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The North America Precious Metals Sectors : A Company and Industry Analysis (September 2004)
Mergent, Sep 2004, Pages: 32
Current Environment - Key Points
- US mines produced 681,596 ounces (21,200 kilograms) of gold in February 2004, a 4% decrease compared with production in January, according to the US Geological Survey (USGS)
- Globally, gold de-hedging continued to slow down in the fourth quarter of 2003 as gold prices remained high
The high prices also brought increased global production
- In the middle of May, stock markets fell across the world, the US dollar fell sharply and gold prices surged
Stock markets were hard hit by a string of bomb attacks in Turkey, expectations of rising interest rates, and a record jump in oil prices, which added to worries that the global economy could go into recession
- At the end of the first quarter 2004, the palladium market got a boost from Umicore's announcement that it had developed a new technology that allowed palladium to replace platinum in diesel catalytic technology
- Similar to its counterparts in the US, Canadian raw materials producers- shares slumped in April amid fears that a looming increase in interest rates will dampen economic growth, putting a lid on demand for commodities and soaring prices
- In the first quarter a year ago, there were approximately 200 M&A deals worth $14.4 billion in Canada
Out of all mergers and acquisitions in the first quarter of 2004, the largest takeover was Iamgold Corp's $2.9 billion bid for larger gold-mining rival Wheaton River Minerals Ltd
Industry Profile - Key Points
- The US state of Nevada produces more gold than any other US state and in fact is the world's third largest gold producer behind South Africa and Australia
Nevada's industrial mineral production remained relatively steady in 2003
- Last year, US mine production of silver was about 1,230 tons, with an estimated value of $184 million
- The only primary platinum-group metals (PGM) production sites in the US are the Stillwater and East Boulder Mines in south-central Montana
These mines produced about 820,000 metric tons of ore and recovered more than 18,000 kilograms of palladium and platinum in 2003
- Despite the expectation for continuing worldwide platinum deficit by South African producers, precious metals refiner Johnson Matthey expects the global platinum market to be more or less in balance this year
- Canada's exploration and deposit appraisal expenditure has been increasing since 2001
For 2004, Canadian mining companies- exploration and appraisal spending intentions have increased significantly over the prior year by 24%
Market Trends and Outlook - Key Points
- Global gold mining companies continued to reduce forward sales in the first quarter of 2004, with the hedge impact of the global book falling 2.5 million oz to 68.3 million
- The world silver market is expected take a downward momentum after the Japanese government released a survey on the popularity of digital camera in the country in April
The survey states that 51% of all Japanese households own at least one digital camera compared with 22.7% two years ago
- Newmont Mining Corp, the world's biggest gold miner, and some of its rivals are turning to exploration after soaring share prices made takeovers too expensive
- In June this year, a new comprehensive market report by PricewaterhouseCoopers (PwC) showed that Canada is emerging as a world leader in exploration expenditure, second only to Latin America, and is positioned for future growth
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