Hardinvestor - déhedging, apres anglogold qui a annoncé récemment

skipper Inscrit le : 05 Fév 2005 Messages : 8688

déhedging, apres anglogold qui a annoncé récemment la fermeture de son hedge book d'ici fin , 2008 , c'est au tour de BUENAVENTURA ..

nul doute qu'un des gros acheteurs du moment ne soit justement Anglo ..
avec les pbs d'électricité en AFS .. ils sont contraints à couvrir encore plus vite que prévu
puiqu'ils annoncent un retard de prod de ... 400.000 troy onces !, lire la news ici

source www.metropolecafe.com

Peru Buenaventura scraps hedges for $434 mln - CFO

LIMA, Feb 6 (Reuters) - Peruvian miner Buenaventura (BUEv.LM: will pay $434 million to unwind hedges on gold slated for delivery in 2010 and 2012, its chief financial officer said on Wednesday.
The payment will be financed with debt as the company pays a fee to release 782,000 ounces of gold from contracts that had set fixed prices for the mineral years before it was slated to reach market.
"This was to free ourselves from the fixed price of the contracts and get the spot price," Carlos Galvez told Reuters.
The hedging contracts were signed before gold hit record highs. It traded on Wednesday at about $900 an ounce.
Unwinding the hedges will allow the company to reap the benefits of selling gold at current market prices.
Peru is the world's fifth-largest gold producer and holds a minority stake in Yanacocha, the biggest gold mine in Latin America.
Prior to Wednesday's announcement, the company unwound a separate batch of gold slated for delivery in 2010. In that case, the company paid $82.6 million in cash to cancel contracts on 140,000 ounces. It said it has now unwound all hedges.
-END-
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Pépite Bull

skipper Inscrit le : 05 Fév 2005 Messages : 8688

hoho .. cella la est énorme ..
Anglogold posséde au ghana une mine d'uranium et pourrait bien se mettre en force majeure ... selon ses propres déclarations !

lisez bien les détails fournis ds le c/c ci après ...

alors imaginez un peu ce que ça pourrait donner pour anglo ashanti ... avec un hedge book de 10 millions d'once d'or .. et des pbs d'NRJ importants et qui sont loin d'être réglés !!
source www.lemetropolecafe.com

Force majeure looms at AngloGold
Bill,
South African’s AngloGold Ashanti, owners of the troubled Obuasi
Mine in Ghana and possessors of a 10 million ounce gold hedgebook, has reported that it’s nuclear fuel subsidiary NUFCOR Uranium may declare force majeure on some of its contracts*. For those not familiar with the term "force majeure," it is when one party of a contract defaults on its obligations but claims the default is due to outside forces beyond its control and is therefore blameless. It is important to realize that AngloGold Ashanti has not actually declared force majeure, yet, but has only given formal notice that they might.
What is the cause of this potential disruption in contractually obligated deliveries? The company would not say. However, "AngloGold Ashanti, South Africa's biggest uranium producer, produces uranium oxide concentrates as a byproduct of its gold mining operations."*
Another reason this declaration has come about is because 1 year ago AngloGold tried to act like a central bank and force down the price of nuclear fuel. In March , 2007 it was reported that, "NUFCOR Uranium, the holder of 2.3 million pounds of uranium oxide, has lent users and producers 40% of its stocks and could increase that to 100% amid a global squeeze of the metal used primarily in energy production, said Nufcor CEO Charles Scorer… We are acting as a bank." So in addition to electricty issues, AngloGold’s troubles are partially caused by trying to undermine the price discovery function of markets. This makes me wonder; did AngloGold’s history of hedging encourage its belief that price suppression is normal and therefore help lead to an effort to jigger the uranium market?
In any case, it is interesting that AngloGold has felt it necessary to publicly admit it may default on a by-product of gold mining but not on gold itself, especially since they are already facing the loss of 14 tons/year of the yellow metal from Ghana. This should increase the odds that AngloGold will eventually find itself up against the wall on its gold hedges, too. When it does we may begin to find out how many times the same gold output has been pledged to different parties in the over $400 billion gold derivatives netherworld.
Best wishes,
Peter R.
www.pandacollector.com
*http://www.miningweekly.co.za/article.php?a_id=128096
** http://www.miningmx.com/energy/727767.htm
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Pépite Bull

skipper Inscrit le : 05 Fév 2005 Messages : 8688

anglogold annonce une ak de 1.6 milliards de $ pour couvrir 45% de son hedge book ... c'est les actionnaires qui vont être contents ! mdr1

remarque, depuis le temps qu'on le dit ...n'ont qu'à s'en prendre à eux même ..

http://www.gata.org/node/6282
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Pépite Bull