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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (42031)	8/25/2009 1:58:57 PM
From: LoneClone	Read Replies (1) \| Respond to of 194042

North American golds beat expectations in Q2 – RBC miningweekly.com By: Liezel Hill 24th August 2009 Updated 4 hours ago TORONTO (miningweekly.com) – Most of the North American gold equities covered by RBC Capital Markets reported better-than-expected cash flow per share for the second quarter of this year, analysts Michael Curran and Stephen Walker wrote in a note on Sunday. The number-one and two gold miners by production, Barrick Gold and Newmont Mining, together with Agnico-Eagle Mines and Hecla Mining, posted the best results when compared with RBC estimates. “Overall, the North American precious metal producers saw margins increase from first-quarter 2009 levels, with the North American golds realising a median margin of 55%,” the analysts wrote. This compared with 52% in the first quarter. Most gold producers saw margin expansion, through a combination of lower costs and higher realised gold prices, the analysts commented. Gold miners have battled rising prices for fuel, equipment and labour over the last few years, which have served to erode the benefits of historically high bullion prices. However, firms have worked hard over the last 12 months to gain control over rising costs, and most of the US and Canadian miners reported that costs had either declined or slowed their rate of increase. The weighted average cash cost for the North American gold companies RBC covers was $433/oz in the second quarter, a 3% improvement over the previous three months. The gold output of the major North American golds covered by RBC was in line with the analysts' 5,1-million ounce estimate, with Barrick and Newmont accounting for some 60% of the total, at a combined output of just over three-million ounces In the sector, RBC covers Agnico-Eagle Mines, Alamos Gold, Barrick Gold, Centerra Gold, Coeur d'Alene Mines, Eldorado Gold, Franco-Nevada, Goldcorp, Hecla Mining, Iamgold, Jaguar Mining, Kinross Gold, Newmont, Pan American Silver, Silver Wheaton and Yamana Gold.