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Anglogold et Buenaventura couvrent leurs shorts positions sur l'or

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MessageAnglogold et Buenaventura couvrent leurs shorts positions sur l'or
par marie Jeu 7 Fév 2008 - 21:56

déhedging, après 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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Dernière édition par marie le Jeu 8 Déc 2011 - 22:56, édité 1 fois

   marie

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MessageRe: Anglogold et Buenaventura couvrent leurs shorts positions sur l'or
par marie Mar 4 Mar 2008 - 0:04

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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MessageRe: Anglogold et Buenaventura couvrent leurs shorts positions sur l'or
par marie Mer 7 Mai 2008 - 15:37

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

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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MessageRe: Anglogold et Buenaventura couvrent leurs shorts positions sur l'or
par marie Jeu 16 Sep 2010 - 14:46

et ça continue pour Anglogold

qui annonce une augmentation de capital de 15.8 millions d'action ( + un plan d'obligations convertibles ) pour couvrir ses ventes à terme ...ce sont encore ls actionnaires dilués sui vont payer la note des erreurs du management .. et des entourloupes du cartel .. mais bon .. c'est pas faute d'avoir prévenu .. hein ..

bref .. Anglogold est dans la merde ...

au passage, félicitons Paulson et co qui détient 12% des actions..déjà qu'il est le 1er actionnaire du fumeux papier GLD ... sourire ..

www.lemetropolecafe.com


What is that short position?
*Gold and silver sold many times over in unallocated accounts by bullion dealers.
*Gold loans to bullion banks. The mainstream gold world tells the public that the central banks have 30,000 tonnes of gold reserves when they really have less than half of that. A fair amount of that missing gold is related to gold loans. The higher the price goes, the more those gold loans go underwater, putting greater pressure on those with that gold price liability. Fantasy, nutty GATA stuff? I think not. After the close yesterday, Anglogold Ashanti "cried uncle" on their gold loans, finally giving up the ghost on their ill-advised hedges, protested by GATA for more than a decade

....

More on AngloGold below, but suffice it to say, they are covering because they can’t take the heat any longer and also must believe the price of gold is going much higher. Those are 91+ tonnes of gold loans from the bullion banks that are going to be covered. My bet is that numerous other gold loans will have to be covered as the gold price surges. This is a subject not covered outside of the GATA camp.
The key point to all of that is there is an enormous amount of latent demand for physical gold out there which is not accounted for and will continue to buoy the market. Then there are the myriad reasons (discussed ad nauseam here) which are fueling the demand for physical gold.




AngloGold Plans Share, Convertible Bond Sales to Help It End Gold Hedging
Bloomberg News
Tuesday, September 14, 2010


LONDON -- AngloGold Ashanti Ltd., Africa's biggest gold producer, plans to sell 15.8 million new shares and offer bonds that convert into the same number of American depositary receipts to fund an end to its gold hedges.
There will be over-allotment options to sell an additional 2.37 million shares and the same number of convertible bonds, the Johannesburg-based company said today in a statement. The company said it will use the proceeds along with cash on hand and credit facilities to "effectively eliminate its gold hedging position."
The company's ADRs, each representing one ordinary share, rose $2.13, or 4.8 percent, to close at $46.72 in New York trading before the bond and stock sales were announced.
AngloGold, in which hedge-fund firm Paulson & Co. holds a 12 percent stake, is among gold-mining companies reducing forward sales of the metal to take advantage of record prices. Producers cut hedges by about 780,000 ounces to 6.75 million ounces in the first quarter, research company GFMS Ltd. said in a June report.
Gold futures for December delivery rose to a record $1,276.50 an ounce on the Comex in New York today.
UBS AG, Morgan Stanley, Citigroup Inc., and Deutsche Bank AG are working for AngloGold on the sales.
-END-
More on AngloGold below, but suffice it to say, they are covering because they can’t take the heat any longer and also must believe the price of gold is going much higher. Those are 91+ tonnes of gold loans from the bullion banks that are going to be covered. My bet is that numerous other gold loans will have to be covered as the gold price surges. This is a subject not covered outside of the GATA camp.



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MessageRe: Anglogold et Buenaventura couvrent leurs shorts positions sur l'or
par marie Ven 8 Oct 2010 - 0:26

anglo gold aurait terminé ses rachats de hedge .
c'est pas vraiment de la spéculation ça .. ou de la bulle .. bref .. vous m'avez comprise



www.lemetropolecafe.com



Speaking of AngloGold, here is one of the reasons gold has traded so well to the upside the past many weeks. A major buyer was not a momentum trader, as is cited almost every day by The Nitwit…

07:10 AU AngloGold Ashanti eliminates hedge book ($47.52)
AU has completed the elimination of its gold hedge book, providing the company and its shareholders with full exposure to the prevailing gold price. The company will now sell the gold it produces at market prices and therefore expects to enhance cash flow and profit margins as a result of removing hedge contracts. The cost of scheduled hedge book maturities during Q3 of 2010 was approximately $98M. The additional cost of closing out all future hedge contracts amounted to approximately $2.63B, representing an average buy-back price of $1,300 per ounce for this final tranche of the hedge restructure. The cost will be reflected in adjusted headline earnings for the last two quarters of 2010. This final phase of hedge restructuring has been funded with proceeds from the issue of new equity and the mandatory convertible bonds completed in September, as well as cash from internal sources and debt facilities.
* * * * *
That’s a lot of buying in a short period of time.



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MessageRe: Anglogold et Buenaventura couvrent leurs shorts positions sur l'or
par marie Dim 10 Oct 2010 - 12:36

anglo a cloturé son hedge en payant un prix moyen de 1300 $ l'once à son acheteur..en lieu et place de lui livrer les quantités promises ..
celui ou ceux qui ont accepté cette transaction seront bien incapables d'obtenir sur le marché les quantités demandées ...ya pu assez pour fournir à ce prix ..

www.lemetropolecafe.com


Anglogold hedge book closure
Bill,
From the Anglogold news
QUOTE
Anglogold paid an average of $1,300 a troy ounce to dissolve the remaining hedges, which Mr. Cutifani told reporters during a conference call was slightly higher than AngloGold had expected to pay.
END
Not a gram of physical gold changed hands!! They didn’t buy gold to deliver into these hedges they paid cash to absolve them of their obligations. Somebody didn’t get their 3.2 Mozs of gold back from this hedge; they just got a pile of fiat money. Who ever got the money will not be able to buy 3.2 Mozs at $1300/oz on the open market to replace it. The gold has gone and is probably hanging around the necks of some Indian ladies, or perhaps sitting in vaults in China and Russia.
Cheers
Adrian



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