|
|
Thank you dear Alan for your concern about all little investors of Newmont,
Newcrest & BHP/Billiton all over the World, particularly in the UK, US,
Canada & NZ
The situation is quite desperate for many, since further a ban is already
enforced on all Australian Gold Shares at the Hong Kong stockmarket
An Australian Lady sent me copy of the WA article of last Saturday,
something truly amazing when one realises that 3 weeks ago Telfer Mine was
THE largest Gold Mine of Australia ( and one of the largest of the World )
and today it's going to close ! ... while Palmer, the former Criminal
Newcrest's President is already gone hiding his shame in Dunedin woods !!!
Some kind of Divine Punishment obviously implemented by Our Almighty Celtic
God, as a result of the Newmont / Newcrest & BHP Criminal Misbehaviour...
and denial of Justice !
HONOUR TO OUR CELTIC GOD !
Please read on that article
Sir Jean-Paul Turcaud
Australia Mining Pioneer
~~ Ignorance Is The Cosmic Sin, The One Never Forgiven ~~
"Alan" <alan@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx> a écrit dans le message de
news: memo.20060227074822.580E@xxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxxx
Hi Jean-Paul,
I finally managed to find a copy of the article for interested readers.
* * *
THE WEST AUSTRALIAN 19th Feb 2006
Newcrest told: time's up
JOHN PHACEAS
Newcrest Mining's two-day sharemarket losses crashed through the $1 billion
mark yesterday as analysts warned their patience with Australia's biggest
gold miner was running out after its warning that fresh problems at the
massive Telfer mine would again cost millions in lost profits.
After Thursday's bloodbath, when nearly $750 million was wiped from the
company's worth as its shares plunged more than 9 per cent, the stock
yesterday slumped another $1.19 to $20.89.
The 5.4 per cent plunge wiped another $400 million off Newcrest's market
value, which fell below $7 billion for the first time since December. The
company is now valued at $6.95 billion, almost $2.1 billion less than at the
start of the month when the stock peaked at $27.20.
This week's falls come in the wake of the company's warning on Thursday that
continued metallurgical problems at the $1.4 billion Telfer project in the
Pilbara would cut production by at least 100,000 ounces of gold this year,
and that customers were unhappy with the high levels of impurities in copper
concentrate from the mine.
Adding to the bad news, Newcrest also revealed respected managing director
Tony Palmer wanted to quit around the time of his 60th birthday in the
middle of the year, and that its massive hedge book was more than $1.34
billion in the red at the end of December.
Coming in the wake of more than $200 million in cost overruns at Telfer and
Mr Palmer's public assurances last month that rumours of ongoing processing
problems were untrue, analysts said yesterday Newcrest's credibility was
almost in tatters.
"We feel the market has lost confidence and patience in the 'just around the
corner story'," Goldman Sachs JBWere analyst Ian Preston said in a research
note. "It is hard to see Newcrest outperforming without positive catalysts
and we fail to see any in the near future."
Mr Preston said Mr Palmer's impending exit also left a major void that would
need to be filled quickly.
That theme was echoed by investment bank Credit Suisse First Boston.
"Board credibility (has been) severely tested," CSFB analyst Michael
Slifirski said in a client note. "Having restated the acceptability of
Telfer's 800,000oz production target on January 30, the sudden downgrade has
not been adequately explained."
Mr Slifirski noted that Newcrest had now gone through four managing
directors and two acting chief executives since the redevelopment of Telfer
was first proposed in the mid-1990s.
Mr Palmer's departure also appeared "premature" given he had previously
indicated his intention to remain on board until Telfer was completed and
running smoothly.
Broker Bell Potter warned investors to "remain cautious" until Telfer began
performing to expectations, especially given that Newcrest's net debt was
now more than $1.67 billion and gearing levels were above 50 per cent.
Still, StockResource co-founder Grant Craighead said investors needed to
remember Telfer was a 40-year project and that the current problems should
be behind it within one to two years.
"There are plenty of challenges in the immediate future, but they will
diminish over time, so what you end up with is a very long-life, large-scale
asset," he said.
"We're probably at the maximum point of pain now for the company, so this is
about as tough as it gets and it's actually coming out the other side."
Though the stock appeared expensive above $20 on its short-term prospects,
Mr Craighead said Newcrest remained cheap compared to North American
predators who were no doubt eyeing the company's long-life assets and its
big reserve base.
"So it looks attractive to longer term investors who believe, as we do, that
sooner or later a predator will take it out," he said.
Carole
http://www.conspiracee.com
|
|