|Bid||20.27 x 0|
|Ask||20.30 x 0|
|Day's Range||20.16 - 20.54|
|52 Week Range||9.38 - 25.45|
|Beta (3Y Monthly)||0.22|
|PE Ratio (TTM)||106.18|
|Earnings Date||Nov 15, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||19.94|
(Bloomberg) -- Canada’s $8 billion precious metals-focused fund manager is bargain-hunting for stakes of mining firms that have seen valuations tumble.“Look for the companies that are beaten up,” Sprott Inc. Chief Executive Officer Peter Grosskopf said, sharing his company’s investment strategy. If the bigger producers of the metal don’t end up buying their smaller rivals, “the juniors will consolidate among themselves to create bigger companies,” he said.Gold miners may become attractive targets as the supply pipelines of their bigger rivals start running dry. Reserves still buried in mines owned by the largest producers have fallen by more than half from a 2011 peak, according to data from Bloomberg Intelligence.Detour Gold Corp. was an example of one those beaten-up companies and “somebody missed that one as an acquisition candidate,” Grosskopf said in an interview in New York Tuesday. In August, Sprott agreed to buy Tocqueville Asset Management’s gold strategy business. Tocqueville owns a 4.6% stake in Detour Gold.Tocqueville had started investing in Detour Gold a few years ago when the miner was in bad shape, he said.Detour Gold shares have climbed 72% this year after Paulson & Co. convinced shareholders of the mining company to overhaul its board of directors, including its interim CEO, ending a nasty six-month proxy battle. The stock fell 22% last year.Torex Gold Resources Inc. is another attractive asset that could be a potential target, according to Sprott.While the next wave of consolidation involving smaller gold producers may take at least five years, Sprott and Tocqueville were confident of the strength in the gold rally.Gold prices have climbed this year as signs of weakening global growth bolstered the case for the Federal Reserve to keep cutting U.S. borrowing costs, boosting the appeal of the non-interest bearing metal. Earlier this month, Fed Chairman Jerome Powell said the central bank will resume purchases of Treasury securities in an effort to avoid a repeat of recent turmoil in money markets.Spot gold rose 0.5% to $1,488.88 an ounce at 1:27 p.m. in New York. The metal is up 16% this year.(Updates with outlook for gold prices in final three paragraphs.)To contact the reporters on this story: Vinicy Chan in New York at email@example.com;Justina Vasquez in New York at firstname.lastname@example.orgTo contact the editors responsible for this story: Luzi Ann Javier at email@example.com, Steven FrankFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Detour Gold Corporation plans to release its third quarter 2019 operating and financial results after market close on Thursday, November 14, 2019, followed by a conference call and webcast the following morning.
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The new Credit Facility replaces the Company's previous US$500 million senior secured credit facility, which was comprised of a US$200 million term loan (maturing July 14, 2020 ) and a US$300 million revolving credit facility (maturing July 14 , 2022). The new Credit Facility has a four-year term, maturing September 25, 2023 . The new Credit Facility includes two financial covenants: (i) a "Net Debt to EBITDA" (or "Leverage Ratio") covenant of 3.5x (unchanged as compared to the previous facility) and (ii) an "Interest Coverage" covenant of 3.0x (reduced from 3.5x under the previous facility). The interest rate for drawn borrowings ranges from Libor + 2.00% to 3.125% (reduced from Libor + 2.215% to 3.125% under the previous facility), depending on the Leverage Ratio.
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Mr. Bourchier entered into an agreement with the Company in March 2019 whereby the Company offered certain incentives for him to remain in his position as COO until June 30, 2019 . Among other things, the Company offered Mr. Bourchier the option to resign for "Good Reason", and to receive the immediate payment of all monies owning to him under his employment contract as a result of such resignation, provided that he remains with the Company until at least June 30 th. Mr. Bourchier has now elected to exercise that option and has tendered his resignation, effective June 30 th. Ms. Gaborit also entered into an agreement with the Company in April 2019 that extended her option to resign following the deemed "Change of Control" of the Company in December 2018 , and to receive the immediate payment of all monies owing to her under her employment contract as a result of such resignation. Ms. Gaborit has elected to exercise that option and has tendered her resignation, effective June 30th .
TORONTO , June 17, 2019 /CNW/ - Detour Gold Corporation (DGC.TO) ("Detour Gold" or the "Company") announces the appointment of Patrice Merrin as Chair of the Board, effective immediately. Ms. Merrin is a corporate director with a wealth of experience in the resource sector.
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