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Barrick Gold (NYSE:ABX)
Q3 2012 Earnings Call
November 01, 2012 9:30 am ET
Gregory S. Panagos - Senior Vice President of Investor Relations & Communications
Jamie C. Sokalsky - Chief Executive Officer, President and Director
Robert L. Krcmarov - Senior Vice President of Global Exploration
Ammar Al-Joundi - Chief Financial Officer and Executive Vice President
Igor Gonzales - Chief Operating Officer and Executive Vice President
John D. Bridges - JP Morgan Chase & Co, Research Division
Jorge M. Beristain - Deutsche Bank AG, Research Division
Greg Barnes - TD Securities Equity Research
Stephen D. Walker - RBC Capital Markets, LLC, Research Division
David Haughton - BMO Capital Markets Canada
Alec Kodatsky - CIBC World Markets Inc., Research Division
Ladies and gentlemen, thank you for standing by, and welcome to the Barrick Gold Third Quarter 2012 Results Conference Call. [Operator Instructions] As a reminder this conference is being recorded, Thursday, November 1, 2012.
I would now like to turn the conference over to Greg Panagos, Senior Vice President of Investor Relations and Communications at Barrick Gold. Please go ahead, sir.
Gregory S. Panagos
Thank you, Sylvanna, and good morning, everybody. Before we begin, I'd like to point out that we will be making forward-looking statements during the course of this presentation. For a complete discussion of the risks, uncertainties and factors, which may lead to our actual financial results and performance being different from the estimates contained in our forward-looking statement, please refer to our latest year-end report or our most recent AIF filing.
I'm here today with our President and CEO, Jamie Sokalsky; our Senior Executive Vice President, Kelvin Dushnisky; our Executive VP and CFO, Ammar Al-Joundi; our Executive VP and Chief Operating Officer, Igor Gonzales; and our Senior VP of Global Exploration, Rob Krcmarov, all of whom will be available to answer questions after the presentation. And with that I'd like to call over to Jamie.
Jamie C. Sokalsky
Thanks, Greg, and good morning, everyone, and thank you for joining the Barrick Third Quarter Conference Call. I'd like to start the call by briefly going through our third quarter results and also give you a summary of what we've done to address the priorities that we outlined in the second quarter. Rob will provide an update on exploration after which I'll cover our 2012 and longer-term outlook and the more detailed progress we've made in support of our disciplined capital allocation framework.
So turning to our third quarter results. Gold production was 1.78 million ounces, a total cash cost of $592 per ounce and net cash cost of $537 per ounce. This was slightly below expectations mainly due to lower production and higher costs from Australia Pacific and African Barrick Gold. Total copper production in the third quarter was 112 million pounds at C1 cash cost of $2.33 per pound. Net earnings were $620 million or $0.62 per share compared to $1.37 billion or $1.37 per share in the prior-year quarter. We had some net adjusting items, which totaled $231 million and that included $148 million in impairment charges mainly related to a previously acquired exploration property in Papua New Guinea, and $71 million in unrealized losses on nonhedged derivative hedge instruments.
On an adjusted basis, net earnings were $850 million or $0.85 per share compared to $1.38 billion or $1.38 per share in the third quarter of 2001. The lower earnings primarily reflect lower gold and copper sales volumes, a higher cost of sales per gold and lower realized gold prices. Our third quarter operating cash flow was $1.73 billion, an adjusted operating cash flow of $1.27 billion compared to $1.9 billion and $2 billion, respectively, a year ago. Our adjusted operating cash flow excludes approximately $500 million of net proceeds related to the settlement of a portion of our Australian dollar hedge positions.
During the quarter, with the Australian dollar trading at historically elevated levels against the U.S. dollar, we took the opportunity to unwind approximately AUD 2.6 billion from our hedge book at an average spot price of about $1.05. So as a result, we realized net cash proceeds of approximately $500 million upon the settlement of these contracts in the third quarter. I should note that the corresponding gains that we realized will be recognized in the income statement based on the original hedge contract maturity dates going forward, which are between 2012 and 2014. So that will provide locked-in gains of approximately $90 million, $280 million and $110 million, respectively, which positively impacts our total reported cash cost per ounce in the fourth quarter of 2012 and the years 2013 and '14, respectively. So we will get the benefit of those Australian dollar hedges coming through our cash costs in the next couple of years.
The impact is that for the remainder of 2012, every $0.01 movement in the Australian dollar will have about a $2 per ounce impact on our consolidated total cash costs. At the end of the third quarter, we still continue to have approximately $1.8 billion of Australian dollars hedged primarily between 2014 and 2016 at an average rate of about $0.92, so we still have a fairly substantial Australian dollar hedge book to protect our Australian dollar costs going forward.
On the energy side, the contribution of production from Barrick Energy along with the financial hedge contracts that we have on energy provides hedge protection for approximately 75% of our expected remaining 2012 fuel consumption. And we also have floor protection on approximately 60% of our expected copper production for the remainder of this year with an average floor price of $3.75 per pound, while still having full participation to any upside in copper prices.
So just turning to our operating results. We are expecting much stronger production in the fourth quarter of this year and we expect to meet our gold production guidance for the year. In our North America region, production and costs at Cortez were in line with expectations and it's anticipated to return to higher production levels in the fourth quarter as a result of expected mine sequencing. Goldstrike benefited as anticipated from increased productivity following some maintenance improvements in the first half of the year and also from access to higher open pit grades.
In South America, Veladero was impacted by lower recoveries due to lower leach pad kinetics. However, leach recoveries have improved with higher solution rates and better ore permeability. This is expected to continue and result in higher fourth quarter production. The Lagunas Norte Mine benefited from access to higher grades following the completion of pit dewatering. Our Australia Pacific region was primarily impacted by lower equipment availability and lower tonnage from the underground at Porgera.
Gold production and cash costs for North America, South America and Australia Pacific are expected to be in line with their previous respective guidance ranges. However, our share of ABGs 2012 production is expected to be about 5% to 10% below the low end of the previous guidance range of 500,000 to 535,000 ounces, and our total cash cost there are expected to be about $900 to $950 per ounce compared to the previous guidance range of $790 to $860 per ounce.
Looking at copper, the Zaldivar mine produced 66 million pounds of copper at C1 cash costs of $1.63 per pound. Sales from Zaldivar were however, impacted by a labor strike at the port of Antofagasta, which delayed a shipment of 26 million pounds. The strike has ended though, and these sales will be recorded in the fourth quarter.
Lumwana produced 45 million pounds at C1 cost of $2.90 per pound. The expected full year production for Lumwana is 155 million to 165 million pounds at C1 cost of $3.30 to $3.50 per pound, both within prior guidance. Our production at Lumwana in the third quarter was impacted by equipment availability and maintenance issues and lower grades, but we've completed the pressure maintenance and we expect ore grade to increase going forward.
We're making good progress on the priorities I outlined in the second quarter call. With stronger production expected in the fourth quarter, we're on track to meet our 2012 gold production guidance at slightly higher total cash costs. Despite this increase, however, we remain the lowest cost senior on a total cash cost basis. And at Pueblo Viejo, I'm very pleased to report we poured [ph] first gold on schedule and budget in August and we expect to reach commercial production next month. And we've made considerable progress at Pascua-Lama by resetting and strengthening project and construction management, and the final detailed cost and schedule review will be complete by the time of our year-end results release.
At Lumwana, we began processing ore from the Chimiwungo pit on schedule and completed infrastructure improvements to mitigate the effects of the rainy season. This operation is positioned to deliver substantially improved results next year.
We've also made some important strides in implementing our disciplined capital allocation strategy, a focus on free cash flow and risk-adjusted rates of return. In June, we initiated a full review of our portfolio. Cost control is a vital part of this review and during the third quarter, we have cut or deferred a further $1 billion of sustaining and mine site expansion capital from the initial budget submission for 2013. We've also initiated a G&A review and are reviewing company-wide costs to identify ways to reduce our overall spend further.
We're in discussions with China National Gold related to the potential sale of our 74% interest in African Barrick Gold, which is clearly in line with our focus on portfolio optimization. And also in the quarter, we've strengthened our copper business unit with the appointment of a new senior leadership team that will be focused exclusively on optimizing and maximizing the value of this significant business.
Since July, we've done an enormous amount of work to get a more precise cost and schedule estimate on Pascua-Lama. We've reset and strengthened the project management and construction teams and have commenced the transfer of project management from Barrick to Fluor. Fluor is the leading global EPCM contractor that successfully managed the construction of our Pueblo Viejo project. We've reorganized and strengthened Barrick's project team and appointed a new Project Director and we've also hired construction industry experts to improve the oversight and leadership of the project. Our partners there are delivering on their commitment to provide their A-team for leadership and supervision. We now have a conventional EPCM management structure staffed and incentivized with some of the most experienced and skilled professionals in the construction industry, people who have a demonstrated track record of building some of the largest and most complicated infrastructure projects in the world.
Since July, we've been working with a team of 60 experienced Fluor professionals on a comprehensive top-to-bottom review. As I mentioned, the review will be complete by the time we release our year-end results. However, our confidence level has substantially increased and work to date suggests the capital costs will be closer to $8 billion to $8.5 billion, with first production in the second half of 2014. Delays in the earthworks and underground works for the process plant are the primary reason for the indicated shift in schedule. The increase in total construction cost is split about equally between the impact of the delay of first gold to the second half of 2014, increased labor hours and installation rates after reviewing these and significantly more detail with Fluor and also the addition of incremental payments to Fluor to assume project management and additional construction management, as well as increased incentives for Fluor and other contractors to bring the project in on time and on budget.
Approximately $3.7 billion has been spent to date. The tunnel is approximately 60% complete, and 90% of the required material and equipment for the process plant has been committed.
So in terms of the more specific work done in the third quarter, we reviewed all the major contracts and work packages of which there were many and verified material quantities, prices and unit cost of bulk materials for concrete, steel, piping and electrical, and we've also updated and benchmarked installation rates and productivity against other large high-altitude projects. We've progressed the detailed review of the project schedule, including related logistics like transportation, camps and plans are underway to increase the camp capacity to provide additional construction flexibility like night shifts or double shifts.
We substantially increased the quantity and the quality of skilled labor with almost 2,000 new hires in the third quarter, mainly from the province of San Juan and elsewhere in Argentina. So I'd like to stress that we've made quite a bit of progress in strengthening and progressing the project, and remaining work will focus on consolidating the results of the review inputting those results into Fluor's construction management systems and coming to the more definitive estimates. As I said, we have significantly increased our confidence that we're getting on top of this project.
I'd also like to reiterate that Pascua-Lama, while it has its challenges, is a world-class asset. Annual gold and silver production in the first 5 full years is expected to average 800,000 to 850,000 ounces and 35 million ounces of silver. A total cash cost of 0 to negative $150 per ounce based on a silver price assumption of $25 per ounce. This will be a mine with a 25-year mine life, providing significant low-cost production to Barrick for many years to come.
I was just down at the site again a couple of weeks ago along with other senior members of our leadership team. And that's my third time in about 5 months, actually at site, and observed some notable progress on the structures, particularly on the Lama site in Argentina where the processing facilities are under construction. These photos are from that visit and show the progress on the mills, the covered stockpile, the pebbles crusher and the leach circuit. And construction is now entering the summer season and we expect to make considerable progress over this period. I want to reiterate that Pascua-Lama is our top priority, for me, management team and a significant amount of people at Barrick, and we're very focused on getting this project into production as quickly as possible.
Turning to Pueblo Viejo. I'm very pleased to report on the status of Pueblo Viejo. It's an outstanding asset and an excellent example of the kind of high-return opportunity in which we will invest capital. I was at Pueblo Viejo for the first gold pour in August, and that was a great moment for the company, and I'd like to congratulate everyone involved in bringing this high-quality mine into production on schedule and within capital guidance. The mine is currently ramping up towards commercial production, which is anticipated in December. Our share of 2012 production is expected to be about 80,000 ounces of gold and results will, of course, vary depending on the progression of the ramp up. The oxygen plant has been commissioned and the first 3 autoclaves have been tested at up to 100% of the design capacity. Results have been in line with our expectations for the initial ramp-up period.
We've had some typical start up issues, which one would expect with a large project like this, but nothing of significance. And we continue to expect a further ramp up throughout 2013. The fourth autoclave is currently undergoing precommissioning and is expected to be commissioned in the fourth quarter. Our share of average annual gold production from Pueblo Viejo in the first full 5 years of operation is expected to be between 625,000 and 675,000 ounces at total cash cost of just $300 to $350 per ounce. And it has reserves of over 25 million ounces on 100% basis. It has a very long mine life of over 25 years.
As I mentioned at the beginning of the call, we strengthened our copper business unit during the quarter. These changes were made in line with our objective of maximizing returns and free cash flow from all of our assets. The copper assets now report to a new senior leadership team led by President Marc Fisher, who will report directly to Igor Gonzales. Mark has over 30 years of global mining experience as -- and has overseen 4 open pit mines in South America, as well as at Porgera. Complementing his technical and operating depth, Mark also has a proven record in dealing with the Social Security and community-related challenges facing large-scale mining projects. Mark and his team will focus exclusively on optimizing our copper business and I am very confident they will be successful in helping our copper assets achieve their full potential. This new leadership team will help address the near-term challenges, both at Lumwana and Jabal Sayid, as well as evaluate expansion opportunities at Zaldivar and Lumwana, and will also assist in the efforts to realize operational and commercial efficiencies and synergies.
We've seen some good progress at Lumwana following the action plans we identified in the second quarter to improve the operating performance and maximize the mine's long-term potential. We're still working to correct the waste stripping deficit we inherited and are making good progress. And the leadership changes at the site are also starting to pay further dividends.
We've completed infrastructure improvements to mitigate the impacts of the rainy season, and those involved an upgrade of all the pit ramps and the major haul roads and also an implementation of a pit dewatering strategy. All required pumps are on-site and primary in-pit pumps are established for the entire wet season. We've also commissioned additional equipment for the wet season road maintenance and in-pit for maintenance. So we should see some very good improvements during the rainy season, which has just started.
As I mentioned, the transition to an owner-maintained site to improve maintenance practices and equipment availability is progressing. Additional staffing and training is underway and maintenance technicians have been redeployed from other sites to assist with the transition. The mill has just started processing ore from the Chimiwungo pit since August. Chimi will be the primary supply of ore for Lumwana starting in 2013 and that's where we see the greatest potential. We continue to bring the mine up to Barrick's standards with a long-term view and we're going to see some of those benefits in 2013. We're making progress on our improvement initiatives and expect significantly better performance next year.
With overall higher grades, we continue to expect Lumwana to produce about 250 million pounds next year at lower C1 cash costs, a significant improvement from 2012 levels. And our extensive exploration drilling program continues to deliver positive results, which Rob will update you on.
And I'll now turn it over to Rob to give you a full update on our exploration program.
Robert L. Krcmarov
Thanks, Jamie. We have over 100 exploration drill rigs operational globally, but over 1/3 of these are growing and upgrading resources at Lumwana and Goldrush, which I'll focus on in the next couple of slides.
Outside of Lumwana and Goldrush, we've had some very good exploration successes, some of which I hope to showcase in the future quarterly conference calls. At Lumwana, the full contingent of 25 exploration drill rigs is operating at Chimiwungo and this major infill program is nearing completion. If we take a look at the progress of the entire program, the results can be described as above our expectations. So let's take a minute to explain this slide.
The yellow and the pink colors are the meters times copper percent grades. So for example, the 40-meter percent color red could represent a thick high-grade zone such as 40 meters at a percent or a second average-grade zone of say, 80 meters at 0.5%. So basically the hot colors represent thickened and/or higher-grade zones. And the 2 shades of green that you see overlying these colors represent the 2011 year-end resource and reserve areas. So as you can clearly see, the exploration drilling has vastly increased the minimum inventory.
Once economic considerations have been applied during our year-end resource and reserve calculations, we'll know how much will fall into a pit limit and convert into MI&I [ph] resources and 2P reserves. However, at this stage, we do expect increased reserves by the end of this year. The results from this drilling will form the basis for a new life of mine plan and will also be incorporated into pre-feasibility study on the expansion opportunity for Lumwana, which is considering a range of potential increases up to double the current processing rates.
At Goldrush, on the Cortez property, drilling continues to expand the footprint of the [indiscernible] and identify additional high-grade zones, and this is providing multiple development options. As you can see on the slide, high-grade zones continue to be defined and expanded in the central corridor between the 2011 resource areas and what's now the center of a single deposit. Shallow high-grade mineralization and affected [ph] west of the Red Hill zone indicates potential for the Western extension of the open pit of economics. And also high-grade mineralization remains open to the north, including an area to the east with grades -- high grades, potentially indicative of an underground potential.
The mineralized corridor has now almost doubled and has been delineated by the 7 kilometers in strike. Based on the results to date, a significant increase is expected by 2012 year end, that's to the already-defined 7 million-ounce resources. A scoping study has just been completed, results were very encouraging and we've already started to proceed with pre-feasibility study work.
We focus much on Goldrush since we announced its discovery at a little over a year ago, but I think it's worth noting that stepping out from Goldrush, the Cortez camp contains a wealth of long-term district-scale exploration opportunities. The recent purchase of the Mill Canyon property from Victoria Gold brought the entire Cortez district on the Barrick management, which permits systematic exploration of high-quality targets. These include a parallel trend recognized to the West of Goldrush, and the Northern and Southern extensions of the Goldrush system. A pipeline of quality drill targets has been generated for drill testing in 2013, from which additional significant new discoveries and extensions could emerge.
With that, I'll turn the call back over to Jamie.
Jamie C. Sokalsky
Thanks, Rob. So turning to our 2012 outlook, we expect gold production to be 7.3 million to 7.5 million ounces, which is within our original guidance range of 7.3 million to 7.8 million ounces. Our total cash costs for 2012 are anticipated to be about $575 to $585 per ounce, about $10 an ounce higher than the top end of our previous guidance of $550 to $575 per ounce, primarily due to higher costs from Australia Pacific and African Barrick Gold.
Net cash costs are expected to be about $480 to $500 per ounce within our previously guided range. As we disclosed during the third quarter, 2012 copper production is anticipated to be about 450 million pounds as a result of the delay in first production at Jabal Sayid. C1 cash costs for 2012 are still anticipated to be in the range of $2.10 to $2.30 per pound. With respect to Jabal Sayid, during the quarter, we are notified that it was not in compliance with standards for safety and security in Saudi Arabia, and therefore, we were not able to commence production as originally expected.
Jabal Sayid was originally designed by the previous owner in compliance with Western Australia standards. A dedicated EPCM team is working towards achieving full compliance under Saudi Arabia standards and the mine is currently expected to achieve this compliance in 2014, at which time production will commence. Our total project capital expenditures are still anticipated to be about $400 million, and we continue to expect average annual copper production of between 100 million and 130 million pounds over the first 5 full years at C1 cash costs of between $1.50 and $1.70 per pound.
As I indicated in our second quarter call, we do have a renewed focus on maximizing shareholder value and we intend to deliver this through an increased rigor on capital allocation and based on maximizing risk-adjusted returns on investment and free cash flow.
When I talk about capital allocation, I mean we are looking at the entire business. It's a portfolio management approach. And under this approach, all capital allocation options, which include organic investment and exploration and projects, acquisitions or divestitures to improve the quality of the portfolio and other expenditures all will be assessed on the basis of maximizing risk-adjusted returns. All alternatives to invest shareholder capital will compete against each other.
Our increased emphasis on free cash flow will position the company in the future with the potential to return more capital to shareholders, repay debt and make additional attractive return investments to upgrade our portfolio. And with our high-quality existing portfolio, we have the ability to do these things.
Cost control is also an integral component of our capital allocation framework. We have been reviewing company-wide costs and evaluating ways to reduce these, including sustaining capital and G&A expenses.
I'd like to give you a more detailed progress report on what we've done in the last 2 quarters in support of this. In the second quarter, I announced that we had initiated a full review of our operations and projects. I'd like to stress that this isn't not just a onetime thing. This portfolio review will be an ongoing dynamic process.
As previously discussed with our second quarter results, in light of the increased rigor on disciplined capital allocation, we determined that a number of various pipeline projects do not currently meet our investment criteria. At that time, we cut or deferred a total of approximately $3 billion in CapEx that had previously been budgeted over a 4-year period as a result of recalibrating our long-term gold and copper production to ensure that we make the proper rates of return.
As I've said, returns will drive production; production will not drive returns. We will run this company with a goal of optimizing our overall investment portfolio and will apply target or risk-adjusted returns not only to potential new investments, but also to our existing assets. And assets that don't generate target returns or significantly impact our ability to generate long-term cash flow will be deferred, shelved or divested.
During the third quarter, we took a further hard look at our capital budgets for 2013. As a result, we cut or deferred an additional $1 billion from initially budgeted sustaining and mine site expansion capital for 2013. As a result, despite additional spending at Pascua-Lama and continued inflationary cost pressures in the industry, we expect total 2013 CapEx to be largely in line with 2012.
As I mentioned, we've also initiated a G&A review with the goal of reducing our spend in this area going forward. And also during the quarter, we confirmed we were in continuing discussions with China National Gold related to the potential sale of our 74% equity holding in ABG, and this is right in line with our focus on portfolio optimization.
So we made some good progress in driving our strategy forward and reducing costs, but we continue to look for ways to enhance this further. We're very focused on profitable production. Our annual gold production is expected to be about 8 million ounces by 2016 and our copper production is anticipated to be about 600 million pounds by 2015 with the opportunity to increase to more than $1 billion pounds should we decide to proceed with the Zaldivar sulfides and Lumwana expansions. These levels represent a more profitable base on which to build, and should generate improved free cash flow and higher rates of return.
My overriding objective and that of everyone at Barrick is to translate our company's strengths and results into higher shareholder returns. We're the industry leader in terms of reserves and production and are the lowest cost producer among our peers. We have an excellent track record of financial and operating performance and also have a high-quality portfolio of producing assets and projects in construction, which we are focused on upgrading further. We have some of the world's premier assets, and we will continue to focus on top-tier assets with long life and low cost. All of this combines to give Barrick exceptional financial and operational flexibility and outstanding leverage to the price of gold.
And as we continue to be in a high gold price environment with positive price fundamentals continuing, we feel that we have that outstanding leverage to increase our results even further. However, as I've mentioned before, we can't just rely on prices continuing to go up. We need to manage the business well, in a disciplined way with shareholder returns in mind. Our disciplined capital allocation framework is designed with shareholder returns in mind, with an objective to funnel capital to its best use on behalf of our shareholders.
So what are our fourth quarter priorities? As I've outlined, we've made a lot of progress in the last couple of quarters. But there are some clear goals we want to achieve in the balance of the year, these include meeting our 2012 production and cost targets, and we expect to do this with a stronger fourth quarter, bringing Pueblo Viejo into commercial production in December. And we are on track to achieve this, working with Fluor and our partners at Pascua-Lama to finalize a more definitive cost and schedule estimate for the project, and also identifying further measures to reduce company-wide costs through our ongoing review, including CapEx and G&A costs. One of the best ways to reduce cost is to develop a portfolio of long life, low-cost assets, which we're doing. While we still have some work to do, we feel that we are on the path that will deliver the right results.
By being disciplined with our capital and running the business well, I'm confident that we can deliver superior share price performance, and that is our ultimate goal. I should also mention that there are some critical social responsibility practices with which we have made great progress as well, not only because it is the right thing to do, but is critical to maintain our social license to operate and develop clients around the world.
Thank you for listening today, and I will now open up the line for questions.
Question-and-Answer Session
[Operator Instructions] And our first question comes from the line of John Bridges with JPMorgan.
John D. Bridges - JP Morgan Chase & Co, Research Division
Just wondered with Jabal, what's needed at that mine to bring it into compliance? It seems like quite a long lead time.
Jamie C. Sokalsky
Good morning, John, and thanks for the question. We inherited a situation, as I mentioned, where the explosives, which are a critical component of operating a mine and are also a very high-profile item in the country, where that permitting was done under standards that weren't acceptable to the operation of that mine and to the regulatory authorities in Saudi Arabia. As you can appreciate, when you're having to repermit something and the time horizon to permit a different explosives handling and security process, that those approvals, the permitting submissions and the approvals and also the work that has to be done to build the proper containment facilities, that takes some time. And we need to make sure that we go through the proper process, do the right thing, completely permit that accurately and build the containment facilities. And as it is with any permitting and construction progress, we're starting from a new base. That takes some time, unfortunately. But we're very committed to getting it done right and hopefully, we'll be able to shave some time off, but we are going to make sure that the process goes through the right steps.
John D. Bridges - JP Morgan Chase & Co, Research Division
Okay, great. And then as a follow-up, I just wondered if you had any sort of examples of the new sort of high rate of return, higher cash flow initiatives that you're coming through with. Because what you've been saying is it makes a whole lot of sense, but a lot of it is what we were thinking you were doing anyway.
Jamie C. Sokalsky
I'd say that as I discussed, looking at some of the dispositions of assets by reducing costs across the company, looking at some of our overall assets, determining how core they are to the business going forward, we're still in the stages of doing that. And I'd say that you'll see some results of that, and that is an overall framework that I think we will be able to tick the boxes on as we move forward. I'm very encouraged by the process of capital allocation. We are beefing up that area in the company with senior people. And I'm confident that we'll be able to deliver on high return assets through cutting expenditures that don't make a high enough rate of return, potentially divesting assets, but also making investments in the existing business in high-return projects to provide for a double-digit or better rate of return with our existing assets.
Our next question comes from the line of Jorge Beristain with Deutsche Bank.
Jorge M. Beristain - Deutsche Bank AG, Research Division
I just wanted to follow-up on the status of the sale of your stake in Africa Barrick Gold. I understand that when that was initially announced, potentially it was a little earlier than you had expected for that to be made public. But could you comment in terms of how far along you feel you are with that transaction and comment a little bit around the price of that potential sale relative to the IPO price? Does one have anything to do with the other?
Jamie C. Sokalsky
Hi, Jorge. As you could probably guess, for reasons of confidentiality and the processes is ongoing, there's really not a lot that I can tell you today. However, the discussions are continuing and we'll provide an update when we have additional information to report as soon as possible. But unfortunately, because of the nature of the process, I can't really give you any more information. But we'll do that as soon as we have it available and -- if capable of giving that out.
Jorge M. Beristain - Deutsche Bank AG, Research Division
Okay. If I could just maybe have a follow-up then. In terms of your priorities for enhancing shareholder return, a popular theme for precious metals equities has been to continue raising the dividends, whether linking them to the gold price or other metrics. Is this something that you guys would consider? Are you comfortable with your current dividend policy where it is? Or do you see that as another avenue to potentially also enhance your share price by returning more cash to shareholders?
Jamie C. Sokalsky
Well, Jorge, you saw that yesterday we announced the dividend at the same rate of $0.20 per share. So we're certainly comfortable with the existing dividend. And as I've said in the past and as I'll continue to say, we have increased the dividend. We've paid a progressive dividend. It certainly a goal. And as we move forward and finish building Pascua-Lama and start to generate additional free cash flow, it's certainly a goal of the company to continue to pay a progressive dividend, provided that makes sense as part of our overall capital allocation program. We've increased the dividend in the last 5 or 6 years by about 270%. It's been a big part of a program to continue to deliver more, return more cash to shareholders. So it's definitely one of the components of how we want to improve the share price.
Our next question comes from the line of Greg Barden (sic) [Barnes] with TD Securities.
Greg Barnes - TD Securities Equity Research
Jamie, I might be splitting hairs a little bit, but on Pueblo Viejo, I don't think you've seen commercial production yet. And the press release notes that once it is, you expect your share production this year to be 80,000 ounces post commercial production. That seems like an awful lot given where you are now apparently in the ramp-up, although it does seem to be going well.
Jamie C. Sokalsky
It's something that we feel that is definitely achievable, Greg. The -- that's the overall production level of Pueblo Viejo. Commercial production is basically an accounting term as to when you start to record production. And so, we fully expect to meet that 80,000 ounces of production in terms of our overall guidance. So that's the accounting term of commercial production. Some of that production will get netted against the capital cost before you disclose it as commercial production.
Greg Barnes - TD Securities Equity Research
Fair enough. Goldrush. I think that was mentioned in the call that you've done a scoping study on it, and in the press release you talked about various options to develop the deposit. I wonder, how's your thinking evolving there and what do you see happening?
Jamie C. Sokalsky
Rob, can you take that question, please?
Robert L. Krcmarov
Yes, yes. Sure, Jamie. So I think, having a look at some of the grade that we're intersecting, they're certainly high enough that you could envisage underground potential. The continuity is very good, some of the thickness of the mineralization is very good. And so in the scoping study, which is really based on the -- an earlier resource model, and I would consider as incomplete data, we contemplated doing a combination of open pit and underground. I guess, since the area in between the 2 ore zones has infilled quite well, it's conceivable that we could contemplate all scenarios. For example, completely underground, open pit and underground, and perhaps even a single large pit. So all of those are up for grabs. The fact is we still haven't defined the full extent of the mineralization in the Goldrush complex. And while we continue to do prefeasibility study work, we'll continue to do in-fill drilling and step out drilling and define the ultimate limits. And I guess the prefeasibility study will be based on a lot more drilling going forward.
Greg Barnes - TD Securities Equity Research
Conceptually, production ranges that we're talking here or timing?
Robert L. Krcmarov
I think it's too early to say. As I said, that scoping study was really based on a resource model that was completed around about midyear. And we know that we've added a lot more ounces since then.
Our next question comes from the line of Stephen Walker with RBC Capital Markets.
Stephen D. Walker - RBC Capital Markets, LLC, Research Division
Just a couple of questions. You mentioned that in 2013, you're going to be transitioning at Lumwana into the higher-grade Chimi pits. Could you give us a sense of the average grades for the year 2013? Is it going to be the 0.8, I guess, reserve -- percent copper reserve grade in that range? Or is that -- is there -- can you give us some guidance on how you expect the grades to transition?
Jamie C. Sokalsky
Stephen, I'd say that the grades will be slightly higher than where we are now. A little early to say on the -- on that, but we're in the sort of the neighborhood of 0.6% now. I'd suggest that we potentially can see a slight increase in those grades.
Stephen D. Walker - RBC Capital Markets, LLC, Research Division
Okay. And just want to understand how you're going to account for the Australian dollar hedging gains. You've realized $500 million here. You're going to amortize it against the operating costs in Australia, and we're looking at what, Potentially $100 an ounce if not more, a benefit from those noncash gains, I guess, from future years? Is that something that you've done in the past where you've tied the gains and losses to future production? Or will that be challenged by the auditors?
Ammar Al-Joundi
Stephen, it's Ammar here. That -- what we are doing is that we are going to apply the gains against the original positions and the original dates that they were set against. That is the correct accounting and the only accounting that we can do. So as Jamie said, those gains will come in spread $90 million for the remainder of this year, $280 million next year and $110 million in 2014, again, against the original positions and the original dates.
Stephen D. Walker - RBC Capital Markets, LLC, Research Division
Right. I was going to say it's going to be probably a significant impact. I was just curious. Okay, and that's -- okay, we'll work that through the numbers. And just one last question on the sustaining capital in 2013, you're taking $1 billion out of that deferring capital or cutting costs. Can you give us a sense which projects that may be cutting that capital back from and sort of the nature of those cutbacks? Just maybe a little more granularity on where that $1 billion in savings, capital savings may be deferred and at which mines?
Ammar Al-Joundi
Stephen, it's Ammar again. That is spread along. We've looked at all of our assets. As Jamie said, we are taking the capital allocation process very seriously. In the second quarter, you start with the bigger items that have the more impact. And the second quarter, as Jamie said, we affected $3 billion. We eliminated $3 billion of spending on some over the next 4 years. In the third quarter, we went down to the next level of granularity. We looked at, for example, every single line item by item on our 2013 sustaining CapEx. We looked at what was absolutely necessary to do, what was nice to do and what were the economic reasons to do things. We had to prioritize them. We risk adjusted them. So it was a very detailed line by line exercise that we went through. What I can tell you is that there really is no material impact on production in 2013, and most of these were either cuts, roughly 50% cuts and roughly 50% deferrals. But some of those deferrals, we are only going to do them in the future if the economics of the proposals, individual proposals, are more robust.
Stephen D. Walker - RBC Capital Markets, LLC, Research Division
So is there one particular mine or one particular region that's impacted to a greater extent than another?
Ammar Al-Joundi
No, it's spread out on all mines and all regions.
Our next question comes from the line of David Haughton with BMO Capital Markets.
David Haughton - BMO Capital Markets Canada
One of the things that I did not see is your current guidance for CapEx in 2012. Previously, it was $6 billion to $6.3 billion, but given some of the savings and potential deferrals, can you remind us what your current guidance is?
Jamie C. Sokalsky
The current guidance is $6 billion to $6.3 billion, David. Since we've made some reductions in a few areas but as we're also spending an additional amount on a couple of items and including Pascua-Lama, we've -- that number has maintained at about approximately the same level.
David Haughton - BMO Capital Markets Canada
Okay. And given the statements earlier that '13 will look like '12, we should be looking at the $6 billion mark into 2013, too?
Jamie C. Sokalsky
Yes. I'd say that's a good estimate at this point. We're still finalizing our budgets. We'll be updating that guidance as we do with all of our guidance early in 2013. But that's where we see us coming out at this point, approximately in that [indiscernible].
David Haughton - BMO Capital Markets Canada
Okay. Now a big area of that spend will be Pascua. When you're stating your latest CapEx, I'm presuming that you're starting the clock back in 2010 for your current $8 billion to $8.5 billion guidance?
Jamie C. Sokalsky
David Haughton - BMO Capital Markets Canada
All right. And would you be able to give you a ballpark kind of idea as to what the spend should be in 2012, '13, '14?
Jamie C. Sokalsky
So we've spent about $3.7 billion now. And so, if you look at the new range of $8 billion to $8.5 billion, 2013 proximately 60%, and 2014, approximately 40% of that to go...
David Haughton - BMO Capital Markets Canada
Okay, of the outstanding -- okay, and some a little bit more in the fourth quarter, too, I would expect?
Jamie C. Sokalsky
David Haughton - BMO Capital Markets Canada
All right. And now just turning your minds back to PV. In production now, commercial production, likely December-ish, what kind of ramp-up do you have as your expectation of that mine getting to its full throughput? You've got a number of order clause there coming in through various sequences. I've seen that you've been testing at least 3 of those, but ultimately, there'd be 4. When do you think you'd get to full production rate?
Jamie C. Sokalsky
I'd say, David, that we're looking at about an 18-month ramp-up, but as a conservative estimate. And having said that, we expect that throughout 2013, mid-2013 or so of that, we should see a pretty significant ramp-up to close to full production.
Igor Gonzales
I'd like to add that -- this is Igor here. The nominal capacity for the autoclaves is 200 tons per hour. And so we're trying to reach that capacity right now in autoclaves 1, 2 and 3, and later in autoclaves 4. And we're mining -- we're processing ore from the ore that we have stockpiled earlier in the year and last year in 3 different types of stockpiles, and the grade of that ore is approximately 6 grams per ton.
Jamie C. Sokalsky
So we should see a very good performance in the mine in 2013. As we build that ramp-up, we'll get to a point where we think we'll be able to be operating at very close to full capacity some time not too far into 2013.
And our final question comes from the line of Alec Kodatsky with CIBC.
Alec Kodatsky - CIBC World Markets Inc., Research Division
I just wanted to have a quick follow-up on Lumwana. You say in the presentation that you transitioned into the Chimiwungo pit. Did that occur in the quarter? And just curious how much of the ore feed came from that pit and what the experience has been if any material did go through the mill?
Igor Gonzales
This is Igor here. Yes, on August the 12th, we commissioned the Chimiwungo pit and the primary crusher and it's overland conveyor. In this quarter, approximately 30% of the production came from that pit. However, next year, it's going to be almost more from Chimi than from Malundwe as we have more ways -- stripping to do in Malundwe than Chimi.
Jamie C. Sokalsky
We should see next year about 70% of the feed coming from the Chimiwungo pit.
Alec Kodatsky - CIBC World Markets Inc., Research Division
And I think historically, the transitional material at the top of the pit, it caused problems. And I think your plan was to do more advanced prestripping. And is that strategy proven to be successful? Are recoveries coming through the way that you planned?
Igor Gonzales
We've been processing Chimiwungo ore through the flotation [ph] facility, and we have seen recoveries in the high 80s and low 90s. So we haven't seen much of a impact in terms of recovery.
Alec Kodatsky - CIBC World Markets Inc., Research Division
Okay, so it's gone pretty well. And then just to sort of follow-up on the longer-term numbers and I guess with respect to the sustaining number that you've trended $1 billion, is that a number that you think is, and I guess, repeatable going forward? Is this sort of a 1 year element? Or is this part of the new philosophy in terms of how you'll be allocating capital for what's typically put into sustaining capital budget?
Ammar Al-Joundi
Hi Alec, it's Ammar here. This is absolutely the new paradigm at Barrick. We are sincere about being focused on this. What I will tell you is, one, every spend across all of our assets and frankly across corporate as well, will have to be justified and will have to compete for the money. And two, we expect our CapEx spend to drop materially after the completion of Pascua-Lama and our free cash flow to increase, our net free cash flow to improve materially as well.
Alec Kodatsky - CIBC World Markets Inc., Research Division
Yes. And I just wanted -- yes, and that sort of draws into my -- I guess, my last question. I just wanted to -- I guess you circled around to that in the final slide where at this point, the target on the production level is 8 million ounces a year in 2016 inclusive of African Barrick. Is that -- that, I guess, is sort of moderated in the last couple of quarters. But is that based on the core assets that you have now and what we see is basically what we're going to get going out for the next 4 years?
Jamie C. Sokalsky
Well, the -- we've -- the 8 million ounces in 2016 does reflect some of those changes that we talked about in the second quarter, the $3 billion, but also some of the reductions and the cuts, the deferrals of the $1 billion that we are also taking out of the program this year. So we, by 2016, that's a very solid profitable base from which we can grow on. But that's not a target, that's a forecast that I think we further refined to take out some additional lower-return investments. And so, our overall view is that 8 million ounces is even a stronger higher-returning asset-base, albeit in 2016 now.
Alec Kodatsky - CIBC World Markets Inc., Research Division
Okay, so the more profitable 8 million ounces then. Okay.
Jamie C. Sokalsky
Hopefully, yes. Thanks, Alec.
With that, I'd like to thank everyone for participating on the call. We are fully expecting that we are -- I've got our arms around a couple of the short-term challenges that we have been dealing with. We've got a very strong asset base. And we're very focused on the disciplined capital allocation program. We're looking for a stronger fourth quarter. And we feel that we are going to manage the business well, and hopefully that will result in enhanced returns to shareholders. I thank you for participating on the call today, and we look forward to our next call with you in the new year. Thank you again.
Ladies and gentlemen, that does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines.
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About Benjamin W. Karpf
Karpf has drafted and negotiated complex license and services agreements, includ...
Karpf has drafted and negotiated complex license and services agreements, including enterprise-wide software and content database license agreements and online service agreements, for major media companies. In addition, Karpf has managed extensive international trademark portfolios for clients located in the United States and abroad. He has also represented clients in connection with adversary proceedings before the U.S. Patent and Trademark Office and internationally, including before the World Intellectual Property Organization and the national trademark authorities in China and Chile.
A Savannah native, Karpf graduated from Savannah Country Day School and attended college, graduate school, and law school in Washington, D.C. Karpf received a B.A. in English from The George Washington University as well as M.A. and J.D. degrees from Georgetown University. During law school, Karpf served as an annual survey editor for the American Criminal Law Review and worked as a law clerk for the Center for Democracy & Technology and the Media Access Project. During graduate school, Karpf was a volunteer with the Future of Music Coalition.

subset: commoncrawl


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Icecat: syndicator of product information via global open catalog with more than 3804270 data-sheets 14809 brands – register (free)
Add to compare Don't compare
The general trademark of a manufacturer by which the consumer knows its products. A manufacturer can have multiple brand names. Some manufacturers license their brand names to other producers.HP
Product name:
Product name is a brand's identification of a product, often a model name, but not totally unique as it can include some product variants. Product name is a key part of the Icecat product title on a product data-sheet.Q7720A
Product code :
The brand's unique identifier for a product. Multiple product codes can be mapped to one mother product data-sheet if the specifications are identical. We map away wrong codes or sometimes logistic variants.Q7720A
EAN/UPC code :
European Article Number (EAN) and Universal Product Code (UPC) are better known as the barcode on a product's packaging to uniquely identify a product in a shop or logistic process. One product data-sheet can have multiple barcodes depending on logistic variations such as packaging or country.0882780297913
Category :
The Random Access Memory (RAM) is an important part of computers, servers and other electronic devices. Generally it is much faster than the permanent storage memory of your device and all information stored in it will be lost when you switch off your device. Extra RAM is often an affordable and efficient way to upgrade your slightly outdated device, so you can use it another year.memory modules
Data-sheet quality: created/standardized by Icecat
The quality of the product data-sheet can be on several levels:
only logistic data imported: we have only basic data imported from a supplier, a data-sheet is not yet created by an editor.
created by HP: a data-sheet is imported from an official source from a manufacturer. But the data-sheet is not yet standardized by an Icecat editor.
created/standardized by Icecat: the data-sheet is created or standardized by an Icecat editor.
only logistic data imported: we have only basic data imported from a supplier, a data-sheet is not yet created by an editor.
created by HP: a data-sheet is imported from an official source from a manufacturer. But the data-sheet is not yet standardized by an Icecat editor.
created/standardized by Icecat: the data-sheet is created or standardized by an Icecat editor.
Included since: 18 Feb 2006
The date Icecat noticed for the first time that this product was included in the price list of a channel partner
Info modified on: 05 Dec 2016 09:27:30
The date of the most recent change of this product data-sheet in Icecat.
Product views: 103749
This statistic is based on the 64862 using ecommerce sites (eshops, distributors, comparison sites, ecommerce ASPs, purchase systems, etc) downloading this Icecat data-sheet since 18-02-06 Only sponsoring brands are included in the free Open Icecat content distribution as used by 63170 free Open Icecat users .
Long product name HP Q7720A 0.5GB DDR memory module:
The short editorial description of HP Q7720A 0.5GB DDR memory moduleHP 512 MB 100-pin DDR DIMM
Marketing text HP Q7720A 0.5GB DDR memory module:
The official marketing text of HP Q7720A 0.5GB DDR memory module as supplied by the manufacturerImprove printing performance of complex documents by enhancing data flow with HP memory upgrades.
Get complex print jobs completed faster and meet your deadlines more easily.
Quickly offload more and larger files from the network, reducing network traffic.
Focus on the content of your work, not the time it will take to print.
Short summary description HP Q7720A 0.5GB DDR memory module:
This short summary of the HP Q7720A 0.5GB DDR memory module data-sheet is auto-generated and uses the product title and the first six key specs.HP Q7720A, DDR, 100-pin DIMM
Long summary description HP Q7720A 0.5GB DDR memory module:
This is an auto-generated long summary of HP Q7720A 0.5GB DDR memory module based on the first three specs of the first five spec groups.HP Q7720A. Internal memory: 0.5 GB, Internal memory type: DDR, Memory form factor: 100-pin DIMM
This is a demo of a seamless insert of an Icecat LIVE product data-sheet in your website. Imagine that this responsive data-sheet is included in the product page of your webshop. How to integrate Icecat LIVE JavaScript.
Internal memory*
A computer's memory which is directly accessible to the CPU.
Internal memory type *
The type of internal memory such as RAM, GDDR5.
Memory form factor *
Design of the memory e.g. 240-pin DIMM, SO-DIMM.
100-pin DIMM


text:
Troopers Opening Day to feature "5K Home Run"
SHERIDAN — The Sheridan Troopers play thier first game of 2013 at home, and there will be a 5K run prior to the opener.
The Troopers open in a doubleheader with Cody, beginning at 1 p.m. April 27.
A $25 race entry fee will benefit the Sheridan Post 7 Baseball Boosters.
First, second and third place cash prizes will be distributed to both men's and women's race winners.
Registration will take place the day of the game from 9 a.m. to 10:30 a.m. at Thorne-Rider Park, with the race set for 11 a.m. The first 200 runners will get a free T-shirt.
Runners can register early online at onestoprace.com, or mail entries to Opening Day Home Run, 1502 Hillcrest Drive, Sheridan WY 82801.
The following two tabs change content below.
Staff Reporters
Latest posts by Staff Reporters (see all)
- SC may seek special election on additional tax revenue as early as Aug. - April 5, 2013
- First People's Center hires of development director - April 5, 2013
- 2013 stroll button design contest open - April 5, 2013


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Type In Gujarati is a free transliteration tool. Using this app you can type your text in English and get the text converted to Gujarati language. You can share the transliterated text through SMS, Email, Chat or Social Media.
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The app is found to be working in the devices we have checked. But then, there are thousands of Android
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***** So, Please Do Not Give A Bad Rating And Bad Review Just Because The App Does Not Work In Your Device.
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Yes. When you install for the first time, the app might take some time to load. So, please be patient. Also,
please note, the will work only when you are online. Please don't give low rating and prevent others from using
this app !
If you like this app, please post your comments here, and if you have a suggestion or criticism to make, please send the same to us by email !
ATTRIBUTION: This app is based on the transliteration codes and APIs of Google™. Google™ is not associated with this product or with the developer in any way. Neither Google™ nor this developer is responsible or liable for any errors, if any, that may appear in the transliteration process. All we, developers, want to do is to help people express better in their language tapping the great potential of the Google™ Transliterate APIs. This app is easy to use and meant for using when connected to the web. Supported by unobtrusive ads.


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Suzuki Vitara Problems
RepairPal has identified the most common problems with the Suzuki Vitara as reported by actual vehicle owners. We'll tell you what the problem is and what it'll take to fix it.Refine by vehicle
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text: Visited this chinese restaurant whilst on an all inclusive holiday in blackpool , fancied something different one night and we all fancied chinese . Very clean place , and we were greeted with friendly smile . Food was fresh , tasty and plentiful ! The crispy duck pancakes were amazing and one of the best we have had , with... More


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The cavernous chamber of the Galerie Courbe in the Grand Palais was temporarily transformed into a magical backdrop for Chanel's new Metiers d'art collection, inspired by India's Maharajas and lavish palaces. Tables were set with tiers of fruits, sweets, and flowers. Models, with khol-rimmed eyes, donned jeweled tikkas down the middle of dreadlocked hair. And this is just a sliver of the many extravagant details. Check out the beautiful footage below and see how pieces from the collection came together at embroidery house Lesage and button and jewelry atelier Desrues.
It Takes Two
Crayola Wildfire
If you look closely, you'll notice that these 3 dimensional sculptures are made from hundreds of thousands of Crayola crayons! Artist Herb Williams, who is one of the few individuals who has an account with Crayola (WTF!), wanted to raise awareness through sculpture for the wildfires that have recently ravaged the state of Texas. Unwanted Visitor: Portrait Of Wildfire consists of 5 five swirling flames, which over time would melt and change shape due to weather conditions. The project is display till the end of the year in Lubbock, Texas at the National Ranching Heritage Center.
Rebellion Is The Night
I'm loving Zimmermann's dark and sultry interpretation of 1920s nostalgia by way of their fall lookbook. The mood is flawlessly set with woven brocade pants, asian-inspired botanical silk printed skirts, lace dresses, and velvet blazers. I'm especially eager to try the strapless dress over blouse combo!
Lisa Congdon
San Francisco artist Lisa Congdon's bold color choices in her mixed media collages are done to perfection. The juxtaposition of the subtle black and white line drawings with fur, prints, and colorful geometric shapes has me wanting to purchase every single print from her Etsy shop.


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Recently, InfoWorld veteran Bob Lewis told the IT news site, "Do you realize, that over just the past three years IT has pretty much been stood on its head? … The biggest change in IT is the shift from cost reduction to revenue enhancement."
That new charge includes redirecting IT resources to digitally transform end-user technology—both customer- and employee-facing business processes. And employees are demanding instant, fast and ubiquitous access to work like never before. Now that workers can work on any device they expect new levels of business mobility.
Check out the 12 stats below that illustrate the new, higher standards for mobile work productivity that IT is expected to deliver.


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The meeting of Benedict and Francis, characterized in the media as "potentially problematic," was in fact dramatically unproblematic.
Holy Week | Maundy Thursday (Year A)
Exodus 12:1-4, (5-10), 11-14; Psalm 116:1-2, 12-19; 1 Corinthians 11:23-26; John 13:1-17, 31b-35
This week's reading tells us in clear, compelling words where the Christian life begins and ends, where the church finds its purpose. It's not with condemnation; it's with love. It's a commandment from Christ. It's a gift, and it is new. What an interesting collection of descriptors.
by Robert RimboApril 22, 2013
by Robert RimboApril 16, 2013
reviewed by Lil CopanMarch 31, 2013
Apparently the term "Maundy Thursday" comes from the Latin phrase "mandatum novum" meaning "new commandment." The reference is to John 13, which features the story of Jesus washing the disciples' feet, followed by his statement about a new commandment he has given them, to love one another. We actually reached this passage in my class on the Gospel of John yesterday, and had an interesting discussion about whether this commandment is "new," and if so, in what sense.


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- News tagged "google glass"
Friday, 16 Aug 2013
Mercedes-Benz will Offer Integration with Google Glass
Mercedes-Benz is currently testing integration will Google Glass and says it will offer some form of Google Glass functionality by the time the Glass goes into production.
Wednesday, 14 Aug 2013
Google Glass Updated with New Controls
As part of its monthly updates, Google Glass has now been equipped with new controls for video playback and new voice commands to help with navigation. Better integration with two apps, namely Path and Evernote, has also been introduced.
Tuesday, 23 Apr 2013
Don't Expect to be Wearing Google Glass Before 2014
Google's Executive Chairman Eric Schmidt has revealed that a consumer version of Google Glass is at least a year away.
Monday, 4 Feb 2013
Google Glasses to be Equipped with Bonephone Technology?
According to new papers filed with the FCC, Google Glass may come with bone conduction technology for delivering audio for the user. In its filing, Google mentions a vibrating element which will be responsible for rendering audio while video plays.
Thursday, 28 Jun 2012
Google Glass Expected to be Available in Less Than Two Years
Actual units of Google Glass, Google's augmented reality glasses, have been revealed at the Google I/O. Sergey Brin, Google's co-founder, has also provided details as well as the expected availability of the product. Hit the jump for more.


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Check in from 14h / Check out prior to 11h
Express Inn & Suites Trion: Find photos, reviews, information, amenities and compare prices for 2 stars hotels in Trion, United States.
Situated in Trion, Express Inn & Suites Trion is located an easy drive from LaFayette and Summerville. It is conveniently positioned for guests wanting to visit local attractions.
Hotel description
The hotel provides an around the clock reception, plus a wake-up service and parking. A vending machine is also available.
The comfortable rooms at Express Inn & Suites Trion include a coffee maker, a refrigerator and a sofa bed. They all come with a private bathroom that has a hair dryer.
Guests can start the day with breakfast served each morning at the hotel.
Hotel features
Air Conditioned, Refrigerator, Cable / Satellite TV, Coffee / Tea Maker, Microwave, Hair Dryer, TV, En suite, Private Bathroom, Vending Machines
24 Hour Reception, Wake-up Service
Private Toilet
Availability and Prices
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Nearest hotels
- Coach Inn Summerville
7.3 km


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I can't believe it took as long as it did, but SPOT came to the rescue, a couple years ago in fact. Now becoming hugely popular, the rugged SPOT Satellite Personal Tracker is a must-have for anyone and everyone who ventures into remote places or participates in high-risk activities. Whether you're a hunter, angler, backpacker, paddler, snowmobiler, or even a globetrotter - this little unit is a keeper. In short, SPOT uses a GPS satellite system to identify the user's location and communications satellites to transmit that information to chosen recipients. Great for basic ongoing correspondence, it can quite literally be a lifesaver in an emergency situation.
Weighing just 5.2 oz. (147.4 g), and measuring 3.7 in. (9.4 cm) x 2.6 in. (6.6 cm) x 1 in. (2.5 cm), the new SPOT units are compact indeed. Although my own use has been in warmer conditions, SPOT is said to function in temperature ranging from -22 F (-30 C) to 140 F (60 C) and at altitudes of -327 ft (-100 m) to +21,320 ft (6,500 m). It's even got a belt clip for easy attachment to backpacks, belts or other gear.
The SPOT Satellite GPS Personal Tracker
In my younger years I used to hike into the backcountry, often alone, to hunt sheep and elk in the Rockies. Sometimes I'd go backpacking with friends, other times I'd scramble up into remote alpine lakes to do some fly-fishing, and occasionally I'd mount my ATV and head far into the boreal forest for some recreational riding ... often without a second thought. Erroneously feeling invincible at first, without fail each time I'd reach my destination the inevitable would cross my mind - "What if?"
What if I broke my leg? What if I became so ill that I was completely immobilized unable to help myself? What if bad weather trapped me in some remote location? What if my four-wheeler broke down? Worse yet, what if I, or my partner(s), fell victim to a life-threatening injury or illness while in the backcountry? How would I get help?
Before the advent of cellular phones, satellite phones were really the only solution. Still today, particularly in mountainous or extreme northern areas, cellular technology is useless. But I've now had a chance to experiment with what many are considering to be the greatest safety net available - the SPOT Satellite Personal Tracker. The price is right (retailing for around $170) and the concept is simple; it's small, it's easy to use, durable, and most importantly it works!
My own unit has the original four functions, but the newest SPOT units have five primary functions, each of which is activated by pressing the corresponding button. These include a Help button, a Check In button, Custom Message button, a Track Progress button, and a 911/SOS button.
Check In
SPOT allows the user to keep their contacts informed of their status, location, and progress. The Check In button allows the user to do just that - check in. By pressing this button, the user is able to inform their predetermined registered contacts where they are and that they are okay. When the user registers online, they provide SMS text numbers and/or e-mail addresses of key contacts. By "checking in", they automatically send a pre-set text message or e-mail message along with a link showing their exact location. Basically, this function allows the user to check in on a regular basis thereby keeping contacts informed that they are free and clear of danger and that all is well. This function is slick, easy to use, and is arguably the function most often used.
Track Progress
Likewise, the Track Progress button provides even more information. This function allows the user to send and save their location by way of GPS locations. These location markers are recorded in real time through the satellite link and friends and family can track the user's progress complete with virtual views using Google Maps. All waypoints are stored during the course of the user's trip so that they can review their route at a later time. On a recent sheep hunt, I had recorded my wife's e-mail as one of my contacts on the findmespot.com website. Track Progress reports came in as promised and the route was easily followed on Google Maps by a simple keyboard stroke on our home computer.
Custom Message
This function is a nice advancement added to the newest evolution of SPOT. It allows the user to send registered contacts a custom pre-programmed message along with their GPS location at the push of a button.
While these initial two functions are certainly valuable and provide an interesting option for friends and family to keep track of the user, the functions I find absolutely imperative are the those that can be activated in case of an emergency. SPOT instills peace of mind, that no matter what, help will come if the user gets into trouble. By pressing the Help button, the user is in essence, asking for assistance. This function is designed to beckon assistance in the event of a minor mishap. SPOT sends a pre-programmed message along with the user's GPS location to request non-emergency help from their contacts. But if the user is in dire trouble, the last remaining function is a godsend.
This function is designed for use, only in a life-threatening emergency. By pressing the 911 or SOS button, using dual satellite technology SPOT immediately sends the user's precise GPS location and a distress signal to the GEOS 9-1-1 Emergency Call Center. This is done independent of cell phone or other land-based radio coverage, entirely by satellite transmission. The call center in turn notifies the relevant authorities, in most instances Search and Rescue (SAR) to immediately come to the user's assistance.
Avoiding Accidental Messages
The SPOT unit is designed in a manner to help the user avoid sending messages by accident. It has a separate power (ON/OFF) button; this serves two purposes. First it helps to preserve battery life, and second, it helps to avoid sending messages accidentally. I haven't used the unit on any trips long enough to require new batteries so I can't speak from personal experience about battery life, however my older unit runs on two AA lithium batteries; the newer units run on three AAA Lithium Ultmate 8X batteries. SPOT claims that battery life is up to three months with the power on under ideal conditions, i.e. clear skies.
Activation & Warranty
The problem with some of today's electronics is that they can be challenging to use. Not so with SPOT. Simple to use, the first step is activation. This is done by logging on to www.findmespot.com [2], clicking on your global location, then pressing the "Activate Your Spot Unit" button, and following the basic steps to register your unit - the process is very straightforward; in fact, it only took me a few minutes to do on my home computer. You simply select a desired service plan and away you go. An amazing feature offered through SPOT at the time of activation/registration is the option to purchase GEOS insurance. For a nominal fee of just a few dollars, GEOS insurance covers the use of emergency services should they be beckoned. Users can upgrade the GEOS Member Benefit for reimbursement up to $100K in search and rescue (SAR) expenses. According to SPOT, this can even be transferred to coordinating a private SAR contractor if necessary.
In my view, SPOT has covered the bases. They provide the fundamentals; they've kept their SPOT unit small; its easy to use; and its compact, not to mention the available insurance coverage. In my opinion SPOT is a must-have for any outdoor adventurer.
Want to Learn More?
For more information, inquire at your local outdoor store or visit www.findmespot.com [2].
Kevin Wilson is a freelance outdoors writer and professional big game & waterfowl
guide/outfitter from Alberta, Canada. Confessing an obsession for big whitetails
and bighorn sheep, he has hunted most North American big game species with either
bow, muzzleloader, rifle or shotgun. Specializing in archery, freshwater fishing,
waterfowl and big game hunting, his articles can be found in several well known
outdoor publications across the U.S. and Canada. For more information on his
outfitting services, visit www.venturenorthoutfitting.com [3].
Member of OWAA & OWC.
[1] http://www.addtoany.com/share_save?linkurl=http%3A%2F%2Fwww.biggamehunt.net%2Freviews%2Fspot-satellite-gps-messenger-review&linkname=SPOT%20Satellite%20GPS%20Messenger%20Review%20%7C%20Big%20Game%20Hunt
[2] http://www.findmespot.com
[3] http://www.venturenorthoutfitting.com
[4] http://www.biggamehunt.net/sections/Hunting_Gear_and_Products


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White Zebra Foundation
The foundation was created to assist families who have a child with a disability by increasing access to specialised therapy services such as physiotherapy, occupational therapy and speech pathology.
Clinical Pilates
We are excited to introduce a new Pilates movement program that offers both land based and reformer exercises, which helps to improve mobility and function, for children as young as 2 years of age.
We now offer The Qigong Sensory Protocol (QST), which is a protocol for children with ASD and sensory challenges and is a patting massage designed to improve circulation of the skin and the rest of the body.


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No, we actually expect to break ground on the first Gigafactory location, I want to precise about this because I don't want any of the states with which we are talking to sort of have the wrong impression. We are going to move forward with breaking grounds on multiple sites in order to minimize the risk of completion of the Gigafactory and we expect to break ground on the first of those probably next month. So I think quite soon and then shortly thereafter maybe a month or two after that we'll break ground on the second one.
- Tesla CEO Elon Musk, via Tesla conference call
Breaking ground in two places, instead of one. Creating redundancy for efficiency and safety reasons. You've got to love the way Elon Musk does business. So much of the focus on Tesla (NASDAQ:TSLA) lately has been on the company's coming Gigafactory.
Bears have been using the argument that the facility is going to be a capex nightmare - a costly Frankenstein of a project that ultimately, isn't going to deliver batteries that are going to be more cost effective or efficient than gasoline. And, even if they do, it'll be too late and will have cost the company too much money.
Tesla longs and the company see continued growth for their vehicles, and realize the somewhat urgent need to make a hell of a lot of batteries, very quickly.
An argument that I read about yesterday for the first time was that the automaker wasn't just going to need batteries for brand new cars, but for the first Model S sedans, which will then be at the back end of the 8 year warranty for their batteries. As the CleanTechnica linked article states, these warranties are rated for unlimited mileage, but don't cover capacity loss.
The battery winds up being the biggest point of maintenance for electric vehicles. They need nothing more than basic fluid changes and occasionally, tires.
Tesla is a company that wants to keep its reputation for keeping customers happy, and this could seemingly be a way to do it.
Imagine, if you will, a similar scenario with the original iPod.
If the original iPod battery could simply be swapped out, would it make you less inclined to buy a new one in the short-term? Probably. In the long-term, though, you'd probably want to update the features of the iPod for a new one eventually. Thus, leading to continued sales of iPods through Apple (NASDAQ:AAPL) - just with a bit longer life in the hands of consumers. This would contribute to the customer experience and quell the "my iPod can't hold a charge" argument that's oft cited when iPods are "recycled".
Additionally, Apple would still be making supplemental revenue on the batteries. So, if you fell in love with the 3rd gen iPod, you'd essentially never have to give it away.
This could be the coming culture for Tesla enthusiasts.
If you happen to like the body style and features of an earlier year, simply swap your battery out and continue to get full mileage on full charges. Want to update your vehicle in its entirety? Go out and buy a newer model Tesla. It's really quite a novel concept to keep customers happy and keep revenue coming in for Tesla.
Of course, again, this is all predicated on the coming Gigafactory. The company hopes to have the ability to deal with this demand by 2020, when the Gigafactory is supposed to begin commercial production. By then, Tesla is likely to be even more of a household name than it is now.
The pressure on the Gigafactory to come through is immense - so it's no wonder that Musk is being safe with his approach to getting it built - it essentially holds a good portion of the company's long-term livelihood behind it.
In other news, the company beat earnings expectations across the board recently, but investors pulled out of the stock.
Tesla reported $0.12 EPS ex-items on revenue of $713 million. Analyst expectations were for $0.10 EPS ex-items on $699 million in revenues, from the Reuters consensus estimate.
Tesla also beat on its number of vehicles delivered. The company produced 7,535 Model S vehicles, and guided for 7,500 units for the second quarter.
I wrote an article detailing earnings - since the initial pull back to the $180 area, Tesla has already bounced back to $190, seemingly on its way back up to $200. It seems to be increasingly difficult to separate Tesla shareholders from their shares as time goes on.
Going forward, this is a story about Tesla growing and expanding hyper aggressively. As Slate.com said:
If Tesla's goal were simply to become a world-beating luxury automaker, crafting pricey toys for the environmentally conscious elite, it would already have succeeded. But Elon Musk's aim all along has been to build an electric car for the masses. Specifically, the company's plan is a $35,000 "third-generation" electric sedan with competitive performance and a 200-mile-plus range-all by the year 2017. (This third-generation sedan has been popularly dubbed Model E, though that's unlikely to end up as its real name.) By 2020, Tesla hopes to be shipping 500,000 cars a year. That's more than 10 times its current output. And it will probably have to do it without the federal subsidies that have helped make its cars more affordable so far.
So much of the argument surrounding Tesla fails to take into account that all of the goals that Elon Musk has encountered so far, he's handily taken care of. All Tesla has done, as a company, has been proving its critics wrong - from the get go. I don't doubt that the company will do the same with its coming Gigafactory.
I continue to contend that Tesla is one high multiple stock that deserves its large valuation. I remain long-term bullish on Tesla.
Disclosure: I am long TSLA. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. I have Tesla calls.


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Falls At Bonaventure
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This apartment is rent subsidized by the Florida Housing Finance Corporation. Currently Falls At Bonaventure has 300 subsidized apartments out of a total of 300 apartments. Occupancy status: Ready for Occupancy. There are 89 one bedroom apartments at Falls At Bonaventure. Housing program available: Housing Credits 9%.
Note: Apartments may not have openings or may have long waiting lists. Call for complete details.


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I'm not much of a Peter Schiff guy but that doesn't mean he doesn't have the occasional interesting quote or idea. He was interviewed over at IndexUniverse and among other things he said:
...they (buyers if US Treasuries) don't want to keep lending money to a country that can't pay back what has already been loaned to it.
Implying that the US would ever intend to pay off its debt is misleading. There is no need to pay it off and the functioning of capital markets and the global financial system relies heavily on the existence of US debt across the entire yield curve.
However there is huge difference between not intending to pay off the debt and having no shot of paying it off, save for monetizing the entire burden. Schiff may very well be correct that we will never be able to pay it off - we may never want to - but it would be nice if we could.
Schiff does ask some good questions but I think he draws the wrong conclusion on a lot of things. He is calling for $5000 gold which I think he has been calling for since he first started getting face time on stock market television. Gold could go to $5000 but it would happen against a backdrop of just about everything else being destroyed. That is what he's calling for but I think we have ample evidence that the President/Fed/Treasury won't allow that to happen.
That certainly might be a bastardization of capitalism and based on what we've been taught, there should be dire consequences, but that hasn't happened yet.


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Mac's First Trojan Begins to Breed
The gang behind a Mac Trojan has been churning out slightly modified versions to evade malware detection.The Mac's first Trojan won't be its last: Security researchers at F-Secure have found that the gang behind the malware has been churning out slightly modified versions to evade anti-malware detection. That's nothing newthe fake codec the Trojan is masquerading as is a variant of Trojan.DNSChanger, malware that's been plaguing Windows users for some time. "This operation keeps modifying their Trojans constantly: they have been doing this for their Windows malware for a long time; now they are also doing it for Mac," F-Secure's Mikko Hyppönen told eWEEK. F-Secure noted the new variants in a Nov. 7 posting.
It's not a challenge to antivirus companies, which can build detection so that these slight modifications don't matter much, he said.
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