Sotkamo Silver: Silber, Gold, Zink in Nordskandinavien (Seite 9)

[Petronius]

SALVE!

Die Zahlen sind etwas verwirrend.
Q.3: https://mb.cision.com/Main/15292/2962284/1141863.pdf
Q.4: https://mb.cision.com/Main/15292/3035565/1194120.pdf

Zahlen in Mio SEK
Periode Umsatz EBITDA EBIT EBITDA-% EBIT-%
1- 9 114 3 -43 2.63% - 37.7%
1-12 197 8 -75 4.06% - 38.1%

Das ist ziemlich lausig! Die starten mit der Produktion im Juni oder so und das EBITDA ist so ziemlich NIX?

Der Jahresverlust der unproduktiven Mine 2018 war -54 SEK und nun läuft der laden und die machen MEHR Verluste? (-75)
Das bedeutet, die Abschreibungen auf die getätigen Investitionen plus Betriebskosten in 2018 haben weniger Verluste produziert als der operative Betrieb. Das bedeutet, die Umsatzerlöse decken nicht die neuen Produktionskosten!
Ich frage mich, wie kann das EBITDA so niedrig sein? Wie rechnen die das?
Umsatz sind die gewonnenen Metalle. Davon zieht man alle direkten Kosten ab. Personalkosten (Produktion und Parasiten), Energie, Transport, Verbrauchsmaterial, Fernsehwerbung, Versicherungen, und anderer Dreck. Das Ergebnis ist praktisch NIX. Und davon müssen dann die ganzen Investitionsabschreibungen getilgt werden.

An der Ebitmarge kann man sehen, dass der operative Betrieb die Sache verschlimmert. Angeblich soll der Silber-Anteil im Gestein gestiegen sein, also müsste es andere Probleme in der Produktion geben.

Produktion in Q1. - Q.2
Milled tonnes 88000: 220,000 Oz silver, 600 Oz gold, 150 tonnes lead and 290 tonnes zinc in the concentrates, around 330,000 Oz silver equivalents (AgEq).
Im zweiten Quartal ging die Produktion los.

Produktion im Q.4
Milled tonnes 125000t: 418000 uncessilver, 1022ouncesgold, 337tonnes lead,and 610tonnes zinc
Der Output erscheint besser für die Tonnage. Also liegt das nicht an den Metall-Anteien im Erz.

Die Produktion schein einfach zu teuer zu sein. Könnte auf Stillstände oder mangelnde Effizienz deuten.

Zu bestehenden Marktpreisen und Produktionskosten ist der Laden übel defizitär. Das ist was faul.
Scheisse. Ich habe AKtien. :-(

Petronius

[Petronius]

SALVE!

Quartalsbericht ist da: https://newsclient.omxgroup.com/cdsPublic/viewDisclosure.act…

EBITDA nur knapp im plus und EBIT 32 MIO SEK also gut 3 Mio EUR in den Miesen.
Key figures, group Q4 2019 Q4 2018 FY 2019 FY 2018
Sales MSEK 86 0 197 0
EBITDA MSEK 5 -10 8 -32
EBIT MSEK -32 -34 -75 -54
Equity ratio (%) 31 51 31 51
Earnings per share SEK -0.38 -0.32 -0.75 -0.49
Cash liquidity (%) 35 230 35 230
Personnel at end of period 47 14 47 14
Milled tonnes approx. 125 000 0 343 000 0
Average Silver grade g/tonne 119 - 107 -


PRODUCTION

In 2019, 343 000 tonnes of ore were milled, of which 125 000 tonnes during the
fourth quarter.

During the fourth quarter, we produced approx. 418 000 ounces silver, 1 022
ounces gold, 337 tonnes lead, and 610 tonnes zinc. Since the start of
production, we produced 2019 about 1 000 000 ounces silver, 2 697 ounces gold,
932 tonnes lead, and 1 915 tonnes zinc in concentrates.

--> Muss mir die Zahlen genauer anschauen und dann eine Forcast versuchen.
Aber es ist klar, der Markt war ziemlich enttäuscht.
http://www.nasdaqomxnordic.com/shares/microsite?Instrument=H…
Umm10:00 Kurs gefallen bis auf 0.325 EUR, im Moment 0.364 EUR, ein Minus von 14% !

Petronius

[Petronius]

SALVE!

Sotkamo kommt langsam aus dem 40 Cent Knast raus.
Erwarte relativ bald ein Update zur Produktion,

Hier ein Artiekle zur Aktionärsstruktur:
https://simplywall.st/stocks/se/materials/ngm-sosi/sotkamo-s…
http://www.silver.fi/sivu/en/share_information/

Kommentar zu Q3.2019-Ergebnis:
https://www.arvopaperi.fi/porssitiedotteet/sotkamo-silver-qu…

Ich vermute, nächste HV ist im Mai 2020.

Petronius

[Petronius]

SALVE!

Es gab einen Wechsel im Vorstand.
http://www.silver.fi/sivu/en/press_releases/?show=one&lang=e…

Petronius

[Petronius]

SALVE!

Wie es scheint, ist Sotkamo nun im geplanten Produktionsmodus.


SOTKAMO SILVER AB: THE RAMP-UP PHASE OF SILVER MINE HAS BEEN COMPLETED, THE AUGUST EBITDA WAS POSITIVE.

Press release (PDF)

Press release: Stockholm, September 24, 2019, 8,45 am

The ramp-up period of the Silver Mine was completed in August. The production capacity is in line with the long-term production target for both the mining and concentrating plant. At the end of the start-up period, metal recoveries into commercial concentrates were: Ag 86%; Au 86%, Zn 81%; Pb 83%.

The monthly EBITDA of the subsidiary Sotkamo Silver Oy in August was positive.

During July, the Silver Mine produced about 93,400 Oz of silver, 260 Oz of gold, 88 tonnes of lead and 230 tonnes of zinc in concentrates, totalling about 168,000 Oz of silver equivalent (AgEq).

During August, the Silver Mine produced about 125,300 Oz of silver, 355 Oz of gold, 170 tonnes of lead and 400 tonnes of zinc in concentrates, totalling about 239,000 Oz of silver equivalent (AgEq).

During the ramp-up phase, the Silver Mine has produced approximately 438,700 Oz of silver, 1,215 Oz of gold, 408 tonnes of lead and 920 tonnes of zinc. This production equates to approximately 733,500 Oz silver equivalents (AgEq).

"I appreciate the great work done by our entire staff with executing the ramp-up. Positive monthly EBITDA during the outset of production is a good achievement. During the start-up period, the price development of silver and the strengthening of the dollar compared euro is a positive matter. The price increase will have a positive impact on the company's finances in the future if the current price level is maintained", says Timo Lindborg, CEO
http://www.silver.fi/sivu/en/press_releases/?show=one&lang=e…

Wenn ich die Silberäquivalente als Massstab nehme, dann gab es im August eine Produktion von gut 4.3 Mio USD. EBITDA positiv heisst ja nicht viel. Beim Abbau sollte was hängen bleibeb, um die Projektinvestition zu amortissieren. Wenn aber im Plan produziert wird, sollte man sich diese Planung mal anschauen. :-)
Der Kurs war nun jahrelang auf diesem flachen Niveau, ja sogar auch höher OHNE Produktion. Bei steigendem Silberpreis sollte es EBIT-mässig bald sehr positive Überraschungen geben.

Einfaches Einfügen von wallstreetONLINE Charts: So funktionierts.

Petronius

[Petronius]

SALVE!



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20. Sept 2019 09:45
SOTKAMO SILVER STRENGTHENS THE ORGANIZATION OF SILVER MINE

Press release (PDF)

Press release: Stockholm, September 20, 2019, 8:45 am

Sotkamo Silver Oy strengthens the organization of Silver Mine with the following appointments.

Mikko Sopanen M.Sc. (Finance & Accounting) has been appointed to VP, Finance of Sotkamo Silver Oy. Mikko has earlier held positions in financial management and funding both in private equity and industry among others in Singapore and China. He moves to Sotkamo Silver from PricewaterhouseCoopers Oy where he has been working in financial management consulting. Mikko will start on 23rd of September 2019.

Max Forsman, M.Sc. (Geology & Mineralogy) has been appointed to Head of Mining and Geology. He will join the company on 7th of October 2019. Max has over twenty years’ experience from both underground and open-pit mining and exploration. Before joining Sotkamo Silver, Max worked as Head of Section at Boliden FinnEx Oy being responsible for exploration in the Outokumpu area.

Kristian Colpaert, M.Sc. (Technology) will start as Metallurgist at the concentrating plant on 1st of October 2019. His primary responsibility will be to improve and ensure the performance and development of the concentrating process. Before joining the company, Kristian has worked in process and mining industry in R&D positions, most recently at Pöyry Oy.


"After having reached full production capacity during the ramp-up phase, it is valuable that we have been able to strengthen the Silver Mine`s organisation while normal production starts. I warmly welcome the new members of our organization to Sotkamo Silver", says Timo Lindborg, CEO
http://www.silver.fi/sivu/en/press_releases/?show=one&lang=e…


Petronius

[Petronius]

Antwort auf Beitrag Nr.: 61.231.197 von Petronius am 12.08.19 14:00:12

SALVE!

Ist schwer, Infos zu Sotkamo aufzutreiben. Gibt einiges in Boards allerdings in Swedisch oder Finnisch. ;-)

Hier mal paar Überstzungsversuche:
https://www.avanza.se/placera/forum/forum/sotkamo-silver-ab.…
Läckaget har varit en psykologisk hämsko för Sotkamo sedan Maj. Den sena skaderapporten har sänkt förtroendet.
Amerikanoterade silveraktier har nästan alla gått med förlust i år. Ändå har en kraftig återhämtning med över +50% uppgång skett, de senaste 6-8 veckorna, bland de medelstora silverbolagen.
Sotkamo ligger långt efter trots att europeiska silverbolag har bättre förutsättningar genom fallande Euro. Vi bör snart återse 5 kr.
Efter kvartalsrapporten, om allt löpt någorlunda, bör 8 kr vara ett snabbt mål.
The leak has been a psychological hindrance for Sotkamo since May. The late injury report has lowered confidence.
Almost all American listed silver shares have been at a loss this year. Nevertheless, there has been a strong recovery with over + 50% rise, in the last 6-8 weeks, among the medium-sized silver companies.
Sotkamo is far behind despite the fact that European silver companies have better prospects through falling Euro.
We should revisit SEK 5 soon.
After the quarterly report, if everything went well, SEK 8 should be a quick target.

https://yle.fi/aihe/artikkeli/2019/08/07/sotkamon-hopeakaivo…
The silver mine, which started in March in Sotkamo Silver, has not started without problems. The mining company has received comments from the environmental authority regarding its emergency operations and its failure to carry out investigations. The environmental impact of mine operations is unclear.
On May 20, a mistakenly designed sewer ruptured at the Sotkamo silver mine and allowed waste water to flow into the swamp adjacent to the mine. The company did not initially report the incident to the environmental authorities, so no one observed the environmental consequences of the accident during the spill. Therefore, it is a mystery how much water was flowing and what substances it contained. The sewer renovation was completed at the end of May.

According to documents received by YLE, Sotkamo Silver did not report the leak until the midsummer week, almost a month after the incident.

The ELY Center gave the company a note. According to the mine's environmental permit, the ELY Center and the municipality of Sotkamo must be notified immediately of abnormal emission disturbances and other damage and accidents in which harmful substances are released into the environment.

Due to the lack of timely notification, the ELY Center was unable to control the situation. In its note, it states that additional water samples should have been taken in the event of a leakage, in order to assess the extent of the necessary follow-up. Basic monitoring alone can lead to an increase in the area affected by the leak.

- We think it is a very flawed act to announce it so late. Had we been aware of this, we would have ordered extra sampling. Now the sampling has come a long way, when no incident report has been made to us, says Joni Kivipelto, Senior Environmental Specialist at Kainuu ELY Center.
The environmental authority monitors the effects on the water system

Afterwards, it is difficult to assess the environmental impact of an accident.

According to ELY Kivipelto, when the accident occurred, it should have been estimated how much water had entered the ditch, what levels of harmful substances it had contained and what kind of environmental load it caused.

- Well, you can't do that. Ex-post emissions cannot be estimated.
Miners are exploring ore in the tunnel.
Miners are exploring ore in the tunnel. The picture is from 2017. Photo: Julia Sieppi / Yle

Samples taken from the Small Tipasjärvi ditch in late June showed elevated values, at least for ammonium nitrogen. Water quality is now being monitored by the ELY Center. Between Lake Tipasjärvi and Lake Big Tipasjärvi is the Vuoriniemi Natura area, home to numerous endangered plants.
Mining Company: "Lessons Learned"

Erkki Kuronen, CEO of Sotkamo Silver, says the company has taken note of the incident.

Yle: Why didn't you inform the environmental authorities about the emergency?

Kuronen: The state of emergency was notified to the authorities. However, the announcement was not made immediately after the discovery of the emergency situation, which Kainuu ELY Center correctly reminded the operator. Lessons have been learned from this, and similar announcements will be made promptly if the need arises.
Managing Director of Sotkamo Silver Oy in the mine.
- We have learned from this, says Erkki Kuronen, CEO of Sotkamo Silver. Photo: Elisa Kinnunen / Yle

According to the company, the effects of the leak were limited to the mining district.
Communication problems in the past

When the mine started operations in March, it said it would work to minimize environmental risks. However, the company's delays have already swept the environmental authority before the summer. Already in April, the ELY Center in Kainuu called on the company for missing studies required by the environmental permit.

Among other things, the company should have submitted to the ELY for approval a report on water treatment during the silver mine construction period three months before construction began.

"We were not provided with this plan until this spring, that is to say, practically a year late, but construction started already last July," says Joni Kivipelto from ELY.

Why have no clarifications been requested before?

- These have been pointed out during the verification visits and the company has been requested to submit reports, but these have always been missing.

According to Kivipelto, this has not endangered the mine's environmental control.

- In principle, we have been aware of how the waters are discharged in the area, but no written report has been received.

Yle asked Sotkamo Silver why the reports were not submitted in time.

- The issues in question had been discussed with the supervisory authority. There was a delay in the completion and submission of written reports, which led the supervisory authority to comment in writing on the company, the company is responsible.

Petronius

[Petronius]

SALVE!

Es hat wohl eine Umweltbeeinträchtigung wegen eines geplatzten Rohres gegeben:
http://www.silver.fi/sivu/en/press_releases/?show=one&lang=e…
Der Vorfall scheint nicht gravierend gewesen zu sein.

Andererseits hätte ich mehr Interesse an einem Update zur Produktion gehabt.

Laut Finanzkalendar gibt es am 23.8.2019 einen Interimsbericht. Habe mich mal für die Pressemitteilungen registriert.
http://www.silver.fi/sivu/en/newsletter_subscribe/

Im April wurde ja folgendes vermeldet:
http://www.silver.fi/sivu/en/press_releases/?show=one&lang=e…
The ramp-up of the production of Silver Mine is progressing. Both production lines of the concentrating plant are running, and the production and concentrate deliveries to smelters are growing as planned. The concentrate deliveries are now expected to continue weekly.
The metal contents of the concentrate are as planned. The average invoicing value of the concentrate has so far been approximately EUR 7,000 - 7,500 per tonne, calculated from the cash inflow.
The production capacity has been increased to 450,000 tonnes per year. The goal is to mill 330,000 - 350,000 tonnes of ore in 2019. The silver ore is mined from the open pit and underground mine.
Head of Geology & Mining Erkki Kuronen has been appointed as Chief Operating Officer (COO). In addition to his current duties, he is responsible for the production of the Silver Mine. He also acts as deputy of Managing Director of Sotkamo Silver Oy.
"I am pleased that the cash flow has already begun, and the metal contents of the concentrates have been high since the beginning of production. The flotation process works as expected. We expect that by the end of summer we have completed the production ramp-up and optimisation of the production process”, says Timo Lindborg, CEO of Sotkamo Silver AB

Die Mitteilung ist doch ziemlich schwammig. Lese ich, dass wöchentlich Konzentrat abgeliefert wird und dann jeweils etwa 7000 EUR an Metallwert pro Tonne Konzentrat bezahlt werden?
Wenn die den Wert aus dem "Cashflow" ermittelt haben, sollten die Lieferungen/Zahlung schon einen Moment gelaufen sein. Also sagen wir einfach mal, der Start wäre April gewesen.
330000 t wollen die im Jahr abbauen. Ok. Wieviel Konzentrat wird denn daraus????
"Silverhalten i malmen under de planerade första fyra produktionsåren är på mellan
144-124 g/t silver i inmatad malmen och guldhalten är ca 0,45 - 0,40 g/t i inmatad malm. Under det tredje planerade produktionsåret utökas kapaciteten från 350 000 ton till 450 000 ton malm per år. Planerad produktionstid med de nu kända mineralreserverna är ca 7 år."

Mein Schwedisch ist ziemlich scheisse, aber ich sauge mal folgendes raus:
Silbergehalt am Eingangserz 124g - 144g
Goldgehalt am Eingangserz 0.40g-0.45g

Rechne ich mal ganz konservativ.
300000 Erz für 2019, Start im April, macht 300k/9*3= 100k Erz für Q2.2019.
Minimale Werte für Silber/Gold:
100000 * 0.124 kg = 12400kg AG à 410 EUR = 5.08 Mio EUR
100000 * 0.4g = 40kg AU à 37000 EUR = 1.48 Mio EUR

Also sage ich jetzt mal einen Quartalsumsatz von 6.5 Mio voraus.
Wenn ich gleiche Kosten wie Q1.2019 annehme, also 14 Mio SEK = 1.3 Mio EUR plus variable Produktionskosten von 50%, also 3.25 Mio EUR, dann rate ich einen Quartals-EBIT von 2 Mio EUR.
Klingt aufs Jahr hochgerechnet bei einer MKAP von 51 Mio ziemlich sensationell. Allerdings ist die Minenlebensdauer mit 7 Jahren angegeben...Wenn die also pro Jahr 8 Mio Profit machen, ist die MKAP wieder im Kasten. Wenn sich der Silberpreis allerdings erhöht, funktioniert diese Aktie wie ein Optionsschein. 💲💣

Petronius

P.AS. Und am 28.3.2019 war der finnische Ministerpräsident bei der Eröffnungszeremonie anwesend, also ziemlich wichtig....

[Petronius]

SALVE!

Laut Firmenseite müsste die Produktion aufgenommen sein. Muss das aber noch prüfen.
Die Mine war wohl in der Vergangenheit produktiv, oder zumindest kurz davor. Die Finanzierung wurde auf Basis niedriger Silberpreise umgesetzt. Mit Glück könnte Sotkamo eine Art Optionsschein auf den Silberpreis werden. Als AG bei 50 USD stand, hatte die Bude Kurs 2 EUR.
Braucht mehr Recherchen. Kleinen Fuss in den Wert gesetzt.

Petronius

[Petronius]

SALVE!

Eine Firmenpräsentation aus dem Dezember:
http://www.silver.fi/tiedostot/presentations/181212_Sotkamo_…

Petronius