... Barrick Gold Corp. Barrick Gold Corp. is the gold industry leader. They have the largest un-hedged gold production and gold reserves in the industry. We chose to invest in Barrick Gold Corp. based on their target for growth, “A” rated balance sheet and their vision for being the best gold mining company through safe, profitable and socially responsible practices. Their income is generated from the finding, acquiring, developing and producing of quality gold reserves. In 2010, Barrick produced 7.8 million ounces of gold at a total cost of $457 per ounce and is targeting to grow to an annual production of 9.0 million ounce of gold within 5 years. The company also has exploration and developments projects that include proven and probable reserves of copper and silver. Stock Analysis On Feb.2, 2011, we purchased 423.01 of Barrick’s shares for $47.28 each. Their share price fluctuated from the purchase date till Mar.18. The share price was at its lowest the week of Feb.11. It increased by $4.00 by the end of week Feb.18, at the time the company declared a quarterly dividend of $0.12 per share, payable on Mar. 15. During the week of Feb. 25, the stock fell by $0.03, and rose again by $0.61. On Mar. 4, the share price was at its highest, $51.40. On the previous Mar.1st, investors were particularly interested in gold and the price was at a record high, regardless of the political crisis in Libya. The supply of gold is considered inelastic and rising...
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...The word pyrite is derived from a Greek word pyrites lithos meaning “the stone which strikes fire,” also portrays the ability of the mineral to spark fire if stroked against iron. (Pyrite). It also has a common name which depicts the ability of this mineral to fool inexperienced people by looking like gold on the river bed hence the nickname of this mineral is ”fools gold.” .”(Mineral Information.) The chemical formula for pyrite is FeS2 (Iron Sulfide.) (Plummer.) It contains 46.6% Fe (iron) and 53.4% S (sulfur.) (Pyrite Mineral Data). It is often crystalized in cubic crystalline structure but also can be found in pyritohedrons (dodecahedron with pentagonal faces) or octahedrons structures as well as in a combination of both. (Minerals-n-more) The Color of pyrite is brassy yellow; the crystals of this mineral are opaque thus let through no light; the streak of this stone is greenish black and cleavage is indistinct, the luster is metallic and hardness is between the range of 6 and 6.5 on the Moh’s scale.( Pyrite Mineral | Uses and Properties) The pyrite mineral can be formed in almost every kind of environment; it could be found in all three types of rocks: igneous, sedimentary and metamorphic. The website minerals and more claims that the samples of this mineral have been found all over the world. . Perfect crystals come from Elba, Italy. Many samples today are coming from Peru. Localities such as Germany, Russia, Spain, and South Africa along with many others...
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...Class of: 2013 Course Title: Financial Risk Management (FRM) Semester: III Credits: 3 Course Objective & Learning Outcome: This course gives students a working knowledge of derivative instruments and their applications in managing various types of financial risks. While doing so, students would understand the organizational aspects of those risk functions and their roles & responsibilities. The emphasis is on mechanics, properties and valuation of forwards, futures, options and swap instruments. In covering these instruments, cases, examples and notes would be sought from markets so as to provide a holistic view of the financial market structure i.e., currency, fixed income, equity and money markets. Cases discussed in the class would be contemporary in nature drawn from international experience. Pre-requisites: Students are advised to be through with Financial Management I, Financial Management II and Quantitative Methods. Students are expected to go through all the reading prescribed before every class and make a meaningful contribution through active class participation. The course is delivered through a combination of case discussions, problem solving, real life risk reports and simulation. The course would have an analytical and numerical flavor and hence students are required to bring their calculators/laptops to every class. Text Book: 1. Hull, John C. & Basu, S., Options, Futures, and Other Derivatives, 7th Edison, Prentice-Hall...
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...will have the opportunity to meet and discuss with your Training Instructor what will be expected from you during the twenty one (21) days you will be with us. Your Instructor will provide you the skills and tools necessary to become a Pinnacle Airlines Flight Attendant. We believe learning should be interactive and enjoyable. Although the program is intense and there is a lot to learn, we are here to help you succeed, and will do everything we can to help you. You, in turn, must do your part. Be sure to get enough rest, take care of yourself while in training and put forth the necessary amount of effort to succeed. Revised 10NOV11 1 Flight Attendant Initial Training Workbook MISSION STATEMENT The mission of Pinnacle Airlines, Inc. is to provide safe and convenient air transportation and to involve our People and our Customers in the product and the process, making the airline a rewarding, profitable, and quality experience. GUIDING PRINCIPALS Pinnacle Airlines is dedicated to our Customers and our People. Our Guiding Principles and Mission Statement are posted in every office within the airline. Senior Management, Flight Crews, and Ground Personnel take their commitments seriously. Pinnacle Airlines strives to develop loyalty from customers, investors, and all Pinnacle People. NEVER COMPROMISE SAFETY At...
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...JAPANESE CANDLESTICK CHARTING TECHNIQUES ~-Y?~L&B~E!% L ?ABWt "Candles Exhaust Themselves to Give Light to Men" JAPANESE CANDLESTICK CHARTING TECHNIQUES A Contemporary Guide to the Ancient Investment Techniques of the Far East STEVE NISON NEW YORK INSTITUTE OF FINANCE NewYork London Toronto Sydney Tokyo Singapore Library of Congress Cataloging-in-Publication Data Nison, Steve. Japanese candlestick charting techniques : a contemporary guide to the ancient investment technique of the Far East I Steve Nison. p. cm. Includes bibliographical references and index. ISBN 0-13-931650-7 1. Stocks-Charts, diagrams, etc. 2. Investment analysis. I. Title. HG4638.N57 1991 90-22736 332.63'22-dc20 CIP This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. From a Declaration of Principles Jointly Adopted by a Committee of the American Bar Association and a Committee of Publishers and Associations 01991 by Steve Nison All rights reserved. No part of this book may be reproduced in any form or by any means without permission in writing from the publisher. New York Institute of Finance Simon & Schuster Printed in the United States of America 1 0 9 8 7 Acknowledgements ...
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...APEX MINING CO., INC. May 2, 2011 PHILIPPINE STOCK EXCHANGE, INC. Disclosure Department Tower One and Exchange Plaza Ayala Triangle, Ayala Avenue Makati City Attention: Ms. Janet Encarnacion Head, Disclosure Dept. Dear Ms. Encarnacion: We are submitting herewith SEC Form 17-A for the year ended December 31, 2010. Very truly yours, ROSANNA A. PARICA Corporate Information Officer Head Office: Unit 1704 17th Floor, Prestige Tower Condominium, F. Ortigas Jr. Road, Ortigas Center , Pasig City 1605 Tel. Nos.: 706-2805/706-2806 * Fax No.: 706-2804 Minesite: Maco, Compostela Valley COVER SHEET 4 0 6 2 1 S.E.C. Registration Number A P E X M I N I N G C O . I N C . (Company's Full Name) 1 7 T H F. O R T I F L OOR G A S J R P R E S T R D I G E T O W E R P A S I G C I T Y O R TI GA S (Business Address: No. Street City/Town//Province) ROSANNA A. PARICA Contact Person 706-2805 Company Telephone Number 1 2 Month 3 1 Day SEC Form 17-A FORM TYPE 0 6 Month 3 0 Day Fiscal Year Annual Meeting Secondary License Type, If Applicable Dept. Requiring this Doc. Amended Articles Number/Section Total Amount of Borrowings of Stockholders Domestic Foreign To be accomplished by SEC Personnel concerned File Number LCU Document I.D. Cashier STAMPS ck ink for scanning purposes SECURITIES AND EXCHANGE COMMISSION SEC FORM 17-A ANNUAL REPORT PURSUANT TO SECTION 17...
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...domestic and regional needs. OR Tambo International Airport serves as a hub for flights to other Southern African and International countries. South Africa also has several major ports that make it the central point for most trade in the Southern African region. Economy of South Africa Cape Town CBD Rank Currency Fiscal year Trade organizations Statistics GDP $277.4 billion (2009) (nominal; 32nd) $488.6 billion (2009) (PPP; 25th) 32nd Rand (ZAR) Calendar year WTO, G-20, SACU and others Contents 1 History 2 Sectors 2.1 Telecommunications 2.2 Agriculture 3 Trade and investment 4 Complicating factors 4.1 Human capital flight 4.2 The electrical crisis 5 Economic policy 5.1 GEAR 5.2 Inflation targeting and GDP growth 5.3 Financial policy 6 Environment 7 Social services GDP growth GDP per capita 4.6% (Q1 2010) $5,684 (2009) (nominal; 76th) $10,136 (2009) (PPP; 79th) GDP by sector agriculture (0.9%), industry (20.6%), services (78.5%) Inflation (CPI) Population below poverty line Labour force 4.6% (May 2010) 50% (2000 est.) 17.32 million economically active (2009 est.) Labour force by occupation agriculture: 9%, industry: 26%, services: 65%...
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...Annual Report 2009 Wits Gold Prospecting Rights in the Witwatersrand Basin, South Africa Witwatersrand Basin Johannesburg Carletonville Potchefstroom Goldfield Evander Klerksdorp Klerksdorp Goldfield Potchefstroom N 0 100 Km Welkom Southern Free State Goldfield Wits Gold Prospecting Rights Mining Leases Witwatersrand Basin Basement Rocks Disclaimer Certain statements in this directors’ report may constitute forward-looking information within the meaning of securities laws. In some cases, forward-looking information can be identified by use of terms such as “may”, “will”, “should”, “expect”, “believe”, “plan”, “scheduled”, “intend”, “estimate”, “forecast”, “predict”, “potential”, “continue”, “anticipate” or other similar expressions concerning matters that are not historical facts. Forward-looking information may relate to management’s future outlook and anticipated events or results, and may include statements or information regarding the future plans or prospects of the Company. Without limitation, statements about the timing of the pre-feasibility studies regarding the Company’s Bloemhoek project and De Bron project, the ability of the Company to manage its business risks, the sufficiency of capital to cover exploration and operating expenses, and other related statements are forwardlooking information. Forward-looking information involves known and unknown risks, uncertainties and other important factors that could cause the actual results,...
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...TO: Harry Barry, CFO, New Earth Mining Inc. FROM: Jiashu Zheng - 2037 0233, Kenneth Shum - 2037 5516, Donny Kim - 2036 9046, Yiwei Du - 2039 2845, Liane Pereira - 2038 4155, Lin Gan - 2038 3499, Group 4 Financial Analysts, New Earth Mining Inc. DATE: October 7, 2013 RE: Project Valuation of New Earth South Africa (NESA) INTRODUCTION This memo addresses the feasibility of the NESA project and provides a brief overview of: our financial condition, the iron ore market, major risks associated with this project, estimated project NPV, and the benefits of the financing packages. From our analysis, the NPV of this project is $137.36M - $104.31M. While there is risk associated with venturing into an unfamiliar market in a politically volatile country, the debt financing packages mitigate this risk. Thus, we believe that the project should be accepted. FINANCIAL CONDITION We experienced growth in earnings from $98M in 2002 to $1.84B in 2011, due to improved operating margins (Appendix 1). The improvements in ROE and ROA have outpaced our competitors, implying that we are getting higher returns for each dollar invested in shareholder’s equity and assets. Although we have a more aggressive debt strategy, our D/E ratio never exceeded 50% from 2002 to 2011. Despite the slight 4% decrease in our cash and current ratios, their values are still well above one. We are still in a good financial position as we have accumulated a lot of cash and our debt is being used effectively to take advantage...
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...Market research Pandora has a global distribution, selling its products all over the world, in more than 65 countries and over more than 6 continents. Pandora is very successful among the Europeans and the North and South Americans, due to the fact that 86% of their sales are covered in these countries. At the moment, Pandora’s products are not so well received in the Asian market, but in order to enlarge their profit they should focus on creating a suitable strategy for this market as well. In order to have a precise positioning for Pandora on the market it is necessary to analyse its competition and the demand on the jewellery market. In order to do so, there will be analysed the countries with the most impact on Pandora’s sells: the USA, the United Kingdom, Germany and Australia. 1. US Market Despite the economic crisis, Pandora showed a significant growth in the USA between 2009 and 2010. The reason for this growth is due to the establishment of new shops. According to financial results, Pandora had 81% growth during 2009 and 2010. In general, the jewellery market in the US showed a decline of 11% in 2009 compared to 2008; while the exclusive jewellery presented a setback, the sales for the fashionable ones rose. In this period the online shopping gained popularity because of the lower prices. The most popular online shops were Tiffany’s, Swarovski’s and Keyjewelers’s. The jewellery market in the USA is very fragmented as there exist many major and...
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...EA TOOLS & MATERIALS END USER LICENSE Electronic Arts Inc, and its subsidiaries, affiliates and licensors (collectively, “EA”) grants you a non- transferable non-exclusive license to download and/or install and use one copy of the software tool (“Tool”) and/or materials (“Materials”) (collectively the “Tools & Materials”) solely for your personal noncommercial use in connection with EA’s products, in accordance with the terms below. EA owns all of the rights, title and interest in the Tools & Materials. You may not alter any of EA’s trademarks or logos, or alter or remove any of EA’s trademark or copyright notices included in or with the Tools & Materials or EA’s products. Your right to use Tools & Materials is limited to the license grant above, and you may not otherwise copy, display, distribute, perform, publish, modify, create works from, or use any of the Tools & Materials. Without limiting the preceding sentence, you may not modify, reverse engineer, disassemble, license, transfer, distribute, create works from, or sell the Tool, or use the Tools & Materials to further any commercial purpose. Without limiting the foregoing, you may not use the Tools & Materials to promote another product or business, or on any site that operates or promotes a server emulator. You may include materials created with the Tools & Materials on your personal noncommercial website for the noncommercial benefit of the fan community for EA’s products and provided that if you do so, you must also...
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...Is there a resource curse in South Africa? Introduction Collier (2007) introduced the concept of the natural resource trap, a situation in which countries have access to natural resources that should enable a country to benefit and develop economically, but has the opposite effect by enslaving the country in poverty. In my analyses of Collier’s (2007) argument on why countries are subject to a resource trap, I focus on the concept of Dutch Disease within the South African primary sector and the aggravating factors caused by economic shocks. I analyse the degree to which the South African has indeed become reliant on the primary sector for sustaining its economy, with emphasis on the mining and agricultural components of the primary sector. However, I also extend on Collier’s (2007) argument by incorporating the views of other authors. An important view and one also central to my argument is that of Grimsley and Hay’s (2004), who refers to a “balanced economy” (p. 97) in the context of the “equity and mutual benefit” (p. 98) for the society as a whole. Translating the Collier (2007) argument to the South African context Collier (2007) indicates that Dutch disease, in combination with volatile commodity prices, is a significant contributor towards the natural resource trap. Barder (2006) describes the original concept of Dutch Disease in which the Dutch experienced large foreign exchange earnings due to the export of the gas. This led to a shift in the Dutch currency exchange...
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...Valuation of Metals and Mining Companies Author: Svetlana Baurens E-Mail: baurens@basinvest.ch Date: 7.11.2010 In collaboration with the University of Zürich, Swiss Banking Institute and Prof. Dr. T. Hens Contents 1. Introduction ...............................................................................................................7 1.1. Motivation .......................................................................................................7 1.2. Structure ..........................................................................................................7 1.3. Definition of terms .........................................................................................8 2. Valuation models in mining and metals industry ................................................12 2.1. Special features of metals and mining companies ........................................12 2.2. Classification of valuation models ................................................................15 2.3. Resource & Reserve .....................................................................................17 3. Valuation of Explorations properties ...................................................................20 3.1. Appraised Value Method (Cost Approach) ...................................................23 3.2. Comparable Transactions (Market Approach) ..............................................24 4. Cycle importance in valuation of metals and mining companies...
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...ACR_DoR_V4_pgs.indd 1 21/11/2013 11:41 ACR_DoR_V4_pgs.indd 2 21/11/2013 11:41 A U T H E N T I C C A R I B B E A N R U M Page 02-03 Rum: A World Tour Page 04-05 A Global Spirit Page 06-07 Spain Page 08 Germany Page 09 France Page 10 Page 11 Italy Page 12 Netherlands Page 13 Page 14 Denmark Page 15 Overview of Other Markets Page 16-17 Rum: Insight and Opinion Page 18-19 Rum and The Caribbean Page 20-21 A Golden Age for Rum Page 22-23 The Marque of Authenticity Page 24-25 A Question of Age Page 26-27 Authentic Caribbean Rum’s Global Journey Page 28-33 Rum’s Golden Future Page 34-35 The Decade of Rum Page 36 Afterword United Kingdom Belgium and Luxembourg 0 1 ACR_DoR_V4_pgs.indd 3 21/11/2013 11:41 Rum: The following analyses the global rum market over the last decade. We highlight country-bycountry data, market trends and the performance of individual types of rum. 0 2 ACR_DoR_V4_pgs.indd 4 21/11/2013 11:41 0 3 ACR_DoR_V4_pgs.indd 5 21/11/2013 11:41 A U T H E N T I C C A R I B B E A N R U M Sugar cane is grown in tropical regions across the globe, so it is not surprising that rum has a following in all continents. Its breadth of production generates a wide variety of definitions, but for the purpose...
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...XS Energy Marketing Plan Erin Moller Bryant Johnson Sam Kunjummen Megan Victorson Bryant Johnson Erin Moller Sam Kunjummen Megan Victorson University of Minnesota-Duluth . . . . . . . . . TABLE OF CONTENTS Executive Business Summary 1 Mission Statement History of XS Energy Growth of the Business Market Potential PRODUCTS 2 13 Flavors of XS Energy Drinks Situational Analysis 3 Internal Strengths and Weaknesses External Opportunities and Threats MARKET ANALYSIS 4 Target Market Identification Market Demographics Product Market Grid MARKETING STRATEGIES 5 Product Strategy Price Strategy Promotion Strategy Distribution Strategy FINANCIAL SUMMARY 6 Cost Structure Life Cycle Analysis Break-Even Analysis IMPLEMENTATION PLAN 7 APPENDIX A Competitor Analysis APPENDIX B Survey Results Executive Business Summary 1 Mission Statement The mission of XS Energy is to market an alternative to high sugar energy drinks. Rather than getting energy from sugar and carbohydrates, it’s packed with B-vitamins and amino acids that are healthier and still give you the boost you need. Currently XS Energy drinks are sold independently in cases, but the objective to our marketing plan is to reach a younger demographic by supplying to college campuses and offices, while still maintaining our private status. ] History of XS Energy In 2001, XS Energy Drink was launched into the U.S...
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