Mittwoch, 15. Oktober 2014

Minenbranche, X2 Resources: Mick Davis visiert mit voller Kriegskasse größere Coups an

Beeindruckende Kapitallage für X2 Resources in einer der schwierigsten Märkte für Rohstofffirmen in den letzten 30 Jahren..

Mick Davis has now almost $5 billion to build new mining empire

Cecilia Jamasmie | October 15, 2014

A few pounds less and some billions more, "Mick the Miner," is ready to go on a buying spree.

After losing out in the Glencore (LON:GLEN) takeover last year, former Xstrata chief executive Mick Davis has been staging a comeback and by now he’s got $4.8 billion from investors to spend doing what he likes the most: buying assets to eventually turn his X2 Resources into a midsize metal and mining group..


FED, Amerikanische Leitindizes: QE4 Countdown hat begonnen..

Alles andere als überraschend:

The QE4 Countdown Has Begun

Submitted by Tyler Durden on 10/14/2014 14:21 -0400

Actually, it may well be QE5, or QE6 depending on how one counts Operation Twist and the extension of QE3, but what matters is that the countdown to whatever it is, has begun courtesy of none other than one of the Fed's biggest doves, the head of the Fed which spawned Janet Yellen, San Francisco Fed's John Williams


More from Reuters:
The head of the San Francisco Federal Reserve Bank on Tuesday said he would be open to another of round asset purchases if inflation trends were to fall significantly short of the U.S. central bank's target.
Although he said it would take a big shift in the U.S. economic outlook for the Fed to restart its bond buying, John Williams said the possibility of a new downturn in Europe and other global economic woes pose a risk to the United States. "If we really get a sustained, disinflationary forecast ... then I think moving back to additional asset purchases in a situation like that should be something we should seriously consider," Williams said in an interview with Reuters. 
Rinse, repeat, for round number 4 (or 5, or 6), in the process completely destroying what little is left of the middle class and making the uber super rich uberer, superer richer. Because when all is said and done, the Fed will either get runaway inflation through money printing or hyperinflation through collapse of the US reserve currency. There is now no middle ground, further compounded because the Fed has sole control of the CTRL and P buttons.

Needless to say, Williams is right and more QE is just a matter of time before the data-dependent (dependent on the data describing the drop in the S&P that is) Fed realizes that this aggression against rigged markets can not stand. What's worse, this lunacy will continue until the US people finally go all "French revolution" on the Marriner Eccles building and give the locals the Marie Antoinette "haircut.."




Big Picture, US-Leitindizes: Das perfekte Set-up für einen Crash?

Die trügerische Ruhe bzw. fortlaufende "Heile-Welt-Hausse" in den US-Leitindizes könnte im Hinblick auf einige prägnante Indikatoren, Entwicklungen und Fakten imho das "perfekte Set-Up" für eine umfassende Korrektur inkl. einem möglichen Crash in den US-Leitmärkten in den nächsten Wochen/Monaten (in Q3/Q4) darstellen (vgl. auch bspw. den Crash im August 2011)..


Kanadische Small Caps, TSX-Venture fällt unter 800-Punkte-Marke: -20% in 4 Wochen



WTI Crude Oil und Brent stürzen auf neue Mehrjahrestiefstände - Crash geht weiter

Der Ausverkauf am Ölmarkt hält an:

Oil Falls to Four-Year Low as Europe Stocks, U.S. Futures

- By Abigail Moses  Oct 15, 2014 2:44 PM GMT+0200

Oil is languishing in a bear market, with the International Energy Agency predicting the lowest demand growth since 2009, even as U.S. supplies rise.

Oil slumped to the lowest in almost four years, European stocks dropped with U.S. index (BCOM) futures and German government bond yields reached a record low on evidence economic growth is slowing.

Brent crude decreased 0.8 percent to $84.40 a barrel at 8:42 a.m. in New York. Germany’s 10-year yield dropped to 0.79 percent. The Stoxx Europe 600 Index fell 1.7 percent, with Shire Plc (SHP) tumbling as much as 29 percent after AbbVie Inc. reconsidered a takeover bid, and Standard & Poor’s 500 Index futures slid 1.1 percent. Currencies of oil-producing nations declined..




Crude Crashing: Brent Is Most. Oversold. EVER

Submitted by Tyler Durden on 10/14/2014 23:30 -0400

Yesterday we lamented the ridiculously oversold levels in West Texas Intermediate, which as BofA calculated, has hit "oversold" levels for only the third time in six years. We assumed that this could be the basis for a short-term rebound. We were wrong, because we clearly had no idea just how determined the Saudis are to crush Putin into the ground courtesy of plunging oil prices.

As of moments ago, WTI has tumbled nearly $4, some 5%, to just over $81




Minenbranche: Private Equity Deals zwar ein positives Zeichen, negatives Sentiment überwiegt aber weiterhin

Die Stimmung in der Rohstoff- und Minenbranche kann sich logischerweise kaum aufhellen, solange die Energie- und Metallpreise keinen Boden finden und die Minenaktien auf neue Mehrjahrestiefstände fallen. Doch antizyklische Käufer mit einem langen Atem und tiefen Taschen wittern natürlich weterhin große Chancen, was im Hinblick auf die depressiven Bewertungsstände nicht verwunderlich ist..

Mining deals a positive sign, but bankers and lawyers still skeptical

Peter Koven | October 14, 2014 7:47 PM ET - More from Peter Koven | @peterkoven

Two transactions this month gave Canadian miners some renewed hope: Magris Resources Inc.’s private equity-backed $500-million acquisition of the Niobec mine in Quebec, and a $73-million takeover of Chaparral Gold Corp. involving private equity firm Waterton Global Resource Management LP.

TORONTO • The past couple of weeks provided a jolt that the Canadian mining industry’s bankers and lawyers have awaited for a long time..





Dienstag, 14. Oktober 2014

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.

Es hatte sich bereits angedeutet. Nun wurde es offiziell bestätigt: Der Projektpartner von Columbus Gold (TSX-V:CGT) in Französisch Guyana - der russische und wachstumsstarke Goldproduzent Nordgold (LSE:NORD) - steigt nun auch auf der Equity-Seite ein und übernimmt 9% der Anteilscheine.

Zudem ernennt Columbus ein neues Vorstandsmitglied, das von einem Top-Manager von Nordgold besetzt wird (Mr. Oleg Pelevin, Director of Strategy and Corp. Development). Damit untermauen die zwei Firmen ihre enge Kooperation, wodurch indirekt natürlich das Übernahmepotential von Columbus Gold signifikant im Gesamtbild ansteigt.

Der Erwerb des stattlichen Aktienpakets wurde via Cross Deals im September am offenen Markt durchgeführt. In diesen Insider-Transaktionen hatte der französische Goldproduzent und Großaktionär Auplata einen Teil seiner Columbus-Aktien an Nordgold verkauft.

So gewinnt Columbus Gold binnen weniger Wochen zwei weltklasse Aktionäre, die zusammen knapp 20% der aufstrebenden Junior-Firma jetzt halten. Das sind erstklassige Neuigkeiten.

Nordgold Acquires ~9% Stake in Columbus Gold; Appointment of New Director
Vancouver, British Columbia, Canada, October 14, 2014 - Columbus Gold Corporation (CGT: TSX-V; CBGDF: OTCQX) reports that Nord Gold N.V. (LSE: NORD LI) ("Nordgold") has acquired ~9% of Columbus Gold in open market purchases during the period from September 2013 to August 2014 and Mr. Oleg Pelevin, Director of Strategy and Corporate Development for Nordgold, has been appointed to Columbus Gold's board of directors.
Robert F. Giustra, Chairman & CEO of Columbus Gold stated "We're very pleased with the opportunity to benefit from the exclusive insight that comes with the world's fastest growing gold company being a major shareholder and holding a board seat. As Director of Strategy and Corporate Development, Mr. Pelevin has played an instrumental role in Nordgold's success; his unique knowledge and experience are clearly valuable assets for Columbus Gold shareholders."
Mr. Oleg Pelevin holds the position of Director of Strategy and Corporate Development at Nordgold. He has been with Nordgold since its founding in 2007 as the gold mining division of OJSC Severstal, one of the world's leading vertically integrated steel companies. During his tenure, Nordgold has grown aggressively from an ambitious upstart to a major gold producer, and now operates nine gold mines in four countries. In 2013, Nordgold achieved 924,000 ounces of gold production and generated US$1.3 billion in revenue, earning it the distinction of being the world's fastest growing gold company..



Columbus Gold: Starker Newsflow - Zwei Company-Maker Gold-Projekte jetzt im Fokus


Quote #2:

Columbus Gold: Drittes Bohrgerät auf Hauptprojekt Paul Isnard in Französisch Guyana ab sofort aktiv


Quote #3:

Columbus Gold: Prominenter US-Investor geht an Bord und übernimmt 10% der Junior-Firma


Roxgold gibt finalen Bought-Deal bekannt - Goldmine auf Yaramoko nun vollständig finanziert

Mit der heutigen News steigt Roxgold (TSX-V:ROG) zum kleinen und sehr exklusiven Kreis der Gold-Developer auf, deren geplante Goldminen vollständig finanziert sind. Ende September hatte sich die Firma einen Kredit über 75 Mio. USD gesichert.

Die Minen-CAPEX in Höhe von rund 106 Mio. USD ist jetzt komplett finanziert: ~ 20 Mio. CAD Cash on hand, 75 Mio. USD Kreditfinanzierung + heutiges Equity-Financing über mindestens 30 Mio. CAD.

Die neue Verwässerung mit nochmals mehr als 46 Mio. Aktien ist natürlich schmerzhaft, sollte sich aber im Hinblick auf die herausragende Substanz des Hauptprojekts und der exzellenten Perspektiven der Firma in den nächsten Jahren mehr als auszahlen.

Roxgold besitzt mit  Yaramoko eines der margenstärksten und robustesten Goldprojekte der Welt. Nur ganz wenige Gold-Developer wie bspw. True Gold Mining und Red Eagle Mining können mit den ökonomischen Kennziffern mithalten.


Roxgold Inc. Announces C$30 Million Bought Deal Financing
TORONTO, ONTARIO--(Marketwired - Oct. 14, 2014) - 
Roxgold Inc. (TSX VENTURE:ROG) ("Roxgold" or the "Company") is pleased to announce that it has entered into an agreement with a syndicate of investment dealers co-led by Cormark Securities Inc. and BMO Capital Markets and including Macquarie Capital Markets Canada Ltd., GMP Securities L.P., RBC Capital Markets, Haywood Securities Inc., Canaccord Genuity Corp. and Raymond James Ltd. (the "Underwriters"), which have agreed to purchase, on a bought deal basis, 46.2 million units of Roxgold (the "Units") at a purchase price of $0.65 per Unit (the "Offering Price"), for aggregate gross proceeds in the amount of approximately $30 million. Each Unit will consist of one common share of Roxgold (a "Unit Share") and one-half of one common share purchase warrant (each full warrant, a "Warrant"), each full Warrant being exercisable to acquire one common share of Roxgold at a purchase price of $0.90 for a period of 15 months following the closing date..


Roxgold in Burkina Faso: Margin- und Grade-Leader unter den Projekt-Entwicklern im Goldminen-Sektor

Der auf die stark wachsende Goldminen-Nation in Burkina Faso fokussierte Projekt-Entwickler Roxgold (TSX-V:ROG) glänzt in puncto besonderer Qualität in vielen Bereichen und hebt sich dadurch von der Masse der Goldminen-Aktien im Juniorsektor stark ab..


Continental Gold: Erfolgreiche Erweiterung des Gold-Venen-Systems auf dem Flaggschiff-Projekt Buriticá in Kolumbien

Kontinuierliche Bohrerfolge machen das weltklasse Goldprojekt immer wertvoller und damit begehrter.

Der aggressive Gold-Explorer und Developer Continental Gold (TSX:CNL) legt heute 20 neue Bohrergebnisse vom laufenden 60k-Bohrmeterprogramm auf dem Buriticá Goldprojekt in Kolumbien vor.

Zum einen ist es Continental Gold gelungen, durch umfassendes Infill-Drilling die Qualität der bereits identifizierten Gold-Venen zu bestätigen. Doch nicht nur das. In einigen Fällen stoßen die Infill-Bohrungen auf dickere Goldvenen mit höhergradigen Gehalten als in der aktuellen Ressourcen-Schätzung (M&I: ~ 10,4 gpt Au). Diese Bohrerfolge sollten sich positiv auf die Stabilität, Höhe und Verlässlichkeit der Goldgehalte in der nächste Ressourcen-Schätzung auswirken.

Auf der anderen Seite glänzte Continental Gold mit erfolgreichen Step-Out Bohrungen, welche die totalen Ressourcen-Zonen signifikant in der Tiefe und Richtung Westen erweitern konnten. So konnte bspw. auf den zwei Haupt-Bohrzielen Yaraguá und Veta Sur, die 100% der NI 43-101 konformen Gold-Ressourcen umfassen, die tiefste Gold-Mineralisierung bis zu diesem Zeitpunkt entdeckt werden.

Ari Sussman, CEO von Continental Gold ist mit den jüngsten Bohr-Resultaten sehr zufrieden und verweist auf den sehenswerten Track-Record seiner Drilling und Geologen Crew, sowie auf das immer noch unerschöpfte Discovery- und Explorations-Potential: "..The upside potential of Buriticá continues unabated. There has been more than 250,000 metres of diamond drilling at Buriticá over the past five years, and yet we continue to expand on the multi-million ounce mineral resource estimate of the Yaraguá and Veta Sur systems.."

Aktuell umfasst Continental Gold's Buriticá Projekt bereits eine weltklasse Goldressource von 7 Mio. Goldunzen @ 9+ gpt Au, wovon aber der Großteil der Ressourcen noch in der abgeleiteten Kategorie ist. Durch intensive Infill-Bohrprogramme visiert der Developer an, bis Ende von 2015 mehr als die Hälfte der riesigen Ressource in die verlässlichere M&I-Kategorie zu bekommen. Das ernannte Firmenziel eines hochgradigen Goldvorkommens mit mehr als 10 Mio. Goldunzen liegt bis 2016 definitiv in Reichweite.

Mit mehr als 80 Mio. CAD Cash gehört Continental auch weiterhin zu den am besten finanzierten Gold-Explorationsfirmen der Welt. Ende des Jahres steht mit der Fertigstellung der ersten ökonomischen Studie (PEA) der nächste große Firmenmeilenstein und Fortschritt in der Projektentwicklung an. Weitere Informationen und visuelle Einblicke in der aktuellen Firmenpräsentation.

Continental Gold Drilling Extends the Vertical Dimension at Both the Yaragua and Veta Sur Systems to 1,500 Metres at Buritica, Colombia

TORONTO, ONTARIO--(Marketwired - Oct. 14, 2014) - Continental Gold Limited (TSX:CNL)(OTCQX:CGOOF) ("Continental" or the "Company") is pleased to announce results for 20 diamond drill-holes at the Veta Sur, Yaraguá and Laurel vein systems at the Company's 100%-owned Buriticá project in Antioquia, Colombia. Drilling continues throughout 2014 with the goal of upgrading Inferred resources into the Measured and Indicated categories in accordance with National Instrument 43-101 ("NI 43-101"), and increasing the total mineral resource estimate.

Highlights (referenced in Figures 1, 2 and 3)
  • A 100-metre step-out drill-hole to depth at the Veta Sur vein system has successfully extended the vertical dimension of the current mineral resource envelope to 1,500 metres. Drill-hole BUSY367D02 intersected 4.85 metres @ 4.9 g/t gold and 9 g/t silver at an elevation of 298 metres, making it the deepest mineralized intercept to date at Veta Sur.
  • Multiple drill-holes at Veta Sur were successful in extending both the lateral and vertical strike lengths of various veins outlined in the current mineral resource block model. Assay results from drill-holes that were perforated above the block model include 7.5 metres @ 23.2 g/t gold and 4 g/t silver (BUUY277) and 1.05 metres @ 695.3 g/t gold and 140 g/t silver (BUUY280). Assay results from drill-holes that extended veins along strike or at depth include 2.45 metres @ 16 g/t gold and 12 g/t silver (BUUY271D04).
  • Drilling was successful in infilling the Veta Sur vein system along 700 metres of lateral strike by over 1,000 metres of vertical strike. A majority of the veins encountered in drilling yielded grades X thicknesses significantly above those expected from the current mineral resource block model, with results including 7.5 metres @ 24.2 g/t gold and 33 g/t silver (BUUY271D02) and 7.15 metres @ 23.4 g/t gold and 23 g/t silver (BUUY271D04).
  • A step-out drill-hole at the Yaraguá vein system has successfully extended the vertical dimension of the current mineral resource envelope by over 200 metres to an aggregate of more than 1,500 metres of vertical strike length. Drill-hole BUSY367D03 intersected 2.45 metres @ 29 g/t gold and 62 g/t silver at an elevation of 235 metres, making it the deepest mineralized intercept to date at Yaraguá.
  • These drilling results indicate continuity of several vein families within each of the vein systems over large vertical and horizontal extents in areas potentially developable from the proposed underground infrastructure. The Veta Sur and Yaraguá vein systems remain open to the west and to depth throughout.


Update Gradewise Alert:

"Greetings, Gradewise has identified some exceptional drill intercepts from Continental Gold (TSX:CNL).
See the Gradewise plot:
Gradewise determines exceptional results based on an intercept’s gross commodity value.
A news release is awarded a 5-star rating only if an intercept's value is in the top 1% of our database of publicly disclosed drill intercepts. Follow Gradewise every day as we rate TSX and TSV news releases that announce drill results. This report shall not to be construed as the solicitation to buy or sell securities."



Continental Gold: Einzigartige Story im Junior-Goldminensektor wahrt glänzende Zukunfts-Perspektiven

In Kolumbien entsteht eines der begehrtesten Major-Goldprojekte der Neuzeit, die global immer rarer und wertvoller werden..


Baisse im Junior- und Explorations-Sektor: Fundamentale Lage in Kanada schlechter als in Australien

Beeindruckende und gleichzeitig schockierende Zahlen über den aktuellen Stand der Juniorbranche. Nach wie vor steht ein umfassender Cleaning Process unter den mehr als 2.000 kleinen Rohstofffirmen aus..

Nursing juniors Australians beat Canadians

Is it timing, spending or just having guts?
Author: Kip Keen
Posted: Monday , 13 Oct 2014 

Maybe it's an Australian knack for stomaching awful things. Vegemite. Bloodied juniors.
Richard Schodde, Managing Director of MinEx, a small but powerful mining research firm out of Australia, always has some interesting slides in his presentations. In one of his latest he drew a picture of the diverging fate of two patients: ASX and TSX/TSXV exploration juniors.
Australia and Canada have long dominated global exploration (though China is rising.) But the Australians - nursing deep wounds to be sure - are still faring much better than Canadians.
The comparison drew Schodde, on the road in New York, into a 30-minute talk on Friday morning before his hotel's house-keeping kicked him out of his room.

The basics

Proportionally-speaking, Australian exploration juniors have healthier (albeit still very stressed) cash reserves than Canadians.
That the juniors are in an abysmal state, cash-wise, will come as no surprise to anyone following the sector. But the yawning gap between ASX and TSX/TSXV juniors may. 
As of mid-2014, the Australians have a fair amount more cash than Canadian outfits and equally or perhaps more critically, haven't sunk (yet?) to as near embarrassing marketcap depths. 
Consider the cash. Just over half of ASX junior exploration companies have under A$1 million (which is roughly equivalent to the same in Canadian dollars). It's nearly three quarters of the those on the TSX/TSXV. More daunting: only one in five ASX junior explorers have less than A$200 000 - hardly an amount of money you can do anything fruitful with. 
But half the TSX/TSXV juniors are below A$200 000 in cash reserves.
(Charts: MinEx Consulting)
This is an awful state of affairs. It reflects a low in cash reserves not seen since after the Bre-X scandal in the late 1990s that decimated the junior exploration sector (using Schodde's calculations in constant 2013 dollars). In fact it’s slightly worse.
In the meantime, there are stinging number of juniors in Canada with marketcaps under A$1 million - a level that makes it near useless to raise cash, at least for the purposes of doing something useful like discovering deposits. A quarter of TSX/TSXV junior explorers are under that mark. It's just one in twenty for their Australian mates.
This gloom and doom stuff is well trafficked material by now and it may be sooner rather than later before it reverses course. As an aside, Schodde thinks the sector is bottoming and will begin to climb back in about 12-months time.
A topic for another day.

Why the difference?

But the question at hand is: Why are the Australians doing so much better than Canadian explorers?
Maybe it is in part a simple matter of timing. Schodde wonders if Australian companies have suffered less, or later, in the current mining sector downturn. It doesn't hurt, for example, to be as near to China as the Aussies are, where most of the world's metal demand growth has emanated.
Psychology, too, may play a role.
"Another subtle point," Schodde says. "The psychology between the two exchanges is different: In Australia, people are quite comfortably trading shares that are worth pennies. But in Canada the companies hate to be in that position and they often go for a stock consolidation to get their numbers back to something that looks legitimate."
"Now the Australian companies are quite relaxed having shareprices that are one or two cents or even less."
Canadians are frozen. The Australians have more guts - with what may be a slightly more forgiving market to boot - to blow their equity structure to levels considered impolite in Toronto (where you roll back, hope valuation sticks, and flog more shares, right?) 
Billions of shares outstanding is not surprising in Australia. It is in Canada.
"In Canada the juniors keep pretty tight control over their share register," Schodde says. "As a result they are more reluctant to raise funds especially during times of low shareprices, which is exactly where we are. I expect that has something to do with why the Australian junior sector is surviving a little bit better."
It could also be related to survival costs. Schodde estimates that it is cheaper to stay alive (i.e. not discovering anything) as an exploration company in Canada than in Australia. He says, anectdotally at least, you could hang on for just under A$100 000 a year in Canada, whereas in Australia it takes north of A$200 000. 
Of course spending this little for an explorer is not a winning-strategy (beyond a few years) if you have properties - where there is invariably a state requirement to spend exploration dollars to hold ground. This is an important balancing act by government to keep exploration fresh. You snooze, you lose.
"You can only do that deep sleep for a couple years," Schodde notes. 
For some, that deep sleep cycle is near a point where, lacking life support, the lungs and heart give out.
Still, Schodde thinks the vast majority will live. And looking at the arc of the past decade, he thinks juniors can make a very good - if highly risky - bet.
More on that in a forthcoming post.

Chinesische Goldnachfrage: Goldbörse in Shanghai übertrumpft Handelsplatz in Hongkong um Längen

Aktueller Bericht von Mineweb:

Making sense of Chinese gold demand

How much has Chinese gold demand fallen this year – 50% or perhaps only 10%? We unravel the conflicting data, which will ultimately be key to where the gold price is headed.
Author: Lawrence Williams
Posted: Monday , 13 Oct 2014 

There is no doubt at all that Chinese demand for physical gold is having, and will continue to have, a huge impact on global gold flows and on the supply/demand balance, but making sense of the various figures quoted by the media is difficult and often counter-intuitive. 
For the serious follower of gold, perhaps there are two statistical analysts whose handles on Chinese data should be an absolute must to follow as they look far deeper into the statistics that are available to view – the Hong Kong net gold import figures into mainland China and the withdrawals from the Shanghai Gold Exchange (SGE) – the true indicator of Chinese physical gold demand. SGE figures are published weekly in Chinese so tend to be ignored by most of the global media while Hong Kong gold import/export figures are released monthly (in English) and are seized upon, misleadingly of late, by the press as a proxy for what is actually going on in terms of total Chinese gold demand.
Two of the best statistical analysts for understanding what is really going on in Chinese gold demand are Netherlands-based Koos Jansen, who has his own website, but nowadays writes mostly for Singapore gold dealer, and Australia’s chart king, Nick Laird, who again publishes his data on his own site, and many significant gold-related ones on Do take a look at these sites for an understanding of what is actually happening now in terms of Chinese gold demand, as ever since the second quarter of the current year Hong Kong import/export statistics have become further removed from being a true indicator of Chinese demand and imports. This is because the Middle Kingdom has hugely eased the path for gold to be imported into China through other ports of entry which are now handling the major part of the country’s gold coming in from abroad.
This becomes hugely apparent if one views Nick Laird’s latest chart showing Hong Kong net gold exports to China, SGE withdrawals and the ratio between the two. As can be seen from the chart (shown below) from the period between mid 2011 up to April of the current year there was a strong correlation between the two main sets of statistics, but for the past four months the two sets of figures have drifted hugely apart as the new gold import routes have opened up. As the chart showing the correlation between the two shows, Hong Kong net gold export figures into the Chinese mainland are currently running at only around 15% of SGE withdrawals and falling – yet still some of the mainstream media has taken these falling Hong Kong figures as a direct indicator (and a very misleading one at that) of an enormous drop in Chinese gold demand.
If one looks at SGE withdrawals on a month by month basis, it is also true that these do show a mid-year decline in Chinese demand – but not by nearly as much as a reliance on the Hong Kong figures would suggest – with a climb back to around 2013 demand levels in August, and from data picked up by Koos Jansen (and no doubt by Nick Laird too) this demand has been accelerating. For example the latest available weekly withdrawal figure from the SGE was a very large 44 tonnes, following on from an even larger 50 tonnes the previous week. These figures were immediately ahead of China’s Golden Week holiday so will probably have been distorted higher but taken with the prior weekly figures the indication is that total Chinese SGE withdrawals during September will have been around 190 tonnes plus. This, of course, equates to an annual rate of over 2 200 tonnes. This annual level will not be achieved in 2014 due to the weaker mid-year demand, but is an indicator that full year Chinese demand remains at a very high level indeed and the gloomy mainstream media talk of a 40%-50% downturn this year should be taken as absolute rubbish. At current demand levels – and the final quarter of the year tends to be strong in China – we are looking at perhaps as little as a 10%-15% decline from the huge 2013 record.
Chart published courtesy of .  All rights reserved.  Direct link to original chart
But how much should be read into these figures in terms of likely gold prices ahead? In 2013, for example, the gold price fell back sharply despite the huge demand from the East and Middle East. This was primarily because of the very large outflows from the gold ETFs which primarily took place in the main gold price-setting markets of the West. This year Eastern demand may have fallen back a little, but has picked up strongly in the past few weeks, and although we have seen some gold liquidations out of the major ETFs in the West this has been nowhere near on the scale we saw a year ago – indeed in some months the ETFs have actually seen small inflows.
With the latest Reuters reports of rising gold purchasing in China and India again – the two biggest global markets for gold - and increasing gold premiums in both countries over and above the London price - we could well be poised for a significant turning point in the gold price based on fundamentals at least. By all accounts gold mine production is peaking while demand still continues to rise and gold supply, which is calculated by precious metals analysts Metals Focus as having been in deficit last year, could be heading that way again this year too.   
There is considerable geopolitical turmoil in the world which has to boost safe haven demand, at least in some areas and it is becoming increasingly apparent that the global economy is not recovering as fast as many had hoped. The US Fed is getting nervous about the idea of allowing interest rates to rise, while the Eurozone is looking at more Quantitative Easing. 
All these factors might be seen as positive for gold, and all things being equal would probably lead to a sharp rise in the gold price in the months ahead. But then all things are not equal.  The western commodity markets are hugely distorted by the big money playing the futures market with amounts of paper gold enormously in excess of physical gold availability perhaps by as much as a factor of 100 or more. Should market participants start demanding settlement in physical gold there would be a massive increase in gold price and undoubtedly some of the big short position holders would be bankrupted. But, unfortunately for the pro-gold sector, this seems very unlikely to happen.
However there has also been a move in the East to set up new international commodity exchanges which will deal only in physical metal – notably in Shanghai with the international arm of the Shanghai Gold Exchange (SGEI) located in the Shanghai Free Trade Zone, and in Singapore with the Singapore Precious Metals Exchange (SGPMX). There are also reports that CME Group will launch a physically deliverable contract in Hong Kong later this year and in the Middle East, Dubai is said to be preparing to launch a physical contract too. The effect of these new trading options will be limited initially, but as they gain traction and physical gold continues to move from West to East, which shows no signs of coming to an end, then there could be some dramatic gold price moves ahead in the medium to long term.


Offizielle Bestätigung vom SGE-Chef: Chinesische Goldnachfrage lag 2013 bei 2.000 physischen Tonnen

Die 10 größten und kostspieligsten Insolvenzen in der Energiebranche

Informatives Review von Zerohedge:

The 10 Biggest Energy Company Bankruptcies

Tyler Durden's picture

Running a multi-billion dollar energy company isn’t easy. Just ask the executives in the corner suites of some of the energy companies that have gone bust over the years. Some, like Enron, were brought down because of insider malfeasance. A few, like ATP, blamed damaging government policies, while others went off the rails due to market forces that left the company and its shareholders flat-footed, deep in debt, and eventually broke. Here are the bankruptcies that will be etched into the tombstones of failed energy fortunes for time immemorial.
1.    Enron. Bankrupt December 2, 2001. Assets $65.5 billion
Enron grew from a simple pipeline company into the world’s largest energy trader by using the Internet to buy and sell natural gas and electric power to help utilities and industrial power users hedge against price fluctuations. By 2000, Enron was worth an astonishing $68 billion, but when the U.S. Securities and Exchange Commission started investigating, it was revealed that much of the money was based on shady accounting practices and un-recorded losses. In one year, Enron’s stock price plummeted from more than $90 to less than $1, resulting in $11 billion in shareholder losses. The subsequent bankruptcy remains the largest in U.S. history. CEO Kenneth Lay and fellow Enron executive Jeffrey Skilling were convicted in 2006 of fraud and conspiracy. Lay died from a heart attack while awaiting sentencing. Skilling is still in prison.
2.    Energy Future Holdings. Bankrupt April 29, 2014. Assets $36.4 billion
Energy Future Holdings became the largest power producer in Texas in 2007 after a $45 billion buyout of TXU Corp.  But the company struggled under the weight of $40 billion in debt after revenues plunged due to lower prices for natural gas and electricity. Energy Future Holdings was broken up in April under the terms of a restructuring deal.
3.    Pacific Gas & Electric Company. Bankrupt April 6, 2001. Assets $36.1 billion
California’s largest publicly-owned utility went bust after deregulation led the company to incur billions in debt. After selling its gas power plants, the company had to buy power from other energy companies. Buying at fluctuating prices and selling at fixed prices led to losses and eventual bankruptcy. But according to Time, wholesale prices eventually dropped, and the day the company emerged from bankruptcy in 2004, its stock was worth three times as much as when it filed for protection.
4.     Texaco. Bankrupt April 12, 1987. Assets $34.9 billion
Texaco started out in 1901 as the Texas Fuel Company and was independent for 100 years before merging with Chevron in 2001. However, in the 1980s, Texaco became embroiled in a legal battle with Pennzoil, and ended up owing the company $10.5 billion. That led to Texaco filing for bankruptcy, which at the time, was the largest in U.S. history.
5.    Calpine Corporation. Bankrupt December 20, 2005. Assets $26.6 billion
In the mid-2000s, Calpine was the biggest owner of natural gas-fired plants in the U.S. But soaring fuel costs led the company to incur more than $22.5 billion in debt. The subsequent bankruptcy filing followed the ouster of top executives after they lost a fight with bondholders to use proceeds from asset sales to buy fuel. The company received $2 billion in financing to allow it to keep its plants supplying customers.  
6.    ATP Oil & Gas. Bankrupt April 17, 2012. Assets $3.6 billion
In 2009, ATP Oil & Gas, an offshore oil producer, refinanced $1.5 billion in debt, with the goal of doubling its production to 50,000 barrels a day. Then came the BP Deepwater Horizon disaster. A 2010 moratorium on deepwater operations in the Gulf of Mexico meant ATP was not able to complete wells on its Titan production platform. Forced to spin off Titan and borrow $350 million, ATP spiralled downward, crushed by $2.7 billion in debt obligations. In a Forbes article, ATP’s CEO blamed the Obama Administration and “its illegal ban on deepwater drilling in the wake of the BP disaster,” for the implosion of the company.
7.    Patriot Coal. Bankrupt July 9, 2012. Assets $3.6 billion
As the largest producer of thermal coal in the eastern U.S., Patriot Coal was particularly vulnerable to low coal prices, competition from cheap natural gas, a slowing U.S. economy and tougher environmental rules. Patriot Coal lost money every year since 2010, and in 2012 recorded a loss of $198.5 million. To stay afloat during the Chapter 11 bankruptcy process, the company received $802 million from three major banks.
8.    James River Coal. Bankrupt April 8, 2014. Assets $1 billion.
Another victim of the U.S. coal downturn, James River Coal declared itself bankrupt in April, 2014, having emerged from a previous bankruptcy in 2004. The company listed $818.7 million in debt after being forced to close a dozen mines. James River Coal was granted a $110-million loan to keep operating under court protection. At the time of the bankruptcy, the company's stock was trading for 36 cents, compared to $60 a share in 2008.
9.    OGX. Bankrupt Oct. 30, 2013. Debts $5.1 billion
Darling of Brazilian billionaire Eike Batista, OGX Petróleo e Gas Participações SA filed for bankruptcy protection after failing to reach an agreement with creditors to negotiate part of its $5.1 billion debt. The bankruptcy was the largest in Latin America. The blow to Batista’s mining and oil and gas empire came after disappointing output from offshore wells set off a crisis of investor confidence.
10.     Suntech. Bankrupt March 20, 2013. Debts $1.6 billion
The Chinese solar panel manufacturer, one of the world’s biggest, was forced into bankruptcy court after the company missed a $541 million payment to bondholders. The company’s misfortunes were blamed on a glut in the market for solar panels, which collapsed prices. Another solar industry giant, Germany’s Q-Cells, was caught in the downturn the year earlier.

Montag, 13. Oktober 2014

U.S. Öl- und Gas-Index und WTI Crude Oil: Heftige Korrektur

Unter dem höchsten Wochenvolumen seit mehr als zwei Jahren kommt es zu starken Ausverkäufen im renommierten U.S. Öl- und Gas-Index (DJUSEN):




Ölpreis setzt Talfahrt fort: OPEC sieht keine Notwendigkeit von Produktionsdrosselungen

Hierzu ein aktueller Bericht von Eugen Weinberg bei der Commerzbank:

Preiskampf innerhalb der OPEC

13.10.2014 | 11:13 Uhr | WEINBERG, EUGENCOMMERZBANK AG

Die Ölpreise bleiben auch zu Beginn der neuen Handelswoche in der Defensive. Brentöl fällt um knapp 2% auf 88,5 USD je Barrel und nähert sich damit wieder dem am Freitagmorgen verzeichneten 4-Jahrestief. Aus der OPEC gibt es weiterhin keine Signale für preisunterstützende Maßnahmen. Im Gegenteil, als drittes wichtiges OPEC-Land hat nun auch der Irak seine Verkaufspreise gegenüber den internationalen Benchmarks deutlich gesenkt. 

Die OPEC-Länder scheinen somit derzeit eher die Verteidigung von Marktanteilen als eine Stabilisierung der Preise anzustreben. Kuwait sieht keine Notwendigkeit für eine Kürzung der OPEC-Produktion, da diese laut dem kuwaitischen Ölminister nicht notwendigerweise zu höheren Preisen führen würde. Die Ölpreise könnten seiner Ansicht nach auf 76-77 USD je Barrel fallen, weil dort die Produktionskosten in den USA und in Russland liegen würden. Ähnliche Äußerungen sind auch aus Saudi-Arabien zu vernehmen.

Der größte OPEC-Produzent soll den Marktteilnehmern insgeheim zu verstehen geben, dass man einen Ölpreis von weniger als 90 USD und vielleicht sogar bis 80 USD für ein bis zwei Jahre akzeptieren werde
. Eine Produktionskürzung Saudi-Arabiens scheint somit wenig wahrscheinlich. Angesichts dieser Nachrichtenlage überrascht es nicht, dass selbst unerwartet robuste chinesische Rohölimporte dem Ölpreis keine Unterstützung geben können. 

China führte im September laut Zollbehörde 27,58 Mio. Tonnen Rohöl ein und damit 9,5% mehr als im August. Die Nachrichtenagentur Reuters hatte dagegen einen Rückgang in dieser Größenordnung angekündigt. China allein wird das Überangebot kaum absorbieren können, welches bei Nichthandeln der OPEC entsteht. So beziffert die OPEC den täglichen Bedarf an OPEC-Öl im nächsten Jahr auf 29,2 Mio. Barrel. Laut OPEC-Monatsbericht lag die OPEC-Ölproduktion im September bei 30,5 Mio. Barrel pro Tag..



Exclusive - Privately, Saudis tell oil market: get used to lower prices


Feiertag in Kanada: Börsen bleiben geschlossen

Die Börsenplätze in Kanada bleiben aufgrund von Thanksgiving heute den ganzen Tag geschlossen. Morgen um 15:30 Uhr MEZ startet wieder der normale Handel.

Interview mit dem Chairman von Calibre Mining: Starke Fortschritte und großes Interesse an den lukrativen Goldprojekten in Nicaragua

Calibre Mining gehört zu den ganz wenigen Goldaktien weltweit, die trotz des Einbruchs im Goldminensektor in den letzten Wochen, eine herausragende Performance abgab.

Der Junior-Goldexplorer CalibreMining (TSX-V:CXB) schreitet mit großen Schritten in der aufstrebenden Goldminennation von Nicaragua voran. Die Explorations- und Bohrprogramme laufen nach Vorstellung und lieferten auch in den letzten Wochen starke Ergebnisse.

Sehen Sie z.B. die News vom 24. September, in der Calibre eine weitere Entdeckung von hochgradigen Goldmineralisierungen bekanntgab: Calibre Mining Announces Additional Drilling Results at the Eastern Borosi Gold-Silver Project, Nicaragua, including 6.5 Metres Grading 16.9 g/t Gold, Link:

Die starken Resultate in der Projektexploration und die noch besseren Aussichten auf die Entdeckung hochgradiger Goldvorkommen mit guter Qualität, kurbeln das Interesse an Calibre Mining seit vielen Monaten an. Nicht ohne Grund sind Goldproduzenten wie B2Gold Corp. und IAMGOLD als Projektpartner bereits eingestiegen und investieren zweistellige Millionensummen in die Exploration.

Mit dem Einstieg von Branchenlegende Pierre Lassonde (Gründer und Chairman von Franco-Nevada), der rund 11% an Calibre mit einer strategischen Finanzierung in Höhe von 2 Mio. CAD übernahm, hat sich das Interesse an der aussichtsreichen Gold-Story nochmals schlagartig erhöht.

Die Entwicklung von Calibre's Aktienkurs ist im Vergleich zum Goldminen-Sektor in diesen Tagen eine wahre Augenweide:


Folgend mein jüngstes Interview mit dem Chairman von Calibre Mining, Douglas Forster:

Oliver Gross (OG): Long story short. What are Calibre’s current investment highlights? 

Douglas Forster (DF): Calibre has partnered with well-known mid-tier producing gold companies, B2Gold and now recently IAMGOLD.  Each partner is currently active and is spending significant capital to earn-in respective optioned concessions located in the prolific past producing Mining Triangle of Nicaragua. B2Gold, Nicaragua’s largest gold producer and Calibre Mining have a (51%/49%) joint venture.  

Calibre has granted B2Gold an option to increase their project ownership from 51% to 70% interest by spending an additional $6M. B2Gold has also recently increased their corporate share ownership in Calibre from 10% to 15.2%. B2Gold is very active on the property with a new gold discovery at the bulk tonnage gold target, Minnesota Gold Project where trench results have returned 62m grading 1.76g/t gold.  With continued success Calibre expects a drilling decision and anticipates B2Gold will elect to drill this target before the end of the year.

IAMGOLD executed an option agreement on adjacent concessions with Calibre in May 2014 to earn a 51% interest by spending $5M over 3 years with an additional option to increase to 70% interest by spending another $5M over 3 years.  Each option also comes with $450,000 in cash payments to Calibre.  
IAMGOLD has already initiated a 3400 metre diamond drilling program and the first results returned 4.8m grading 25.7g/t gold and 6.0m grading 14g/t gold.

OG: Why should investors buy Calibre now?

DF: Calibre has two very active partners with potential for significant discovery and both of these, as well as our 100% owned project, are expected to generate further news flow in 2014.  B2Gold is targeting bulk tonnage mineralization on the Minnesota Gold Project where they are actively trenching and auger drilling a 1.75km x 1.25km gold in soil anomaly following-up on the initial discovery trench of 62m grading 1.76g/t gold.

IAMGOLD is completing a 3,400m diamond drilling program targeting a series of well defined structural targets with initial results returning 4.8m grading 25g/t gold and 6.0m grading 14g/t gold.  President and CEO, Greg Smith states: “This is a very encouraging start to the drilling program on the Eastern Borosi Project.  Drilling has intersected the mineralized structure in every drill hole and this first set of assay results includes a number of high-grade gold intercepts.  The drilling program is progressing on schedule and on budget and additional assay results will be released when available”.

In addition, Calibre has a large 100% owned land package with a discovery at the Montes De Oro gold project where the company has identified a 400m by 650m anomaly which includes trenches grading 52m at 7.0g/t gold, 27m at 4.9g/t gold and 33m at 2.1g/t gold.  This is a high priority drill ready target and Calibre is now evaluating options including the possibility of bringing on another well funded partner.

OG: What can we expect in view of news flow and progress during the next months? 

DF: Calibre and our partners continue to explore and build on recent discoveries on the Borosi Concessions.  This mineral rich district remains under-explored and has excellent potential for additional gold-silver-copper discoveries.  We expect additional diamond drilling results from IAMGOLD for the remainder of the Phase I, 3,400 meter, program.  B2Gold contunes to advance the Minnesota Gold Project and we can expect additional trench results and with contriunued success a drilling decision.  Calibre will be making a decision on how to advance the 100% owned Montes De Oro either bringing in another new partner or potentially working on the project ourselves.  On-going work at Montes de Oro includes additional rock sampling and a ground magnetic survey.

OG: Why is Nicaragua a lucrative and save place to invest?

DF: Nicaragua has a very long mining history with a strong mining law and pro-mining investment climate.  Nicaragua is rated the safest country in Central America with modern infrastructure.  Calibre’s partner B2Gold is one of the major employers in Nicaragua and is the largest exporter of gold.  Finally, from a geological perspective Nicaragua is one of the most prospective and prolific regions which is now attracting significant foreign investment from well-known producing gold companies.  The country remains extremely underexplored.

OG: Junior gold market YTD- the situation for the most gold companies remains very challenging and your stock is trading near the 52 weeks high resulted by your strong progress during FY2014. When do you guess we will see a stronger recovery and how/why will Calibre benefit?

DF: We believe we have adapted appropriately to the market conditions by partnering our projects with well-known, cash flow positive mid-tier gold companies.  This stategy has reduced our burn rate ensuring that Calibre will have minimal share dilution while continuing to advance our projects.  Our partners remain confidently optimistic about the geological potential and are therefore spending significant capital which provides good news flow for the investors.

We anticipate markets to remain volatile for several months, however the companies that have low overhead and active programs with new discoveries will be the ones that will reap the immediate benefits.  We anticipate the junior market to begin its recovery once gold prices start to break through $1300 and the macro landscape for hard assets firming up.  Once this begins Calibre will benefit from having significantly advanced projects in a safe jurisdiction with well-known partners spending capital and creating exciting news flow.

OG: Please give us some more insights into your first-class investor base and your strong story supporters.

DF: First and foremost management is a significant investor with approximately 10% ownership.  Our partner B2Gold not only has an active program underway on the ground within a joint venture structure but also now owns 15.2% after recently increasing their equity position over the past few months.  In addition we have significant institutional ownership and coverage with well-known analysts including Exploration Insights (Brent Cook) following the company.

Werfen Sie für weitere Informationen einen Blick in die aktuelle Firmenpräsentation:



Calibre Mining mit Meilenstein-News: Branchen-Legende Pierre Lassonde kommt an Bord

Der legendäre Branchen-Guru, Top-Entrepreneur und Drahtzieher von etlichen Erfolgs-Stories - Mr. Pierre Lassonde - kauft sich in Gold-Explorer Calibre Mining (TSX-V:CXB) ein, der seine Goldprojekte im Mittelamerika-Staat Nicaragua u.a. mit dem wachtumsstarken Goldproduzenten B2Gold (TSX:BTO) vorantreibt..