Gold production from El Dorado Gold Corp.’s Turkish mine jumped by a third last quarter, offsetting weaker output from China and boosting total third-quarter output by nearly 11 percent, El Dorado Gold said Wednesday.
The Vancouver-based miner produced 179,195 ounces in the third quarter, up from 162,429 ounces in the second quarter. The increase was due to the company’s Kisladag operations in Turkey increasing its output to 86,788 ounces from 66,688 ounces in the previous quarter. Gold production was down at all the firm’s Chinese gold mines.
The average cash cost of production decreased to $397 per ounce from $477 in the previous quarter. Year-to-date costs are $401 per ounce.
Barrick Gold Corporation engages in the production and sale of gold, as well as related activities, such as exploration and mine development. The company has a portfolio of 25 operating mines and a pipeline of projects located in North America, South America, the Australia Pacific region, and Africa. It also produces copper and holds interests in oil and gas properties located in Canada. (Business Description from Yahoo Finance)
5 reasons Barrick Gold looks like a buy at just over $46:
Barrick Gold has long term technical support in the $44 to $46 range (See Chart)
VANCOUVER, Aug. 8, 2011 /CNW/ - Silver Wheaton Corp. (“Silver Wheaton” or the “Company”) (TSX:SLW)(NYSE:SLW) is pleased to announce its unaudited results for the second quarter ended June 30, 2011.
SECOND QUARTER HIGHLIGHTS
Attributable silver equivalent production increased 5% compared with Q2 2010, to 6.2 million ounces (5.9 million ounces of silver and 6,500 ounces of gold).
Revenue more than doubled compared with Q2 2010, to a record US$194.8 million, on silver equivalent sales of 5.1 million ounces (4.9 million ounces of silver and 5,700 ounces of gold).
Net earnings almost tripled compared with Q2 2010 (on an adjusted basis1), to a record US$148.1 million (US$0.42 per share).
Operating cash flows increased 151% compared with Q2 2010, to a record US$168.3 million (US$0.48per share1).
Cash operating margin1 increased 137% compared with Q2 2010, to a record US$34.21 per silver equivalent ounce, demonstrating Silver Wheaton’s significant leverage to increasing silver prices.
Average cash costs of US$4.141 per silver equivalent ounce.
Quarter-end cash balance of US$701.4 million, with a net cash position of US$608.5 million.
Randy Smallwood, the President and one of the founders of Silver Wheaton, was appointed Chief Executive Officer, replacing Peter Barnes who resigned effective April 11, 2011. Since 2004, Mr. Smallwood has been instrumental in building Silver Wheaton into the second largest silver company in the world.
“Silver Wheaton delivered another quarter of record financial results in Q2 2011,” said Randy Smallwood, President and Chief Executive Officer of Silver Wheaton. “Though quarterly silver sales have lagged production over the past year, primarily due to a build-up of concentrate inventories at Glencore’s Yauliyacu mine in Peru and Goldcorp’sPeñasquito mine in Mexico, we have now had five consecutive quarters of increasing operating cash flows. With silver production rates forecast to grow by 80% over the next five years, and ongoing global economic and political uncertainties supporting robust silver prices, our shareholders should continue benefiting from strong free cash flow generation in the years ahead.”
“Quarterly production was impacted by operational challenges at some of our partners’ mines, including lower quarterly throughput than anticipated at the Peñasquito mine in Mexico, which continues to ramp up production levels; and a one month mill workers’ strike at the San Dimas Mine in Mexico, which is now resolved. As previously reported, Silver Wheaton has reduced its 2011 attributable silver equivalent production guidance, primarily due to decreased annual production guidance at the Peñasquito mine, which is now anticipated to reach full production capacity in early 2012. Our long-term 2015 attributable production guidance remains unchanged at approximately 43 million silver equivalent ounces, including 35,000 ounces of gold, which is one of the strongest growth profiles in the entire precious metals industry.”
“The mining industry once again finds itself facing significant inflationary pressures, resulting in accelerating operating and capital costs. The benefits to Silver Wheaton in this environment are twofold. First, Silver Wheaton is immune from inflationary cost pressures as our unique business model guarantees essentially fixed operating costs of approximately US$4/oz. Fixed costs provide our investors with significant margin expansion as silver prices climb. Second, as mining companies’ capital commitments continue to materially increase, and cash needs arise, Silver Wheaton can offer a very attractive source of funds compared to other forms such as debt and equity. When combined with one of the strongest growth profiles in the precious metals industry and a dividend yield with the potential to grow over time, we believe that Silver Wheaton continues to be the premier investment vehicle for investors desiring silver exposure.”
For several decades, Ron Paul has warned of the collapse of the US Dollar. As reported in Barron’s, the Republican Candidate “puts his money where his mouth is.” Dr. Paul continues to invest heavily in gold-mining stocks as hedge against what the congressman calls “The Great Inflation.” The Bedford Report examines investing opportunities in the gold industry and provides stock research on IAMGOLD Corporation IAG +0.60%CA:IMG +2.67% and Newmont Mining Corporation NEM +0.05% . Access to the full company reports can be found at:
Ron Paul’s 2010 financial report released earlier this summer shows no holdings of physical gold or gold equivalents like certain exchange-traded gold funds, but several gold mining stocks. Paul has been predicting disastrous inflation since the United States abandoned the gold standard in 1971. Ron Paul wrote last year that massive inflation “guts the savings and earnings of the people, who have very limited options for protecting themselves against these ravages. One option is to convert their fiat currency into something out of reach of central banks and government spending, such as gold or silver.”
July 13, 2011 – Congressman Ron Paul questions Federal Reserve Chairman Ben Bernanke in a U.S. House Financial Services Committee Meeting shortly after reports surfaced that the Federal Reserve was preparing for a third round of quantitative easing. Bernanke says the gold is NOT money.