Centerra Gold Sees Continued Pressure From Wage Inflation, Higher Oil Prices

By Karan Kumar ? Exclusive to?Gold Investing News

Continued pressure from wage inflation and high oil prices are going to play a role in the rising gold production costs, said Toronto-based,?Centerra Gold?(TSX:CG),?Vice-President of Investor Relations,?John Pearson.?But the gold producer is trying to cut costs and increase efficiency to combat rising expenses.

?The biggest cost impact for us is wages due to inflation,? Pearson said. ?Diesel prices are a big impact now. We source our fuel from Russia for both Kyrgyz Republic and Mongolia, and it is very difficult to hedge that material. You don?t hedge much on that. Both these countries get fuel at a price that is at a slight discount to world prices. What we try to do is contain our costs. We have renewed the mining fleet at Kumtor (mine) so our productivity is actually going up and is offsetting a bit of that inflation on the cost side of things.?

In their?third quarter?of 2011, revenue rose to $278.4 million from $119.9 million in the year-ago quarter as the price of gold rose sharply. Centerra realized an average gold price of $1,705 per ounce for the third quarter of 2011, an increase from the $1,237 per ounce realized in the same quarter of 2010.

?We do not predict or forecast the price of gold,? Pearson said. ?Looking at the economic situation, the picture is not all that rosy and it would not surprise me to that gold prices continue to increase.?

The median estimate in a Bloomberg survey of 44 traders and analysts is for gold prices to rally as much as 40 percent to $2,140 an ounce in 2012. Bullion was trading at $1,530.07 on December 29, below this year?s average of $1,572.47 and six times more than when the bull market began in 2001.

Despite no sign of the gloom and doom fading on the global economic front, Centerra upped its consolidated gold production guidance to a range of 640,000 to 660,000 ounces from 600,000 to 650,000 ounces for 2011. The Kumtor mine, in the Kyrgyz Republic, is expected to produce 580,000 to 600,000 ounces in 2011, up from the previous guidance of 550,000 to 600,000. At the Boroo mine in Mongolia, gold production is forecast to be approximately 60,000 ounces, higher than the previous estimate of about 50,000 ounces.

In early December, Centerra moved quickly to settle a supply disruption of diesel and other materials to its Kumtor mine due to an illegal road block. ?There was a slight disruption by a group blocking the road to our marshalling facilities in Balykchy, which is some 270 kilometers from the mine,? Pearson said. ?There is no disruption now and the mill facility continues to operate at capacity and the interruption will not affect our 2011 production and cost guidance.?

Pearson said he could not give a timeline regarding when the government of Mongolia would give the green light for Centerra?s Gatsuurt facility to start mining. Centerra ceases mining at Gatsuurt, which is adjacent to Boroo, in December 2010 and currently processes stockpiled material there.

?We are waiting the final approval to commence mining there. I do not have a timetable to give you,? Pearson said. ?We are awaiting issuance of the final operating permit from the Mongolian government. There is a piece of legislation regarding water basins and forested areas passed in the spring of 2009 and there were some amendments proposed and those amendments have yet to be taken up by the parliament. If those amendments are approved we can get to work pretty quickly. It is up to the parliamentary agenda.?

In addition to the Kyrgyz Republic and Mongolia, Centerra has also two exploration joint ventures ? Kara Beldyr and Dvoinoy ? in Russia. ?We are doing surface work, including drilling,? Pearson said of the Russia operations. ?For instance at our Kara Beldyr property, we are getting encouraging results and will probably have a resource estimate on that soon.?

Centerra also has exploration properties in Turkey, China and a joint venture in Nevada.?And with $537 million in cash at the end of the third quarter, the company has enough money to fund its operations. ?We are building cash as we sell more gold. We are meeting all of our capital requirements from the operating cash flow. We paid a $100 million in dividends this year. Even with that, our cash surpluses have continued.?

?

Securities Disclosure: I, Karan Kumar, hold no direct interest in the companies mentioned in this article.

?

Source: http://goldinvestingnews.com/21110/centerra-gold-cg-production-costs-price-oil.html

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Steelers lose Mendenhall in season-ending win (AP)

CLEVELAND ? Rashard Mendenhall leaned on his crutches and bowed his head.

The pain wasn't unbearable for Pittsburgh's leading rusher. However, the thought of missing the AFC playoffs might have been too much to handle.

Mendenhall injured his right knee in the first quarter Sunday and had to watch the Steelers stumble their way to a 13-9 win over the Cleveland Browns, who kept it close but again couldn't come up with the big play to pull off the upset.

Isaac Redman replaced Mendenhall and scored a touchdown, quarterback Ben Roethlisberger made enough big plays on his fragile left ankle and the Steelers (12-4) survived a last-play heave through the falling snow and into the end zone to beat the Browns (4-12) for the 16th time in 17 games.

Pittsburgh didn't get the help it needed to get a first-round bye and will travel to Denver to face Tim Tebow and the Broncos next Sunday.

And the Steelers will likely be without Mendenhall, who went down after a 5-yard gain in the first quarter and didn't return.

"It's not good, of course, when a guy goes down in open grass and is not touched by anyone," Steelers coach Mike Tomlin said. "Experience tells me that in general that's not good."

Tomlin said Mendenhall would have tests after the team got back to Pittsburgh. But the Steelers already seemed resigned to not having Mendenhall for their wild-card game ? or maybe at all.

"You should anticipate that he won't be participating next week," Tomlin said.

Mendenhall, who came in needing 110 yards for his third straight 1,000-yard season, was hurt on the final play of the first quarter. He went down without being touched and immediately grabbed his right knee. It was apparent by the reaction of Pittsburgh's offensive players that they knew the injury was serious.

As Mendenhall walked slowly to the sideline, he slapped hands with a few teammates before being examined on a table behind Pittsburgh's bench.

Roethlisberger didn't see Mendenhall get hurt, but said he was upset that some Browns fans cheered his teammate's misfortune.

"I'm really disappointed," said Roethlisberger, who improved to 14-1 in his career against Cleveland. "I know these Browns fans are passionate, but when you hear fans cheer when a guy goes down that's really disappointing. I don't care who it is or if you really hate that team."

Redman scored on a 7-yard run in the third quarter and rushed for 92 yards.

But he fumbled twice in the second half and the Steelers had to hold their breath on the last play when Browns quarterback Seneca Wallace floated a pass into a crowd in the back of the end zone. Pittsburgh safety Troy Polamalu came over the top and got his hand on the ball before Browns rookie wide receiver Greg Little could grab it, allowing the Steelers to escape.

The Browns (4-12) lost their last six games and nine of 10 under first-year coach Pat Shurmur. Cleveland was competitive ? the Browns lost their final three games by a combined 13 points ? but wound up with one less win than last season and went 0-6 in the division.

"It's not enough wins," Shurmur said. "I want this game to be the last game of the year where we're talking about other things, about where we're playing our playoff game, who we're playing against, those types of things. We've got to win games and I'm obviously not at peace with that.

"Now we'll get to the business of doing what we have to do to get our team as right as we can make it for next season."

Shaun Suisham made two field goals for the Steelers, who won 12 games for the second year in a row, something they haven't done since 1978-79.

Motivated by losing last season's Super Bowl to Green Bay, Pittsburgh opened the season by getting blown out by Baltimore. But the Steelers recovered and will now make another run at a Lombardi Trophy.

"We have a lot of veterans who know what January football is all about," said safety Ryan Clark. "Now's the time to go play it. We kind of limped in and it would have been huge to get a bye and get guys healthy. Now we have to go and play better on the road. I believe this team can win anywhere."

Phil Dawson kicked three field goals for all of Cleveland's points.

Steelers wide receiver Hines Ward had five catches and became the eighth player in NFL history to reach 1,000 career catches.

Ward grabbed a shovel pass in the fourth quarter, and although it lost 3 yards, it got him to the milestone.

"It's the happiest negative-yard catch I've ever had," Ward said. "I always try to put team ahead of personal goals. But 1,000 catches and over 12,000 yards is not bad considering I was a third-round pick."

Notes: Wallace went just 16 of 41 and lost all three starts filling in for McCoy. He said afterward that he wants an opportunity to win the starting job next season. ... Steelers TE Heath Miller had 2 catches, giving him 336 for his career, one more than Hall of Famer Lynn Swann. ... Dawson finished 24 of 29 in his 13th season with Cleveland. "I gave my heart and soul to this team this year," he said. ... Browns RB Peyton Hillis injured his knee while gaining 30 yards on 10 carries. It's unclear if Cleveland will try to sign him as a free agent after a drama-filled season.

Source: http://us.rd.yahoo.com/dailynews/rss/sports/*http%3A//news.yahoo.com/s/ap/20120102/ap_on_sp_fo_ga_su/fbn_steelers_browns_folo

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How Symbian's Endurance Leaves Room for Windows Phone

There's a semi-shocking stat going around today for those of us who live in the U.S.: according to StatCounter, which tracks mobile Web traffic, Symbian is still the number-one smartphone OS in the world.

There's a lot of strangeness in StatCounter's numbers, which don't entirely sync up with other methods of measuring OS popularity. But Symbian apparently still dominates in Asia, Africa, and Latin America, while it has faded into the background in the U.S. and Europe.

This is a potential rebuttal of MG Siegler's and Jon Gruber's assertion that Microsoft is "way too late" with Windows Phone, although you could make an argument that Apple and Google have the U.S., Canada, and Western Europe sewn up.

Microsoft + Nokia = The Whole Developing World
Mopping up after Symbian is where Microsoft's purchase of Nokia?did I say that out loud??comes into play, and Nokia CEO Stephen Elop has talked about converting Symbian fans into Windows Phone owners several times.

In much of Asia and Africa, especially, phones are sold independently of their carriers?that's one reason dual-SIM phones sell so well in places like India. So Microsoft/Nokia?let's call it MiKia?starts to look a lot more like Apple. MiKia now controls the OS, MiKia controls the OEM, the carrier isn't terribly relevant in the process, and?the real kicker?MiKia has a huge network of retailers in those countries.

The persistence of Symbian, a dying OS, is going to create a vacuum in Asia and Africa over the next few years. A lot of that vacuum will be sucked up by cheap Android phones, especially in places like China where domestic manufacturers are popping them out like gumball-machine toys. But with a good OS to OEM to retailer link and a void to fill, MiKia at least has a chance among those 3 billion-plus consumers.

(By the way: Yes, I'm not mentioning RIM's BlackBerry, which is doing pretty well in the developing world. But I don't think RIM's current short-term strategy, or lack of such, changes the playing field for Microsoft.)

If you want to know why Microsoft is prioritizing low-cost phones with "Tango" sotware over super-phones running "Apollo," that's why. It's aiming at countries where phones aren't generally subsidized, and where average incomes are lower. It hasn't been able to make a big move there yet because the phones have been too expensive. It's boring for all of us U.S.-based tech blogs to write about, but that doesn't mean it's dumb.

The counterargument, of course, is that where America and Europe go, developing countries are sure to follow. This is similar in some ways to my own argument about Windows Phone needing to attract a core of influencers before selling low-cost phones to the influencers' families and friends, but there's a key difference.

Mobile phones are an essentially social product, and the phones your immediate circle of friends and family carry are much more relevant than what people in faraway countries use. I'm also not sure that Indians and Brazilians aspire to use American and European toys anymore; that kind of northward-looking aspiration may be an artifact of the late 20th Century.

What About Here?
So it's not too late for MiKia in much of the world, where Symbian still dominates?many people still hold Nokia phones and the company has a strong retail network. That brings us back to the U.S. and Europe, of course. What about here?

First of all, I disagree with Siegler that Windows Phone has "essentially no third-party developer support." I've been hacking at some Windows Phones this week, and there are plenty of third-party apps. They just aren't the same apps as you find on Android and iPhone, which alienates Windows Phone owners in a Robert Scoble dinner party full of Android and iPhone owners trading app tips.

(You'll see this phenomenon in other criticisms of Windows Phone: critics say "I looked for my favorite Android/iPhone apps and didn't find them," as opposed to looking for apps that serve those functions but may be from a different developer, under a different name.)

Siegler's right, though, that Windows Phone needs to be disruptive, which it hasn't been. In the U.S., Microsoft's hardware strategy, its carrier strategy, and even its TV ads have been basically conservative. The phones are all black slabs, the platform went for big GSM carriers first, and Microsoft is running vague lifestyle ads. Yawn.

Former Windows Phone exec Charlie Kindel, meanwhile, criticized Microsoft's Windows Phone strategy recently, saying that OEMs, carriers and retailers never really got behind the platform.

There's always room for disruption, but Microsoft has to disrupt. It could do this with Xbox or Kinect integration, with hardware designs or by subsidizing the heck out of devices so they're far less expensive than gadgets with similar specs. (Hey, that last one is working for Amazon with the Kindle Fire.) Just puttering along hoping the carriers will anoint it as the "third force" isn't enough, at least in markets where friends and family generally push buyers in Android and iOS directions.

For more, see PCMag's year in review of Apple, Microsoft, and RIM.

For the top stories in tech, follow us on Twitter at @PCMag.

Source: http://www.pcmag.com/article2/0,2817,2398217,00.asp?kc=PCRSS05039TX1K0000762

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Apple phone prototype from 1983 shows an all touchscreen interface

A prototype of an Apple phone has been uncovered and it dates all the way back to 1983. Designer Hartmut Esslinger came up with the design whilst...

Source: http://feedproxy.google.com/~r/TheIphoneBlog/~3/BCAiFUaNH7Y/story01.htm

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Re: Why Windows 8 Developer Preview is slower than phone in

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Source: www.betaarchive.com --- Saturday, December 31, 2011
In Forum: Microsoft Operating Systems By User: evangelikevin Maybe because most of the time, Windows 7/8 need 2 GB (approx. 2048 MB) of RAM to run comfortably in stock configurations, or because Windows Phone uses fewer resources from your computer? It's possible, after all, that the reason the VM runs slow is because it's trying to eat up RAM and processor cycles that are in use by your host system. That problem would be much less likely with WP7. ...

Source: http://www.betaarchive.com/forum/viewtopic.php?f=6&t=23318&sid=a461e6e1f40d4dd7f98c62c21aeee276

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