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| Share Name | Share Symbol | Market | Stock Type |
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| Bema Npv | BAU | London | Ordinary Share |
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| 0.00 | 0.00% | - |
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Posted at 06/11/2006 15:59 by bangor All is revealed (Reuter's Canada):Kinross Gold announces acquisition of Bema Gold Mon Nov 6, 2006 10:44 AM EST US$3.1 billion transaction aligns with Kinross' four point strategy, expands reserve base and creates shareholder value TORONTO and VANCOUVER, Nov. 6 /PRNewswire-FirstCal Corporation ("Kinross") (TSX: K, NYSE: KGC) and Bema Gold Corporation ("Bema") (TSX/NYSE: BGO, AIM: BAU) are pleased to announce that their Boards of Directors have unanimously approved Kinross' acquisition of Bema in a US$3.1 billion transaction to create a US$7.9 billion major gold producer. Highlights Bema shareholders will vote at a meeting, expected to be held in mid-January 2007, to approve the acquisition. Upon successful completion of the transaction, on a pro forma basis Kinross will have the following attributes: - Mineral reserves and resources of 50 million ounces of gold; 80 million ounces of silver and 2.9 billion pounds of copper - Nine mines, in five countries, on three continents, with 4,700 employees globally - Excellent pipeline of major construction and future projects including Paracatu in Brazil, Kupol in Russia and Cerro Casale in Chile - Participation in exploration joint venture to drive new Russian growth opportunities - 2006 estimated production of 1.8 million gold equivalent ounces; growing 56 per cent to approximately 2.8 million ounces in 2009 - Estimated 2009 cost of sales per gold equivalent ounce at Kupol of approximately US$130 will lower an already competitive cost profile - Consolidated ownership of Refugio mine in Chile - Cash of approximately US$350 million - Immediate synergies - Led by Kinross management team "This acquisition will create exceptional value for shareholders," said Tye W. Burt, President and Chief Executive Officer of Kinross. "By combining our assets, operations and expertise, we have dramatically increased our gold reserve and resource base to more than 50 million ounces. We will have a well-balanced gold reserve profile with 39 per cent in Chile, 37 per cent in Brazil, 16 per cent in North America and 8 per cent in Russia. These reserves, coupled with our enhanced exploration pipeline, will put Kinross in a unique position to take advantage of the robust gold price and provide investors with an excellent portfolio of world-class assets." "The Bema Board of Directors unanimously approved this transaction and an independent advisor has provided an opinion that the transaction consideration to be received by Bema shareholders is fair from a financial point of view. We believe that our companies are a great fit due to complementary strengths, geographic synergies and similar growth profiles," said Clive T. Johnson, Chairman, President and Chief Executive Officer of Bema. "Bema shareholders are getting an attractive premium to become part of a stronger company that will create near- and long-term value for all shareholders. Further, we expect that the combined Company will be re-rated in the market once the transaction is complete." |
Posted at 14/1/2005 08:19 by sirmoori Don't see this piece in the FT mentioned (and apologies if i'm duplicating):06.12.04 :-0.5, (171) an article in the FT comments: last month, Bema announced promising drilling results from its Kupol project in the far east of Russia, which it believes has the potential to be one of the world's best gold deposits. Bema hopes to complete a feasibility study in April, after which a decision on development of the project will be made. If Kupol suceeds, analysts reckon the group will have the best production growth in the gold industry. Investors have also been attracted to Bema because of its strong cash flow from existing mines in Russia and South Africa. The Petrex Mines in South Africa have struggled because of the strength of the rand against the dollar, which has inflated costs, and this affected the shares during H1, but the company says there has been a turn-around there in Q3 as a result, Petrex is expected to break even soon. |
Posted at 13/5/2004 14:12 by nwmadden I'm relatively new to buying and selling shares, so you'll have to bear with me! I fancied buying into Bema a few months ago, but both ComDirect and Egg's Xest online sharedealing services couldn't provide any Bema shares. As small time private investor, how do you go about getting your hands on Bema shares and other such rarities?! Cheers... |
Posted at 02/4/2004 06:58 by hectorp BEMA GOLD is rated today as a BUY recommendation in the INVESTORS CHRONICLEand the stock is being marked up pre opening. ( now what does that tell me ) ( ? !!) |
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