The Denver Gold Forum, held Sept. 22-24, provided a platform for 60 of the world’s biggest precious metals miners to strut their stuff in front of investors. This year, almost all the audio portion of the event is archived online at www.denvergold.org (use passcode dgf2003).
Newmont Mining made the biggest splash at the forum by unveiling a 5-year plan that is highlighted by a rise in annual gold sales to 7.7 million oz. in 2007 from 7.3 million oz. this year.
Newmont also announced that its gold reserves in Ghana will likely double to 10 million oz. by year-end, and that it is taking a 25% interest in Placer Dome‘s Turquoise Ridge and Getchell gold mines in Nevada in exchange for providing up 1,800 tonnes per day of milling capacity to Placer at its Twin Creeks mill in Nevada. Placer’s 2% net smelter return royalty paid to Newmont will also be cancelled.
Having recently sold 28 million of its 43.2 million Kinross Gold shares, Newmont says it will redeem US$100 million Battle Mountain Gold 6% convertible subordinated debentures, originally due in January 2005. The debentures are redeemable at par, with accrued interest payable until the expected redemption date of Oct. 29, 2003. Newmont was the volume leader in the U.S., surging $3.04 over the period to US$39.76. On the Big Board, Placer jumped 57 to US$14.50 and Kinross advanced 33 to US$7.91.
One of the top-performing juniors was Mines Management, which rocketed 82% to US$3.53 on the back of a US$1.3-million financing that will allow the company to advance its Montanore silver-copper project in Sanders Cty., Mont.
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