Board-Ansicht
Mix-Ansicht- Wieder mal der alte Trick - R.Deutsch, 05.03.2003, 09:20
- nur am Rande - MC Muffin, 05.03.2003, 09:46
- Ausgerechnet Newmont der"Rohrkrepierer" was gut ist - Emerald, 05.03.2003, 09:59
nur am Rande
-->>Ähnlich wie bei Flowtech einfach Sachen verkaufen, die es gar nicht gibt. Yandal hat 60% mehr Gold verkauft, als überhaupt in der Mine steckt.
>By Steve Maich
>Financial Post (National Post), Canada
>smaich@nationalpost.com
>March 4, 2003
>http://www.nationalpost.com/search/site/story.asp?id=2E027DDE-4401-
>49AF-85ED-980113D219CF
>After months of wondering what nasty
>surprises might be lurking in the hedge books
>of the world's major gold miners, the market
>is now getting a look at the industry's first
>bonafide hedging disaster.
>The situation now unfolding at Newmont Mining
>Corp.'s Yandal project in Australia is enough
>to send a chill through any investor who's
>ever wondered what might happen if a heavily
>hedged producer lost control of its
>derivatives exposure. In the case of Yandal,
>Newmont might be forced to walk away from an
>otherwise profitable mine that produces about
>650,000 ounces of gold each year.
>Standard & Poor's cut its credit rating on
>Newmont's Yandal operations by three notches
>to junk status yesterday, after reviewing the
>project's hedging exposure, released by
>Newmont last week. The project's credit
>rating now sits three levels below investment
>grade, and its outlook has been lowered to
>"negative" from"stable."
>"Without support from Newmont or a material
>change in current conditions, it is unlikely
>that Newmont Yandal will be able to pay its
>2005 settlement exposures," S&P analyst
>Thomas Watters said."With this additional
>information, it increases the uncertainty
>surrounding parental support [from Newmont]."
>Even by the gold industry's relatively
>aggressive standards, Yandal's derivatives
>exposure is stunning. The unit has 3.4
>million ounces of gold committed through
>hedging contracts that had a market value of
>negative US$288 million at the end of 2002.
>That would be a problem for any major
>producer, but the situation is particularly
>dire for Yandal because the development's
>total proven and provable gold reserves are
>just 2.1 million ounces. In other words, the
>project has, through its hedging contracts,
>committed to sell 60% more gold than it
>actually has in the ground.
>Making matters worse, the mine's
>counterparties can require Yandal to settle
>the contracts in cash, before they come due.
>In all, about 2.8 million ounces are subject
>to these cash termination agreements by 2005,
>which could cost the company US$223.7 million
>at current market prices.
>With insufficient gold to meet its
>obligations, and just US$58-million in cash
>to make up the difference, bankruptcy may be
>the only option available to Yandal, analysts
>said.
>Comparing Yandal's reserves to its hedging
>liabilities"suggests that the Yandal assets
>may be worth more dead than alive," CIBC
>World Markets analyst Barry Cooper said in a
>report to clients.
>All this is raising even bigger questions
>about the impact that the Yandal situation
>might have on the industry's other major
>hedgers. Companies such as Canada's Barrick
>Gold Corp. and Placer Dome Ltd. have lagged
>the sector's strong rally of the past year,
>largely because many investors and analysts
>distrust the companies' derivative
>portfolios.
>A high profile blow-up for Newmont, the
>world's biggest producer, could"send bigger
>shock waves" into other hedged companies, as
>investors try to avoid the uncertainty
>surrounding derivatives, CIBC's Mr. Cooper
>said.
Das Rückkaufpotenzial bei ( dem auch das Interesse besteht es zurück zu kaufen ) wird bei 5000 Tonnen geschetzt.
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