One thing I noticed is the trailing 12 month production for the top 10 firms is slightly higher than 1999 production. (32.8 vs. 32.7)
If you go below the top 10, you will see more increases in trailing 12 months than decreases.
Australians: Newcrest, Delta, and Goldfields, Resolute, and Ranger look like they will come in 15-20% over 1999. New Hampton will probably do 300K vs. 56K, up 435%.
Meridian Gold is doing great, should hit 525K vs. 242K, over 100%. Some gold old names (Echo Bay, Glamis, Viceroy, Agnico Eagle, Miramar, Wheaton River, Repadre, etc..) are looking at 20-30%+ increases in production over 1999.
After (correctly) predicting an all time high in gold production in 1999, I said we would go flat for a few years, with possible new record production in the 2003/2004 timeframe. If it were not for gold production decreases in the copper producers (Freeport and Rio Tinto), we might have set another new high in 2000. The primary gold producers have made up almost all of the 1 million ounce drop from these two copper producers. Direct gold production from primary gold miners appears to up in 2000 versus 1999.
P.S. Market did not seem to like HM numbers, new 52 week low at 3.875 |
