Monday, January 15, 2007

Metals Market Wrap-Up

1. A fire broke out in Chevron's Richmond Refinery, the largest oil refinery in the Bay Area.

2. DRD Gold (DROOY) issued 18.3 million new shares to help repay a loan. Equity dilution to pay off debt. Ouch.

3. Gold Fields (GFI) reported that it had completed repairs to the South Deep mine and preoduction there should be back at full capacity by February. Output at South Deep was 107,946 ounces during the three months to end March 2006, the last full quarter before the accident which led to the repairs. Gold Fields has completed the purchase of Barrick Gold's 50 percent stake in South Deep and another deal to buy a 34.7 percent stake in Western Areas owned by JCI Ltd. Western Areas owns the other half of South Deep.

No comments: