Teranga Gold auf dem Weg zu 500.000 Unzen Gold p.a
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Die Aktuelle Börsenbewertung von ca. 263 Mio. € ist viel zu niedrig !
Jetzt zu den 10€ !
Teranga hat aktuell einen Aktienkurs von 3,76 € bei einem Marktkap von 405 mio. € im Gegenzug ein Konkurrenz Unternehmen auch in Afrika tätig Semafo 3,63 € bei einem Markt kap. von 1,19 Mrd. € bei einer voraussichtlichen Produktion 2019 von ( 390-430 koz Gold zu AISC 685-735$/oz). Vorrausgesetzt Teranga hätte mit Golden Hill ähnliche AISC zu dem Zeitpunkt der Produktion , dann wäre der Aktienkurs bei gleicher Marktcap. von Semafo bei 11,04 € für Teranga.
Und an der Börse wird die Zukunft gehandelt !
-Wenn der Goldpreis weiter anzieht
-Teranga wie auch in der Vergangenheit ihre Quartalsergebnisse übertreffen
- die Produktion von Wahgnion dieses Jahr aufgenommen wird und Golden Hill danach so schnell wie möglich folgt !
-die Ankerinvestoren wie David Mimrans Tablo Corp weiter ihre Anteile erhöhen
dann stehen 11€ in den nächsten Jahren nix im Weg ;-)
keine Handelsempfehlung nur Gedankenkontrolle ;-)
Richard Young, Präsident und CEO des in Toronto gelisteten Unternehmens, sagte, dass sein Unternehmen etwa 30 Millionen US-Dollar für die Erschließung von Massawa ausgeben würde, ein bescheidener Aufwand, da es bereits Gold aus seiner nahe gelegenen Sabodala-Mine fördert. Teranga hat für dieses Geschäftsjahr eine Goldproduktion von 215.000 bis 230.000 Unzen in Sabodala prognostiziert.
Barrick Gold gab am 10. Dezember bekannt, dass es Massawa für 430 Mio. USD in bar und Aktien an Teranga Gold verkaufen wird, da es als potenziell nicht zum Kerngeschäft gehörend eingestuft wird. In Terangas Händen wird das Unternehmen jedoch durch das Projekt in den Status eines mittelständischen Goldproduzenten versetzt.
„Durch die Hinzufügung von Massawa zu Sabodala sind wir selbst ein mittelständischer Goldproduzent, aber wir befinden uns auch in der Nähe einer Machbarkeitsstudie zu Golden Hill. Daraus können wir organisch wachsen “, sagte Young vom Burkina Faso Greenfields-Projekt des Unternehmens.
Neben einer Produktion von rund 130.000 Unzen / Jahr aus Wahginon, ebenfalls in Burkina Faso, verfügt Teranga über die Grundlage für eine jährliche Goldproduktion von über 500.000 Unzen. "Wichtiger als die Produktion ist, dass wir ein Tier-One-Cash-Cost-Produzent werden", sagte er.
Die Aktien von Teranga wurden ab etwa Mai dieses Jahres neu bewertet und bewerten das Unternehmen derzeit mit 670 Mio. CAD (509 Mio. USD). Der Markt erkannte das niedrige Kostenpotenzial des Unternehmens, „und dass wir wenig Kapital benötigen, um die Produktion zu steigern“, sagte Young.
Die Schulden werden auf über 400 Mio. USD ansteigen, aber die Erwartung war, dass dies "in sehr kurzer Zeit" zurückgezahlt wird, sagte Young. Es war damals nicht geplant, Fusionen und Übernahmen zu verfolgen, sondern organische Wachstumsprojekte in Angriff zu nehmen.
Die Massawa-Gehalte sind doppelt so hoch wie die von Sabodala, daher sei die Margenausweitung der Einarbeitung von Massawa-Erz in die bestehenden Mühlen von Teranga offensichtlich, sagte Young. Das Unternehmen würde jedoch zu einem späteren Zeitpunkt eine Biox-Anlage errichten.
Der Massawa-Verkauf, der für 90% des Projekts vorgesehen ist, umfasst 380 Mio. USD, die aus 20,7 Mio. Teranga-Aktien zu einem Preis von 3,85 USD / Aktie - das entspricht etwa 12% des Aktienkapitals des Unternehmens - und einem Barbetrag bestehen Zahlung für den Restbetrag von 300 Mio. USD.
"Barrick sagte, sie wollten einen bedeutenden Anteil [in Teranga], weil sie sahen, dass wir neu eingestuft wurden", sagte Young. „Sie haben drei Jahre miteinander geredet.
"Dies ist jenseits des Zeithorizonts der meisten Anleger, daher glaube ich nicht, dass die Barrick-Aktien einen Überhang aufweisen werden", sagte er.
Young zeigte sich beeindruckt vom Randgold Resources-Modell, mit dem „Mehrwert durch den Bohrer“ erzielt wurde, und erwog, die potenziellen Vorteile einer Börsennotierung in London in Betracht zu ziehen. Randgold wurde Ende letzten Jahres von der Londoner Börse dekotiert, bevor er im Januar mit Barrick Gold fusionierte.
Bristow gründete Randgold Resources 1991.
Quelle: https://www.miningmx.com/top-story/...debt-pile-in-a-very-short-time/
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Summary
Teranga Gold is buying Barrick’s Massawa gold project, which is located adjacent to its Sabodala flagship mine in Senegal.
Existing infrastructure will allow Treranga to put the first of Massawa’s deposits into production with a capex of just $5-10 million.
Massawa’s deposits have much higher grades than Sabodala’s which will help Teranga significantly improve its operating margins.
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Introduction
Back in April, I wrote an article named "Teranga Gold: The Acquisition Of Massawa Could Be A Game-Changer" after Teranga Gold (OTCQX:TGCDF) CEO Richard Young said there was an asset within the Randgold portfolio that didn't appear to meet Barrick Gold's (NYSE:GOLD) hurdle rate and that it would create a lot of synergies with the Sabodala mine.
My conclusion was that Massawa would add a lot of value to Teranga's flagship Sabodala project next door and that the company would be the likely buyer thanks to the connections of its billionaire cornerstone investor David Mimran.
On December 10, Teranga announced that it has agreed to acquire a 90% interest in Massawa from Barrick and CSTT-AO for $380 million in cash and shares plus a gold price-linked contingent payment which can add up to $50 million.
No surprise there, but the big question is whether Massawa is worth that much.
Massawa as a standalone project
(Source: Teranga Gold)
Massawa is one of the best undeveloped high-grade open-pit gold projects in Africa with a reserve base of 2.6Moz at an average grade of 3.94g/t. Randgold (OTCPK:RGORF) and Barrick invested a total of $96.2 million in a feasibility study for the project and the results are pretty impressive.
(Source: Teranga Gold)
There's a divide in the gold community about what level should be used for the gold price assumptions as well as the discount rate for African project. I think $1,200 per ounce and a 5% discount rate is fine. Since Teranga is buying 90% of Massawa for $380 million, this means that the company is paying an amount equal to the net present value of the project. Quite expensive at first glance, considering Teranga is trading at 0.6 times its net present value at the moment.
In case you think $1,200 per ounce of gold and a 5% discount rate are not appropriate, here's a sensitivity table for Massawa on NPV, IRR, and payback against the gold price:
(Source: Barrick Gold)
The initial capex for the project is $412 million and is split in three phases. The deposits consist of free-milling ore in Sofia and most of CZ, and a refractory portion in the northern part of CZ as well as NZ and Delya fresh. Phase two of the project focuses on the processing of fresh ore, and the refractory ore in phase three requires the construction of a bacterial oxidation (NYSEMKT:BIOX) plant, which should cost around $80 million.
(Source: Barrick Gold)
The synergies
At first glance, the price paid by Teranga for Massawa looks high, but you have to take into account the potential synergies. Since Massawa is just 30km away from the Sabodala mill, there's very little infrastructure investment required as Massawa's reserves can just be used as satellite deposits. In order to develop the Sofia deposit, Teranga needs to invest only $5-10 million to extend the existing haul road and build some site infrastructure. Massawa has free milling oxide ore which has a much higher grade than the deposits at Sabodala and can be blended to improve margins over the next several years. First gold production is targeted for H2 2020, and more than half of the ore processed at the Sabodala mill could come from Massawa deposits by 2021:
(Source: Teranga Gold)
Regarding the operating costs, Teranga can achieve synergies in G&A expenses and in mining as it uses its own fleet.
(Source: Teranga Gold)
Teranga will still need to build a BIOX plant, which, as I mentioned, has a price tag of around $80 million. The company will also have to build a gravity circuit for phase two of the project, which costs around $20-30 million. However, the savings in phase one compared to the standalone project are still enormous.
Funding package
Of the initial $380 million for Massawa, $300 million will be paid in cash and $80 million in common shares, which will give Barrick and CSTT-AO stakes of 11.45% and 0.9%, respectively.
Taurus will provide a $225 million three-year acquisition facility with a 2.75% upfront fee and 7.85% annual interest paid quarterly in arrears. David Mimran's Tablo Corp. will take up new shares worth $45 million through a private placement and keep his 21.2% stake in Teranga unchanged. The company will also raise $106 million in an equity offering.
(Source: Teranga Gold)
Conclusion
As I predicted before, Teranga has managed to come on top in the race for Massawa, although I have to admit that the price agreed for the project looks high. Still, Massawa has good exploration potential and Teranga can cut most of the initial capex needed for phase one of the project thanks to existing infrastructure at Sabodala. There are also a lot of operating synergies that can be realized, including G&A expenses and mining costs.
There will be dilution, but the majority of the cash portion of the purchase consideration is being funded through debt at a pretty decent interest rate for a mining company.
I view the purchase of Massawa as a great deal for Teranga, and I think the company is currently undervalued. It's currently trading at around 0.6 times P/NAV while major African rivals are valued at 0.9 times NAV. Having a tier one project thanks to the combination of Sabodala and Massawa should help Teranga's valuation get a premium over the company's net asset value.
https://seekingalpha.com/article/...her-assessment-of-massawa-project
12:00 Uhr | GlobeNewswire
TORONTO, Jan. 07, 2020 - Teranga Gold Corp. ("Teranga" or the "Company") (TSX:TGZ; OTCQX:TGCDF) is pleased to report record consolidated gold production of 288,768 ounces for 2019, exceeding the top end of its full-year production guidance at both Sabodala in Senegal and at Wahgnion in Burkina Faso. Annual production increased by 18% over the 245,230 ounces of gold produced in 2018.
2019 Production Results
“Wahgnion achieved commercial production effective November 1, 2019 and surpassed the high end of its production guidance of 30,000-40,000 ounces with a total of 47,492 ounces of gold. Sabodala topped its 2019 anticipated production guidance of 215,000-230,000 ounces with a total of 241,276 ounces of gold produced,” said Paul Chawrun, Chief Operating Officer. “2019 represents the fourth consecutive year in which we have exceeded our production guidance and reported record results, a testament to the quality of our operating teams.”
Added Richard Young, President and Chief Executive Officer, “Our recently announced acquisition of the high-grade Massawa gold project will allow us to transform the Sabodala-Massawa complex into a top-tier gold producer. We anticipate the Sabodala-Massawa complex, together with our new mine, Wahgnion, will significantly increase our consolidated annual production and support Teranga’s transformation into a low-cost, mid-tier gold producer.”
Teranga expects to release its results for the fourth quarter and year ended December 31, 2019 during the third week of February, 2020.
2020 Production Guidance
Prior to announcing its acquisition of the Massawa gold project from Barrick Gold, which is expected to close in the first quarter of 2020, the Company had been targeting 2020 gold production of between 300,000 and 350,000 ounces based on the latest technical reports filed for each of its Sabodala and Wahgnion gold mines. However, with production of Massawa’s free-milling ore expected to commence at Sabodala’s existing carbon-in-leach plant in the second half of this year, 2020 production is expected to increase beyond the previously anticipated range. Within six months of closing the Massawa acquisition, Teranga plans to complete a pre-feasibility study highlighting updated production and costs for the integrated Sabodala-Massawa gold complex.
Forward-Looking Statements
This press release contains certain statements that constitute forward-looking information within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding Teranga’s future growth opportunities, results of operations, performance (both operational and financial) and business prospects (including the timing and development of new deposits and the success of exploration activities) and other opportunities. Wherever possible, words such as "plans", "expects", "does not expect", "scheduled", "trends", "indications", "potential", "estimates", "predicts", "anticipate", “to establish”, "does not anticipate", "believe", "intend", "ability to" and similar expressions or statements that certain actions, events or results "may", "could", "would", "might", "will", or are "likely" to be taken, occur or be achieved, have been used to identify such forward looking information. Specific forward-looking statements in this press release include, but are not limited to, forecasting consolidated gold production for 2020 and the timing of closing of the Massawa acquisition and the preparation and filing of applicable technical reports in connection therewith. Although the forward-looking information contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, Teranga cannot be certain that actual results will be consistent with such forward-looking information. Such forward-looking statements are based upon assumptions, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments that management believe to be reasonable and relevant but that may prove to be incorrect. These assumptions include, among other things, the closing and timing of financing, the ability to obtain any requisite governmental approvals, the accuracy of mineral reserve and mineral resource estimates, gold price, exchange rates, fuel and energy costs, future economic conditions, anticipated future estimates of free cash flow, and courses of action. Teranga cautions you not to place undue reliance upon any such forward-looking statements.
The risks and uncertainties that may affect forward-looking statements include, among others: the inherent risks involved in exploration and development of mineral properties, including government approvals and permitting, changes in economic conditions, changes in the worldwide price of gold and other key inputs, changes in mine plans and other factors, such as project execution delays, many of which are beyond the control of Teranga, as well as other risks and uncertainties which are more fully described in Teranga's amended and restated Annual Information Form dated July 31, 2019, and in other filings of Teranga with securities and regulatory authorities which are available on SEDAR at www.sedar.com. Teranga does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. Nothing in this document should be construed as either an offer to sell or a solicitation to buy or sell Teranga securities. All references to Teranga include its subsidiaries unless the context requires otherwise.
About Teranga
TORONTO, Jan. 22, 2020 (GLOBE NEWSWIRE) -- Teranga Gold Corporation is pleased to announce strong results from its ongoing drilling program at Golden Hill, located within the central part of the Houndé Greenstone Belt, a highly mineralized gold region that hosts three operating gold mines in southwest Burkina Faso, West Africa. Golden Hill, which is 100% owned by Teranga, is an advanced-stage exploration project that has delivered multiple high-grade gold discoveries over the last two years.
https://seekingalpha.com/pr/...idespread-high-grade-near-surface-gold
https://www.goldseiten.de/artikel/...ebcast-for-February-21-2020.html
Zahlen für Q1/20
- Produktion 91koz Gold
- Sabodala 52koz / AISC 1292$oz
- Wahgnion 47koz /AISC 770$/oz
- Sabodala 52koz / AISC 1292$oz
- AISC 1097$/oz
- average realized price 1560$/oz
- Umsatz 134 Mio. $
- Gewinn 16 Mio. $
- EPS 0,13$
https://www.miningweekly.com/article/...-burkina-faso-mine-2020-05-14
http://www.globenewswire.com/news-release/2020/07/...old-Complex.html
http://www.globenewswire.com/news-release/2020/07/...old-Complex.html
https://s2.q4cdn.com/949220588/files/...-Press-Release-Q3-Results.pdf
Gespräche mit Endeavour Mining (Merger)
https://www.miningweekly.com/article/...talks-with-teranga-2020-11-10
https://www.miningmx.com/top-story/...way-with-c2-2bn-teranga-mining/
2 Nutzer wurden vom Verfasser von der Diskussion ausgeschlossen: MalakoffKohlaEufi, silverfreaky