Winnipeg Free Press

Winnipeg Free Press (Newspaper) - August 06, 2013, Winnipeg, Manitoba C M Y K PAGE B6 B 6 WINNIPEG FREE PRESS, TUESDAY, AUGUST 6, 2013 BUSINESS winnipegfreepress. com Commercial Properties & Investments FOR LEASE NORTH KILDONAN Inquiries: Mainland Commerce Real Estate GEORGES BOHEMIER FRI, CRP, CPM � 204- 504- 6631 www. arrowwoodplaza. com Join Tim Horton's, Ultimate Sport Cuts, and Kelmar Country Meats, Deli & Bakery! Over 57,000 vehicles drive by on average daily ( 2009 stats). Unit sizes range from 1500 to 2805 sq ft. In the heart of the Cultural District! These brand new customizable, concrete condos, ranging from 700- 2975 sq. ft. are the perfect home for your business! 204- 770- 6455 bl t WATERFRONT DRIVE COMMERCIAL CONDOS OWN YOURS NOW STARTING AT $ 149K CCllaauuddee DDaavviiss MySky. ca or Frank Cianflone Royal Lepage Dynamic Real Estate Searching for the " right kind" of home care help? We have the solution! Let Work for you! 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Lease Rate: Main Floor - $ 20.00 Net per sq ft Second Floor - $ 15.00 Net per sq ft CAM & Tax: TBD Park West Mall - 6640 Roblin Boulevard Jane Arnot Email: jane. arnot@ dtzbarnicke. com or Chris Macsymic Email: chris. macsymic@ dtzbarnicke. com Retail Space (+/-) 859 sq ft to (+/-) 7,155 sq ft For Sale/ Lease 240 River Avenue High visibility location. Lot Size - 7,260 sq ft. 6 private offices plus large open office area. Building can support 2nd floor development. Also includes 2,140 sq ft basement for storage or additional office. 7 outdoor electrified parking spots. Building can be used as is facing River Avenue or can be modified to face Donald Street and significantly increase profile and visibility. Zoned C2. Sale Price: $ 1,200,000.00 Property Taxes: $ 16,446.64 ( 2012) Lease Rate: $ 15.00 Net per sq ft CAM & Tax: $ 4.30 ( 2012 est.) per sq ft Jane Arnot Email: jane. arnot@ dtzbarnicke. com or Chris Macsymic Email: chris. macsymic@ dtzbarnicke. com Office Building (+/-) 4,468 sq ft Commercial Condo For Sale in Headingley Only $ 139/ sq ft . Rear overhead loading door . Great exposure . Lots of parking . No business tax Call Bob Schinkel Today ( 204) 392- 9968 Elliott Hannam 204- 986- 6738 ehannam@ winnipeg. ca 1121 Wabasha St. PEOPLE Val Harper was elected international president of PowerTalk International for 2013- 15 at the biennial convention held in Honolulu, Hawaii, in July. Other Winnipeggers of note included Lee Lim, who placed third in the Cosmopolitan ( ESL) Speech Contest, and Kay Shewfelt Boyd and Marilyn Robinson, who competed in the International Speech Contest. AWARDS Signex Manufacturing Inc. is continuing in the right direction by winning their first award in the Sign Media National Sign Competition for 2013. Entries were submitted in various categories and judged to the highest standard of technical criteria and artistic merit of each individual project. In 2012, Signex had received several awards in other national sign competitions and is ready to raise the bar yet again this year with entries that include the Investors Group Field and Ikea. Got a promotion or new contract? Contact Linda Mertin at 1355 Mountain Ave., Winnipeg, Man., R2X 3B6; email: linda. mertin@ freepress. mb. ca. MANITOBA MOVERS T ORONTO - Canadian miners are reining in spending to cope with plummeting gold prices, a move analysts say is likely to hurt their production volumes several years down the road. " Mining is a long- term business, so you want to be mindful that you don't cut out a cost today that will generate value in the future, for example, exploration," said Jay Patel, the mining and metals transactions partner at Ernst & Young. Cost- cutting was the dominant theme as the big Canadian gold producers reported their second- quarter earnings over the past two weeks. Some were forced to write down the value of their projects due to the eroded prices for gold, with Barrick Gold Corp. ( TSX: ABX) taking the largest impairment charge, to the tune of US$ 8.7 billion. Barrick said it's taking steps to lower its operating costs by laying off workers and cutting capital spending. " We're prepared to make the tough decisions, including suspending, closing or selling assets," chief executive Jamie Sokalsky told analysts. " While the outcome of the process could have an impact on our 2013 yearend reserves as well as expected future production levels, where possible, we will maintain the option to access the metal in the future." Meanwhile, Agnico- Eagle Mines Ltd. ( TSX: AEM) announced plans to trim expenses by $ 250 million over the next year and a half, while Goldcorp Inc. ( TSX: G) said it's " aggressively" looking for savings at its Penasquito mine in Mexico after booking a $ 1.96- billion impairment charge on the project. Analysts said the cost- cutting measures will have a positive impact on earnings in the coming quarters, but they're likely to decrease production volumes further down the road. " Their mine plans will be dictated by near- term cash flows rather than the long- term value of the mines," said Darren Kirk, vice- president and senior credit officer at Moody's Investors Service. " As a result, we expect that production will decline." The dramatic drop in the gold price has made some projects not profitable enough to continue, said Kirk. Many of those projects will be put on ice as producers shift their focus to higher- grade ore's larger margins. Kinross ( TSX: K) said it's putting off deciding whether to continue with a planned expansion of its open- pit mine in Mauritania until 2015. " Frankly, the decision to not make a decision is really a consequence, more than anything, of a focus on the balance sheet," CEO Paul Rollinson said. Some of the companies said they will keep less profitable projects idling on the back burner so they can restart them later if gold prices recover. " If it's not profitable for them to take that ounce out now, they're going to maintain that access to maybe take it out at a later date," said David West, a mining analyst at Salman Partners Inc. " A lot of value in the mining industry is option value." West said more cost- cutting is likely to materialize during the third and fourth quarters of the year if metals prices continue to lag. " Some companies are taking more of a wait- and- see approach," he said. However, Kirk warned that some costs will be difficult to reduce. " The challenge is that they have to reverse the inflationary pressures that have been prevalent in the industry over the last several years," he said. While it'll be easy to lay off workers and negotiate lower prices with suppliers for things like chemicals and tires, costs such as labour and fuel are likely to pose a challenge, Kirk added. - The Canadian Press Falling metal prices force short- term cuts TORONTO - Barrick Gold is facing yet another class- action lawsuit from a group of investors in the Canadian mining giant as it struggles to adjust to faltering metal prices. The lawsuit filed by a New York law firm focuses on one of Barrick's South American mines. The suit alleges Barrick ( TSX: ABX) violated federal securities laws by making false and misleading statements, and by concealing information related to the cost and development schedule for its Pascua- Lama project. The project sits on the border of Argentina and Chile and is described on Barrick's website as " one of the world's largest gold and silver resources." Court documents submitted by law firm Labaton Sucharow allege along with the concealment of information, Barrick also failed to comply with environmental standards put in place by regulators, " imperiling the survival of the entire project." The court documents also contain testimony from confidential witnesses who say they used to work for Barrick and allege the company knew about environmental standards issues and was allegedly aware the project's cost would soar far above projections. None of the allegations have been proven in court. Barrick spokesman Andy Lloyd said in a statement that the company was aware of a complaint being filed in U. S. court. " Barrick disputes the plaintiffs' allegations, and intends to defend the lawsuit vigorously," he said. The lawsuit - filed with the U. S. District Court for the Southern District of New York - involves investors who purchased Barrick Gold stock on the New York Stock Exchange between May 7, 2009 and May 23, 2013. - The Canadian Press, with files from the Associated Press Barrick accused of misleading investors The golden mean of lowering costs, not future profit By Alexandra Posadzki MARTIN L. VARGAS / MCT ARCHIVES Mining companies are hoping to reduce costs without threatening future plans. B_ 06_ Aug- 06- 13_ FP_ 01. indd B6 8/ 5/ 13 6: 14: 50 PM ;