Tag: 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 …

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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

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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.

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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

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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,

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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

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AngloGold Ashanti (NYSE:AU), Gammon (NYSE:GRS), Iamgold (NYSE:IAG) All Down

Even though macro-economic conditions are positive for gold and gold mining companies, the news that job creation was only about 5 percent in the private sector of America wasn’t enough to quickly turn around gold miners like AngloGold Ashanti (NYSE:AU), Gammon (NYSE:GRS), Iamgold (NYSE:IAG), who along with most gold companies trading in New York dropped on the day.Gold futures on the other hand

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Gammon Gold (TSE:GAM) Invests in Golden Queen Mining (TSE:GQM)

Gammon Gold (TSE:GAM) (NYSE:GRS) has reportedly invested $7.57 million in Golden Queen Mining (TSE:GQM) (OTC:GQMNF.PK). That’ll give them a 6.1 percent stake in the company. Golden Queen issued 5 million shares priced at $1.51 each, equal to an 8 percent premium over where it closed on Friday. They are also issuing 1.5-year warrants to acquire 1.25 million shares for $1.66 a share, and another

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Eldorado Gold, (NYSE:EGO) IAMGOLD (NYSE:IAG) and Gammon Gold (NYSE:GRS) Response to Gold Prices Rising

Just because gold prices are rising doesn’t guarantee gold mining companies will rise significantly with them, and that’s the case with gold miners like Eldorado Gold (TSE:ELD)(NYSE:EGO), IAMGOLD (NYSE:IAG) and Gammon Gold (NYSE:GRS). Of the three gold mining companies mentioned above, Eldorado Gold performed the best when measured by the last 12 months or so, while the Gammon and IAMGOLD

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Gammon Gold (TSE:GAM) Production Down in First Quarter

Gammon Gold Production Gammon Gold (TSE:GAM) reported reduced production in the first quarter, as levels plunged by 13 percent over the same period a year ago, although gold and silver prices experienced nice jumps. Last year in the first quarter Gammon produced 36,829 ounces of gold and 1.35 million ounces of silver. For the first quarter this year, that was down to 28,431 ounces of gold and

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Gammon Gold (TSE:GAM) Production Down in First Quarter

Gammon Gold Production Gammon Gold (TSE:GAM) reported reduced production in the first quarter, as levels plunged by 13 percent over the same period a year ago, although gold and silver prices experienced nice jumps. Last year in the first quarter Gammon produced 36,829 ounces of gold and 1.35 million ounces of silver. For the first quarter this year, that was down to 28,431 ounces of gold and

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Gammon Gold (NYSE: GRS) Weaknesses Exposed

Gammon Gold in for a couple of tough yearsWhen you consider we’re in one of the most significant bull markets in history, the performance of Gammon Gold (NYSE: GRS), say, over the last five years, reveals an enormous amount of weaknesses in the company, and none of them bode well for them going forward.The primary short-term problem has been the results of its drilling, which caused estimated

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