Gammon Gold

Carlos Slim Catches Gold Fever

Carlos Slim Catches Gold Fever

Carlos Slim beat both Warren Buffett and Bill Gates in stock market performance last year. The reason: a hell-bent plan to start a brand-new gold and silver mining company in Mexico. Slim’s publicly disclosed holdings jumped 37% to $70 billion in 2010, according to data compiled by Bloomberg . Meanwhile, Buffett helped return a 22% gain for Berkshire Hathaway last year, and Gates’ Microsoft fell, hurting his overall annual returns even as he spread his investments into other sectors… The World’s Richest Man catches gold fever Slim — who made his fortune by building one of the world’s biggest telecommunication empires — has recently been making significant investments in gold and silver, particularly with a focus on precious metal mining in Mexico. Carlos Slim became the world’s richest man in 2010 with an estimated net worth of $55 billion. And a new spin-off mining company may help him widen his lead atop the global wealth list… Back in August, Slim’s holding company, Grupo Carso, S.A.B. de C.V., announced it would spin off a new precious metal mining company that would be focused on gold and silver mining in Mexico. The news added billions to Slim’s already ridiculous fortune as the plan to spin off the new company sent shares of Grupo Carso soaring in 2010, making it his best-performing asset last year. The new company (called Minera Frisco) produced nearly 200,000 ounces of gold and 5.5 million ounces of silver from its Mexican projects in 2010. Frisco recently reported plans to spend nearly $750 million this year to ramp up gold and silver production. The company estimates production from new mines in Mexico will more than double the company’s gold production to 440,000 ounces and nearly quadruple its silver production to 19.1 million ounces in 2011. Shares of Minera Frisco began trading Mexican Stock Exchange at the beginning of this year. But Slim and his family received nearly 80% of the new shares of Minera Frisco, and the stock is very thinly traded. Most analysts and investors will most likely avoid covering or owning this stock… However, there are many suitable alternative companies with a focus on gold and silver mining in Mexico. The largest of Minera Frisco’s publicly-traded competitors is the London-based silver major Fresnillo plc (LON: FRES) . Fresnillo plc Exchange: Symbol London: FRES P/E 39.76 Share Price 1,450 GBX Divided 5.90 GBX Market Cap 10.41 Billion GBP Yield 1.12% Fresnillo is the …

Continue Reading »

Exeter (AMEX:XRA), Gammon (NYSE:GRS), Nevsun (AMEX:NSU), Northgate Minerals (AMEX:NXG) Soar on China Gold Imports

Gold prices today were soaring before noon as news from the Shanghai Gold Exchange that China had acquired 209 metric tons of the yellow metal through October caused gold miners like Exeter (AMEX:XRA), Gammon (NYSE:GRS), Nevsun (AMEX:NSU) and Northgate Minerals (AMEX:NXG) soar in share price.To contrast this, China only acquired 45 tons of gold for all of 2009, showing they are protecting their

Continue Reading »

Ivanhoe (NYSE:IVN ), Gammon (NYSE:GRS), Yamana (NYSE:AUY) Make Big Moves Up as Gold Prices Soar

Ivanhoe Mines (NYSE:IVN ), Gammon Gold (NYSE:GRS) and Yamana Gold(NYSE:AUY) have all made big upward moves in their share prices today as gold prices came roaring back, as the U.S. dollar fell back to earth where it belongs. Spot gold prices rose by $18.30, increasing to $1,354.10 an ounce as of this writing. Gold futures for December delivery rose to $1,346.90 on the Comex division of the New

Continue Reading »

Newmont (NYSE:NEM), Gammon (NYSE:GRS), Randgold (Nasdaq:GOLD) Move Up on Rising Gold Prices

Newmont Mining Corporation (NYSE:NEM), Gammon Gold Inc. (NYSE:GRS), and Randgold Resources (Nasdaq:GOLD) are all trading up today as they move higher in unison with the broader gold market.Almost every gold miner is moving up today, although some like Ivanhoe Mines (NYSE:IVN) haven’t participated as greatly as others. Newmont has risen to $60.68, gaining $1.57, or 2.66 percent at 1:45PM EDT.

Continue Reading »

Gammon Gold (NYSE:GRS) Price Target Raised by Canaccord Genuity

Canaccord Genuity announced it is raising its price target on Gammon Gold Inc. (NYSE:GRS), citing Ocampo production and valuation. Canaccord maintains a “Hold” on Gammon.”Gammon recently released Q3/10 operating results from its 100%-owned Ocampo Au/Ag operation in Mexico. We have also increased our peak Au and Ag assumption, which we apply to Ocampo in our valuation, to US$1,500/oz Au from US

Continue Reading »

Eldorado (NYSE:EGO), Gammon (NYSE:GRS), Ivanhoe (NYSE:IVN) Surge on Gold Prices Soaring

Eldorado Gold Corp Ltd (NYSE:EGO); Gammon Gold Inc. (NYSE:GRS) Ivanhoe Mines Ltd (NYSE:IVN) are all moving higher with more record gold prices today, as the economic conditions remain conducive to ongoing gold strength.Gold skyrocketed to another record high Wednesday, exploding to as high as $1,375.70 for December delivery. Spot gold was up over $20, rising to $1,370.70 at a little after 1:30 PM

Continue Reading »

Gammon Gold (NYSE:GRS) Upgraded by Credit Suisse (NYSE:CS) to "Neutral"

Credit Suisse (NYSE:CS) has upgraded Gammon Gold (NYSE:GRS) from “Underperform” to “Neutral.” Gammon has struggled through the last year, although after bottoming out in July, they’ve gradually been coming back. They reached a high of $12.63 during that time. They just signed a deal with Capital Gold Corporation (AMEX:CGC) acquire them, giving Gammon an even stronger presence in Mexico.

Continue Reading »

Gammon (NYSE:GRS) Earnings Rise on Increased Gold Prices and Production

Higher gold prices continue to be the story for most gold miners during the earnings reporting season, and Gammon Gold (NYSE:GRS) (TSE:GAM) also had earnings increases from higher gold prices, and from higher production as well. Earnings from the quarter rose to $11.4 million, or 8 cents a share, an increase over the $3.4 million, or 3 cents a share last year in the same period. Revenue for the

Continue Reading »

Eldorado (NYSE:EGO), Agnico-Eagle (NYSE:AEM), Gammon (NYSE:GRS) Up on Gold Rebound

Eldorado Gold (NYSE:EGO), Gammon (NYSE:GRS) and Agnico-Eagle (NYSE:AEM) were all up over 2 percent today, as gold rose on disappointing earnings from some companies, along with the euro dropping early in the trading session. The majority of gold miners were up on the day. Eldorado topped the three as of 1:14 PM EDT, standing at $15.76, gaining $0.38, or 2.47 percent. Agnico was at $56.57 as

Continue Reading »

Gammon Gold (NYSE:GRS) Closes Private Placement with Corex Gold (CDNX:CGE.V)

Filed in Corex, Gammon Gold, Gold, Gold Prices, Private Placement, silver by on July 16, 2010 0 Comments

Gammon Gold Inc. (NYSE:GRS) (TSE:GAM) announced today is has closed its private placement with Corex Gold (CDNX:CGE.V). Gammon acquired 4,706,000 units of Corex at a price of C$0.68 a unit, for a total investment of C$3,200,080. That gives them close to a 12 percent stake in the junior gold miner (14 percent on a fully diluted basis). Included in each unit acquired is one common share of Corex,

Continue Reading »

Gammon Gold (AMEX:GRS) a Contender or Pretender?

How long can the narrative of potential be applied to Gammon Gold (NYSE:GRS)? It’s not an easy question to answer, but the beating it’s been taking lately shows investors aren’t believing the story anymore, especially after completely shutting down their El Cubo mine from labor unrest.Consequently, whether you use Toronto or New York as a measure, the stock has been hit hard and at similar levels

Continue Reading »

Gammon Gold (NYSE:GRS) Reduces Production Projections Again

Gammon Gold (NYSE:GRS) is taking a big hit on its production estimates for 2010, as closing the El Cubo project will result in approximately 25 percent less production for the company overall. This is the second time in 2010 Gammon has had to downwardly revise their production estimates. Before the turmoil, the mining company had estimated it would produce from 150,000 to 160,000 ounces of gold

Continue Reading »