Goldpreis

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Der Goldpreis in Echtzeit besuchen sie: http://www.aktuellergoldpreis.org/

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  • • gud day, i have registered gold land in Ghana,, looking for company or investors who can plan mining project ... please make move to contact investors about this , u will get gud commission,, txt or call me>

    www.kwmining.org
    +233 244970210
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Goldpreis

  1. 1. MEMs ConferencePresentationGold Industry M&A Paul Brink Director, Newmont Capital April, 2007
  2. 2. Gold Industry M&A Gold Industry Overview Gold Market Valuation M&A Transactions Transaction Challenges Newmont M&A Approach Slide 2
  3. 3. Gold Price Net Long/(Short) Positions & Gold Price 180,000 $750 150,000 Net Long / (Short) Position $700 Gold Price (Spot FR) 120,000 $650 90,000 $600 60,000 $550 30,000 $500 0 $450 (30,000) $400 (60,000) $350 (90,000) $300 (120,000) $250 1/00 1/01 1/02 1/03 1/04 1/05 1/06 1/07 Slide 3
  4. 4. Market Capitalization Ba rr i Ne c $0 $5,000 $10,000 $15,000 $20,000 $25,000 wm k G $30,000 on old tM in inAn G g gl ol oG dc or ol d p As Senior Gold Producers ha G nt ol d i Fi Ki el nr ds os Ne s wc G re ol st d M Ha i rm nin on g y Po G lyu ol s d M in in g Slide 4
  5. 5. Senior Gold Producers – 5yr trading Slide 5
  6. 6. Market CapitalizationAg Ya ni ma co n $1,000 $2,000 $3,000 $4,000 $5,000 $6,000 $0 -E a G ag ol le d M in Li es M hi er r G id ol d ia n G IA o M ld Ce G nt OL e D El rraRa d G Intermediate Gold Producers nd ora ol go do d ld R Go e ld Pe sou te rc DR r H es DG amb O r LD o Lt d.Slide 6
  7. 7. C Market Capitalization C re ry w s t M Go al i ra l d l $0 $200 $400 $600 $800 $1,000 $1,200 G ex m a Co ab In r rp rie ter Mi . l R n a ni n e tio g R sou na Al io N rc l am a es rc H Mi n os G ea ig e o h C Pe Ri fin d l d um a ve e be Au k G r G rs D K rl an ri zo old ol d un i r d n L de k la R M td e nd es ine . Pr L ou s e Et R ci o ak e rce ru ed u G s sc B s M ol d a Junior Gold Producers an R Se ck eta M l G J a e s m a in s BS g ou fo in u g G ar rc e Inc N old M s . ev in In su Int ing c . n ern In R a c es tio . C Gl AX ou na la en M rce l ud c IN s e air In O Ce R n c ly n e m tu P s o Go . pu ry a ur ld s M ci ce Q Ne Pa ini fi c s ue v a ci ng Ri e d fic m St ns a P M Cor A tak ac i ne p. nd e ifi ra re Re c G ls w s o G ou l d o l rc df e ie s ld sSlide 7
  8. 8. Exploration CompaniesCompany Market Company Market Company Market Company Market Cap. Cap. Cap. Cap.Silver Standard Resources $2,447 Gold Reserve Inc. $307 Acadian Gold $104 Canarc Resource Corp. $43NovaGold Resources $1,627 Bear Creek Mining $291 Northern Mining $98 African Gold Group $43Aurelian Resources Inc. $1,046 Moto Goldmines Ltd $283 Alexis Minerals $88 Cassidy Gold $41Fronteer Development $949 Orezone Resources $283 YGC Resources Ltd. $88 Merrex Gold Inc. $40Palmarejo Gold Corp. $740 Fortuna Silver Mines $187 Atna Resources Ltd. $87 IMA Exploration Inc. $39Gold Eagle Mines Ltd. $707 Chesapeake Gold $183 Keegan Resources Inc. $85 SearchGold Resources $32Seabridge Gold $605 New Gold Inc. $180 Exeter Resource Corp. $81 Sulliden Exploration $31Osisko Exploration $585 Andina Minerals $179 Pelangio Mines $81 North Atlantic Resources $28Metallica Resources $504 Petaquilla Minerals $178 Kimber Resources Inc. $79 Radius Gold $25Arizona Star $494 Lake Shore Gold $177 Capital Gold Corp. $73 Gateway Gold $22International Minerals $479 San Anton Resource $171 StrataGold Corporation $73 Temex Resources $20Banro Corporation $419 Detour Gold Corporati $155 Mines Management Inc $68 Robex Resources $18Guyana Goldfields $413 Rubicon Minerals $153 Queenston Mining $63 Trade Winds Ventures $18Aquiline Resources $410 Carpathian Gold $137 Goldbelt Resources $61 Maximus Ventures Ltd. $17Rusoro Mining Ltd $408 San Gold Corporation $135 Reunion Gold Corp. $60 Tagish Lake Gold $17Anatolia Minerals $393 Solitario Resources $131 Plexmar Resources $56 Goldcrest Resources $15U.S. Gold Corporation $327 Linear Gold Corp. $129 Gold-Ore Resources $52 Portal Resources $15Southwestern Resources $323 Dynasty Metals & Mini $126 Royal Standard Minerals $52 Alturas Minerals Corp. $14Minera Andes Inc. $316 Mansfield Minerals Inc $125 Klondex $45 Pacific Comox $14Greystar Resources $316 Marathon PGM Corp. $105 Committee Bay Resources $45 Goldrush Resources $14 Slide 8
  9. 9. M&A Universe 175 15031-Dec-2005 Reserve Ounces (millions oz) 125 Agnico-Eagle Barrick Meridian 100 New m ont Bem a Gold 75 Fields Lihir Harm ony Anglo Polyus Gold New crest 50 Goldcorp 25 Kinross BUBBLE SIZE DENOTES MARKET CAP IAMGold Randgold 0 0.0 2.0 4.0 6.0 8.0 10.0 2007E Production (millions ozs) Slide 9
  10. 10. Gold Industry M&A Gold Industry Overview Gold Market Valuation M&A Transactions Transaction Challenges Newmont M&A Approach Slide 10
  11. 11. Valuation Factors Financials Growth NAV CFPS CF Reserves/Share Free Cash Flow Production/Share Quality Option Value Management Leverage Premium deposits Reserves/Share Margins Production/Share Reserve Life Slide 11
  12. 12. NAV Premiums – Spot Gold NAV premiums - Senior and Intermediate Producers 160% 140% 120% 100% 80% 60% 40% 20% 0% -20% 1/97 1/98 1/99 1/00 1/01 1/02 1/03 1/04 1/05 1/06 1/07 Slide 12
  13. 13. Price to Cash Flow Price to Cash Flow - Senior Producers 25.0x Sr Cur Yr Sr 1 Yr Out Sr 2 Yr Out 20.0x 15.0x 10.0x 5.0x 1/97 1/98 1/99 1/00 1/01 1/02 1/03 1/04 1/05 1/06 1/07 Slide 13
  14. 14. Gold Industry M&A Gold Industry Overview Gold Market Valuation M&A Transactions Transaction Challenges Newmont M&A Approach Slide 14
  15. 15. Gold Industry Transactions Compiled by: BMO Capital Markets Slide 15
  16. 16. Premium to NAV Slide 16
  17. 17. NAV Accretion Slide 17
  18. 18. Total Acquisition Cost Slide 18
  19. 19. US/Canada Deal Structure Considerations Tender Offer Plan of ArrangementCash In the market for min. 40-50 days 66.7% threshold, single process Ability to control the transaction In the market for min. 50-60 days documentation and transaction timing ×Target controls transaction Ability to respond fast to competing bid documentation and timing to a greater ×90% threshold for compulsory acquisition degree of remainder or 2nd stage “squeeze-out” transaction (additional 45 days)Shares In the market for min. 40-50 days 66.7% threshold, single process Ability to control the transaction May be exempt from SEC review documentation and transaction timing ×In the market for min. 60-70 days Ability to respond fast to competing bid ×Target controls transaction Tax free roll for shareholder documentation and timing to a greater ×90% threshold for compulsory acquisition degree of remainder or 2nd stage “squeeze-out” ×43-101 compliance required transaction (additional 45 days) ×Fairness opinion valuing acquirer ×SEC review and 43-101 compliance required ×Fairness opinion valuing acquiror Slide 19
  20. 20. Gold Industry M&A Gold Industry Overview Gold Market Valuation M&A Transactions Transaction Challenges Newmont M&A Approach Slide 20
  21. 21. Scarcity of Large DepositsFrequency Slide 21
  22. 22. Scarcity of Large Deposits • Industry Data from Schodde (1985-2003) 190 deposits > 1 Moz containing 895 Moz discovered Discovery rate is about 10 deposits > 1Moz per year Approximately 5 of 10 are >3Moz Only 14 of the total 190 deposits are >10 Moz Slide 22
  23. 23. ETF – Double Edged Sword 18000 750 16000 700 14000 650 12000 600 New Gold (JSE) 10000 GBS (ASX) 550 Lyxor GBS (LSE) 8000 GLD(NYSE) 500 Barclays iShares 6000 Gold Price 450 4000 400 2000 350 0 300 2003 Source: Murenbeeld 2004 2005 2006 Slide 23
  24. 24. Gold Price Discounted by Gold Price Discounted Intermediates by Seniors Intermediates at Senior Multiples Source: BMO Nesbitt BurnsSlide 24
  25. 25. Life Cycle of a Project • Competitive High Risk • Sponsorship Opportunities Full Value • Potentially High Value • Few Competitors and lower Risk 10 Exploration Corporate 8 Focus FocusRelative Value Speculative Stock 6 Ahead Of Known Value Speculators Leave Orphan 4 Period Institutional Investing Begins 2 1 - 2 Years 2-3 Years 2 Years 1 Year Depletion Greenfields ~4 - 5 Years Pre-Discovery Discovery Feasibility & Development Start-Up Permitting 0 0 Years 5 7 10 12 13 Early Mover Advantage Development Projects Mergers/Acquisitions: • Limited Information •Permitting Issues •Strategic, • Portfolio Approach •Lack of Operating/Technical Skills •Synergistic •Capital Constraints Slide 25
  26. 26. Gold Industry M&A Gold Industry Overview Gold Market Valuation M&A Transaction Valuation Transaction Challenges Newmont Growth Strategies Slide 26
  27. 27. Reserve Additions and Depletions Gold Majors 2001-2005 89% 99% 17% 68% 0% -15% 484% 213% -51% 484% 0% 264% 4% 127% 65% -100% Slide 27
  28. 28. Exploration Spend Gold Majors 200 Barrick 180 Diamond Explorers 2006 160 Exploration Budgets (US$ Millions) Newmont 140 Diversified Miners 2006 120 AngloGold 100 80 60 Gold Fields 40 20 0 2001 2002 2003 2004 2005 2006 Slide 28 Source: Corporate Exploration Strategies (Metals Economics Group, October 2006)
  29. 29. Growth Strategies Core Operations Regional Operating Units Partnering Strategy Stake in future large deposits Investment/Diversification Non-core assets Slide 29
  30. 30. Gold Industry M&A Thank You Slide 30

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