Log in
Forgot password ?
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Goldcorp Inc.    G   CA3809564097

News SummaryMost relevantAll newsSector newsTweets 

Canada's McEwen Mining aims for S&P500, sees gold on the rise

share with twitter share with LinkedIn share with facebook
share via e-mail
05/09/2017 | 09:30pm CEST

Canadian resources magnate Rob McEwen aims to list his company McEwen Mining on the S&P 500 in two to three years' time to meet a rise he predicts in demand for gold as part of investor portfolios.

So far the only gold company listed on the S&P 500 is Newmont Mining.

"Our overriding goal is to get into the S&P 500," McEwen said, adding he aimed to achieve that in two-to-three years' time and expected an increased appetite for exposure to gold in investment portfolios.

McEwen made his fortune as the founder and former chairman and CEO of Goldcorp Inc., one of the world's largest gold producers.

He stepped down as head of Goldcorp in 2005 and his business card now describes him as chief owner of McEwen Mining, which in February this year announced it was buying Lexam VG Gold.

Reflecting his view that big bosses should not be overpaid, McEwen holds a 25 percent stake in his company but does not receive a salary.

"I think it should be tempered considerably," he said of executive pay. "They load up with options and give themselves big compensation. I think it should be one or the other, but not both."

For the first quarter, McEwen Mining reported a loss of a cent per share, which McEwen said was because of investment in new operations, including an open pit gold mine in Nevada, the United States, and copper in Argentina.

"We'll have negative cash flow and probably post losses through the year as we invest in our new projects," McEwen said in an interview on the sidelines of a mining conference in London.

The share price is down more than 10 percent since the start of the year.

McEwen said he hoped for a licence by the third quarter in Nevada and to start construction around the end of the year.

Well-known as a bull on the gold price, McEwen said gold at $5,000 an ounce was possible over the next four years, driven by increased demand for gold as a substitute for cash.

The spot gold price traded below $1,220 an ounce on Tuesday.

McEwen said he had "a hedge" in the form of copper assets, which many miners and analysts predict will see greater demand as China and India shift towards electric vehicles and improve their grids.

Some of McEwen's first quarter loss, he said, was because of spending on undeveloped copper assets in Argentina.

"We're moving towards a feasibility study. It would be a very long life asset. We're trying to package it to make it a compelling joint venture or sale," he said.

(Editing by Gareth Jones)

By Barbara Lewis

Stocks treated in this article : Newmont Mining Corp, Goldcorp Inc.
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on GOLDCORP INC.
06/22 GOLDCORP : Inclusivity Strengthens Century Project
06/22 ORLA MINING LTD : . to Acquire Camino Rojo Project from Goldcorp Inc
06/22 ORLA MINING LTD : . to Acquire Camino Rojo Project from Goldcorp Inc.
06/21 GOLDCORP : Announces Sale of the Camino Rojo Oxide Project
06/21 GOLDCORP : Announces Expiration of Offer and Final Take Up of Exeter Shares
06/16 Harvest Gold Confirms Presence of High Grade Gold and Silver Values at Cerro ..
06/16 SAN MARCO RESOURCES : to Sell La Pinta 06 to a Goldcorp Subsidiary
06/15 GOLDCORP : declares second quarter dividend payment for 2017
06/15 GOLDCORP : Announces Take-Up of Exeter Shares and Mandatory Extension Period to ..
06/13 GOLDCORP INC. : ex-dividend day
More news
Sector news : Gold - NEC
06/16 NEWCREST MINING : SolGold boosts budget to explore for copper, gold all over Ecu..
06/15 FOSUN INTERNATIONAL : Polyus to sell up to nine percent of its shares in London,..
06/14 BARRICK GOLD : to hold talks with Tanzania over export row
06/12 TSX retreats as banks, tech stocks weigh
06/08 TSX gains as bank stock gains, Valeant jumps
More sector news : Gold - NEC
News from SeekingAlpha
06/22 Gold Gains On Fear Factor
06/20 Announcing The Launch Of The Stock & Gold Market Report
06/14 Gold miners sell off as spot price falls following Fed rate hike
06/13 RESOURCE SECTOR DIGEST : Launching The Golden Dog Wurst Award
06/13 Which Gold Junior Will Get Taken Over Next?
Financials ($)
Sales 2017 3 641 M
EBIT 2017 598 M
Net income 2017 371 M
Debt 2017 2 079 M
Yield 2017 0,76%
P/E ratio 2017 26,28
P/E ratio 2018 25,42
EV / Sales 2017 3,72x
EV / Sales 2018 3,61x
Capitalization 11 454 M
More Financials
Duration : Period :
Goldcorp Inc. Technical Analysis Chart | G | CA3809564097 | 4-Traders
Full-screen chart
Technical analysis trends GOLDCORP INC.
Short TermMid-TermLong Term
Technical analysis
Income Statement Evolution
More Financials
Mean consensus OUTPERFORM
Number of Analysts 20
Average target price 20,4 $
Spread / Average Target 52%
Consensus details
EPS Revisions
More Estimates Revisions
David A. Garofalo President, Chief Executive Officer & Director
Ian W. Telfer Chairman
Todd Robert White Chief Operating Officer & Executive Vice President
Russell David Ball CFO & Executive VP-Corporate Development
Luis Canepari Vice President-Information Technology
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
GOLDCORP INC.-2.72%11 165
ZIJIN MINING GROUP CO...-0.30%10 343
More Results