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rub92me said:Hehehe. Don't rub it in
Ah ok. Sorry.
BDG - Bendigo Mining
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Ah ok. Sorry.
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Good bullish announcement out. More Gold discoverd which hopefully will increase the lifetime of the mine. Hopefully the rot will stop now and the bottom is found.
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NEW gold producer Bendigo Mining has forecast a slight increase in capital costs at its namesake project in Victoria, and confirmed its 70,000-90,000 ounce production estimate in the current financial year following recent construction delays.
Capital costs are put at $A60-65 million, compared with an earlier forecast this year of $57 million.
The Melbourne-based company said its 600,000 tonne per annum plant was now 95% complete and that full ore commissioning was set to be completed by the end of September.
Previously, the company was predicting the project would reach a rate of 120,000 ounce per annum by June, and build to 200,000ozpa three years thereafter.
Full-scale production of 600,000ozpa via a second mine and processing plant was expected to begin in 2011-12, though commencement of work on the second mine is now not forecast to begin until the December quarter as the company awaits regulatory approval.
Bendigo said the impact of this delay on the development schedule would be assessed once the approval has been received.
Shares in Bendigo were up 1c (0.7%) at $1.47 in morning trade. The stock was at $2.55 just over two months ago.
From Mining News
Cheers
Capital costs are put at $A60-65 million, compared with an earlier forecast this year of $57 million.
The Melbourne-based company said its 600,000 tonne per annum plant was now 95% complete and that full ore commissioning was set to be completed by the end of September.
Previously, the company was predicting the project would reach a rate of 120,000 ounce per annum by June, and build to 200,000ozpa three years thereafter.
Full-scale production of 600,000ozpa via a second mine and processing plant was expected to begin in 2011-12, though commencement of work on the second mine is now not forecast to begin until the December quarter as the company awaits regulatory approval.
Bendigo said the impact of this delay on the development schedule would be assessed once the approval has been received.
Shares in Bendigo were up 1c (0.7%) at $1.47 in morning trade. The stock was at $2.55 just over two months ago.
From Mining News
Cheers
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Nice open. Looking good.
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Around the Markets: Big returns sought in small mines
By Madelene Pearson and Tan Hwee Ann Bloomberg News
Published: July 28, 2006
MELBOURNE Surging gold prices this year have put bullion miners among the best-performing Australian stocks. And some investors are thinking anything but big.
The smallest producers among them, including Bendigo Mining and Agincourt Resources, now are set to outperform such giants as Newcrest Mining, said Michael McCormick, a manager at Leyland Private Asset Management who owns shares of Bendigo and Agincourt.
Those two companies, along with Pan Australian Resources, Sino Gold and Dominion Mining, are exploring for bullion or starting production. Their stock prices should take off as output begins and the price of the precious metal stays high, McCormick said.
Jim Rogers, an investor who foresaw the start of a commodity rally in 1999, predicted in April that gold was likely to soar to $1,000 an ounce, or 28.3 grams, from $630 now. McCormick said that gold would approach the $873 record reached in 1980, possibly this year.
"There's still a huge amount of value in the Australian gold sector," said Rogers, a Sydney-based money manager. In any gold market, the strength usually starts with big companies and eventually reaches the smaller ones, he said. "You know you are in a bull market when the smaller ones are starting to run."
The stock of producers of raw materials including gold have risen 9.1 percent this year, based on their industry group within the Standard & Poor's ASX 300 benchmark index of Australian stocks. The index has gained 5.2 percent.
Bendigo, which is based in Melbourne, has fallen 10 percent and Agincourt, based in Perth, is 22 percent lower.
Other nascent producers that McCormick holds include Leviathan Resources, which is down 36 percent. Ballarat Goldfields, which is on his "watch list," is down 31 percent. Prices for start-up producers have fallen as other gold stocks pared their gains this year because the start-ups are thinly traded. That exacerbates market swings, he said.
Gold stocks also are among the best performers this year in South Africa and Canada as well. Gold Fields, based in Johannesburg, has risen 29 percent, and Bema Gold of Canada is up 88 percent.
In the United States, 15 of 20 gold mining companies with market values greater than $50 million are outperforming the S&P's 500 index.
Bullion futures are up 24 percent this year and reached a 26-year high of $732 an ounce in May. Oxiana, the second-biggest Australian gold miner by market value, has jumped 80 percent this year, among the best gains in the S&P/ASX 300. Resolute Mining has advanced 52 percent.
Companies that have not hedged, or locked in the price of the gold they expect to produce, and have output of 100,000 ounces or more a year will be among the best performers, McCormick said.
Newcrest, the biggest Australian gold miner by market value, produced 1.53 million ounces in fiscal 2006. The company has forward- sold about 88 percent of its forecast 2007 gold output, Merrill Lynch said in a report this week.
Bendigo Mining, which produced its first gold this month, is forecasting output of 200,000 ounces a year over three years, reaching 600,000 ounces a year at full production. It has not locked in future prices.
Ballarat Goldfields, which began gold output in December, is targeting production of 100,000 ounces a year, increasing to 200,000 ounces in three years. Its shares are up 10 percent in the past year.
Shares of smaller gold companies like Leviathan and Bendigo are trading at as little as half their net present value, giving them more potential for higher returns, said Pieter Bruinstroop, a commodities analyst at Ord Minnett in Melbourne. Net present value is a calculation of the current value of expected cash flows.
If Rogers's prediction of $1,000 gold is right, the rally in gold shares will not end soon. Rogers, who wrote the book "Hot Commodities," published in 2004, did not predict when the metal would reach that price.
McCormick said that the start-up miners would be the shares to own in that environment.
"You get more leverage from the emerging producers," he said.
MELBOURNE Surging gold prices this year have put bullion miners among the best-performing Australian stocks. And some investors are thinking anything but big.
The smallest producers among them, including Bendigo Mining and Agincourt Resources, now are set to outperform such giants as Newcrest Mining, said Michael McCormick, a manager at Leyland Private Asset Management who owns shares of Bendigo and Agincourt.
Those two companies, along with Pan Australian Resources, Sino Gold and Dominion Mining, are exploring for bullion or starting production. Their stock prices should take off as output begins and the price of the precious metal stays high, McCormick said.
Jim Rogers, an investor who foresaw the start of a commodity rally in 1999, predicted in April that gold was likely to soar to $1,000 an ounce, or 28.3 grams, from $630 now. McCormick said that gold would approach the $873 record reached in 1980, possibly this year.
"There's still a huge amount of value in the Australian gold sector," said Rogers, a Sydney-based money manager. In any gold market, the strength usually starts with big companies and eventually reaches the smaller ones, he said. "You know you are in a bull market when the smaller ones are starting to run."
The stock of producers of raw materials including gold have risen 9.1 percent this year, based on their industry group within the Standard & Poor's ASX 300 benchmark index of Australian stocks. The index has gained 5.2 percent.
Bendigo, which is based in Melbourne, has fallen 10 percent and Agincourt, based in Perth, is 22 percent lower.
Other nascent producers that McCormick holds include Leviathan Resources, which is down 36 percent. Ballarat Goldfields, which is on his "watch list," is down 31 percent. Prices for start-up producers have fallen as other gold stocks pared their gains this year because the start-ups are thinly traded. That exacerbates market swings, he said.
Gold stocks also are among the best performers this year in South Africa and Canada as well. Gold Fields, based in Johannesburg, has risen 29 percent, and Bema Gold of Canada is up 88 percent.
In the United States, 15 of 20 gold mining companies with market values greater than $50 million are outperforming the S&P's 500 index.
Bullion futures are up 24 percent this year and reached a 26-year high of $732 an ounce in May. Oxiana, the second-biggest Australian gold miner by market value, has jumped 80 percent this year, among the best gains in the S&P/ASX 300. Resolute Mining has advanced 52 percent.
Companies that have not hedged, or locked in the price of the gold they expect to produce, and have output of 100,000 ounces or more a year will be among the best performers, McCormick said.
Newcrest, the biggest Australian gold miner by market value, produced 1.53 million ounces in fiscal 2006. The company has forward- sold about 88 percent of its forecast 2007 gold output, Merrill Lynch said in a report this week.
Bendigo Mining, which produced its first gold this month, is forecasting output of 200,000 ounces a year over three years, reaching 600,000 ounces a year at full production. It has not locked in future prices.
Ballarat Goldfields, which began gold output in December, is targeting production of 100,000 ounces a year, increasing to 200,000 ounces in three years. Its shares are up 10 percent in the past year.
Shares of smaller gold companies like Leviathan and Bendigo are trading at as little as half their net present value, giving them more potential for higher returns, said Pieter Bruinstroop, a commodities analyst at Ord Minnett in Melbourne. Net present value is a calculation of the current value of expected cash flows.
If Rogers's prediction of $1,000 gold is right, the rally in gold shares will not end soon. Rogers, who wrote the book "Hot Commodities," published in 2004, did not predict when the metal would reach that price.
McCormick said that the start-up miners would be the shares to own in that environment.
"You get more leverage from the emerging producers," he said.
By Madelene Pearson and Tan Hwee Ann Bloomberg News
Published: July 28, 2006
MELBOURNE Surging gold prices this year have put bullion miners among the best-performing Australian stocks. And some investors are thinking anything but big.
The smallest producers among them, including Bendigo Mining and Agincourt Resources, now are set to outperform such giants as Newcrest Mining, said Michael McCormick, a manager at Leyland Private Asset Management who owns shares of Bendigo and Agincourt.
Those two companies, along with Pan Australian Resources, Sino Gold and Dominion Mining, are exploring for bullion or starting production. Their stock prices should take off as output begins and the price of the precious metal stays high, McCormick said.
Jim Rogers, an investor who foresaw the start of a commodity rally in 1999, predicted in April that gold was likely to soar to $1,000 an ounce, or 28.3 grams, from $630 now. McCormick said that gold would approach the $873 record reached in 1980, possibly this year.
"There's still a huge amount of value in the Australian gold sector," said Rogers, a Sydney-based money manager. In any gold market, the strength usually starts with big companies and eventually reaches the smaller ones, he said. "You know you are in a bull market when the smaller ones are starting to run."
The stock of producers of raw materials including gold have risen 9.1 percent this year, based on their industry group within the Standard & Poor's ASX 300 benchmark index of Australian stocks. The index has gained 5.2 percent.
Bendigo, which is based in Melbourne, has fallen 10 percent and Agincourt, based in Perth, is 22 percent lower.
Other nascent producers that McCormick holds include Leviathan Resources, which is down 36 percent. Ballarat Goldfields, which is on his "watch list," is down 31 percent. Prices for start-up producers have fallen as other gold stocks pared their gains this year because the start-ups are thinly traded. That exacerbates market swings, he said.
Gold stocks also are among the best performers this year in South Africa and Canada as well. Gold Fields, based in Johannesburg, has risen 29 percent, and Bema Gold of Canada is up 88 percent.
In the United States, 15 of 20 gold mining companies with market values greater than $50 million are outperforming the S&P's 500 index.
Bullion futures are up 24 percent this year and reached a 26-year high of $732 an ounce in May. Oxiana, the second-biggest Australian gold miner by market value, has jumped 80 percent this year, among the best gains in the S&P/ASX 300. Resolute Mining has advanced 52 percent.
Companies that have not hedged, or locked in the price of the gold they expect to produce, and have output of 100,000 ounces or more a year will be among the best performers, McCormick said.
Newcrest, the biggest Australian gold miner by market value, produced 1.53 million ounces in fiscal 2006. The company has forward- sold about 88 percent of its forecast 2007 gold output, Merrill Lynch said in a report this week.
Bendigo Mining, which produced its first gold this month, is forecasting output of 200,000 ounces a year over three years, reaching 600,000 ounces a year at full production. It has not locked in future prices.
Ballarat Goldfields, which began gold output in December, is targeting production of 100,000 ounces a year, increasing to 200,000 ounces in three years. Its shares are up 10 percent in the past year.
Shares of smaller gold companies like Leviathan and Bendigo are trading at as little as half their net present value, giving them more potential for higher returns, said Pieter Bruinstroop, a commodities analyst at Ord Minnett in Melbourne. Net present value is a calculation of the current value of expected cash flows.
If Rogers's prediction of $1,000 gold is right, the rally in gold shares will not end soon. Rogers, who wrote the book "Hot Commodities," published in 2004, did not predict when the metal would reach that price.
McCormick said that the start-up miners would be the shares to own in that environment.
"You get more leverage from the emerging producers," he said.
MELBOURNE Surging gold prices this year have put bullion miners among the best-performing Australian stocks. And some investors are thinking anything but big.
The smallest producers among them, including Bendigo Mining and Agincourt Resources, now are set to outperform such giants as Newcrest Mining, said Michael McCormick, a manager at Leyland Private Asset Management who owns shares of Bendigo and Agincourt.
Those two companies, along with Pan Australian Resources, Sino Gold and Dominion Mining, are exploring for bullion or starting production. Their stock prices should take off as output begins and the price of the precious metal stays high, McCormick said.
Jim Rogers, an investor who foresaw the start of a commodity rally in 1999, predicted in April that gold was likely to soar to $1,000 an ounce, or 28.3 grams, from $630 now. McCormick said that gold would approach the $873 record reached in 1980, possibly this year.
"There's still a huge amount of value in the Australian gold sector," said Rogers, a Sydney-based money manager. In any gold market, the strength usually starts with big companies and eventually reaches the smaller ones, he said. "You know you are in a bull market when the smaller ones are starting to run."
The stock of producers of raw materials including gold have risen 9.1 percent this year, based on their industry group within the Standard & Poor's ASX 300 benchmark index of Australian stocks. The index has gained 5.2 percent.
Bendigo, which is based in Melbourne, has fallen 10 percent and Agincourt, based in Perth, is 22 percent lower.
Other nascent producers that McCormick holds include Leviathan Resources, which is down 36 percent. Ballarat Goldfields, which is on his "watch list," is down 31 percent. Prices for start-up producers have fallen as other gold stocks pared their gains this year because the start-ups are thinly traded. That exacerbates market swings, he said.
Gold stocks also are among the best performers this year in South Africa and Canada as well. Gold Fields, based in Johannesburg, has risen 29 percent, and Bema Gold of Canada is up 88 percent.
In the United States, 15 of 20 gold mining companies with market values greater than $50 million are outperforming the S&P's 500 index.
Bullion futures are up 24 percent this year and reached a 26-year high of $732 an ounce in May. Oxiana, the second-biggest Australian gold miner by market value, has jumped 80 percent this year, among the best gains in the S&P/ASX 300. Resolute Mining has advanced 52 percent.
Companies that have not hedged, or locked in the price of the gold they expect to produce, and have output of 100,000 ounces or more a year will be among the best performers, McCormick said.
Newcrest, the biggest Australian gold miner by market value, produced 1.53 million ounces in fiscal 2006. The company has forward- sold about 88 percent of its forecast 2007 gold output, Merrill Lynch said in a report this week.
Bendigo Mining, which produced its first gold this month, is forecasting output of 200,000 ounces a year over three years, reaching 600,000 ounces a year at full production. It has not locked in future prices.
Ballarat Goldfields, which began gold output in December, is targeting production of 100,000 ounces a year, increasing to 200,000 ounces in three years. Its shares are up 10 percent in the past year.
Shares of smaller gold companies like Leviathan and Bendigo are trading at as little as half their net present value, giving them more potential for higher returns, said Pieter Bruinstroop, a commodities analyst at Ord Minnett in Melbourne. Net present value is a calculation of the current value of expected cash flows.
If Rogers's prediction of $1,000 gold is right, the rally in gold shares will not end soon. Rogers, who wrote the book "Hot Commodities," published in 2004, did not predict when the metal would reach that price.
McCormick said that the start-up miners would be the shares to own in that environment.
"You get more leverage from the emerging producers," he said.
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The tide seems to have changed.
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I hate being patient.
Hi there,
BDG will be producing gold within the next 8 weeks - I live just 2 k from the mine (processing plant and it is about to go up and running. I can't work out why the price has drpped over th epast few weeks but it will surely fly upwards when the gold starts to pour. Have patience as all things come to those who wait!
BDG will be producing gold within the next 8 weeks - I live just 2 k from the mine (processing plant and it is about to go up and running. I can't work out why the price has drpped over th epast few weeks but it will surely fly upwards when the gold starts to pour. Have patience as all things come to those who wait!
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Annual Report to be released today so hopefully we will see a bit of upside on this languid stock. We certainly deserve it!
Hi, good tings come to those who wait. BDG is a long term investment and worth sticking with - the maths 600,000 ozs per year x gold price/425000000 works out to a preety decent deal. I think you will find from the report that the mine is about to go into production as its processing plant is nearly completed. The good metal will flow shortly. I hope that we all enjoy the benefits.
Regards ace
Regards ace
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blueroo said:Annual Report to be released today so hopefully we will see a bit of upside on this languid stock. We certainly deserve it!
Arrrhh. no mention of when production commences.
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Yes, things seem to be going nicely for them.
Understatement by the MD in saying "I'm expecting a marked improvement in our bottom line relative to that achieved last year."
From a loss of $13mil last financial year, with no production and only "expecting a marked improvement" with at least 6 months of full production for the next financial year sounds like they are suffering a severe shortage of confidence down Bendigo way.
70,000 to 90,000 ozs. @ $350 average = ~$28mil 2006-07 year
Full production - 600,000 ozs. @ $350 average = ~$210mil 2007-08
Assuming of course gold remains around AUD$800.
Understatement by the MD in saying "I'm expecting a marked improvement in our bottom line relative to that achieved last year."
From a loss of $13mil last financial year, with no production and only "expecting a marked improvement" with at least 6 months of full production for the next financial year sounds like they are suffering a severe shortage of confidence down Bendigo way.
70,000 to 90,000 ozs. @ $350 average = ~$28mil 2006-07 year
Full production - 600,000 ozs. @ $350 average = ~$210mil 2007-08
Assuming of course gold remains around AUD$800.
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blueroo said:
Blueroo, there is 425,290,255 shares in BDG. A gold flow of $210,000,000 works out to 49 cents a share. With the price at 149 this will be a raw return of 32%. I know that this is a rough figure but it points to the potential of BDG to make good returns
regards ace
regards ace
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My thoughts exactly Ace42ace42 said:
Profitseeker:
Yes you are right. It was my attempt at sarcasm because I was trying emphasize that he is stating the obvious that results are expected to be better because they are now a producer. They will want to give the game away if they are not better!
I still don't know if I got my meaning across
Hi blueroo - I certainly hope that they will do better - I have a lot of money on this. Word is out around Bendigo that they will go to $18 when full production hits. We must keep in mind the relatively low number of shares in the company - say comapred to Ballarat Mining ( they have over 1.5 billion and nowhere as much gold. The "18" comes as an opinion of some big the knobs out at Perseverance Mining - aother mine located near Bendigo) I hope that they know what they are talking about Cheers ace
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blueroo said:My thoughts exactly Ace42
Profitseeker:
Yes you are right. It was my attempt at sarcasm because I was trying emphasize that he is stating the obvious that results are expected to be better because they are now a producer. They will want to give the game away if they are not better!
I still don't know if I got my meaning across
Ok. Sorry. I understand now.
Hi Blueroo, just thought i would mention another stock - Cazaly Resources. Are you familar with this company? I have quite a bit of money in there after hanging on after a tenement that they applied for was rejected by Bowler, the WA Mining Minister.
Cazaly have since had legal advice to the effect that what the minister did was not at one with the WA mining act. They have been given the right toa judicial review and if they succeed the shares will go back through the roof.
Have a look at the CAZ home site and a read of the legal opinion so as to familarise yourself with it all (I am assuming that you are unaware of it all). Let me know what you think (if you think that you have the legal commonsense to make a reasonable judgement). There could be money to be made here. My impression after reading the legal opinion is that CAZ can't lose.
regards ace
Cazaly have since had legal advice to the effect that what the minister did was not at one with the WA mining act. They have been given the right toa judicial review and if they succeed the shares will go back through the roof.
Have a look at the CAZ home site and a read of the legal opinion so as to familarise yourself with it all (I am assuming that you are unaware of it all). Let me know what you think (if you think that you have the legal commonsense to make a reasonable judgement). There could be money to be made here. My impression after reading the legal opinion is that CAZ can't lose.
regards ace
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I am thinking of picking some cfds to offload on the announcement of production. i think there could be a nice up swing when that happens.
