Financialnewsmedia.com News Commentary
PALM BEACH, Florida, Aug. 8, 2019 /PRNewswire/ -- There are many reasons why the price of gold fluctuates, but one of the current reasons is the intensifying U.S.-China trade war which is perceived to threaten global economic growth. In times of uncertainty, gold is seen as the one commodity that will retain its value no matter the outcome. Just this past week, due to the U.S.-China trade war, gold prices strengthened to their highest point in more than 6 years. An article on CNBC said: "There is a great deal of uncertainty in terms of economic growth especially concerning U.S.-China trade frictions. Given the increased volatility in U.S. and global stock markets, gold is receiving support as result of that," said Jeff Klearman, portfolio manager at GraniteShares." It continued: "There is a great deal of uncertainty in terms of economic growth especially concerning U.S.-China trade frictions. Given the increased volatility in U.S. and global stock markets, gold is receiving support as result of that." With that as the current background another article by another publication CNBC said: "As the gold price began to decline after hitting its peak in 2011, gold mining companies began shifting their focus to maximizing value over volume, with greater emphasis on delivering returns to stakeholders than on increasing production". Active companies in the markets this week include Yamana Gold Inc. (NYSE: AUY), Kinross Gold Corporation (NYSE: KGC), Beliss Corp. (OTCPK: BLIS), Asanko Gold Inc. (NYSE: AKG), B2Gold Corp. (NYSE: BTG).
Uncertainty over global growth, trade wars, the Federal Reserve's cautious outlook on interest rates and recent M&A deals have lifted interest in gold operations overall. As the gold price began to decline after hitting its peak in 2011, gold mining companies began shifting their focus to maximizing value over volume, with greater emphasis on delivering returns to stakeholders than on increasing production. Recent M&A deals tie into this theme as companies look to unlock synergistic cost savings through lower average costs and increased value. This shift has seen gold production remain relatively constant among the top 30 gold mining equities between 2014 and 2018, at about 43 million ounces per year, with a 3% increase expected in 2019. The consensus earnings margin outlook of 30% for gold mining equities is supported by our view on 2019 all-in sustaining cost, or AISC, margins at 33%.
Beliss Corp. (OTCPK: BLIS) BREAKING NEWS: – Treasure & Shipwreck Recovery, Inc. ("TSR" or "the Company"), currently trading as Beliss Corp. announces that it anticipates shortly starting work on a cluster of shipwrecks, which have already been discovered by its COO, Dr. E. Lee Spence, off Cape Romain, South Carolina.
The wrecks appear to date from the 1600s through the late 1800s. Dr. Spence owns the shipwrecks through a federal district court order and has entered into an exclusive agreement with the Company for their salvage. They are inside U.S. Territorial waters offers strong legal protection of ownership, yet outside of South Carolina state waters meaning the Company does not have to share any recovery with the State. Although Dr. Spence has previously done some preliminary investigation and salvage on the wrecks, they have remained largely untouched since their loss and this will be the very first work done on the wrecks by the Company.
During Spence's preliminary work on these wrecks, which included extensive scientific surveys using magnetometers and side-scanning sonars, Spence and his divers located and recovered the following antiques and treasures: two 18th century cannons; a couple flintlock pistols and several muskets; numerous musket balls and cannon balls; over a dozen fine crystal decanter stoppers; numerous pieces of silver and pewter flatware (forks, spoons, plates, saucers) and hollowware (bowls); pewter candy molds; silver, brass and pewter buttons; dozens of thimbles (one of high carat gold); over a hundred crosses and crucifixes of various sizes and designs, which were being carried as cargo; a gold bracelet; pieces of gold chain; and even an extremely rare "Lover's Eye Locket" made of gold with beautiful, almost iridescent, black pearls. Lover's Eye Lockets were popular in the late 1700s as gifts from a man to his secret love or mistress, instead of the man's portrait, which might be identified by others, the lockets had only a painting of his eyes.
Hundreds of other valuable items, including handmade silver coins dating back to the late 1600s, were also recovered, but Dr. Spence says each of his earlier efforts were of relatively short duration. He believes that what has already come up was just a small taste of what is yet to be found. Based on his research, Spence believes that some of the artifacts were from a shipment destined to a jeweler in either Charleston or Savannah. He expects the Company to find lots of gold and silver in the form of both rare coins and jewelry. Read this and more news for BLIS at: https://www.financialnewsmedia.com/news-blis/
Other recent developments in the gold/mining industries include:
Yamana Gold Inc. (NYSE: AUY) announced this week the Reference Yields and Consideration payable in connection with its previously announced cash Tender Offer for its 4.78% Senior Notes due 2023 (Series B), 4.95% Senior Notes due 2024 and 4.625% Senior Notes due 2027 (collectively, the "Fixed Spread Notes"). Capitalized terms used but not otherwise defined in this press release have the meanings given to those terms in Yamana's Offer to Purchase dated July 5, 2019 (the "Offer to Purchase").
The table below sets forth the Reference Yield for each series of Fixed Spread Notes based on the bid-side price of the applicable UST Reference Security as displayed at 2:00 p.m., New York City time, on August 5, 2019 on the relevant Bloomberg reference page specified in the Offer to Purchase and the Consideration payable for each $1,000 in principal amount of Fixed Spread Notes tendered, subject to the terms and conditions of the Offer to Purchase.
Kinross Gold Corporation (NYSE: KGC) recently announced an agreement with N-Mining Limited ("N-Mining") to acquire Chulbatkan, a high-quality, heap leach development project with significant upside potential and low relative execution risk, for total fixed consideration of $283 million, including approximately $113 million in cash and approximately $170 million in Kinross shares. In addition, N-Mining will have the right to economic participation equivalent to a 1.5% net smelter return (NSR) payment and contingent consideration linked to future reserve additions.
"Chulbatkan is an exciting high-quality development project with significant upside potential and low relative execution risk located in a country where we have had extensive experience and success, and maintain a strategic and competitive operating advantage," said J. Paul Rollinson, President and Chief Executive Officer.
Asanko Gold Inc. (NYSE: AKG) recently provided an overview of its planned exploration program for the second half of 2019 as operators of the Asanko Gold Mine ("AGM") in Ghana, West Africa, which is a 50:50 Joint Venture between the Company and Gold Fields Limited - The Company's drilling program for the second half of 2019 has two main objectives:
1. To delineate new resources within 10km of the 5Mtpa processing facility that can be brought into the near-term mine plan, initially targeting Tontokrom, Opeimu and Kaniago West.
2. To investigate the potential for a major discovery at Fromenda, a previously drilled exploration target located 20km south of the existing processing facility.
B2Gold Corp. (NYSE: BTG) recently announced its operational and financial results for the second quarter and first-half of 2019. All dollar figures are in United States dollars unless otherwise indicated.
On July 2, 2019, B2Gold and Calibre Mining Corp. ("Calibre") announced that they had entered into an agreement for B2Gold to restructure its interests in, and for Calibre to acquire, El Limon and La Libertad mines (see "B2Gold and Calibre Join Forces in Nicaragua" section below). The Company expects the sale to be completed early in the fourth quarter of 2019. Accordingly, the Company has classified its El Limon and La Libertad mines as discontinued operations for the three and six months ended June 30, 2019 and 2018 for financial reporting purposes. Read more here
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