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ALIMENTATION COUCHE-TARD $61.06 (Toronto symbol ATD.B: TSINetwork Rating: Extra Risk) (1-800-361-2612; www.couche-tard.com; Shares outstanding: 567.4 million; Market cap: $34.9 billion; Dividend yield: 0.4%) has agreed to buy all stores operating under the Texas Star brand from Texas Star Investments and its affiliates. Terms were not disclosed.
These assets, all in southern Texas, include 18 convenience stores, two free-standing Subway locations and a network for supplying fuel to gas stations. Following the acquisition, Couche-Tard will operate all of the stores under the Circle K brand.
This purchase is very small compared to the company’s $2.7-billion acquisition of Norway’s Statoil Fuel & Retail gas station chain in June 2012 and The Pantry, which Couche-Tard bought for $1.7 billion in March 2015. The Pantry operates more than 1,500 convenience stores in 13 southern U.S. states.
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These assets, all in southern Texas, include 18 convenience stores, two free-standing Subway locations and a network for supplying fuel to gas stations. Following the acquisition, Couche-Tard will operate all of the stores under the Circle K brand.
This purchase is very small compared to the company’s $2.7-billion acquisition of Norway’s Statoil Fuel & Retail gas station chain in June 2012 and The Pantry, which Couche-Tard bought for $1.7 billion in March 2015. The Pantry operates more than 1,500 convenience stores in 13 southern U.S. states.
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AMERIGO RESOURCES $0.31 (Toronto symbol ARG; TSINetwork Rating: Speculative) (604-681-2802; www.amerigoresources.com; Shares outstanding: 173.6 million; Market cap: $55.6 million; No dividends paid) has started processing tailings from the Cauquenes tailings deposit, located near its current operations in Chile.
Cauquenes is a big growth project: Amerigo expects it to help double its production in 2016, to 90 million pounds of copper. Phase 1 is now in operation at a rate of 30,000 tonnes per day, and Amerigo expects that to rise to 60,000 by the end of this year, bringing the company’s overall output to over 70 million pounds of copper annually.
The Cauquenes expansion will cost $140 million in total. However, Amerigo has used its cash flow to pay off all of its debt over the last few years, and it currently holds cash of $18.3 million. This gave it the flexibility to arrange bank financing in Chile for Cauquenes.
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Cauquenes is a big growth project: Amerigo expects it to help double its production in 2016, to 90 million pounds of copper. Phase 1 is now in operation at a rate of 30,000 tonnes per day, and Amerigo expects that to rise to 60,000 by the end of this year, bringing the company’s overall output to over 70 million pounds of copper annually.
The Cauquenes expansion will cost $140 million in total. However, Amerigo has used its cash flow to pay off all of its debt over the last few years, and it currently holds cash of $18.3 million. This gave it the flexibility to arrange bank financing in Chile for Cauquenes.
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IAMGOLD $2.51 (Toronto symbol IMG; TSINetwork Rating: Speculative) (1-888-464-9999; www.iamgold.com; Shares outstanding: 391.4 million; Market cap: $1.0 billion; No dividends paid) owns 41% of the Sadiola mine and 40% of the Yatela mine, both located in Mali; 90% of the Essakane gold mine in Burkina Faso; 100% of the Doyon mine in Quebec; and 95% of the Rosebel mine in Suriname, South America.
In the three months ended June 30, 2015, IAMGold’s revenue fell 2.1%, to $226.5 million from $231.4 million a year earlier. Cash flow per share dropped to $0.12 from $0.19. Lower gold prices were the main reason for the declines.
The company’s long-term production outlook is positive. Meantime, its $836.4-million U.S. of cash and gold put it in a strong position to pay down its long-term debt of $636.0 million U.S. It could also expand its existing gold projects, pay dividends, buy back shares or make timely acquisitions from distressed sellers at low prices.
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In the three months ended June 30, 2015, IAMGold’s revenue fell 2.1%, to $226.5 million from $231.4 million a year earlier. Cash flow per share dropped to $0.12 from $0.19. Lower gold prices were the main reason for the declines.
The company’s long-term production outlook is positive. Meantime, its $836.4-million U.S. of cash and gold put it in a strong position to pay down its long-term debt of $636.0 million U.S. It could also expand its existing gold projects, pay dividends, buy back shares or make timely acquisitions from distressed sellers at low prices.
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HECLA MINING COMPANY $2.27 (New York symbol HL; TSINetwork Rating: Extra Risk) (208-769- 4100; www.hecla-mining.com; Shares o/s: 377.7 million; Market cap: $910.3 million; Dividend yield: 0.4%) explores for, mines and processes silver and gold in the U.S. and Mexico. Most of the company’s silver output comes from its Greens Creek mine in Alaska and its Lucky Friday project in Idaho. Hecla’s Casa Berardi mine in Quebec supplies the majority of its gold production.
In the three months ended June 30, 2015, Hecla produced 2.48 million ounces of silver, down 1.5% from 2.52 million ounces a year earlier. Gold output rose 2.6%, to 44,692 ounces from 43,554. Cash flow per share fell 33.3%, to $0.06 from $0.09, on the lower silver production and prices.
The company aims to begin production at its San Sebastian project in Mexico early next year. The mine, which last operated between 2001 and 2005, is forecast to produce 8 million ounces of silver equivalent in its first two years from easily mined surface deposits. San Sebastian then has the potential to further expand its reserves.
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In the three months ended June 30, 2015, Hecla produced 2.48 million ounces of silver, down 1.5% from 2.52 million ounces a year earlier. Gold output rose 2.6%, to 44,692 ounces from 43,554. Cash flow per share fell 33.3%, to $0.06 from $0.09, on the lower silver production and prices.
The company aims to begin production at its San Sebastian project in Mexico early next year. The mine, which last operated between 2001 and 2005, is forecast to produce 8 million ounces of silver equivalent in its first two years from easily mined surface deposits. San Sebastian then has the potential to further expand its reserves.
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