DELIVERING DISCIPLINED GROWTH
Third largest primary Gold Producer in North America
Message: $361m bought deal / Current Gold Co prices / Mineweb
Kinross Gold in $361m bought deal
http://www.mineweb.com/mineweb/view/...
As equity and credit markets continue to stutter and stumble, top rated gold stocks raise fresh equity as if the world was a normal place.
Author: Barry Sergeant
Posted: Wednesday , 21 Jan 2009
Kinross Gold, one of the world's best performing gold stocks, and a member of the prestigious global Tier I gold equity group, has announced a public offering of 20,9m shares at a price of $17,25 per share, to raise a possible $361m. In the event of an over allotment option on a further 3,1m shares being exercised, the amount raised could increase to $451m.
The announcement, out on Wednesday, contrasts in every sense with the mood and state of equity and credit markets, where fresh layers of mayhem seem to materialise by the day. Dollar gold bullion remains one of the "least underperforming" of any investments across the planet, with current trades around 15% below the record price set in March 2008.
Listed gold stocks currently stand as one of the best performing asset classes in the world, both within the global mining sector, and across all sectors. Listed silver stocks stand in second position, followed by listed uranium stocks. Leading gold stocks have used relatively buoyant conditions and sentiment to plough ahead with plans.
Kinross ranks as number one global gold pick among a number of analysts and investors. Production for the group is anticipated to grow around 30% this year to around 2,45m ounces. The new money now being raised is targeted for general corporate purposes after recent acquisitions depleted around $180m of Kinross's existing cash. Just two months ago Kinross splashed out $250m on a 6m ounce gold deposit in Chile.
The latest acquisition is seen as strategic, given that Lobo-Marte will consolidate the presence Kinross has in the Maricunga district of Chile, and, as the company put it, "offers potential synergies using existing administration and operations". In this district are found Kinross's La Coipa mine, its Maricunga mine, and also Cerro Casale, in which Kinross holds 49% and Barrick, the world's biggest gold miner by ounces and value, 51%.
The Kinross acquisition may have upped the tone for other gold miners. Harmony Gold, the world's fifth biggest gold miner by ounces produced, on December 22 announced the raising of R979m before costs, by placing 10,5m shares at an average price of R93,20 each between November 25 and December 19 2008. The fresh capital is earmarked mainly to further pay down Harmony's debt, which is targeted, on a net basis, to be around zero by mid-2009.
Among other capital raisings, during November, Agnico-Eagle, a leading Tier II gold digger, raised $ 252m without working up so much as a sweat; Red Back, a top Tier II name, announced that it had raised C$60m, upsized from C$ 40m "in response to strong investor demand".
UBS has been appointed sole bookrunner for the Kinross raising; the proposed syndicate comprises UBS Securities Canada, CIBC World Markets Inc, GMP Securities LP, RBC Capital Markets, Scotia Capital Inc, Merrill Lynch Canada Inc, Morgan Stanley & Co, BMO Capital Markets, HSBC Securities (Canada) Inc, JP Morgan Securities Inc, National Bank Financial Inc, Paradigm Capital Inc, Thomas Weisel Partners, and Wellington West Capital Markets Inc.
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Global tier I gold stocks |
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|
Stock |
From |
From |
Value |
|
|
price |
high* |
low* |
$ bn |
|
$ 26.43 |
-49.8% |
91.0% |
19.279 |
|
|
$ 23.00 |
-71.3% |
64.3% |
4.384 |
|
|
$ 9.85 |
-32.3% |
80.1% |
4.114 |
|
|
AUD 2.93 |
-33.3% |
92.8% |
4.168 |
|
|
$ 24.81 |
-43.0% |
85.6% |
8.770 |
|
|
CNY 4.87 |
-77.9% |
29.5% |
7.337 |
|
|
$ 34.79 |
-36.4% |
101.4% |
30.347 |
|
|
AUD 33.04 |
-18.4% |
99.6% |
9.726 |
|
|
$ 8.07 |
-52.1% |
73.9% |
5.272 |
|
|
$ 18.36 |
-33.0% |
168.0% |
12.100 |
|
|
$ 39.33 |
-30.9% |
85.8% |
17.362 |
|
|
$ 16.52 |
-61.5% |
83.6% |
4.541 |
|
|
$ 22.14 |
-82.6% |
41.0% |
8.361 |
|
|
$ 84.52 |
-15.9% |
28.1% |
22.178 |
|
|
Tier I averages/total |
|
-47.9% |
84.4% |
135.763 |
|
Weighted averages |
|
-52.9% |
86.4% |
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|
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TIER II |
Stock |
From |
From |
Value |
|
|
price |
high* |
low* |
$ bn |
|
CNY 36.39 |
-70.3% |
59.6% |
1.870 |
|
|
$ 6.31 |
-35.1% |
184.2% |
1.866 |
|
|
ZAR 1.70 |
-73.1% |
15.6% |
0.176 |
|
|
$ 6.89 |
-65.4% |
108.2% |
5.053 |
|
|
CAD 0.10 |
-97.3% |
137.5% |
0.044 |
|
|
$ 7.36 |
-21.2% |
209.2% |
2.701 |
|
|
$ 49.24 |
-41.0% |
135.9% |
7.620 |
|
|
CAD 4.21 |
-73.8% |
367.8% |
0.721 |
|
|
$ 40.61 |
-27.8% |
82.3% |
3.107 |
|
|
CNY 46.17 |
-61.0% |
74.9% |
2.349 |
|
|
GBP 4.01 |
-74.0% |
157.2% |
0.448 |
|
|
$ 2.20 |
-83.3% |
122.2% |
0.395 |
|
|
$ 1.05 |
-75.7% |
162.5% |
0.196 |
|
|
CAD 19.98 |
-20.0% |
71.9% |
1.586 |
|
|
GBP 2.44 |
-57.6% |
162.4% |
2.409 |
|
|
$ 4.73 |
-52.0% |
373.0% |
1.490 |
|
|
CAD 7.90 |
-14.6% |
176.2% |
1.287 |
|
|
CAD 2.11 |
-78.4% |
124.5% |
0.355 |
|
|
CAD 1.21 |
-65.3% |
80.6% |
0.245 |
|
|
Tier II averages/total |
|
-57.2% |
147.7% |
33.919 |
|
Weighted averages |
|
-54.8% |
125.0% |
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TIER III |
Stock |
From |
From |
Value |
|
|
price |
high* |
low* |
$ bn |
|
CAD 1.80 |
-54.7% |
260.0% |
0.195 |
|
|
CAD 1.30 |
-66.1% |
42.9% |
0.221 |
|
|
AUD 4.33 |
-43.1% |
82.7% |
0.822 |
|
|
CAD 8.77 |
-4.0% |
150.6% |
0.665 |
|
|
GBP 0.32 |
-85.7% |
53.6% |
0.144 |
|
|
AUD 0.16 |
-87.2% |
95.1% |
0.150 |
|
|
AUD 3.58 |
-43.2% |
62.7% |
0.216 |
|
|
CAD 2.49 |
-62.6% |
112.8% |
0.189 |
|
|
AUD 0.32 |
-61.2% |
73.0% |
0.085 |
|
|
CAD 3.00 |
-73.3% |
194.1% |
0.311 |
|
|
CAD 2.13 |
-82.3% |
348.4% |
0.181 |
|
|
CAD 0.28 |
-85.1% |
71.9% |
0.260 |
|
|
GBP 0.05 |
-87.4% |
10.7% |
0.024 |
|
|
GBP 0.02 |
-69.4% |
26.7% |
0.036 |
|
|
AUD 0.24 |
-46.1% |
60.0% |
0.115 |
|
|
CAD 6.07 |
-58.0% |
154.0% |
0.307 |
|
|
ZAR 0.90 |
-92.9% |
28.6% |
0.008 |
|
|
AUD 0.30 |
-90.6% |
100.0% |
0.032 |
|
|
ZAR 6.01 |
-41.4% |
110.1% |
0.221 |
|
|
AUD 3.52 |
-28.5% |
84.3% |
0.235 |
|
|
AUD 1.58 |
-45.9% |
80.0% |
0.278 |
|
|
AUD 0.21 |
-71.1% |
115.8% |
0.051 |
|
|
$ 44.76 |
-10.1% |
96.7% |
1.519 |
|
|
CNY 8.87 |
-76.1% |
49.1% |
0.694 |
|
|
CAD 3.86 |
-28.9% |
219.0% |
0.452 |
|
|
$ 3.94 |
-85.5% |
79.1% |
0.165 |
|
|
CAD 6.26 |
-44.1% |
133.6% |
0.594 |
|
|
CAD 0.08 |
-95.9% |
60.0% |
0.033 |
|
|
HKD 1.69 |
-69.3% |
111.3% |
0.065 |
|
|
HKD 6.32 |
-66.6% |
239.8% |
0.356 |
|
|
CAD 0.66 |
-65.8% |
180.9% |
0.204 |
|
|
CAD 5.74 |
-57.5% |
72.4% |
0.268 |
|
|
CAD 1.35 |
-73.2% |
159.6% |
0.085 |
|
|
CAD 0.22 |
-92.4% |
120.0% |
0.051 |
|
|
AUD 0.63 |
-49.2% |
68.0% |
0.076 |
|
|
CAD 4.50 |
-31.2% |
126.1% |
0.316 |
|
|
CAD 0.38 |
-80.2% |
2.7% |
0.057 |
|
|
CAD 1.57 |
-8.7% |
109.3% |
0.289 |
|
|
Tier III averages/total |
|
-60.9% |
109.1% |
9.973 |
|
Weighted averages |
|
-62.4% |
104.2% |
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|
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|
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DEVELOPERS |
Stock |
From |
From |
Value |
|
|
price |
high* |
low* |
$ bn |
|
CAD 1.95 |
-64.2% |
200.0% |
0.128 |
|
|
CAD 0.86 |
-58.3% |
101.2% |
0.224 |
|
|
CAD 2.60 |
-63.7% |
136.4% |
0.369 |
|
|
CAD 1.40 |
-88.3% |
75.0% |
0.058 |
|
|
CAD 1.93 |
-71.1% |
264.2% |
0.070 |
|
|
AUD 1.01 |
-29.9% |
146.3% |
0.096 |
|
|
CAD 3.80 |
-39.6% |
171.4% |
0.498 |
|
|
ZAR 7.50 |
-58.3% |
150.0% |
0.181 |
|
|
AUD 0.25 |
-51.5% |
66.7% |
0.023 |
|
|
CAD 2.36 |
-24.4% |
138.4% |
0.477 |
|
|
DKK 150.00 |
-74.1% |
14.9% |
0.028 |
|
|
CAD 2.07 |
-66.0% |
213.6% |
0.143 |
|
|
CAD 7.95 |
-68.7% |
178.0% |
0.282 |
|
|
CAD 0.74 |
-53.8% |
72.1% |
0.515 |
|
|
CAD 16.02 |
-45.7% |
113.6% |
0.474 |
|
|
CAD 1.32 |
-78.0% |
355.2% |
0.059 |
|
|
AUD 1.40 |
-36.7% |
75.0% |
0.213 |
|
|
AUD 0.39 |
-84.6% |
5.5% |
0.071 |
|
|
CAD 0.98 |
-55.5% |
180.0% |
0.100 |
|
|
$ 1.14 |
-40.6% |
62.9% |
0.169 |
|
|
CAD 2.37 |
-75.3% |
52.9% |
0.157 |
|
|
$ 1.13 |
-72.4% |
197.4% |
0.089 |
|
|
CAD 1.67 |
-68.2% |
209.3% |
0.098 |
|
|
$ 0.24 |
-69.2% |
140.0% |
0.053 |
|
|
AUD 0.53 |
-65.6% |
165.0% |
0.060 |
|
|
CAD 0.36 |
-86.4% |
105.7% |
0.038 |
|
|
CAD 1.75 |
-67.8% |
69.9% |
0.079 |
|
|
CAD 0.10 |
-44.1% |
16.9% |
0.015 |
|
|
CAD 0.38 |
-74.3% |
90.0% |
0.025 |
|
|
AUD 0.30 |
-68.0% |
63.9% |
0.249 |
|
|
CAD 0.52 |
-82.8% |
33.3% |
0.067 |
|
|
GBP 0.10 |
-64.1% |
58.0% |
0.022 |
|
|
CAD 0.02 |
-93.5% |
0.0% |
0.001 |
|
|
GBP 0.04 |
-88.3% |
106.3% |
0.011 |
|
|
GBP 0.22 |
-82.7% |
2.4% |
0.014 |
|
|
GBP 0.39 |
-65.3% |
280.5% |
0.052 |
|
|
AUD 0.38 |
-67.2% |
90.0% |
0.096 |
|
|
AUD 0.09 |
-85.0% |
43.1% |
0.025 |
|
|
CAD 0.47 |
-81.3% |
56.7% |
0.061 |
|
|
AUD 0.07 |
-85.7% |
39.2% |
0.004 |
|
|
CAD 0.68 |
-65.7% |
28.3% |
0.033 |
|
|
ZAR 1.03 |
-65.6% |
25.6% |
0.056 |
|
|
CAD 7.75 |
-64.0% |
158.3% |
0.171 |
|
|
CAD 0.36 |
-90.0% |
69.0% |
0.014 |
|
|
GBP 0.69 |
-9.9% |
87.7% |
0.058 |
|
|
AUD 0.60 |
-51.2% |
112.5% |
0.187 |
|
|
CAD 5.15 |
-25.4% |
150.0% |
0.234 |
|
|
CAD 0.70 |
-49.6% |
100.0% |
0.009 |
|
|
CAD 2.35 |
-79.5% |
152.7% |
0.060 |
|
|
CAD 0.23 |
-88.1% |
91.7% |
0.008 |
|
|
CAD 0.35 |
-75.7% |
483.3% |
0.013 |
|
|
CAD 2.49 |
-40.7% |
105.8% |
0.052 |
|
|
NOK 1.08 |
-98.2% |
63.6% |
0.050 |
|
|
$ 1.46 |
-75.5% |
89.6% |
0.050 |
|
|
CAD 0.33 |
-80.0% |
10.0% |
0.034 |
|
|
GBP 0.03 |
-84.1% |
36.8% |
0.021 |
|
|
AUD 0.04 |
-94.2% |
81.0% |
0.017 |
|
|
$ 0.85 |
-85.2% |
136.2% |
0.024 |
|
|
$ 0.37 |
-73.9% |
208.6% |
0.036 |
|
|
CAD 0.02 |
-95.9% |
300.0% |
0.002 |
|
|
CAD 0.07 |
-85.4% |
85.7% |
0.004 |
|
|
CAD 0.02 |
-98.1% |
100.0% |
0.002 |
|
|
CAD 0.30 |
-79.9% |
200.0% |
0.006 |
|
|
CAD 1.03 |
-60.7% |
106.0% |
0.077 |
|
|
CAD 2.62 |
-48.7% |
149.5% |
0.104 |
|
|
CAD 0.05 |
-84.4% |
100.0% |
0.002 |
|
|
CAD 0.21 |
-77.9% |
200.0% |
0.008 |
|
|
CAD 0.06 |
-89.8% |
71.4% |
0.002 |
|
|
CAD 4.49 |
-61.0% |
78.2% |
0.198 |
|
|
CAD 2.27 |
-39.0% |
26.1% |
0.041 |
|
|
CAD 0.04 |
-86.0% |
133.3% |
0.002 |
|
|
CAD 0.09 |
-67.3% |
240.0% |
0.007 |
|
|
CAD 1.01 |
-66.3% |
38.4% |
0.124 |
|
|
AUD 0.10 |
-80.8% |
92.3% |
0.026 |
|
|
CAD 0.33 |
-73.6% |
200.0% |
0.007 |
|
|
CAD 0.05 |
-91.5% |
150.0% |
0.002 |
|
|
CAD 1.42 |
-76.1% |
129.0% |
0.065 |
|
|
CAD 0.10 |
-92.3% |
300.0% |
0.004 |
|
|
CAD 0.03 |
-88.1% |
150.0% |
0.003 |
|
|
CAD 0.04 |
-77.8% |
60.0% |
0.002 |
|
|
CAD 0.10 |
-62.0% |
111.1% |
0.008 |
|
|
CAD 0.13 |
-92.2% |
108.3% |
0.006 |
|
|
CAD 0.09 |
-80.4% |
157.1% |
0.009 |
|
|
CAD 0.04 |
-98.1% |
75.0% |
0.005 |
|
|
AUD 0.04 |
-52.6% |
620.0% |
0.083 |
|
|
AUD 0.05 |
-77.5% |
0.0% |
0.002 |
|
|
AUD 0.03 |
-65.4% |
64.7% |
0.023 |
|
|
AUD 0.80 |
-55.6% |
14.3% |
0.035 |
|
|
AUD 0.08 |
-88.4% |
60.0% |
0.011 |
|
|
AUD 0.15 |
-77.9% |
130.2% |
0.023 |
|
|
AUD 0.03 |
-90.7% |
13.8% |
0.003 |
|
|
AUD 0.07 |
-89.6% |
16.7% |
0.005 |
|
|
AUD 0.07 |
-82.7% |
70.7% |
0.011 |
|
|
AUD 0.21 |
-68.2% |
40.0% |
0.037 |
|
|
AUD 0.16 |
-65.6% |
72.2% |
0.031 |
|
|
AUD 0.27 |
-84.8% |
8.0% |
0.012 |
|
|
AUD 0.04 |
-82.6% |
14.3% |
0.001 |
|
|
AUD 0.05 |
-69.3% |
228.6% |
0.022 |
|
|
AUD 0.02 |
-90.8% |
10.0% |
0.004 |
|
|
AUD 0.03 |
-71.7% |
41.7% |
0.015 |
|
|
AUD 0.17 |
-76.2% |
70.0% |
0.017 |
|
|
CAD 0.42 |
-86.2% |
47.4% |
0.032 |
|
|
AUD 0.10 |
-83.6% |
18.8% |
0.008 |
|
|
AUD 0.23 |
-76.1% |
104.5% |
0.020 |
|
|
CAD 1.10 |
-81.2% |
124.5% |
0.025 |
|
|
CAD 0.72 |
-82.0% |
87.0% |
0.037 |
|
|
CAD 0.48 |
-40.0% |
92.0% |
0.026 |
|
|
PHP 7.00 |
-78.5% |
44.3% |
0.014 |
|
|
CAD 0.20 |
-65.2% |
875.0% |
0.025 |
|
|
CAD 0.10 |
-88.8% |
216.7% |
0.018 |
|
|
CAD 0.19 |
-33.3% |
216.7% |
0.005 |
|
|
CAD 0.50 |
-72.8% |
42.9% |
0.016 |
|
|
CAD 0.05 |
-90.9% |
100.0% |
0.002 |
|
|
CAD 0.04 |
-91.6% |
250.0% |
0.009 |
|
|
GBP 0.05 |
-76.8% |
52.0% |
0.006 |
|
|
CAD 1.41 |
-85.0% |
147.4% |
0.062 |
|
|
AUD 0.18 |
-47.1% |
125.0% |
0.020 |
|
|
AUD 0.05 |
-74.9% |
0.0% |
0.007 |
|
|
CAD 1.34 |
-35.9% |
123.3% |
0.186 |
|
|
CAD 1.10 |
-62.1% |
69.2% |
0.024 |
|
|
CAD 0.48 |
-81.0% |
120.9% |
0.020 |
|
|
CAD 0.36 |
-62.5% |
140.0% |
0.011 |
|
|
CAD 0.05 |
-86.4% |
350.0% |
0.007 |
|
|
CAD 0.12 |
-78.6% |
50.0% |
0.016 |
|
|
CAD 2.95 |
-23.0% |
288.2% |
0.123 |
|
|
CAD 0.30 |
-63.0% |
81.8% |
0.011 |
|
|
GBP 0.02 |
-83.0% |
0.0% |
0.001 |
|
|
AUD 0.61 |
-69.4% |
19.8% |
0.020 |
|
|
CAD 0.55 |
-65.4% |
83.3% |
0.036 |
|
|
CAD 0.06 |
-96.1% |
50.0% |
0.001 |
|
|
CAD 0.07 |
-91.8% |
160.0% |
0.004 |
|
|
CAD 0.40 |
-56.1% |
295.0% |
0.027 |
|
|
GBP 0.00 |
-96.2% |
180.0% |
0.001 |
|
|
CAD 0.05 |
-76.2% |
233.3% |
0.004 |
|
|
CAD 0.15 |
-95.5% |
200.0% |
0.009 |
|
|
CAD 0.38 |
-84.2% |
216.7% |
0.014 |
|
|
CAD 0.48 |
-78.1% |
182.4% |
0.031 |
|
|
CAD 1.90 |
-20.8% |
77.6% |
0.067 |
|
|
CAD 0.50 |
-87.8% |
175.0% |
0.025 |
|
|
CAD 0.04 |
-87.9% |
250.0% |
0.002 |
|
|
CAD 0.08 |
-79.5% |
100.0% |
0.006 |
|
|
CAD 0.03 |
-87.5% |
25.0% |
0.002 |
|
|
GBP 0.30 |
-42.9% |
0.0% |
0.008 |
|
|
CAD 0.08 |
-65.9% |
400.0% |
0.004 |
|
|
AUD 0.03 |
-79.2% |
13.0% |
0.013 |
|
|
GBP 0.02 |
-76.7% |
40.0% |
0.004 |
|
|
CAD 3.46 |
-55.2% |
53.8% |
0.080 |
|
|
CAD 0.40 |
-84.0% |
433.3% |
0.019 |
|
|
AUD 0.07 |
-84.9% |
18.3% |
0.012 |
|
|
GBP 0.00 |
-85.6% |
100.0% |
0.002 |
|
|
CAD 2.09 |
-72.7% |
242.6% |
0.085 |
|
|
GBP 0.01 |
-86.5% |
6.8% |
0.019 |
|
|
CAD 0.08 |
-84.6% |
45.5% |
0.004 |
|
|
AUD 0.06 |
-74.4% |
37.5% |
0.003 |
|
|
CAD 0.05 |
-91.8% |
80.0% |
0.001 |
|
|
CAD 0.05 |
-85.1% |
25.0% |
0.002 |
|
|
CAD 0.20 |
-76.2% |
33.3% |
0.006 |
|
|
CAD 0.33 |
-45.0% |
725.0% |
0.037 |
|
|
AUD 0.09 |
-68.5% |
41.7% |
0.006 |
|
|
AUD 0.17 |
-68.0% |
65.0% |
0.026 |
|
|
AUD 0.14 |
-49.1% |
50.0% |
0.035 |
|
|
AUD 0.04 |
-43.8% |
115.8% |
0.014 |
|
|
AUD 0.23 |
-43.0% |
66.7% |
0.021 |
|
|
Developer averages/total |
-71.4% |
123.8% |
8.956 |
|
|
Weighted averages |
|
-69.4% |
106.6% |
|
|
|
|
|
|
|
|
Overall averages/total |
|
-66.7% |
120.1% |
188.610 |
|
Overall weighted averages |
-55.0% |
94.2% |
|
|
|
* 12-month |
|
|
|
|
|
Source: market data; tables compiled by Barry Sergeant |
|
Write to Barry Sergeant: barry@moneyweb.co.za
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