Harmony Gold Mining Company Limited - Results
Release Date: 18/04/2001 13:03:21Code(s): HAR HARO
© 2001 SharenetHarmony Gold Mining Company Limited
(Incorporated in the Republic of South Africa)
(Registration number 1950/038232/06)
key indicators
31 March 2001 December 2000
Gold produced
- kg 15 345 16 199
- oz 493 351 520 809
Cash costs
- R/kg 58 927 55 578
- $/oz 234 227
financial
31 March 2001 December 2000
Cash operating profit
- Rand 141 million 185 million
- US$ 18 million 24 million
Earnings
- Rand 71 million 110 million
- US$ 9 million 14 million
Earnings per share
- SAcents per share 68 107
- UScents per share 9 14
"We, as an industry, are still guilty of over-supplying the market, producing
gold at a total cost above spot price. This value destruction needs to stop
before we can appeal to rational investors as an investment alternative."
(Ich würde dringend zur Bildung eines Kartells raten. Sollen die Wirtschaftsliberalen doch fluchen!)
Chief executive's review
Overview
Safety Report
I must express my sincere condolences to the family, friends and colleagues of
the three employees we lost as a result of fatal accidents at our operations
during the reporting period.
I would, however, like to extend our congratulations to our employees for their
continued efforts to improve the safety performance of our company. The Evander
8 Shaft team has passed the 750,000 fatality free shift milestone proving that
good safety is the foundation for excellent production results. They will be
awarded a certificate of excellence by the Mine Health and Safety Council in
recognition of their efforts. The team at Saaiplaas Metallurgical Plant
achieved 1 000 000 reportable free hours. It took them two years and twelve
days.
Our commitment to the eradication of risk from our operations and the creation
of a healthy and safe working environment remains our highest priority.
Strategic Overview
Before I discuss the company's progress in terms of our growth strategy, I need
to give you my impressions on the global gold industry following the Australian
Gold Conference held in Perth earlier this month. The time has probably come
for gold producers to be transparent to their shareholders in respect of the
true outlook for production and earnings growth at the current gold prices.
Whilst all regional trends are indicating a decline in global gold production,
companies still all tend to promise growth in production. The gold industry
needs to own up and reflect its true status, i.e. an industry which is heavily
indebted, mining unprofitable ounces when measured on a total cost per ounce
basis and not delivering real returns for shareholders. The"great shakeout"
will come if the gold price continues at these levels for the next twelve
months.
Whilst significant progress had been made with our latest acquisitions,
Elandsrand and Deelkraal (Elandskraal) in South Africa and New Hampton
Goldfields Limited in Australia, the company also announced the purchase of a
large block (9,6%) of Harmony shares by a Black empowerment group in South
Africa in return for a cash investment of R400 million.
With this transaction Harmony acts proactive rather than reactive with regards
to the changing empowerment environment in South Africa, potentially giving the
company a strategic competitive advantage. It will result in the broadening of
our shareholder base, with Komanani (the empowerment group) being the single
largest shareholder in Harmony, without affecting the company's free float.
Progress in Elandsrand and Deelkraal
During the quarter the company announced that it had received commitments from
a group of banks to provide the necessary financing for the acquisition of the
Elandsrand and Deelkraal mines and the refinancing of existing indebtedness.
This was achieved despite the current low gold price, as well as the company's
policy not to sell forward production from acquired operations.
As part of the process of securing these commitments, the company has completed
price protection arrangements for an initial period of twelve months through
the purchase of one million ounces of put options at a strike price of
approximately R64 000 per kg. This arrangement will protect the company from
potential adverse movements in the gold price, and ensure full participation in
any increase in the gold price.
As at 9 April 2001, all conditions precedent to the transaction have been met
and the acquisition has been completed.
Elandskraal will be fully incorporated in our results from next quarter.
Operating results from 1 February 2001 for the two months which amounted to a
loss of R10,9 million, will be treated as pre-acquisition costs and
capitalised. We will provide more detail on these operations at our quarterly
presentation scheduled for June 2001 reporting period.
New Hampton
On 22 March 2001 the company announced that Normandy Mining Limited accepted
Harmony's offer for the remaining 13,2% in New Hampton Goldfields Limited. In
addition the entire New Hampton board recommended that shareholders accept the
company's unconditional offer of A$27,5 cents per share. This was an increase
on the company's previous offer of A$26,5 cents per share.
As at 12 April 2001 Harmony is entitled to 92,6% of the shares in New Hampton
and the offer was scheduled to close on 17 April 2001.
Following our extensive analysis of the New Hampton mining operations and in
line with our strategy to mine profitable reserves only, it is anticipated that
production will be cut back by 70 000 ozs to 200 000 ozs per annum. This level
of production will be reviewed once the sustainability of the underground
operations at Big Bell have been determined.
Empowerment group takes major stake in your company
On 4 April 2001 it was announced that Komanani Mining (Pty) Limited, a South
African empowerment group, acquired a 9,6% stake in the company at a cost of
R400 million.
Komanani will subscribe to 10,96 million new Harmony ordinary shares at
an issue price of R36,00 per share. The price represents a discount of 6% to
the 30-day value weighted average traded price and a 3,5% discount to the
closing market price of Harmony shares on 3 April 2001. The shares are issued
subject to a restrictive sale clause, preventing the sale of these shares for a
period of 18 months.
In addition, Komanani will subscribe for 10,96 million redeemable convertible
preference shares at a par value of 50 cents per share. These shares will be
convertible within five years and upon conversion an additional top up payment
of R41,50 per preference share will be payable.
The cash flow from the R400 million investment will lower the company's debt
levels. The interest savings will offset the dilution of earnings as a result
of the new shares in issue. Conditions precedent for the transaction is
approval by Harmony shareholders.
Platinum Exploration Activities
Evaluation work on the Stella PGM project continued during the quarter. A total
of 355 rotary air blast (13 500m), 230 reverse circulation percussion (12 900m)
and 11 diamond core (1 760m) boreholes have been drilled to date. An additional
30 boreholes (12 500m) will be completed during the next month.
The following in situ inferred mineral resource is estimated from the borehole
intersections:
Tonnage Grade g/t Kgs
000's Pt+Pd+Au 000's Ounces
TOTAL 53 000 1,50 79 450 2 554 370
There is potential to increase resources below 150m and from strike extensions
to the known mineralized zones. Several targets for new discoveries have been
identified from geochemical anomalies.
Preliminary metallurgical testwork using standard mill-float procedures
indicates PGM recoveries for fresh ores at 60% to 65% with concentrate grades
of about 150 to 200 g/t Pt+Pd+Au. Near surface weathered material returned
recoveries below 50%. Much additional testwork is required to determine optimal
metal recoveries and concentrate grades.
Harmony is considering various options to turn to account the Stella PGM asset.
To date 25 parties have expressed an interest in the project. Detailed
technical presentations and site visits will be undertaken during the next
quarter
Operational Review
The company reported a cash operating profit of R141,1 million. This was R43,7
million or 23,6% less than the R184,8 million reported during the previous
quarter. Net profit of R70,6 million was R39 million or 35,6% lower quarter on
quarter. The significant movement in net profit can largely be attributed to
the loss on financial instruments recognised for the current quarter of R4,2
million compared to the gain on financial instruments of R43,9 million
recognised in the previous quarter.
Cash operating profit vs US$ Gold Price
During the past four quarters we have managed to generate cash operating
profits between R140,0 million and R184,0 million per quarter. These levels of
operating profit are significantly higher than the approximately R90,0 million
on average per quarter achieved during the preceeding four quarters.
The decrease in cash operating profit quarter on quarter, can mainly be
attributed to the decrease in underground tonnage at Randfontein, along with
weaker operational performances from the opencast operations at Randfontein and
Kalgold. During the past few quarters we have informed our shareholders that
the surface reserves at Randfontein were of a finite nature and the profit
levels should decrease as the reserves are depleted. Although we are evaluating
the acquisition of additional surface reserves in this area, should this not be
successful, the surface operations will be scaled down until closure at the end
of June 2001.
Metallurgical throughput and gold recovery problems at Kalgold impacted on cash
operating profits. These problems have been adequately resolved.
The impact of these under performances is reflected in the US$ per ounce costs
which were higher at US$234/oz compared to the US$227/oz reported for the
previous quarter.
Our focus in the next quarter will be to extensively analyse all our production
units and restructure them with the intention of optimising profitability.
"The Harmony Way" has been the foundation on which our growth strategy has been
built to date, and we do believe that it will continue to deliver results at
our current operations, as well as Elandskraal and New Hampton.
Production units that have come to the end of their economical life will be
closed and others in the process of scaling down will be restructured for
profitability during that phase. We will continue to focus on delivering value
to our shareholders.
Free State operations
Despite the impact of a shortened quarter, the Free State operations continued
to make small improvements with cash operating profits increasing from R15,1
million to R17,2 million. Tonnage increased marginally from 1,316 million
tonnes to 1,322 million tonnes. The grade increased to 4,12 g/t for the quarter
which resulted in a small increase in gold recovery to 5 447 kgs compared to
the 5 363 kgs reported previously.
Underground working costs increased by 2,7% from R343,8 million to R353,1
million. Measured on a cost/tonne basis, costs increased from R261 per tonne to
R267 per tonne. At US$258/oz costs decreased compared to the December 2000
quarter.
The Free State operations have delivered improved operational results over the
past two quarters. Various restructuring alternatives are being considered at
this time. Due to the change in scale of operations at Masimong 5, Masimong 4
will be downscaled to a service shaft. In addition the Brand shafts as a stand
alone unit are being evaluated as a junior mining operation with empowerment
participation.
Evander operations
The Evander operations continued to deliver strong performances with cash
operating profits increasing to R78,2 million, up 1% from the R77,4 million
reported for the previous quarter. The benefits from investing in the increased
development rates over the last 24 months are evident from the increase in
underground tonnage which improved by 6% or 34 000 tonnes for the quarter.
We have previously stated that Evander should, on average, consistently deliver
cash operating profits of R60,0 million per quarter. From the table below the
improved performance of the past two quarters is clearly evident:
U/G Total Cash
U/G Tonnes Recovery U/G Operating
Quarter Ending Milled Grade Kgs Sold Profit
March 2001 599 000 6,22 3 723 78,2 m
December 2000 565 000 6,56 3 707 77,4 m
September 2000 539 000 5,86 3 156 39,8 m
June 2000 485 000 6,09 2 955 36,9 m
March 2000 490 000 5,93 2 907 34,2 m
Compared to March 2000, underground tonnage has increased by a remarkable 109
000 tonnes or 22,2%. Over the same period the recovery grade improved from 5,93
g/t to 6,22 g/t. Gold recovery has subsequently increased by 816 kgs or 28,1%
over the same period.
Underground tonnage increased from 565 000 tonnes to 599 000 tonnes on a
quarter to quarter basis. At a slightly lower recovery grade of 6,22 g/t, gold
recovery was similar at 3 723 kgs when compared to the 3 707 kgs for the
December 2000 quarter. As predicted, the recovery grade returned to the average
recovery grade of the orebody of 6,2 g/t.
Recoupment of Evander Investment
Working costs increased by R1 051/kg or 2,3% from R46 177/kg to R47 228/kg,
mainly due to the decrease in recovery grade. On a cost/tonne basis the costs
have decreased by 3,0% from R303/tonne to R294/tonne. In dollar cash costs per
ounce terms the costs remained constant at US$189/oz.
During the June 2001 quarter, all mining operations at No. 9 Shaft (Leslie
Mine), except for the extraction of the shaft pillar, will cease as it has come
to the end of its economical life.
The Leslie Plant, which has over the past two years treated tonnage from the
waste rock dumps, will also be closed as these surface reserves have been
depleted.
Although the closure of this shaft will result in a loss of 20 000 tonnes per
month to the Evander operations, it is expected that the overall profitability
will not be affected.
Randfontein operations
The Randfontein operations were most affected by the working arrangements
during the Christmas break and a total of eleven milling shifts were lost in
the quarter.
Recoupment of Randfontein Investment
Total cash operating profits decreased from R90,7 million to R55,4 million.
This was mainly due to the decrease in tonnage from underground and the
decrease in contribution from the surface operations.
Cash operating profit Mar'01 Dec'00 Variance
(R million)
Underground 54,8 78,8 (-24,0)
Surface 0,6 11,9 (-11,3)
Underground tonnage decreased by 8,9% from 1,093 million tonnes to 996 000
tonnes. At a lower recovery grade of 4,99 g/t compared to the 5,02 g/t of the
previous quarter, gold recovery was 520 kgs or 9,5% less than the 5 490 kgs
reported previously.
The impact of the lower tonnage was reflected in the Rand per tonne cost which
increased from R264/tonne to R284/tonne. In Rand/kilogram terms, working costs
increased by R4 356/kg or 8,3% from R52 621/kg to R56 977/kg.
The variability of the No. 4 Shaft orebody has resulted in the shaft reporting
a loss of R26,1 million for the quarter. As we are of the opinion that reserves
should not be mined at a loss we have, in consultation with the affected
parties, decided to close the shaft. Only 1 500 employees will be affected as
most of our mine employees will be transferred to other shafts, displacing
contractors.
As reported previously, the current Lindum surface operations have only four
months of ore reserves left at mining levels of approximately 100 000 tonnes
per month. The reduction in quantity and quality of surface reserves mined
during the past quarter is reflected in the results. Tonnage decreased by 129
000 tonnes or 18,3% from 704 000 tonnes to 575 000 tonnes. At a reduced
recovery grade of 1,0 g/t compared to the 1,2 g/t of the December 2000 quarter,
gold recovery was lower at 575 kgs compared to 818 kgs for the previous
quarter. Due to the marginality of surface operations, cash operating profit
decreased from R11,9 million to R0,6 million for the current quarter. The
reduction in surface tonnage has also resulted in the closure of the Lindum
Plant.
The company is currently evaluating the acquisition of additional surface
reserves to replace the depletion of its available reserves.
Kalgold operations
Feed grade from the pit was lower than plan mainly due to mining constraints.
Metallurgical throughput and recovery problems further impacted negatively on
the cash operating profits from these operations.
The Kalgold operation returned a cash operating loss of R3,4 million compared
to the profit of R6,5 million for the December 2000 quarter.
Tonnage decreased by 19 000 tonnes or 8,1% from 234 000 tonnes to 215 000
tonnes. At the lower recovery grade of 1,28 g/t compared to the 1,82 g/t
reported for the previous period, gold recovery was 149 kgs lower at 276 kgs.
Working costs increased from R22 million to R22,2 million for the current
quarter. The cost per kilogram was significantly higher due to the decreased
grade.
The problems experienced have been adequately resolved.
Bissett
The Bissett operations were severely affected by the freezing up of the
ventilation shaft which resulted in sharply reduced production in January.
Although this production shortfall was made up in February and March, there was
a negative impact on the overall recovery grade.
Underground tonnage of 64 000 tonnes was 2 000 tonnes or 3,2% higher than the
62 000 tonnes reported previously. At the lower recovery grade of 4,61 g/t,
gold recovered was 34 kgs lower at 295 kgs. This resulted in a cash operating
loss of R6,3 million compared to the R5,0 million loss reported for the
December 2000 quarter.
We are currently evaluating the feasibility of placing Bissett on a care and
maintenance programme which will be revisited should the gold price recover to
levels above US$300/oz on a sustainable basis.
Capital expenditure
March June
Quarter Quarter
Operations Actuals Forecast
Free State 28 19
Evander 17 20
Randfontein 11 14
Bissett 4 2
Kalgold - -
Elandskraal - 30
Total 60 85
Operating and financial
results (rand/metric)
Elands- Free Rand- Rand-
kraal* State Evander Evander Bissett Kalgold fontein fontein
Total Total U/g Surface Total Opencast U/g Surface Total
Ore
milled
- t'000
Mar-01 463 1 322 599 52 64 215 996 575 3 823
Dec-00 - 1 316 565 84 62 234 1 093 704 4 058
Gold
Produced
- kg
Mar-01 2 492 5 447 3 723 59 295 276 4 970 575 15 345
Dec-00 - 5 363 3 707 67 329 425 5 490 818 16 199
Yield
- g/t
Mar-01 5.38 4.12 6.22 1.13 4.61 1.28 4.99 1.00 4.01
Dec-00 - 4.08 6.56 0.80 5.31 1.82 5.02 1.16 3.99
Cash
Operating
Mar-01 70 008 64 822 47 228 51 644 96 495 80 460 56 977 66 807 58 927
Costs
- R/kg
Dec-00 - 64 109 46 177 59 866 83 973 51 649 52 621 52 368 55 578
Cash
Operating
Mar-01 377 267 294 59 445 103 284 67 237
Costs
- R/tonne
Dec-00 - 261 303 48 446 94 264 61 222
Working
Revenue
Mar-01 163 575 370 295 253 080 3 971 22 212 18 770 337 979 39 0591 045 366
(R'000)
Dec-00 - 358 953 248 078 4 468 22 655 28 490 367 707 54 7161 085 067
Cash
Operating
Mar-01 174 461 353 086 175 830 3 047 28 466 22 207 283 178 38 414 904 228
Costs
(R'000)
Dec-00 - 343 815 171 179 4 011 27 627 21 951 288 891 42 837 900 311
Cash
Operating
Mar-01 (10 886) 17 209 77 250 924 (6 254) (3 437) 54 801 645 141 138
Profit
(R'000)
Dec-00 - 15 138 76 899 457 (4 972) 6 539 78 816 11 879 184 756
* Elandskraal: Excluded from results. Included in this table for illustration
purposes - 2 months under Harmony Management.
Financial results
total operations
(rand/metric) (unaudited)
Quarter ended Quarter ended
31 March 2001 31 Dec 2000
Ore milled - t'000 3 823 4 058
Gold produced - kg 15 345 16 199
Gold price received - R / kg 68 124 66 984
Cash operating costs - R / kg 58 927 55 578
R'000 R'000
Gold Sales 1 045 366 1 085 067
Cash operating costs 904 228 900 311
Cash operating profit 141 138 184 756
Amortisation (47 197) (45 353)
(Loss)/gain on financial
instruments (4 155) 43 900
Rehabilitation provision reversal 450 354
Employment termination costs (449) (3 754)
Other income/(expenses) - net 8 952 (3 211)
Corporate expenditure (8 953) (8 233)
Exploration and new business (8 831) (9 608)
Profit before taxation 80 955 158 851
South African normal taxation
- Current tax (10 908) (23 147)
- Deferred tax 549 (26 149)
Net earnings after tax 70 596 109 555
* Earnings per share - cents
- Cash operating earnings 135 180
- Net earnings 68 107
Dividends per share - (cents) - 50
* Calculated on 104.3 million issued shares (December 2000: 102.8 million)
Elandskraal excluded in results
Abridged balance sheet (rand) (unaudited)
At At
31 March 2001 31 Dec 2000
R'000 R'000
Employment of Capital
Mining assets after
amortisation 3 909 732 3 878 791
Investments 468 178 455 071
Loans to share trusts 12 556 47 664
Net current assets/(liabilities) 45 327 (45 100)
(excluding cash)
Short-term investments
- Western Areas 74 457 86 537
Cash 340 526 326 883
4 850 776 4 749 846
Capital Employed
Shareholders' equity 3 266 670 3 186 246
Loans 610 621 596 747
Long-term provisions 374 448 375 229
Unrealised hedging loss 238 300 238 005
Deferred tax 360 737 353 619
4 850 776 4 749 846
Issued share capital: 104.3 million ordinary shares of 50 cents each.
(December 2000: 102.8 million)
Elandskraal excluded in results
Operating and financial results US$/imperial
Elands- Free Rand- Rand-
kraal* State Evander Evander Bissett Kalgold fontein fontein
Total Total U/g Surface Total Opencast U/g Surface Total
Ore milled
- t'000
Mar-01 511 1 458 661 57 71 237 1 098 63 4 216
Dec-00 - 1 451 623 93 68 258 1 205 776 4 474
Gold
Produced
- oz
Mar-01 80 119 175 124 119 697 1 897 9 484 8 874 159 788 18 487 493 351
Dec-00 - 172 424 119 183 2 154 10 578 13 664 176 507 26 299 520 809
Yield
- oz/tonne
Mar-01 0.157 0.120 0.181 0.033 0.134 0.037 0.146 0.029 0.117
Dec-00 - 0.119 0.191 0.023 0.156 0.053 0.146 0.034 0.116
Cash
Operating
Mar-01 278 258 189 205 384 320 227 266 234
Costs
- $/oz
Dec-00 - 262 189 245 344 211 215 214 227
Cash
Operating
Mar-01 43.66 30.97 34.02 6.84 51.27 11.98 32.98 7.75 27.43
Costs
- $/t
Dec-00 - 31.18 36.15 5.68 53.46 11.19 31.55 7.26 26.48
Working
Revenue
Mar-01 20 918 47 352 32 363 508 2 840 2 400 43 220 4 995 133 678
($'000)
Dec-00 - 47 231 32 642 588 2 981 3 749 48 383 7 199 142 773
Cash
Operating
Costs
Mar-01 22 310 45 152 22 485 390 3 640 2 840 36 212 4 912 115 631
($'000)
Dec-00 - 45 239 22 524 528 3 635 2 888 38 012 5 636 118 462
Cash
Operating
Profit
Mar-01 (1 392) 2 200 9 878 118 (800) (440) 7 008 83 18 047
($'000)
Dec-00 - 1 992 10 118 60 (654) 861 10 371 1 563 24 311
* Elandskraal: Excluded from results. Included in this table for illustration
purposes - 2 months under Harmony management.
Financial results
total operations (US$/imperial) (unaudited)
Quarter ended Quarter ended
31 March 2001 31 December 2000
Ore milled - t'000 4 216 4 474
Gold produced - oz 493 351 520 809
Gold price received - $ / oz 271 274
Cash operating costs - $ / oz 234 227
US$'000 US$'000
Gold Sales 133 678 142 773
Cash operating costs 115 631 118 462
Cash operating profit 18 047 24 311
Amortisation (6 035) (5 968)
(Loss)/gain on financial instruments (531) 5 776
Rehabilitation provision reversal 58 47
Employment termination costs (57) (494)
Other income/(expenses) - net 1 145 (423)
Corporate expenditure (1 145) (1 083)
Exploration and new business (1 130) (1 264)
Profit before taxation 10 352 20 902
South African normal taxation
- Current tax (1 395) (3 046)
- Deferred tax 70 (3 441)
Net earnings after tax 9 027 14 415
* Earnings per share - cents
- Cash operating earnings 17 24
- Net earnings 9 14
Dividends per share - (cents) - 7
Prepared in accordance with International Accounting Standards.
Currency conversion rates: US$1 = R7.82 (December 2000: R7.60)
Calculated on 104.3 million issued shares (December 2000: 102.8 million)
Elandskraal excluded in results
Abridged balance sheet
(US$) (unaudited)
At At
31 March 2001 31 December 2000
US$'000 US$'000
Employment of Capital
Mining assets after amortisation 499 966 510 367
Investments 59 869 59 878
Loans to share trusts 1 606 6 272
Net current assets/(liabilities) 5 796 (5 934)
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Die amerikanischen Minen dürften nicht mitspielen, das stimmt.
Aber die bräuchte man auch nicht.
Ich glaube übrigens, die Südafrikaner würden sich einen Dre... um US-Handelsgesetze scheren.
Erstens operiert von ihrem Land aus das einzige seit Jahrzehnten perfekt funktionierende Kartell (DeBeers) der Welt und zweitens führen sie gerade einen Prozess gegen so ziemlich die gesamte Pharmaindustrie weltweit, weil sie (staatlich!) internationales Patentrecht verletzen (es geht um die teuren AIDS-Medikamenten, deren Preise vom internationalen PharmaKARTELL hochgehalten werden).
Gegen die Opec schreit auch keiner mehr.
Oder haben wir in Deutschland etwa keine Bankkartelle? Oder Versicherungskartelle? Oder glaubt noch jemand das Märchen vom freien Wettbewerb?
Im Kapitalismus gibt es eben nur eine Möglichkeit, wirklich viel Geld zu verdienen und das ist das Monopol.
Und wenn man es nicht schon hat, dann ist ein Kartell die gängige Art, es sich zu beschaffen.
Gruß
R.
>>Warum schließen sich die nicht-gehedgten Minen nicht zu einem Kartell zusammen?
>>Der Goldmarkt ist so überschaubar, dass ein Zusammenschluss weniger Großproduzenten den Gesamtmarkt umfassend manipulieren könnte.
>>Sie sollten von De Beer zu lernen, wie man ein funktionierendes Weltmonopol aufbaut. Stattdessen hofft man offensichtlich einfach nur, den"shake-out" zu überleben. Das ist auch letztlich die Motivation für die Vorwärtsverkäufe so vieler Minen, die nicht nur den eigenen Absatz sichert, sondern auch die Preise für die Konkurrenz vermasselt.
>>Dieser vermeintliche Pluspunkt der Barrick und Konsorten Minen, würde sich bei einer Kartellbildung der nicht gehedgten Minen in sein Gegenteil verkehren.
>>Allein die Bildung des Kartells würde die Preise in die Höhe treiben. Das würde die Hedger zur Eindeckung zwingen und den Preis weiter erhöhen. In diesem Moment könnte das Kartell diese Minen schlucken, dann könnten sie den Preis wieder drücken und die restlichen Minen einsammeln.
>>Gegen eine solche Produzentenmacht wären dann auch die Notenbanken machtlos.
>>Aber statt sich solche konstruktiven Überlegungen zu machen, reiben sie sich in Versuchen auf, sich gegenseitig zu übernehmen.
>>Und dann noch diese Frechheit:
>>The time has probably come
>>>for gold producers to be transparent to their shareholders in respect of the
>>>true outlook for production and earnings growth at the current gold prices.
>>Ja wo samma denn?
>>Bisher nur Märchenstunden abgehalten, oder wie?
>>Grüße
>>R.
>Hallo Rumpi,
>schön, daß Du Dich mal wieder meldest. Also, soweit ich weiß, sind in USA Kartelle verboten. Es gibt vielleicht paar Ausnahmen wie bei uns auch, die Minen dürfen dort jedenfalls keine Kartelle bilden. Ich weiß leider nicht, wie es in SA aussieht und Mails an Harmony wurden leider noch nicht beantwortet. Ich versuche es wieder und werde diese Frage stellen. Außerdem weiß die Regierung in SA, daß die Minenindustrie für ihr Land sehr wichtig ist und könnte ja notfalls ein Pro-Goldkartell-Gesetz erlassen wenn jetzt noch ein Verbot bestehen sollte. Tun sie das, werden die Amis und die anderen westlichen"freien" Staaten brüllen wie tollwütige Hunde. An Stelle der Südafrikaner würde ich mich aber einen Dreck drum scheren, schließlich wird ihre Industrie durch Betrug und Manipulation seit Jahren ruiniert. Schau mer mal. Ich maile sie an.
>Machs gut!
>jan
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>Die amerikanischen Minen dürften nicht mitspielen, das stimmt.
>Aber die bräuchte man auch nicht.
>Ich glaube übrigens, die Südafrikaner würden sich einen Dre... um US-Handelsgesetze scheren.
>Erstens operiert von ihrem Land aus das einzige seit Jahrzehnten perfekt funktionierende Kartell (DeBeers) der Welt und zweitens führen sie gerade einen Prozess gegen so ziemlich die gesamte Pharmaindustrie weltweit, weil sie (staatlich!) internationales Patentrecht verletzen (es geht um die teuren AIDS-Medikamenten, deren Preise vom internationalen PharmaKARTELL hochgehalten werden).
>Gegen die Opec schreit auch keiner mehr.
>Oder haben wir in Deutschland etwa keine Bankkartelle? Oder Versicherungskartelle? Oder glaubt noch jemand das Märchen vom freien Wettbewerb?
>Im Kapitalismus gibt es eben nur eine Möglichkeit, wirklich viel Geld zu verdienen und das ist das Monopol.
>Und wenn man es nicht schon hat, dann ist ein Kartell die gängige Art, es sich zu beschaffen.
>Gruß
>R.
>>>Warum schließen sich die nicht-gehedgten Minen nicht zu einem Kartell zusammen?
>>>Der Goldmarkt ist so überschaubar, dass ein Zusammenschluss weniger Großproduzenten den Gesamtmarkt umfassend manipulieren könnte.
>>>Sie sollten von De Beer zu lernen, wie man ein funktionierendes Weltmonopol aufbaut. Stattdessen hofft man offensichtlich einfach nur, den"shake-out" zu überleben. Das ist auch letztlich die Motivation für die Vorwärtsverkäufe so vieler Minen, die nicht nur den eigenen Absatz sichert, sondern auch die Preise für die Konkurrenz vermasselt.
>>>Dieser vermeintliche Pluspunkt der Barrick und Konsorten Minen, würde sich bei einer Kartellbildung der nicht gehedgten Minen in sein Gegenteil verkehren.
>>>Allein die Bildung des Kartells würde die Preise in die Höhe treiben. Das würde die Hedger zur Eindeckung zwingen und den Preis weiter erhöhen. In diesem Moment könnte das Kartell diese Minen schlucken, dann könnten sie den Preis wieder drücken und die restlichen Minen einsammeln.
>>>Gegen eine solche Produzentenmacht wären dann auch die Notenbanken machtlos.
>>>Aber statt sich solche konstruktiven Überlegungen zu machen, reiben sie sich in Versuchen auf, sich gegenseitig zu übernehmen.
>>>Und dann noch diese Frechheit:
>>>The time has probably come
>>>>for gold producers to be transparent to their shareholders in respect of the
>>>>true outlook for production and earnings growth at the current gold prices.
>>>Ja wo samma denn?
>>>Bisher nur Märchenstunden abgehalten, oder wie?
>>>Grüße
>>>R.
>>Hallo Rumpi,
>>schön, daß Du Dich mal wieder meldest. Also, soweit ich weiß, sind in USA Kartelle verboten. Es gibt vielleicht paar Ausnahmen wie bei uns auch, die Minen dürfen dort jedenfalls keine Kartelle bilden. Ich weiß leider nicht, wie es in SA aussieht und Mails an Harmony wurden leider noch nicht beantwortet. Ich versuche es wieder und werde diese Frage stellen. Außerdem weiß die Regierung in SA, daß die Minenindustrie für ihr Land sehr wichtig ist und könnte ja notfalls ein Pro-Goldkartell-Gesetz erlassen wenn jetzt noch ein Verbot bestehen sollte. Tun sie das, werden die Amis und die anderen westlichen"freien" Staaten brüllen wie tollwütige Hunde. An Stelle der Südafrikaner würde ich mich aber einen Dreck drum scheren, schließlich wird ihre Industrie durch Betrug und Manipulation seit Jahren ruiniert. Schau mer mal. Ich maile sie an.
>>Machs gut!
>>jan
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