Die Geldpolitik der EZB läuft zunehmend ins Leere. Die 5y5y Inflationserwartungen kommen trotz massiver Aufkaufprogramme und rekordhoher Ausweitung der EZB-Bilanzsumme überhaupt nicht vom Fleck..
Quelle: J.P. Morgan, Bloomberg
Posts mit dem Label Bilanz werden angezeigt. Alle Posts anzeigen
Posts mit dem Label Bilanz werden angezeigt. Alle Posts anzeigen
Mittwoch, 21. September 2016
Banken: Kreditausfallversicherungen steigen wieder deutlich an, Deutsche Bank im Fokus
Die CDS-Preise von einigen führenden Banken ziehen in den letzten Tagen erneut erheblich an. Einmal mehr steht die Deutsche Bank im Fokus, bei der sich neue Kapitalsorgen abzeichnen..
Deutsche Bank: Kapitalsorgen nehmen weiter zu, Wahrscheinlichkeit einer neuen Kapitalerhöhung wächst
Der Krisenmodus bei der angeschlagenen Deutsche Bank (DB) setzt sich ungebrochen fort..
Quelle: bloomberg.com
Quote:
Deutsche Bank: Kapitalsorgen nehmen weiter zu, Wahrscheinlichkeit einer neuen Kapitalerhöhung wächst
Der Krisenmodus bei der angeschlagenen Deutsche Bank (DB) setzt sich ungebrochen fort..
Donnerstag, 8. September 2016
Big Picture: Bilanzsummen der wichtigsten Notenbanken steigen auf neues Rekordhoch
Die gigantische Aufblähung der Bilanzsummen der Notenbanken geht in die nächste Runde. Die aggregierte Summe der Bilanzen nähert sich bereits der Marke von unfassbaren 20 Billionen US-Dollar bzw. 40% des GDPs der involvierten Nationen..
Quelle: Citi Research, Haver
Montag, 8. August 2016
Liquiditätsflut der Notenbanken hält an: Bilanz-Entwicklung der FED, EZB, BoJ, BoE, SNB und PBoC seit 2003
Die Liquiditätsschwemme der weltweiten Zentralbanken während der letzten 13 Jahre bleibt historisch. So geht größte Finanzexperiment der Menschheitsgeschichte in die nächste Runde..
Quelle: bloomberg.com
Mittwoch, 3. August 2016
Rio Tinto schlägt Gewinn-Erwartungen und fokussiert sich auf Bilanzstärkung
Der zweitgrößte Minenkonzern der Welt, Rio Tinto (RIO), kann die Analystenerwartungen im 2. Quartal schlagen - auch wenn der Firmengewinn auf den niedrigsten Stand in den letzten 12 Jahren fällt. Das war im Hinblick auf die historische Rohstoff-Baisse bereits erwartet worden.
Der Minengigant fokussiert sich weiter auf Kostenreduktionen und eine Verbesserung der Bilanzlage. Hier macht Rio Tinto sehr gute Fortschritte. So konnte die Schuldenlast in den letzten 6 Monaten weiter erfolgreich reduziert werden. Aufgrund der niedrigeren Rohstoffpreise und einem unsicheren Ausblick wird die Dividende wie erwartet angepasst..
Rio Tinto posts $US1.7b half year profit
Rio Tinto has reported a jump in half year profit to $US1.7 billion ($A2.25 billion) as the mining giant benefits from a rebound in iron ore prices over the last few months.
The main reason for a significant increase from the prior year's half year profit of $US806 million was smaller impairment charges, plus a turnaround from massive losses on US dollar movements in the prior corresponding period.
Rio Tinto's underlying profit for the six months to June 30 was down 47 per cent from a year ago to $US1.56 billion, reflecting a decline in commodity prices over the 12 months.
Revenue in the period of $US15.5 billion was down $US2.5 billion from a year ago.
Underlying earnings fell in the company's iron ore, aluminium, and copper and diamonds operations, but rose in energy and minerals.
"The credit-fuelled bounce in Chinese construction activity has had a positive impact on commodity markets in the first half of 2016, but its impact has been uneven, benefiting most steel raw materials," Rio Tinto said in a statement.
"This has pulled prices up from the multi-year lows seen at the start of the year, as markets continue to rebalance."
Analysts had expected the company to report a half year profit of $US1.5 billion.
Rio Tinto said its capital expenditure is expected to be $US4 billion in 2016 and $5 billion in 2017.
The company has maintained its full year shipment guidance of 350 million tonnes of iron ore, despite posting slightly weaker-than-expected June quarter volumes.
WEAKER PRICES DENT RIO TINTO'S UNDERYLING PROFIT
* Half year net profit of $US1.71b, up from $US806m
* Underlying earnings down 47pct to $US1.56b
* Interim dividend down 62.5 cents to 45 US cents per share
Link: https://au.finance.yahoo.com/news/rio-tinto-posts-us1-7b-062509469.html
Der Minengigant fokussiert sich weiter auf Kostenreduktionen und eine Verbesserung der Bilanzlage. Hier macht Rio Tinto sehr gute Fortschritte. So konnte die Schuldenlast in den letzten 6 Monaten weiter erfolgreich reduziert werden. Aufgrund der niedrigeren Rohstoffpreise und einem unsicheren Ausblick wird die Dividende wie erwartet angepasst..
Rio Tinto posts $US1.7b half year profit
Rio Tinto has reported a jump in half year profit to $US1.7 billion ($A2.25 billion) as the mining giant benefits from a rebound in iron ore prices over the last few months.
The main reason for a significant increase from the prior year's half year profit of $US806 million was smaller impairment charges, plus a turnaround from massive losses on US dollar movements in the prior corresponding period.
Rio Tinto's underlying profit for the six months to June 30 was down 47 per cent from a year ago to $US1.56 billion, reflecting a decline in commodity prices over the 12 months.
Revenue in the period of $US15.5 billion was down $US2.5 billion from a year ago.
Underlying earnings fell in the company's iron ore, aluminium, and copper and diamonds operations, but rose in energy and minerals.
"The credit-fuelled bounce in Chinese construction activity has had a positive impact on commodity markets in the first half of 2016, but its impact has been uneven, benefiting most steel raw materials," Rio Tinto said in a statement.
"This has pulled prices up from the multi-year lows seen at the start of the year, as markets continue to rebalance."
Analysts had expected the company to report a half year profit of $US1.5 billion.
Rio Tinto said its capital expenditure is expected to be $US4 billion in 2016 and $5 billion in 2017.
The company has maintained its full year shipment guidance of 350 million tonnes of iron ore, despite posting slightly weaker-than-expected June quarter volumes.
WEAKER PRICES DENT RIO TINTO'S UNDERYLING PROFIT
* Half year net profit of $US1.71b, up from $US806m
* Underlying earnings down 47pct to $US1.56b
* Interim dividend down 62.5 cents to 45 US cents per share
Link: https://au.finance.yahoo.com/news/rio-tinto-posts-us1-7b-062509469.html
Quelle: stockcharts.com
Quelle: stockcharts.com
Donnerstag, 28. Juli 2016
Barrick Gold verkündet ordentliche Quartalsergebnisse
Der weltgrößte Goldproduzent Barrick Gold (ABX) schreitet mit den Kosten- und Schuldenreduktionen erfolgreich voran. Die starke Generation von freiem Cashflow (5. Quartal in Folge) spricht ebenfalls für sich:
Barrick Reports Second Quarter 2016 Results
PDF 336 KB | Supplemental Information | All amounts expressed in US dollars
TORONTO, July 27, 2016
- Barrick reported net earnings of $138 million ($0.12 per share), and adjusted net earnings1 of $158 million ($0.14 per share) for the second quarter. Second quarter EBITDA2 was $881 million.
- The company reported revenues of $2.01 billion in the second quarter, and net cash provided by operating activities ("operating cash flow") was $527 million. Barrick generated $274 million in free cash flow3 in the second quarter, marking five consecutive quarters of positive free cash flow.
- Gold production in the second quarter was 1.34 million ounces at a cost of sales applicable to gold of $1.23 billion, and all-in sustaining costs4 of $782 per ounce.
- Compared to the first half of 2015, cost of sales applicable to gold has declined by 14 percent to $2.43 billion. Over the same period, we have reduced our all-in sustaining costs4 by 19 percent.
- For the full year, we expect cost of sales applicable to gold to be in the range of $5.2-$5.5 billion. All-in sustaining cost4guidance for 2016 has been reduced to $750-$790 per ounce, down from $760-$810 per ounce at the end of the first quarter, and below our original 2016 guidance of $775-$825 per ounce. We continue to expect gold production of 5.0-5.5 million ounces for the year.
- We have reduced total debt by $968 million year-to-date, and remain on track to achieve our $2 billion debt reduction target for the year.
- Commercial production has commenced at the Jabal Sayid copper mine in Saudi Arabia. Reflecting this milestone, we have increased our 2016 copper guidance to 380-430 million pounds, up from our original guidance of 370-410 million pounds.
Barrick Gold Corporation (NYSE:ABX)(TSX:ABX) (Barrick or the company) today reported net earnings of $138 million ($0.12 per share) for the second quarter, and adjusted net earnings1of $158 million ($0.14 per share). Second quarter EBITDA2 was $881 million. Second quarter revenues were $2.01 billion and operating cash flow was $527 million. The company generated $274 million in free cash flow3 in the second quarter, marking five consecutive quarters of positive free cash flow..
Quelle: stockcharts.com
Freitag, 8. Juli 2016
Big Picture: Bilanzsumme der EZB erreicht neues Rekordhoch
Die expansive Geldpolitik in der Eurozone erreicht einen neuen Rekordwert..
Quelle: zerohedge.com
Quelle: zerohedge.com
Dienstag, 14. Juni 2016
OPEC: Öl-Produktion im Iran steigt auf neues Mehrjahreshoch
Die Öl-Fördermenge im Iran geht nach dem Ende der Sanktionen in den Steilflug über und wird sich gewiss zunehmend auf die globale Angebotsanlage am Ölmarkt auswirken..
Quelle: EIA, Bloomberg
Mittwoch, 11. Mai 2016
Zink: Lagerbestände an der LME fallen auf den tiefsten Stand seit 2009
Das Zink-Überangebot schwächt sich weiter deutlich ab. Zahlreiche Prognosen gehen davon aus, dass der physische Zinkmarkt in den nächsten Jahren in ein größeres Defizit geraten wird. Währenddessen fallen die Zink-Lagerbestände an der LME auf ein neues Mehrjahrestief..
Quelle: bloomberg.com
Samstag, 7. Mai 2016
Uran: Zukünftiger Angebotsengpass erwartet
Die Nachfrage nach Uran wird ab spätestens 2018 das Minenangebot deutlich übersteigen..
Quelle: nukem.de
Freitag, 6. Mai 2016
Silber: Nachfrage in 2015 erreicht neues Rekordhoch
Hierzu ein aktueller Bericht auf Mining.com:
Silver demand hit record high in 2015
Demand for silver hit a record-high last year with the jewellery, coin and bar, and photovoltaic sectors, helping to boost the precious metal’s sales to 1.17 billion ounces.
Overall, however, the market registered its third consecutive annual deficit, which was 60% larger than 2014, shows the latest World Silver Survey published Thursday by GFMS in collaboration with the Silver Institute.
According to the report, the shortage was led by the continued weakness in scrap sales and a sharp increase in physical demand.
Source: 22nd World Silver Survey.
Globally, jewellery making increased for the third consecutive year to a fresh high at 226.5 Moz.
The increase was largely achieved on the back of a 16% rise from both India and Thailand, while North America posted a 5% annual increase..
Silver demand hit record high in 2015
Demand for silver hit a record-high last year with the jewellery, coin and bar, and photovoltaic sectors, helping to boost the precious metal’s sales to 1.17 billion ounces.
Overall, however, the market registered its third consecutive annual deficit, which was 60% larger than 2014, shows the latest World Silver Survey published Thursday by GFMS in collaboration with the Silver Institute.
According to the report, the shortage was led by the continued weakness in scrap sales and a sharp increase in physical demand.
Source: 22nd World Silver Survey.
Globally, jewellery making increased for the third consecutive year to a fresh high at 226.5 Moz.
The increase was largely achieved on the back of a 16% rise from both India and Thailand, while North America posted a 5% annual increase..
Montag, 25. April 2016
Deutschland: Kredit-Hype setzt sich fort, Kaufen auf Pump ist so "IN" wie nie zuvor
Hierzu ein aktueller Artikel von den DWN:
Deutsche kaufen mit Begeisterung auf Kredit
Deutsche Wirtschafts Nachrichten | Veröffentlicht: 25.04.16 15:27 Uhr
Der Kreditbestand der deutschen Banken hat einen Höchststand erreicht. Der Grund: Wegen der niedrigen Zinsen machen die Konsumenten massiv Gebrauch von Krediten auch für Anschaffungen des täglichen Lebens..
Deutsche kaufen mit Begeisterung auf Kredit
Deutsche Wirtschafts Nachrichten | Veröffentlicht: 25.04.16 15:27 Uhr
Der Kreditbestand der deutschen Banken hat einen Höchststand erreicht. Der Grund: Wegen der niedrigen Zinsen machen die Konsumenten massiv Gebrauch von Krediten auch für Anschaffungen des täglichen Lebens..
Mittwoch, 20. April 2016
Gold: Käufe der Notenbanken steigen in 2015 auf Jahrzehnthoch
Die Goldkäufe der Zentralbanken erreichen in 2015 einen neuen Verlaufshochstand. Der Blick auf den eindrucksvollen Langfrist-Chart:
Quelle: WGC, Tocqueville
Sonntag, 17. April 2016
FED-Bilanzsumme vs. Geldumlaufgeschwindigkeit
Die Geldumlaufgeschwindigkeit in den USA befindet sich weiterhin auf dem Sinkflug..
Quelle: reuters.com
Freitag, 1. April 2016
Treasury Metals erzielt Kreditleihe mit Loinette Leasing und Extract Capital
Positive News bei Gold-Developer Treasury Metals (T.TML), die einen neuen Kredit-Deal erzielen:
Treasury Metals Announces US$4.4 Million Loan Transaction with Loinette Leasing and Extract Capital
TORONTO, March 31, 2016 /CNW/ - Treasury Metals Inc. ("Treasury" or the "Company") is pleased to announce it has entered into a binding term sheet with Loinette Company Leasing Ltd. ("Loinette") and Extract Capital Master Funds Ltd. ("Extract") (together, the "Lenders"), with Extract acting as agent to the Lenders, to arrange a buy-out and increase of the existing loan facility with RMB Australia Holdings Limited ("RMB") due on June 20th, 2016 in respect of which CAD$5.0 million (approx. US$3.78 million) is currently outstanding and to further advance the project feasibility study and permitting for the Goliath Gold Project. The total financing to be provided by the Lenders (the "Loan"), including the amount to buy-out RMB, is US$4,400,000 (approx. CAD$5.7 million).
The closing date of the Loan is targeted to be in approximately 30 days (the "Closing Date") and remains subject to customary conditions and definitive legal documentation..
Treasury Metals Announces US$4.4 Million Loan Transaction with Loinette Leasing and Extract Capital
TORONTO, March 31, 2016 /CNW/ - Treasury Metals Inc. ("Treasury" or the "Company") is pleased to announce it has entered into a binding term sheet with Loinette Company Leasing Ltd. ("Loinette") and Extract Capital Master Funds Ltd. ("Extract") (together, the "Lenders"), with Extract acting as agent to the Lenders, to arrange a buy-out and increase of the existing loan facility with RMB Australia Holdings Limited ("RMB") due on June 20th, 2016 in respect of which CAD$5.0 million (approx. US$3.78 million) is currently outstanding and to further advance the project feasibility study and permitting for the Goliath Gold Project. The total financing to be provided by the Lenders (the "Loan"), including the amount to buy-out RMB, is US$4,400,000 (approx. CAD$5.7 million).
The closing date of the Loan is targeted to be in approximately 30 days (the "Closing Date") and remains subject to customary conditions and definitive legal documentation..
Mittwoch, 23. März 2016
Brasilianische Energiebranche: Petrobras verkündet Rekord-Verlust
Hierzu ein aktueller Artikel von Zerohedge:
Submitted by Tyler Durden on 03/23/2016 15:20 -0400
Record Loss For Petrobras As Political And Economic Crisis Worsen
Petrobras reported a record loss for the fourth quarter, a horrendous performance that raises questions about the company’s ability to handle its mountain of debt.
The state-owned Brazilian oil company announced that it lost more than 36 billion reais in the fourth quarter, or more than USD$10 billion, a 40 percent increase compared to the fourth quarter of 2014. The losses were all the more staggering because the previous year’s figures were inflated due to the massive corruption scandal, which continues to bedevil the company.
The problem for Petrobras is that it has the world’s largest pile of debt, bigger than any other oil company. And that debt, much of which is priced in U.S. dollars, is becoming more expensive to service, particularly since the Brazilian real has depreciated significantly over the past year. As The Wall Street Journal notes, Petrobras’ debt has jumped to just about 800 billion reais, or about 10 percent higher than at the end of 2015, despite spending cuts..
Link: http://www.zerohedge.com/news/2016-03-23/record-loss-petrobras-political-and-economic-crisis-worsen
Quelle: stockcharts.com
Mittwoch, 9. März 2016
Produzent Freeport: Überangebot am Kupfermarkt in 2016
Ein Verantwortlicher des weltgrößten, börsennotierten Kupferproduzenten sieht kein Ende des Überangebots in 2016 am Kupfermarkt..
Copper cuts not enough to end surplus in 2016, Freeport exec says
Copper production cuts will not be enough to end a surplus this year and demand will not catch up with supply until 2017, Freeport McMoRan (FCX -1%) senior VP of marketing and sales Javier Targhetta tells Bloomberg.
~700K metric tons of supply will have been removed in the year through mid-2016, but new supplies from mines added this year mean a glut will not be completely wiped out in 2016, Targhetta says.
Copper prices have tumbled in the past three years amid slowing economic growth in China, the metal's biggest consumer; meanwhile, production outpaced demand by ~147K tons in 2015, the biggest surplus since 2009.
"Long term I am very positive," Targhetta says. "I don’t see any new projects."
Quelle: stockcharts.com
Quelle: stockcharts.com
Quelle: stockcharts.com
Donnerstag, 25. Februar 2016
London Metal Exchange (LME): Aktuelle Lagerbestände der Basismetalle
Die Lagerbestände von Kupfer an der LME gehen seit einigen Wochen deutlich zurück..
Hier ein Überblick über die aktuellen Lagerbestände von allen wichtigen Industriemetallen:
Quelle: Kitco.com, LME
Hier ein Überblick über die aktuellen Lagerbestände von allen wichtigen Industriemetallen:
Quelle: LME, Market Realist
Mittwoch, 24. Februar 2016
Kupfer-Markt: Chancen für Angebotsdefizit wachsen
Hierzu ein aktueller Bericht von Platts:
GLOBAL COPPER MARKET SHOWS 25,000 MT DEFICIT IN NOVEMBER: ICSG
Washington (Platts)--23 Feb 2016 848 am EST/1348 GMT
The global refined copper market for November 2015, excluding changes in China's bonded stocks, showed a small apparent production deficit of around 25,000 mt, according to preliminary data released Monday by the International Copper Study Group.
When making seasonal adjustments for world refined production and usage, November showed a small production surplus of 20,000 mt, the Lisbon-based research group said.
The refined copper balance for the first 11 months of 2015, including revisions to previously released data, indicates a production surplus of around 50,000 mt (and a seasonally adjusted surplus of about 170,000 mt).
That compares with a production deficit of around 545,000 mt (a seasonally adjusted deficit of about 430,000 mt) for the same period of 2014..
When making seasonal adjustments for world refined production and usage, November showed a small production surplus of 20,000 mt, the Lisbon-based research group said.
The refined copper balance for the first 11 months of 2015, including revisions to previously released data, indicates a production surplus of around 50,000 mt (and a seasonally adjusted surplus of about 170,000 mt).
That compares with a production deficit of around 545,000 mt (a seasonally adjusted deficit of about 430,000 mt) for the same period of 2014..
Quelle: stockcharts.com
Dienstag, 23. Februar 2016
Barrick Gold: Unternehmensvisionen und Strategieeinblicke von Chairman John Thornton
Lesenswerte Worte vom Chairman des größten Goldproduzenten der Welt beim Investor Day:
Chairman John Thornton Outlines Vision and Strategy at Investor Day
Remarks by Chairman John Thornton at Barrick's Investor Day on February 22, 2016, broadcast live via webcast. You may also listen to a recording of the remarks.
Good morning everyone and thank you for joining us.
This will be a little bit unusual for me—I’m going to work off a script, so that it’s crystal clear what I want to get across, and we can hand it out to you later on if you don’t want to take notes.
This is our first investor day in five years. From now on we will have this day every other year or possibly even every year, depending on the circumstances, and whether or not you all are interested in it. This will be one of a number of steps we will take to be transparent and build trust with you.
Transparency is the currency of respect. It is a core feature of a company founded on a culture of partnership. As your partners and fellow owners, we will be straightforward and open with you, so that you understand and believe in the process by which we arrive at our decisions.
For example, one of the things we will be showing you today is the sensitivity of our significant mineral resource base to both higher and lower gold prices. We carried out this analysis not only to improve our own understanding of our resources, and allow for better planning—just as importantly, we wanted to provide you, our partners and fellow owners, with a clearer picture of our mineral endowment and how it is affected by changing gold price assumptions. We want you to have a very clear understanding of the options we have from our current assets.
A year ago, we told you we would bring Barrick "back to the future"—which meant we would recapture and make relevant the original, authentic DNA of this company as existed when Peter Munk and his partners created it. Specifically, the phrase referred to re-establishing four core strands: one, a partnership culture; two, a lean, nimble, decentralized business model; three, an intensive focus on creating long-term value as measured by cash flow per share; and four, financial rigor and prudence as evidenced by discerning portfolio management and a healthy balance sheet.
The best and most important news of the year—we did exactly what we said we would do.
We reduced our debt by $3 billion, nearly a quarter of our total debt.
We reduced our all-in sustaining costs from $864 to $831 per ounce.
We simplified our head office, eliminated management between it and the mines, and accelerated the pace at which information flows between them.
We pared down our portfolio, implemented a new system for allocating capital with strict investment criteria, and sold, canceled, or deferred several projects that did not meet those requirements.
I want to spend a few moments on our partnership culture and our renewal of talent.
As you know, we have intentionally eschewed the traditional hierarchical organizational model, in favor of our authentic partnership model. We believe that complex matters are better understood and managed by a team of partners working together, especially in assessing and reducing risk. Kelvin, as president, is, by definition, the primus inter pares within the partnership.
Five of our seven most senior partners have joined Barrick in the last fifteen months. We also identified truly outstanding talent within Barrick and made them partners—in particular, people with exceptional technical talent or a demonstrated ability to build relationships of trust with host governments and other partners.
At the Board level, we will be announcing two new non-executive directors in the upcoming Proxy. These are in addition to the two directors we recently appointed, Rob Prichard and Kelvin. As of the Proxy, assuming all directors are elected, eight of my fellow thirteen directors will have joined the Board since I became Chairman, and three of those eight have spent their entire careers in mining—taken together they have 115 years of experience in the industry. Those facts give you an indication of the scale and the pace at which we are attracting talent and building a first-class team.
All of our partners will, over time, become meaningful owners whose net worth is tied to the shares. It is our intention that, over time, every single person at Barrick will become a shareholder and owner.
We have also put in place a structure for governance and management that makes best use of our talent and ensures that your focus is our focus. The Board, as owners and as the voice of all owners, sets the company’s priorities in keeping with its purpose and values. It is then my job—as Chairman, as representative of the Board and the owners, and as a meaningful owner myself—to ensure that the partnership executes on those priorities to the highest possible standard.
I do this through a weekly meeting I chair of our seven most senior partners. We go around the table, one by one, and I monitor progress, clarify any confusion, and emphasize priorities. The discussion begins with our obsession with talent, engaging Darian Rich, and proceeds to an insistence on best-in-class with Richard Williams; portfolio optimization with Kevin Thomson; financial prudence and capital allocation with Shaun Usmar; and strategy and intellectual underpinning with Catherine Raw and her searing voice of the owner. I’d like to say about Catherine, you can take the woman out of
BlackRock, but you can’t take BlackRock out of the woman—and that’s very good news for all of us in this room.
The discussion then proceeds to the strength of our partnerships, and ends with new or outstanding priorities with Kelvin and Kathy Sipos. These discussions are collective, open, spirited, and lengthy. On occasion, they are supplemented with other partners to address particular projects of concern or opportunity. For instance, special discussions on cost-containment at Pascua-Lama, or a review of the detailed facts underlying a decision on whether to sell part or all of a specific asset, or a review of the details of how we are handling the management of a particularly sensitive relationship with any number of partners.
All of this continues in 2016. The approach I just outlined is how we will stay true to our original, authentic DNA—how we will ensure that the fundamental endures and never changes.
It is also helpful and healthy to cast our collective eye on the longer term future.
We start with one immutable truth—everything we do is focused on one goal: creating, in a responsible manner, value per share for our owners, as measured by cash flow per share.
In a minute, you will hear in some depth what one might call the base case for how we will achieve this over-arching objective. In itself, that base case is solid, impressive, and reassuring. It rests on two fundamental principles.
One is a profound understanding of and commitment to the idea that in the twenty-first century, our core business is building partnerships of depth and trust with host governments, local communities, NGOs, indigenous people, and others. At their invitation and with their support, we are permitted to take their minerals out of their ground, and in so doing create wealth for all. Two of our recent appointments to the Board, Brian Greenspun and Mike Evans, were made in meaningful part because of their extensive experience building exactly these kinds of relationships. Also, one of the two new non-execs has similar world-class experience.
The other foundational principle of the base case is a relentless commitment to operational excellence, such that we will bring down our all-in sustaining costs to below $700 per ounce by the end of 2019.
However, we must and we will go beyond that base case. We will do so primarily in two ways.
One, we will, over time, prove to you that we are not only discerning sellers—as we began to demonstrate this past year with the sale of various interests in seven of our assets, accomplished, as we all know, in difficult markets. We will demonstrate that we are also discerning buyers, capable of consistently creating per share value for our owners.
Two, we will also, over time, transform Barrick into a mining company for this century by reconceptualizing the essence of how one builds value in the industry.
We have already intentionally chosen a model that is different from our peers. I am reminded of John Templeton’s admonition, "If you want superior performance, you must be different."
We agree. It is who we are and who we were—until we lost our way in recent years. It is in Barrick’s authentic DNA.
We will embody that DNA in a way that is all the more relevant by making the best use of technology and data, embedding it into our every fiber. It will make us better, it will make us faster—and it will make us safer. We will do this carefully, deliberately, and with an uncompromising eye on return on invested capital. But we will do it.
In the end, we want to be among the very best twenty-first century companies, not just in our industry, but in any industry.
In the fullness of time, we believe Barrick will be both the lowest-risk investment of its kind and the one creating the most value.
The gold mining sector has yet to drag itself out of the last century, and at Barrick we are restless. We will be a twenty-first century mining company—one creating value for all owners, with conviction and the courage to be different.
As Kelvin indicated earlier, I will be happy to take your questions when we get to the end of this section, or at any time over the course of the day—feel free to pull me aside.
And thank you very much for listening.
Quelle: barrick.com
Chairman John Thornton Outlines Vision and Strategy at Investor Day
Remarks by Chairman John Thornton at Barrick's Investor Day on February 22, 2016, broadcast live via webcast. You may also listen to a recording of the remarks.
This will be a little bit unusual for me—I’m going to work off a script, so that it’s crystal clear what I want to get across, and we can hand it out to you later on if you don’t want to take notes.
This is our first investor day in five years. From now on we will have this day every other year or possibly even every year, depending on the circumstances, and whether or not you all are interested in it. This will be one of a number of steps we will take to be transparent and build trust with you.
Transparency is the currency of respect. It is a core feature of a company founded on a culture of partnership. As your partners and fellow owners, we will be straightforward and open with you, so that you understand and believe in the process by which we arrive at our decisions.
For example, one of the things we will be showing you today is the sensitivity of our significant mineral resource base to both higher and lower gold prices. We carried out this analysis not only to improve our own understanding of our resources, and allow for better planning—just as importantly, we wanted to provide you, our partners and fellow owners, with a clearer picture of our mineral endowment and how it is affected by changing gold price assumptions. We want you to have a very clear understanding of the options we have from our current assets.
A year ago, we told you we would bring Barrick "back to the future"—which meant we would recapture and make relevant the original, authentic DNA of this company as existed when Peter Munk and his partners created it. Specifically, the phrase referred to re-establishing four core strands: one, a partnership culture; two, a lean, nimble, decentralized business model; three, an intensive focus on creating long-term value as measured by cash flow per share; and four, financial rigor and prudence as evidenced by discerning portfolio management and a healthy balance sheet.
The best and most important news of the year—we did exactly what we said we would do.
We reduced our debt by $3 billion, nearly a quarter of our total debt.
We reduced our all-in sustaining costs from $864 to $831 per ounce.
We simplified our head office, eliminated management between it and the mines, and accelerated the pace at which information flows between them.
We pared down our portfolio, implemented a new system for allocating capital with strict investment criteria, and sold, canceled, or deferred several projects that did not meet those requirements.
I want to spend a few moments on our partnership culture and our renewal of talent.
As you know, we have intentionally eschewed the traditional hierarchical organizational model, in favor of our authentic partnership model. We believe that complex matters are better understood and managed by a team of partners working together, especially in assessing and reducing risk. Kelvin, as president, is, by definition, the primus inter pares within the partnership.
Five of our seven most senior partners have joined Barrick in the last fifteen months. We also identified truly outstanding talent within Barrick and made them partners—in particular, people with exceptional technical talent or a demonstrated ability to build relationships of trust with host governments and other partners.
At the Board level, we will be announcing two new non-executive directors in the upcoming Proxy. These are in addition to the two directors we recently appointed, Rob Prichard and Kelvin. As of the Proxy, assuming all directors are elected, eight of my fellow thirteen directors will have joined the Board since I became Chairman, and three of those eight have spent their entire careers in mining—taken together they have 115 years of experience in the industry. Those facts give you an indication of the scale and the pace at which we are attracting talent and building a first-class team.
All of our partners will, over time, become meaningful owners whose net worth is tied to the shares. It is our intention that, over time, every single person at Barrick will become a shareholder and owner.
We have also put in place a structure for governance and management that makes best use of our talent and ensures that your focus is our focus. The Board, as owners and as the voice of all owners, sets the company’s priorities in keeping with its purpose and values. It is then my job—as Chairman, as representative of the Board and the owners, and as a meaningful owner myself—to ensure that the partnership executes on those priorities to the highest possible standard.
I do this through a weekly meeting I chair of our seven most senior partners. We go around the table, one by one, and I monitor progress, clarify any confusion, and emphasize priorities. The discussion begins with our obsession with talent, engaging Darian Rich, and proceeds to an insistence on best-in-class with Richard Williams; portfolio optimization with Kevin Thomson; financial prudence and capital allocation with Shaun Usmar; and strategy and intellectual underpinning with Catherine Raw and her searing voice of the owner. I’d like to say about Catherine, you can take the woman out of
BlackRock, but you can’t take BlackRock out of the woman—and that’s very good news for all of us in this room.
The discussion then proceeds to the strength of our partnerships, and ends with new or outstanding priorities with Kelvin and Kathy Sipos. These discussions are collective, open, spirited, and lengthy. On occasion, they are supplemented with other partners to address particular projects of concern or opportunity. For instance, special discussions on cost-containment at Pascua-Lama, or a review of the detailed facts underlying a decision on whether to sell part or all of a specific asset, or a review of the details of how we are handling the management of a particularly sensitive relationship with any number of partners.
All of this continues in 2016. The approach I just outlined is how we will stay true to our original, authentic DNA—how we will ensure that the fundamental endures and never changes.
It is also helpful and healthy to cast our collective eye on the longer term future.
We start with one immutable truth—everything we do is focused on one goal: creating, in a responsible manner, value per share for our owners, as measured by cash flow per share.
In a minute, you will hear in some depth what one might call the base case for how we will achieve this over-arching objective. In itself, that base case is solid, impressive, and reassuring. It rests on two fundamental principles.
One is a profound understanding of and commitment to the idea that in the twenty-first century, our core business is building partnerships of depth and trust with host governments, local communities, NGOs, indigenous people, and others. At their invitation and with their support, we are permitted to take their minerals out of their ground, and in so doing create wealth for all. Two of our recent appointments to the Board, Brian Greenspun and Mike Evans, were made in meaningful part because of their extensive experience building exactly these kinds of relationships. Also, one of the two new non-execs has similar world-class experience.
The other foundational principle of the base case is a relentless commitment to operational excellence, such that we will bring down our all-in sustaining costs to below $700 per ounce by the end of 2019.
However, we must and we will go beyond that base case. We will do so primarily in two ways.
One, we will, over time, prove to you that we are not only discerning sellers—as we began to demonstrate this past year with the sale of various interests in seven of our assets, accomplished, as we all know, in difficult markets. We will demonstrate that we are also discerning buyers, capable of consistently creating per share value for our owners.
Two, we will also, over time, transform Barrick into a mining company for this century by reconceptualizing the essence of how one builds value in the industry.
We have already intentionally chosen a model that is different from our peers. I am reminded of John Templeton’s admonition, "If you want superior performance, you must be different."
We agree. It is who we are and who we were—until we lost our way in recent years. It is in Barrick’s authentic DNA.
We will embody that DNA in a way that is all the more relevant by making the best use of technology and data, embedding it into our every fiber. It will make us better, it will make us faster—and it will make us safer. We will do this carefully, deliberately, and with an uncompromising eye on return on invested capital. But we will do it.
In the end, we want to be among the very best twenty-first century companies, not just in our industry, but in any industry.
In the fullness of time, we believe Barrick will be both the lowest-risk investment of its kind and the one creating the most value.
The gold mining sector has yet to drag itself out of the last century, and at Barrick we are restless. We will be a twenty-first century mining company—one creating value for all owners, with conviction and the courage to be different.
As Kelvin indicated earlier, I will be happy to take your questions when we get to the end of this section, or at any time over the course of the day—feel free to pull me aside.
And thank you very much for listening.
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