kennt die misere , dass sich nach einiger zeit die seite zumacht und alles unleserlich wird , mit der aufforderung, sich anzumelden. das habe ich zwar schon mal gemacht, funktioniert aber nicht die bohne.
deswegen habe ich den bericht über meinen hassliebling fortuna silver mines in word kopiert und stelle ihn hier ein.
( gefällt mir auch nicht , aber inhaltlich kann man diese argumente als investierter nicht verheimlichen ) - leider in englisch
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"" Should Investors Press Their Luck With Fortuna Silver?
Aug. 20, 2014 12:13 PM ET | About: Fortuna Silver Mines (FSM), Includes: AG, FNLPF, PAAS, SLW Subscribers to SA PRO had an early look at this article. Learn more about PRO »
Summary
•§Fortuna Silver has done a good job of expanding production and reducing operating costs, making it one of the more attractive silver mining companies on an AISC basis.
•§Drilling results from Trinidad North continue to support the notion that this is a high-quality expansion opportunity that can extend the useful life of San Jose.
•§Fortuna Silver doesn't look cheap on an NAV basis, but reserve additions from Trinidad North and further capacity expansions could drive more value in the coming year.
Eight months ago I thought Fortuna Silver (NYSE:FSM) was one of the best plays on silver out there in the market, and the performance of the shares has backed up on that idea. Even with a recent pullback of more than 10%, these shares are up almost 90% from late December of 2013 and the comparisons with the likes of Silver Wheaton (NYSE:SLW), Pan American Silver (NASDAQ:PAAS), First Majestic (NYSE:AG), and Fresnillo (OTCPK:FNLPF) aren't even all that close.
So what now? I do like the significant improvements that the company has made in reducing costs - where I thought 20% reductions in cash operating costs were possible, management has delivered 30%. Better still, the company's drilling program at Trinidad North continues to suggest significant reserve expansion and mining potential here. I openly acknowledge that I underestimated management's cost-cutting abilities and may be doing so again, but I think valuation is less compelling today. If you believe that mining stocks can still support historical NAV premiums of 1.5x or more, the shares still offer upside (and on EV/EBITDA as well), but I take a more conservative approach and don't see nearly as much value remaining in these shares today.
Continuing To Grow Production, With Lower Costs
Fortuna Silver reported 50% yoy growth in silver-equivalent production (and 7% sequential growth), with actual silver production up 52%/6% and gold production up 64%/5%. Caylloma production wasn't bad (up 16%/3% on an Ag-equiv basis, with actual silver up 7%/down 2%), but San Jose was the star with 87%/10% Ag-equivalent growth.
Management talked of significant cash cost improvements back in 2013 and they are delivering them (more so than I thought possible). Cash operating costs dropped 30% yoy to $5.15/ounce, with all-in sustaining costs down 21% to $17.41/ounce. Cash costs did rise 8% sequentially (and ASIC were up 5% sequentially), with increases at both mines. With realized prices down about 4% and lower sales (versus production), there were pressures on reported costs that really don't speak to the underlying profitability of the mines. Just as much to the point, Fortuna Silver continues to post very favorable cash operating costs relative to Pan American Silver and First Majestic, with strong relative ASICs as well.""
http://seekingalpha.com/article/...ess-their-luck-with-fortuna-silver
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