Coube à Avgold, uma júnior sul-africana, dar o pontapé de saída da "earnings season" para as empresas mineiras do sector do Ouro.
Devido às suas posições "hedged", a Avgold registou um prejuízo por acção de 12 cents no 3º trimestre, face a um lucro de 2 cents por acção no trimestre anterior (JUN03).
Excluíndo os "hedges" o resultado teria sido de 6 cents por acção (ou seja, um crescimento de 200%)
A Avgold tem 72% (!!!) da sua produção futura (até Jun 2006) vendida sobe a forma de hedge (preço garantido). Para investidores, como eu, que acreditam em preços futuros para Ouro acima dos $400, este tipo de empresas não devem constar de qualquer portfólio de acções mineiras.
------------------------------------------------------------------------------------------------ Avgold reports third quarter loss
Posted Wed, 22 Oct 2003
Junior gold miner Avgold on Wednesday reported a headline loss per share of 12 cents for the September quarter from a two cent profit in the June quarter.
However, headline earnings per share before unrealised non-hedge derivatives rose to six cents in the September quarter from two cents in the June quarter.
Revenue declined to R244.190-million from R260.728-million in the June quarter but operating profit rose to R42.890-million from R33.174-million.
Gold sold for the September quarter rose to 99 626 ounces from 98 873 oz.
The company's cash cost declined to R41 018 per kilogram from R56 151/kg previously but in US dollar terms rose to $171/oz from $168/oz.
Avgold's total cost fell to R64 818/kg from R73 932/kg but in US dollar terms rose to $270/oz from $221/oz.
During the September quarter, Avgold completed its pre-feasibility study in the northern Free State and the phased two-shaft approach was found to be the most viable. The northern Free State pre-feasibility study was presented to the Avgold board in October.
The study evaluated several options for accessing what is one of the largest unexploited gold resources in the world.
The study has demonstrated the solid growth prospects at Target North and the potential to access Sun, neighbouring Target North to the north-west.
"This quarter marked a substantial improvement in the operational and financial performance of the company with significant increases in production and earnings. This follows an ongoing exercise to optimise the mine design and to be cost efficient," Avgold Managing Director Jan Steenkamp said.
"We are excited about the prospects for developing the resource north of Target and are encouraged by the results of the pre-feasibility study," he added.
As at 30 September 2003, Avgold's hedge book represented 72 percent of forecast gold production to June 2006 and had a mark-to-market value of a negative R331-million.
This was calculated at a gold price of $385/oz and an exchange rate of R7 to the US dollar.
Regarding prospects, Avgold said the company was confident about achieving its production objective of 350 000 oz for the year to 30 June 2004 and are committed to maintain the critical path and optimise the ore body extraction.
In the 2003 financial year, Avgold's Target mine produced 294 339 oz of gold.
"We are fully focused on achieving cost efficiencies and expect to minimise our cash costs. Earnings will however continue to be affected by future fluctuations in the rand/US$ exchange rate," Avgold said.
O Clubeinvest.com informa que nenhuma da informação
aqui facultada deverá ser entendida como conselho ou recomendação
de qualquer tipo de transacção ou investimento.
