David Erfle – Gold Market Commentary – Tue 3 Dec, 2019

Major Developments In The PM Markets – M&A picking up, Silver Stocks Leading, and Major Divesting Projects

Dave Erfle joins me today to outline some of the more encouraging signs for the precious metals sector. We have been talking about silver and silver stocks leading the sector, which is continuing, and now we are seeing M&A pickup in the past 2 weeks, plus the junior stocks are starting to get some attention as well.

Click here to visit Dave’s site and learn more about his newsletter focused on metals stocks.

Weekend Show – Sat 30 Nov, 2019

Hour 1 – A Focus on Resource Stocks and Building a Hit List For Tax Loss Selling
Full First Hour

I hope everyone had a very happy Thanksgiving down in the US!

On the first hour I focus on the resource sector. Topics range from metals to energy and thoughts on the two multi-million to billion dollar deals in the resource sector. Please keep in touch by emailing me at Fleck@kereport.com.

Exclusive Company Interviews and Commentary This Week


Segment 1 and 2 – Jesse Felder
Segment 3 – Josef Schachter
Segment 4 – John Kaiser

Newmont Goldcorp to halt Mexico mine due to blockade

Newmont Goldcorp Corp (NYSE: NEM) (TSX: NGT) said Monday it will temporarily halt operations at its Peñasquito gold mine in Mexico due to illegal blockade by a trucking contractor and some members of the Cedros community.

The Peñasquito mine produced 272,000 ounces of gold in 2018, the company said.

More to come…

The post Newmont Goldcorp to halt Mexico mine due to blockade appeared first on MINING.com.

Company Updates From Management – Thu 25 Apr, 2019

Irving Resources – Updates On The Financing With Newmont Goldcorp and Ongoing Omu Exploration

Irving Resources (CNX:IRV & OTC:IRVRF) has been moving nicely this year and just announced yesterday the closing of a US$6million private placement with Newmont Goldcorp. Quinton Hennigh, Director and Technical Advisor joined me to discuss how this deal came together. While Newmont Goldcorp is interested in the Omu Project there is also a broader strategy to gain a foothold in Japan. We also discuss the exploration that is ongoing at the Omu Project. Click here to read the news releases that includes the photos of core that Quinton and I refer to.

Click here to visit the Irving Resources website for more general information.

Barrick, Newmont joint venture in Nevada clears all hurdles

Newmont Goldcorp (NYSE:NEM)(TSX:NGT) and Canada’s Barrick Gold (TSX:ABX)(NYSE:GOLD), the No. 1 and 2 bullion producers, have cleared all the regulatory conditions to combine their operations in Nevada ahead of schedule.

The U.S. Federal Trade Commission, said the companies, granted an early termination of the waiting period under the Hart-Scott-Rodino Act on April 19.

The new business, yet to be named, will be owned 38.5% by Newmont Goldcorp and 61.5% by Barrick, which will also be the operator of what the partners say it’ll be the world’s largest gold producing complex.

The “historic” business combination (as the duo called it) is expected to generate savings of $500 million a year within the first full five years. It includes Barrick’s Goldstrike, Cortez, Turquoise Ridge, and Goldrush and Newmont’s Carlin, Twin Creeks, Phoenix, Long Canyon, along with associated processing plants and infrastructure of both companies.

Excluded from the joint-venture, for now, are Barrick’s Fourmile project and Newmont’s Fiberline and Mike deposits. It also does not include Newmont’s Cripple Creek & Victor mine.

The agreement follows Newmont’s rejection of Barrick’s $18 billion hostile bid last week, countering with a proposal for a JV with a 55% interest for Barrick.

Newmont’s contra-offer wasn’t immediately welcome by the Toronto-based miner, which wanted a higher percentage and control of the venture.

After exchanging quite a few mutual verbal offences, the chief executives of the long-time rival miners reached a consensus over dinner in New York last month.

Practical measures required to integrate the joint venture assets and establish the new business are now being taken, the partners said, and they are anticipated to be complete within the current quarter.

The post Barrick, Newmont joint venture in Nevada clears all hurdles appeared first on MINING.com.

Case closed: Newmont Goldcorp becomes world’s No. 1 gold miner

Newmont Mining’s $10 billion acquisition of Canada’s Goldcorp closed Thursday, giving birth to Newmont Goldcorp Corporation (NYSE: NEM)(TSX: NGT), the world’s largest gold producer by market value, output and reserves.

The mammoth company, to be led by Gary Goldberg until the end of the year, will mine in the Americas, Australia and Ghana, producing between 6 and 7 million ounces of gold annually over the next ten years and beyond.

A key reason for the business combination was the synergies and cost-savings the merged company could achieve. Newmont Goldcorp expects to immediately start delivering on an estimated $365 million in expected annual pre-tax synergies, supply chain efficiencies and other improvements. This is expected to include the sale of $1 billion to $1.5 billion of assets over the next two years.

Newmont Goldcorp is now the world’s largest gold producer by market value, output and reserves, as well as the only bullion producer listed in the S&P 500 Index.

"We've met our goal to become the world's leading gold business, and we'll maintain that position by executing our winning strategy. That strategy focuses on constantly improving safety and efficiency at our current operations while we continue to invest in expansions and exploration to fuel next generation production," said Goldberg, who is retiring by the end of the year.

Former Newmont’s chief operating officer, Tom Palmer, will then take over as CEO of the new company, based in Vancouver, British Columbia.

The company will continue trading on the New York Stock Exchange (NYSE) under the ticker NEM and will begin trading on the Toronto Stock Exchange (TSX) under the ticker NGT. Goldcorp's shares will be delisted from the NYSE before market open on April 18 and from the TSX after market close on April 22.

The assets Newmont Goldcorp is anticipated to put on the chopping block, combined with mines Barrick plans to sell in the wake of its acquisition of Randgold Resources earlier this year, is expected by analysts to fuel further sector deals.

The post Case closed: Newmont Goldcorp becomes world’s No. 1 gold miner appeared first on MINING.com.

Newmont-Goldcorp $10B merger to close this week

Gold giant Newmont Mining’s (NYSE:NEM) $10 billion acquisition of Canada’s Goldcorp (TSX:G) is expected to close this week as the deal has received Investment Canada Act approval.

Last week, almost 98%of Newmont’s shareholders approved the deal, which creates the world’s largest gold producer by market value, output and reserves, and robs Barrick of its recently cemented supremacy. Earlier this month, Goldcorp’s investors also gave the transaction their thumbs up.

Deal creates the world’s largest gold producer by market value, output and reserves.

The combined company, to be called Newmont Goldcorp, will mine in the Americas, Australia and Ghana, producing between 6 and 7 million ounces of gold annually over the next ten years and beyond, the parties said.

It will be initially led by Goldberg, who is retiring by the end of the year. Tom Palmer, the company’s current chief operating officer, will then take over as CEO. Goldcorp's Vancouver office, in turn, will become the designated base for North American operations for Newmont Goldcorp.

As part of the transaction, Newmont has committed to sell between $1 billion and $1.5 billion worth of assets over the next two years. It has also promised initial cost savings of $100 million a year.

The assets Newmont-Goldcorp is expected to put on the chopping block, combined with mines Barrick plans to sell in the wake of its acquisition of Randgold Resources earlier this year, is expected by analysts to fuel further sector deals.

The post Newmont-Goldcorp $10B merger to close this week appeared first on MINING.com.

Newmont shareholders give a solid approval to $10B takeover of Goldcorp

Shareholders in US gold giant Newmont Mining (NYSE:NEM) have almost unanimously approved the miner’s proposed $10B takeover of Canada’s Goldcorp (TSX:G) (NYSE:GG), a deal that creates the world’s largest gold producer by output, robing Barrick of its recently cemented supremacy.

More than 97% of the votes were in favour of the transaction, first announced in January, and which is expected in the second quarter of the year.

The resounding approval comes only a week after Goldcorp’s investors also gave the deal their thumbs up.

“We thank Newmont’s shareholders for their overwhelming support for this compelling value creation opportunity as we build the world’s leading gold company,” Newmont’s chief executive, Gary Goldberg, said in the statement.

The combined company, which will be called Newmont Goldcorp, will mine in the Americas, Australia and Ghana, producing between 6 and 7 million ounces of gold annually over the next ten years and beyond, the parties said.

As part of the transaction, Newmont has committed to sell between $1 billion to $1.5 billion worth of assets over the next two years. It has also promised initial cost savings of $100 million a year.

The new gold miner will be led by Goldberg, who is retiring by the end of the year. Tom Palmer, the company’s current chief operating officer, will then take over as the CEO.

More to come…

The post Newmont shareholders give a solid approval to $10B takeover of Goldcorp appeared first on MINING.com.

Miners challenged to urgently reveal tailings safety records

A group of ethical investors working on a global standard for tailings dams has requested over 600 resource companies, including major miners, to reveal the safety records of their waste storage facilities, following the collapse of Vale’s Brumadinho dam in Brazil in January, which killed hundreds.

The companies addressed, including major names in the mining industry such as BHP, Rio Tinto, Anglo American, Glencore and Vale itself, have been given 45 days to publicly disclose their dams’ size, construction methods and safety records.

Move is aimed at providing a tool for institutional investors to assess the risk from their holdings in mining companies.

About 100 investors, led by the Church of England Pensions Board and Sweden’s public pension fund, expect the companies to publish the answers to 20 questions sent, covering issues such as the height and type of dams they have, their capacity, engineering records and safety checks.

Industry group the International Council on Mining and Minerals (ICMM) said in March it was working with the United Nations Environment Programme (UNEP) and the Principles for Responsible Investment (PRI) to develop new standards.

Currently there are no set of universal rules defining exactly what a tailings dam is, how to build one and how to care for it after it is decommissioned.

There are about 3,500 tailings dams around the world. Unlike the ones used to build reservoirs or hydroelectric projects, tailings dams are not usually made from reinforced concrete or stone. They are mostly constructed from the waste material left over from mining operations, which — depending on the type of mine — can be toxic.

Only three countries in the world ban upstream dams — Chile, Peru, and now Brazil. Chile, the world’s No.1 copper producer, also regulates the minimum distance between dams and urban centres. But the nation still has 740 tailings deposits, only 101 of which are active, with the rest abandoned or inactive, according to data from mining agency Sernageomin.

Click here for complete coverage of the dam burst at Vale's Córrego do Feijão mine. 

The post Miners challenged to urgently reveal tailings safety records appeared first on MINING.com.

Newmont readies leadership team post-merger with Goldcorp

US gold giant Newmont Mining (NYSE:NEM) has put together an executive leadership team that will come into effect once its acquisition of Canada’s Goldcorp (TSX:G) (NYSE:GG) is completed, which is expected to happen in the second quarter.

The group, says the company, will feature some of the industry’s best talent and most experienced mining executives known for superior operational execution, consistent project delivery and leadership in safety and sustainability.

Chief executive Gary Goldberg will remain as such until the fourth quarter, when he will retire, to be succeeded by Tom Palmer. 

“Going forward, Newmont Goldcorp will maintain its focus on the success and continuity of our business through strategic leadership development, building high performing teams, and robust succession planning,” Tom Palmer, President and COO, said in a statement.

Chief executive Gary Goldberg will remain as such until the fourth quarter, when he will retire, to be succeeded by Tom Palmer who keeps his role of President.

Rob Atkinson will take over the COO position on June 1.

Other promotions include Jennifer Cmil as executive VP for human resources, Dean Gehring as VP and chief technology officer, Steve Gottesfeld as executive VP and chief sustainability and external affairs officer and Nancy Lipson executive VP and general counsel.

Randy Engel will remain as VP for strategic development and Marcelo Godoy as senior VP for exploration.

Newmont and Goldcorp announced their $10 billion combination in January, but the deal was faced recent challenges, with Newmont shareholders revolting over an “unfair” benefit that Goldcorp shareholders would have following the Nevada joint venture agreement between Newmont and Barrick.

The Greenwood Village, Colorado-based mining giant weathered the storm by promising investor to sweeten the pot with the largest dividend in 32 years.

The post Newmont readies leadership team post-merger with Goldcorp appeared first on MINING.com.