Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

SummaryChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
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
0
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
0
Latest news on GOLDCORP INC.
05/19 Pacton gold acquires strategic land position in the world-class red lake mini..
05/18 TSX ekes out gain with rebound in financial stocks
05/18 MCLAREN RESOURCES : Announces the Appointment of Dr. Andrew J. Ramcharan as Dire..
05/12 Metals and Mining Market 2017 - Glencore, Rio Tinto, Vale, Coal India Limited..
05/12 DARK HORSE RESOURCES LIMITED : - Los Domos Gold Project Exploration Update
05/09 Canada's McEwen Mining aims for S&P500, sees gold on the rise
05/08 GOLDCORP : Empowering Others to Understand Addiction
05/04 GOLDCORP INC. : Post Earnings Coverage as Goldcorp Doubled its Quarterly Earning..
05/03 Azimut intersects 4.9 gt Au over 45.0 m at Eleonore South, James Bay region, ..
05/03 Eastmain Reports 4.9 gt Au over 45 metres from Eleonore South JV
More news
Sector news : Gold - NEC
05/20 GENERAL ELECTRIC : GE announces $15 billion of business deals with Saudi Arabia
05/18 TSX ekes out gain with rebound in financial stocks
05/17 FTSE breaks nine-day winning streak as miners, British Land fall
05/16 TSX slides as banks and energy firms reverse gains
05/05 Pearson rally, miners help FTSE surge to strongest week since March
More sector news : Gold - NEC
News from SeekingAlpha
05/19 Goldcorp (GG) Presents At BofAML 2017 Global Metals, Mining and Steel Confere..
05/19 JAGUAR MINING : The Exchange Rate Risk At Play
05/19 Trapeze Asset Management 1Q17 Letter - Equilibrium
05/17 Gold, gold miners catch a bid amid Trump turmoil
05/15 Randgold Should Get Serious About China, Not The Next China
Advertisement
Financials ($)
Sales 2017 3 599 M
EBIT 2017 566 M
Net income 2017 371 M
Debt 2017 2 105 M
Yield 2017 0,73%
P/E ratio 2017 27,21
P/E ratio 2018 26,31
EV / Sales 2017 3,87x
EV / Sales 2018 3,72x
Capitalization 11 835 M
More Financials
Chart GOLDCORP INC.
Duration : Period :
Goldcorp Inc. Technical Analysis Chart | G | CA3809564097 | 4-Traders
Full-screen chart
Technical analysis trends GOLDCORP INC.
Short TermMid-TermLong Term
TrendsNeutralNeutralNeutral
Technical analysis
Income Statement Evolution
More Financials
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 20,4 $
Spread / Average Target 47%
Consensus details
EPS Revisions
More Estimates Revisions
Managers
NameTitle
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.2.07%11 835
FRANCO NEVADA CORP23.36%13 043
ZIJIN MINING GROUP CO...-2.99%9 358
RANDGOLD RESOURCES LIM..14.73%8 887
GOLD FIELDS LIMITED22.33%3 143
EVOLUTION MINING LTD10.85%2 948
More Results