Новости проекта «Селигдар»
Создание золотодобывающего холдинга
Сентябрь, 2009 г.
|
CONTENTS
TRENDS OF THE INTERNATIONAL GOLD MARKET …………………………….…3
NEWS OF THE RUSSIAN COMPANIES …….…………………………………………4
TRANSACTIONS ON THE GOLD MARKET ….………………………………………..7
CAPITALIZATION OF SELIGDAR OJSC…………………………………..……………8
SELIGDAR HOLDING NEWS………….………………………..………….……… ….9
SELIGDAR HOLDING – CORPORATE ACTIONS
AND PREPARATIONS FOR IPO…………………………… ………………………….13
MARKET NEWSIn September, the upwards trend was maintained on the markets of precious metals. Increased exchange rate of major currencies, primarily yen and Euro, catalyzed growth of gold prices in excess of the psychologically important threshold of $1000/ounce. Besides that, other events affecting the prices for precious metals were abundant in September. Among them is the growth of trust of investors to the markets as a consequence of the initiated recovery of the world economics after prolonged recession lasting from the middle of last year. During the second decade of September, most of the leading countries of the world reported beginning of recovery of industries and increasing confidence of the consumers. This all resulted in a rally not only at the raw material markets, but also at stock markets with consequential growth of prices on them. The markets of USA kept being dominated by the policy of providing additional liquidity, causing growth of speculative attitude and fueling bull operations at stock exchange and raw material markets. However, the current prices of raw materials are getting less and less dependent on the American currency exchange rate, and over the recent weak no high correlation was observed at these markets. This resulted from impossibility to cope with the oscillations of liquidity, wherefore the investors are beginning to prefer other currencies, thus pumping the prices nominated in US dollars up. In the near future, negative trends can return to the raw material market. This will be associated with (possible) termination of the liquidity pump up program in USA, which will cause dollar exchange rate to grow. However, the current situation in general is not favorable for growth of American currency, and the dollar is most likely to be traded to Euro within the 1.39-1.46 window until beginning of the next fiscal year (November). Lack of correlation between currency exchange rates and cost of raw materials will not allow, even in case of US dollar strengthening, the raw material prices to decrease significantly. Therefore, we expect high prices to be maintained on the markets, including the market of precious metals. Most likely, gold will rebound at the $1030/ounce resistance level and return to lower range in mid October. Price of silver is predicted at $17.8-18.5/ounce. Platinum prices are also growing with the target at $1400/ ounce. | Gold prices at LME (July 2009-Sept. 2009)
Silver prices at LME (July 2009-Sept. 2009)
Platinum prices at LME (July 2009-Sept. 2009)
RF Central Bank book prices for refined precious metals for the period of 01-23/09/ 09 (rub./g)
|
NEWS OF THE COMPANIES |
Highland Gold has increased net profit by 70% in the first half of the year British Highland Gold mining gold in Russia has increased net profit by 70% in the first half of the year compared to the first half of last year – to $38.1 million, reports the company. The revenues of the company increased by 3% and reached $78.8 million in the first half of the year. The growth is achieved at the expense of increased output of Mnogovershinnoye deposit site in Khabarovsk region. During the first half of the year, Highland sold 83.86 thousand ounces of gold at the average price of $910 per ounce, whereas over the same period of last year the sales amounted to 81.036 thousand ounces at the average price of $909 per ounce. The output of Mnogovershinnoye, which is the only operational deposit site of Highland, over six months amounted to 78.421 thousand ounces, having increased by 14%. EBITDA increased over the six months by 33% and reached $27.3 million compared to $20.6 million over the first half of last year. Growth of EBITDA is caused by increased sales of gold along with decreased expenditures. The company managed to decrease its expenses by 3% - to $50.1 million, including decrease of operational costs by 9%, to $35,3 million. Average prime cost of an ounce of gold decreased to $514 compared to $574 over the first half of last year. Capital costs of the company during the first half of the year amounted to $15.7 million versus $43.7 million over the first half of last year. Substantial decrease of investments is primarily attributable to sale of Mayskoye deposit to Polymetal. In the same time, it is stated in the memo that the company continues implementation of the project of development of Novoshirokinskoye site, and, according to the licensing conditions, will start pilot mining on October 1. Company also informs, that in July it signed a credit agreement with UniCredit bank for $15 million and in September – an agreement with Gasprombank for $25 million. The credits will be used for financing the investment program. |
Polymetal conducts negotiations with EBRD and UniCredit to attract $150 million As reported in the presentation made by Vitaly Nesis at Denver forum of gold miners, “Polymetal” OJSC (RTS: PMTL) conducts negotiations with EBRD and UniCredit for a credit of at least $150 million. The funds are to be used for refinancing short term debt, which amounted to $340 million as of the end of June. 56% of the debt is in rubles. The credit rate of the ruble part of the debt is 18% annually, of dollar part dollar – 11% annually. The company is also issuing 3-year bonds for the total of 5 billion rubles in September-October current year in order to refinance the debt. |
Shareholders of Polymetal approved restructuring Varvarinskoye debt. At the special general meeting of September 16, the shareholders of “Polymetal” OJSC (RTS: PMTL) approved the transactions aimed at restructuring the debt of Varvarinskoye JSC, which the company intends to purchase from Orsu Metals, informs the company. The shareholders approved “surety agreement, pledge agreement, loan agreement, agreement on establishing a collateral in the form of cession of rights, and agreement on revision and amendment” between Varvarinskoye and consortium of the creditor banks As it was reported earlier, Polymetal intends to pay for Varvarinskoye gold and copper deposit in Kasakhstan $8 million in cash at the moment of transaction, and up to $12 million mover in deferred payment. It will also assume the debts and hedging liabilities of the company if an agreement on restructuring the debts and liabilities can be reached. Prior to the transaction, Orsu had debts and hedging liabilities associated with Varvarinskoye before a syndicate of banks including Investec Bank, Nedbank Limited and Natixis Bank: repayment of credits in the amount of about $73 million and forward contracts for 338.468 thousand ounces of gold at the price of $574,25 per ounce with total estimated cost of about $140 million. |
“Polyus” will pay 6.55 rubles per share for half a year. The shareholders of “Ployus Zoloto” OJSC (RTS: PLZL) decided at the special meeting of September 14 to pay dividends for the first half of 2009 in the amount of 6.55 rubles per share, informs the company. Total amount of payments will thus be 1.249 billion rubles, or 78% of net profit of “Polyus” according to RFRS for the first half of the year. As was reported earlier, “Polyus” decided not to pay any dividends in 2008 because of negative net profit according to RFRS. In the same time, the management was tasked to investigate the possibilities for paying dividends for first half of the year. The charter capital of Polyus is 190,6 million of ordinary shared with the nominal price of 1 ruble. The major shareholders are Suleyman Kerimov owning through Nafta Moskva 36.88% of shares of Polyus and Mikhail Prokhorov controlling about 40%. The shareholders also approved at the meeting of September 14 a transaction to purchase shares of the subsidiary – “Polyus” CJSC. “Polyus Zoloto” OJSC plans to acquire the shares of additional issue of “Polyus” CJSC for the total amount of 3.2 billion rubles (16 additional shares with the nominal price of 400 rubles at the placement cost of 200 million rubles per share). The additional issue is intended, in particular, for the purpose of financing the investment program of “Polyus” CJSC and obtaining floating assets for the enterprises of Polyus group. |
"Polyus" intends to complete integration of KazakhGold by the end of the year “Polyus Zoloto” OJSC (RTS: PLZL) purchased in August 50.1% of shares of KazakhGold and plans to complete integration of the acquired asset into the company by the end of the year, as reported in the presentation prepared by Polyus for Denver Gold Forum. "Presently Polyus is establishing the new organizational structure of KazakhGold, integrating it into the busyness processes of the group, including development of the priority measures plan and inclusion into unified planning and reporting system”, - states the presentation. As was reported earlier, on August 17 four representatives of Polyus were included into the Board of Directors of KazakhGold – the Director General of Polyus Evgeny Ivanov, deputy Director for strategy and corporate development German Pikhoya, deputy Director for economics and finance Oleg Ignatov and deputy Director for production Boris Zakharov. E. Ivanov was elected a chairman of the Board and Chief Executive Officer of the company. The Board of Directors of KazakhGold consists of 7 persons. David Neverway (independent director, Director General of Shield Mining Limited) and Aydar Asssaubayev maintained their seats in the Board. Steven Oak was elected as another independent director. "Polyus" acquired 50.1% of shares of the Khazakh company, having paid for the package with cash and shares: shareholders of KhazakhGold ultimately received $7.18 in cash and 0.064 of a share of Polyus per their share. As was reported earlier, after closing the transaction KazakhGold will make additional issue in the amount of $100 million at the price of $1.5 per share, and Polyus will buy at least 50.1% of the issued securities. The remaining securities will be offered to the major shareholders of the Kazakh company. The additional issue is expected in September-October 2009. KazakhGold, the largest gold miner in Kazakhstan, is a parent company of “Kazakhaltin” Mining and Metallurgy Complex (MMC); in 2007 it produced 7.4 tons of gold. The main assets of the company include the deposit sites Aksu, Bestube and Zholimbet located in the northern part of the republic. These three deposits have cumulative reserves of about 60 million ounces, over the last 2 years over 300 thousand ounces of gold have been produced there. At Aksu site two gold extraction factories (GEF) and heap leaching plant are in operation, at Bestube – one GEF and a heap leaching plant. At Zholimbet – a GEF. Besides that, construction of additional facilities to process tailings is ongoing at all three sites with the throughput of up to 2 million tons of ore each. KazakhGold also owns a number of assets in East Kazakhstan, Romania and Kirgizia. Total reserves of KazakhGold are 59.6 million ounces of gold, JORC reserves – 34.5 million ounces. "Polyus" is acquiring KazakhGold having paid $13 per ounce of reserves. |
ARMZ intends to announce a competitive bid for selection of the general designer of Elkon MMV before the end of the year. Atomredmedzoloto OJSC intends to announce a competitive bid for selection of the general designer of the plant for development of uranium deposit in Yakutia before the end of the year, informed journalists the head of ARMZ Vadim Zhivov in the sidelines of the symposium of the World Nuclear Association. According to him, the company has recently completed the activities to justify investments into the project, but it sees additional possibilities for optimization and decrease of costs. Therefore, ARMZ intends to carry out implementation of the project on its own for the near future, and only at subsequent stages it will be prepared to attract the capitals of foreign partners into it. “We don’t want to make a bad bargain. We are not interested in selling (the share in Elkon project – note by IF) at current price without credit taken for future opportunities”, - said V Zhivov. In particular, he mentioned possibilieies to increase the percentage of extraction of gold, which is to be mined at Elkon besides uranium. Besides, ARMZ will be looking for optimization of uranium extraction technologies, with potential subsequent increase of the project worth. “We believe, that we should rather work on our own during 2010, we can afford it”,- stated V. Zhivov. He added that a decision has already been made to transfer into ARMZ the institute of industrial technologies (VNIPIPT). The company is also investigating the possibility of establishing an engineering center, mentioned the head of ARMZ. Besides that, the holding continues to cooperate with Canadian Cameco on geological survey in the North-West of Russia. A joint venture for that purpose – “Karhu” – can start working before the end of this year. All the necessary licenses have already been obtained. |
Peter Hambro offers to buy back the remaining bonds in the gold equivalent for $53 million British Peter Hambro Mining, which conducts gold mining operations in Russia, offers to buy back the 7% bonds in the gold equivalent remaining in circulation with the maturity date of 2012 for $53 million, informs the company. The company wants to settle this part of its debt in order to strengthen its financial standing. The bonds cam be redeemed at the price of в $109 thousand for the papers for the amount of $100 thousand before 19:00 Moscow time, September 9 and at the price of $104 thousand for $100 thousand before 19:00 Moscow time, September 22. The results will be announced within 5 days after September 29. Earlier the company already redeemed the securities of that issue for the total of $40 million. As it was reported earlier, this April Peter Hambro reunited with Aricom, which is developing iron ore and ilmenit deposits at Far East of Russia. As a result of merger of the two companies, a mining leader of the Russian Far East was formed with its gold and iron assets having market capitalization of about $1,15 billion. |
GOLD MAKET | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ITALIZATION OF THE WORLD’S GOLD MINING COMPANIES and calculated coefficients (as of )
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CURRENT CAPITALIZATION OF THE CIS GOLD MINING COMPANIES |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalization of “Seligdar” OJSCWe consider the assessment of Seligdar Holding based on the coefficients of Russian analogues and of the foreign companies with substantial part of their business being related to Russian project to be feasible.
The assessment of Seligdar Holding based on the coefficients of similar companies is as follows: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
* - total capitalization of all companies included into the table divided by the corresponding total (e. g., output) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Thus, in the opinion of the analysts of Russian Funds investment group, taking into account the growth of gold prices at the world market in 2009, the estimated capitalization of the Holding corresponds to $450 million . The weighting factors for assessment of capitalization based on output and based on reserves were assumed equal – 0.5. |
|
Из за большого объема этот материал размещен на нескольких страницах:
1 2 3 |
