Donnerstag, 7. August 2014

Öl-, Gas- und Energiebranche: Sinkende Kapitaleffizienz und enorme Kapitalintensität

Dazu ein informativer Artikel von Dave Forest bei, der auf einen jüngsten Bericht der US EIA eingeht:

Is This Trend A Killer for Oil and Gas?

By Dave Forest | Wed, 06 August 2014 19:02 | 1

Very interesting research released last week by the U.S. Energy Information Administration. Showing that the domestic E&P sector may be headed for some difficult times.

The Administration calculated the spending habits of oil and gas firms operating within the U.S. Tallying both incoming operational cash flow and outgoing capital expenditures for these companies.

The results are surprising. Revealing that today’s oil and gas sector is spending well beyond its means.

Just look at the chart below. Showing that 2013 operational cash flow for the industry ran approximately $575 billion—while spending ("uses of cash") averaged just under $700 billion. Meaning that firms spent over $100 billion more than they made from operations..


Quelle:, US EIA

Dienstag, 5. August 2014

Gold:Silver Ratio: Spike auf 65, übergeordnete Top-Formation weiter aktiv

Aktuelles Update des Gold:Silver Ratios (GSR):


Lateinamerika: Aktuelle GDP-Wachstums-Prognosen für 2014

Hierzu ein aktueller und informativer Beitrag von IKN:

The latest CEPAL projections for GDP growth in LatAm & Carib, 2014

The report was out today, here's the paydirt chart (but CEPAL publishes a metric tonne of info on these occasions, one chart is merely scratching the surface):
  • The regional average drops from the 2.7% forecast made earlier this year to 2.2%.
  • Panama still heads the list
  • Bolivia's still kicking butt (which is why you hear nothing about the country from the Evo-Haters
  • Of the biggest four regional economies, only Colombia's doing ok. Mexico's improving a little from a poor showing in 2013, but Brazil and Argentina are way down the list.
  • Venezuela sucks. Well yeah, we knew that..
Lots more from the executive summary here. Go to CEPAL for the full whack reports, including very details individual reports on each country..


Quelle: CEPAL, IKN Blog (

Montag, 4. August 2014

Goldminen-Branche: M&A-Deals schreiten auf 3-Jahreshochstände

Hierzu ein aktueller Artikel von Mineweb (Bloomberg):

Gold industry takeovers reach 3-year high as hunters feast

There’s no sign of a let up in gold industry takeovers as a surge in acquisitions has pushed deals to a three-year high.

Author: David Stringer (Bloomberg)
 Posted: Monday , 04 Aug 2014 (Bloomberg) -

There’s no sign of a let up in gold industry takeovers as a surge in acquisitions by producers, led by Agnico Eagle Mines Ltd. and Yamana Gold Inc., has pushed deals to a three-year high.

Mid-sized and small producers are seizing on assets discarded by larger competitors as they trim portfolios to focus on their most profitable operations after gold last year notched up the biggest annual drop in more than three decades.

“The hunters have feasted for the last six months,” said Raleigh Finlayson, managing director of Saracen Mineral Holdings Ltd., which in May completed a deal to buy OAO GMK Norilsk Nickel’s mothballed Thunderbox operations in Australia. “There are projects still out there and the field might have opened up for those that are left, so that’s an opportunity for some.”

Finlayson is among mining executives gathering this week in Kalgoorlie, the Western Australian town 595 kilometers (370 miles) east of Perth, for the annual Diggers & Dealers conference through Aug. 6. Former Bank of England governor Mervyn King addressed the forum ahead of presentations by executives from Fortescue Metals Group Ltd., AngloGold Ashanti Ltd. and Gold Fields Ltd. in coming days.

Deals worth about $14 billion have been announced or completed so far this year, according to data compiled by Bloomberg, the highest annual total in three years and led by Agnico Eagle and Yamana’s $3.44 billion acquisition of Osisko Mining Corp., the industry’s biggest deal since 2010.
Biggest Producers

Newmont Mining Corp., the third-biggest producer by market value, sees potential for further asset sales, Chief Executive Officer Gary Goldberg said on a June 30 conference call.

The ten largest producers by market value have proposed or completed sales worth $912 million in the past year, according to data compiled by Bloomberg. Barrick Gold Corp. has slimmed its roster of mines to 19, from 27 in 2013, through sales and closures, the company said last week.

Majors seeking to continue divestments may have a narrowing window, as any decline in the gold price would cut mine valuations, according to David Coates, a Sydney-based analyst with CIMB Group Holdings Bhd.

After two straight quarterly gains, gold may plunge to $1,050 an ounce by Dec. 31 as signs of recovery in the U.S. economy pare demand for the metal as a haven asset, according to Goldman Sachs Group Inc. Gold averaged $1,290.64 an ounce in the first half and traded at $1,293.55 at 4:03 p.m. Sydney time.
Offload Assets

“The majors will be looking to offload assets while they can get a decent valuation for them,” Coates said by phone. “We do see the flow increasing over the balance of the year.”

Evidence that smaller producers can improve the performance of assets cast aside by larger competitors may also spur more deals, according to Finlayson. “In the right hands more value can be extracted, with a little more nimble thinking and a lower cost base,” he said.

Northern Star Resources Ltd., which has agreed deals worth $166 million since December, expects to extend the life of the Jundee mine purchased from Newmont in May and beat production forecasts at Australian operations acquired from Barrick.

“We are good operators,” Richard Weston, executive vice president for Australasia at Gold Fields, which last year acquired three Barrick mines, said in an interview. “My view was that we could do it better and we’ve proven we can do it better.”

To contact the reporter on this story: David Stringer in Melbourne at

To contact the editors responsible for this story: Jason Rogers at

©2014 Bloomberg News



Mittwoch, 11. Juni 2014
Junior Gold-Minen-Sektor: Käufer kommen rein, Lage verbessert sich
Trotz eines weiterhin schwierigen Goldpreis-Umfelds inkl. viel Nervosität, hellt sich die fundamentale Lage in der Junior-Goldbranche hinter den Kulissen langsam auf. Und das sind sehr gute und vor allem hoffnungsvolle Entwicklungen..

Big Picture US-Leitindizes: Margin Debt weiter auf brisanten Hochständen


Und weiter geht die Hausse der fröhlichen Spekulation auf Pump und die Liquiditäts- und Kredit-Blase wächst und wächst, bis...

"When the music stops, in terms of liquidity, things will be complicated. But as long as the music is playing, you’ve got to get up and dance. We’re still dancing." [Chuck Prince, ex-CEO Citigrup]