewise do exactly the same with barcs...need to do 25 a month to get £6.95 per trade... Good luck..had no funds for kaz otherwise would have bought in the 470's...yes miners well out of favour ATM...
Was one hell of a saving!... I know you trade big!.... Lol... Back in there myself but was too keen and got in too early!....did you buy any kaz?