Sonntag, 26. Oktober 2014

Nordgold: Wachstumsstarker Goldproduzent mit Fokus auf Emerging Markets

Der Aktienkurs des relativ unbekannten, russischen Goldproduzenten Nordgold (LSE:NORD) steht wie die meisten Kurse der Goldkonzerne aktuell stark unter Druck, obwohl die Gesellschaft starke Fundamentaldaten und Fortschritte vorweisen kann.

Nordgold nimmt die Meilenstein-Marke von einer Millionen Goldunzen in der Jahresproduktion bereits ins Visier und treibt erfolgreich ein diversifiziertes Projektportfolio voran. Unter anderem entwickelt Nordgold mit dem kanadischen Juniorminer Columbus Gold (TSX-V:CGT) ein Multi-Millionen Goldunzen schweres Goldprojekt in Französisch Guyana, welches das nächste große Wachstumsprojekt des ambitionierten Goldförderers werden kann.

Sobald sich ein Boden in der Goldminenbranche abzeichnet und Aktien von russischen Konzernen bei den Anlegern weltweit wieder höher im Kurs stehen, hat Nordgold großes Potential eine sehr lukrative Turnaround-Story zu werden. Die aktuelle Börsen-Bewertung von lediglich rund 500 Mio. USD steht in allen Relationen zu den Fundamental-Daten auf einem extrem niedrigen Niveau.

Unsung gold miner nears million oz/year mark

Nord Gold has again seen increased Y-on-Y gold output from its operations in the FSU and West Africa.
Author: Lawrence Williams
Posted: Wednesday , 22 Oct 2014 

Russian owned and London listed gold miner, Nord Gold, seems to have a relatively low key publicity policy compared with many of its peers keeping it under the radar as far as many investors are concerned, and also tends to be exceedingly conservative in its production guidance. 
For example, having already produced 746 900 ounces of gold this year, with a quarterly rise to 270 600 ounces in Q3, it is still guiding annual production as likely to be at the top end of the 900-950 000 ounce range. However, short of a substantial fall-off in gold output in Q4 it looks to be headed to enter the Tier 1 group of gold miners this year exceeding 1 million ounces of gold - and growing.  While this may not quite put it among the world’s top 10 gold miners in 2014, it is certainly getting close.

Admittedly, a repeat of last year’s Q4 gold output figure of 201 400 ounces would indeed have it just meet guidance as noted, but it’s not a case where the company is likely to see a fall-off in gold output for seasonal reasons in Q4. Indeed last year its Q4 production was 4% higher than its Q3 output and if this kind of performance is repeated this year it could easily see 2014 total gold output of comfortably over 1 million ounces, perhaps 60 or 70 000 ounces above its quoted guidance figure.

Nord Gold has been building output both through bringing new gold mining operations on stream, expansion of existing mines and, perhaps most importantly through strategic acquisitions. It now operates in four countries across two continents, and is making moves into a third continent with the acquisition of a stake in Columbus Gold, and therefore claims to be one of the most geographically diversified companies in the industry. 
It is a dividend-paying pure-play gold producer strategically focused on emerging markets, and has just announced strong Q3 numbers: 6% growth in revenue and 11% increase in output year on year despite the challenging gold price environment.

It now operates nine mines and has two development projects, four advanced exploration projects and a diverse portfolio of early-stage exploration projects and licenses in Russia, Kazakhstan, Burkina Faso, Guinea and French Guiana and employs about 10 000 people worldwide. It reckons to have achieved a growth profile unmatched in the industry since its formation as a gold producing subsidiary of Russian steel company Severstal back in 2007.

The company notes that in the first nine months of 2014, eight out of its nine mines achieved a year-on-year production increase mainly as a result of measures it has implemented to improve operational efficiency at the mines. Double digit growth was recorded at Bissa, Taparko, Lefa, both the Buryatzoloto underground mines (Irokinda and Zun-Holba) and Neryungri.

Despite a lower gold price, revenues in Q3 2014 were US$344.8 million, a 6% increase compared with $325.3 million in Q3 2013 and a 1% increase compared with $342.1 million in Q2 2014, due to higher gold production and sales volumes.
For the first nine months of 2014, Nord Gold revenues increased by 2% Y-o-Y to $961.8 million, despite a 10% decrease in the average realised gold price. This has also enabled it to reduce unaudited net debt at the end of the quarter to approximately $635.0 million compared with $687.0 million at the end Q2, reflecting the strong positive free cash flow generated.



Perspektiven verbessert, Übernahme-Potential wächst weiter: Projekt-Partner Nordgold steigt offiziell bei Columbus Gold ein
Nächste Meilensteinnews für Columbus Gold, dem federführenden Explorer und Developer der Multi-Millionen Goldunzen schweren Paul Isnard Discovery..

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