Apart from that, life is beautiful. Go sniff some flowers and have a cool weekend.
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Apart from that, life is beautiful. Go sniff some flowers and have a cool weekend.
- Freshwater living (found in Peru, Brazil, Ecuador Colombia and even one or two in the Amazon feedrivers of Bolivia)
- Beautiful and friendly (I've been lucky enough to see some up close)
- Grow to three metres long and are very intelligent (their brains are some 40% bigger than human brains by weight)
- Endangered (according to the IUCN (intl union for the conservation of nature))
Read the shocking exposé over there (cos i'm not pasting here). You'll be glad you did.
Many thanks to reader MM for the headsup.
The best way for me to catch up on a week's missed news in the LatAm-o-Sphere is to read trusted sources. Here are just a few.
Krupa at Lat/Am Daily notes some BS hoo-hah over Iranians in Nica, while Setty at the Notebook and Gringo Juan over at Maladjusted both note some BS hoo-hah over Iranians in Venezuela. I note large helpings of BS coming out of the right side of the USA. Really wingnutz, is that all you got these days?
Evergreat Bananama Republic shows memory, as it reveals the politico invited over by Panama to hand out press freedom awards is an ex-repressor in Uruguay with a past spattered with human rights mischief.
Trouble down South Mexico way, with a lefty caravan attacked by righties with guns and death resulting. Eschew the MSM versions and get deeper into the issue via The Mex Files (arguably LatAm's best written blog).
In Colombia, Antanas Mockus leads the polls by five points according to the latest batch of surveys. Colombia Reports is strong as ever on the Presidential race and has the details.
An excellent post from Caldwell at I Think Mining. He takes the BP oil spill, adds a little Pebble Mine and asks the question "What is long term?" when it comes to mining. The geological wisdom is captured in one of the conclusion bullets when he writes:
"In the fullness of time all mine waste disposal facilities will flow to the sea–the only issue is the rate at which they do so".Highly recommended thinkpiece. Go here.
For Kevin: Thanks for everything, dude.
From the 'Bridges to Babylon' tour.
a quick post from a borrowed computer and a slooow interwebnetpipes connection from the middle of nowhere, LatAm. Just to say that this blog is unlikely to get a further update before Friday evening. Normal service will be resumed as soon as etc etc blah blah.
have a nice week and don't sweat the small stuff, dudes.
Go get a job you can do and stop pretending to know about miners, dumbass.
As a Colombian, I feel elated to see this. This Mockus effect is due in part by the public repudiation of the wrongdoings of the incumbent:
-Mr. Uribe, trying to take active part in the presidential campaign, openly promoting Santos and disqualifying the other candidates.
-The growing outrage about the 'chuzadas' (phone tapping and espionage to selected members of the opposition and the supreme court).
-Santos ultimate responsibility in the case of 'falsos positivos' (extra-judicial killings of civilians to make them appear as guerrilla casualties).
-The failure of 'justicia y paz' process with the paramilitaries, where the victims are unlikely to get proper closure -justice and economic repair.
Let's hope this momentum carries through until the election day.
Here's an interesting copper inventory chart from Reuters yesterday:
And here's an up-to-date price chart, daily candles:
...Colombia's presidential election, latest opinion poll out today.
Mockus leads! Here's the source link.
"Ecometals Limited ("Ecometals") has agreed to a further extension to the closing of the SPA with Alca Gold Limited ("Alca") and its financial backers for their acquisition of Ecometals' shares in Condormining Corporation S.A. and Condorview S.A. for US$9,000,000 to be satisfied in cash. Both parties have agreed their intention to extend the closing with cash payment on 23rd April, failing which Ecometals will terminate the Agreement."
"The closing payment was not made on 23 April 2010. However, Alca has requested a further extension supported by a proposal to make an immediate US$1,000,000 payment into an account with an escrow agent as a sign of their commitment to closing the transaction within 60 days. A non refundable payment of US$100,000 will then be transferred from the escrow account to Ecometals Limited and a further non refundable transfer of US$100,000 after 30 days. Both payments will be offset against the final purchase price if the closing transaction is completed. If the transaction is not completed, then the balance of the US$1 million will be returned to Alca."
Sierra Minerals (SIM.to) up 7.6% at $0.36. One we haven't checked in on for a while, SIM has made a bit of ground recently. Still not making much in the way of profits so far but always there with a "it's gonna be great soon, just you watch". So I watch. but I don't own.
Focus Ventures (FCV.v) up 2.1% at $0.48 after trading as low as 40c last week on the capitulation rush for the door. Still life in this stock, it seems.
Greystar Resources (GSL.to) down 41.9% at $3.78. The intrday chart for GSL is interesting, as it shows some pretty classic market pyschology.
- first we have "oh my god we're all gonna die!!!" at the opening bell.
- then we have "it can't be that bad!" and the stock gets bought up on the dead cat bounce.
- now we have the inevitable "oh crap, it really is that bad" selloff. By the way, residual value on GSL is around $1.50 a share. I think you'll need to remember that number going forward if you feel like trading this stock.
Denial is not just a river in Egypt.
"Greystar said the ministry wants the new Angostura EIA to adjust the occupied area to an elevation below 3,200 meters. As currently designed, almost all of Angostura's facilities and infrastructure are at a higher elevation, Greystar said, and half of the proposed open pit is above 3,200 meters.
"It said the request would require the Angostura project to be completely redesigned, "including identifying and acquiring new land positions to house displaced facilities and initiate new environmental base line studies." Greystar said it hasn't had the opportunity to determine the feasibility of redesigning the project, but that the requirement "will severely impact the project schedule and may have a material effect on its economic viability."
How they laughed at my constant "avoid Colombia" calls. How they chorlted when I told them Colombian political risk was being wildly underestimated by the junior mining community. How they guffawed when I pointed out that investing in a country without a tradition of formal, large-scale modern mining is a risky business. How you feeling now, newsletter-writing dumbasses? Where's Frank "Colombia Risk Free" Holmes and Thom "I know Colombia" Cassandra when you need them, eh? Do me a favour you two (and all the other ignorant country pumpers) and...
This is what they wrote:
Greystar Resources Ltd. (the "Company") (TSX:GSL - News; AIM:GSL) announced that the Ministry of the Environment, Housing and Territorial Development (MAVDT) has requested a new Environmental Impact Assessment (EIA) to be filed in respect to the development of an open pit gold-silver mine at the Company's Angostura project in Colombia. MAVDT has requested that the new EIA conform to new regulation Law 1382 of 2010 (Modified Mining Code) which requires that mining and exploration activity must be excluded from the "Paramo" ecosystem.
Paramo is an ecosystem that consists of mostly glacier formed valleys and plains with lakes, peat bogs and, wet and dry grasslands intermingled with shrub lands and forest patches. The definition to determine the area of Paramo is that established by the Alexander Von Humboldt Biological Resources Research Institute (www.humboldt.org) in Colombia. While the definition of Paramo is determined by fauna, flora and other ecological categories, it is also defined by elevation.
MAVDT has requested that the new Angostura EIA adjust the occupied area to an elevation below 3,200 metres. As currently designed, almost all the project facilities and infrastructure are at a higher elevation than 3,200 metres. In addition, half of the proposed open pit resides above 3200 metres. MAVDT's request would require the Angostura project to be completely redesigned: including, identifying and acquiring new land positions to house displaced facilities and initiate new environmental base line studies. At this juncture, the Company has not had the opportunity to determine the feasibility of redesigning the Angostura project to comply with MAVDT's request. However this requirement will severely impact the project schedule and may have a material effect on its economic viability.
The original Angostura EIA was filed with MAVDT on Dec 22, 2009 before the modification of the Mining Code on February 9, 2010. At the time of the filing, Greystar was led to believe that the Modified Mining Code would not apply to the Angostura project. The request by MAVDT for a redesign of the project and a new EIA was not expected or anticipated by the Company.
Greystar has begun the process of filing an appeal of the notification from MADVT. MADVT must respond to the appeal within fifteen (15) working days.
Greystar has worked diligently and to the highest environmental standards for more than 15 years to develop the Angostura project. The International Finance Corporation (IFC) is the Company's largest shareholder. To date, the Company has spent approximately CDN $135 million and the Company employs 350 people.
A Preliminary Feasibility Study (PFS) was completed describing all the areas of mining activity as well as the efforts made to minimize environmental impacts particularly in the Paramos. The PFS envisions a project with US$1 billion in capital expenditures and US$3 billion in operating expenditures over the life of the project. The project will employ 1,500 people during construction and 850 people during its 15 year mine life. The PFS was used to develop the EIA according to the terms of reference issued by the MAVDT.
Greystar is in the midst of completing a Definitive Feasibility Study (DFS) on the Angostura project that is expected to be published in the second half of 2010. In addition the Company has begun the process of securing US$650 million in project finance from international sources.
Greystar is committed to developing the Angostura project using best industry practices in social and environmental stewardship. Through its association with the IFC, the company has brought objective guidance to this commitment. Greystar will continue to work with the Colombian Government to demonstrate that the Angostura project can deliver exceptional economic returns for all Colombians while allowing the Paramos ecosystem to flourish.
Greystar will host a telephone conference call for investors and analysts on Monday, April 26th, at 8:00 a.m. PDT (11:00 a.m. EDT) to discuss the request by the Colombian Government for a new Angostura environmental impact assessment. Steve Kesler, Director, Fred Felder, Executive Vice President and Geoff Chater, Vice President Corporate Development of Greystar will take questions. The conference call may be accessed by dialing toll-free 1-866-223-7781 in Canada and the United States, or 1-416-641-6117 in the Toronto area and internationally. The conference call will be archived for later playback and may be accessed by dialing 1-416-695-5275 or 1-800-408-3053 and entering the pass code 7108410. The archived playback will be available until May 10, 2010 at 11:59 p.m. EDT.
About Greystar Resources Ltd.
And this is what it means:
disclosure: no position in GSL.to (you think i'm nutso or something?)
Anyway, it's 8:04am and while the drums are still rolling, let's check on the 12 month chart for FVI, because......
...copper and oil, monthly charts.
Your 12-point plan starts with "do not worry if copper drops back to $3/lb".
Here are the charts for Peru's five major metals exports:
Meanwhile, for those of you versed in the tongue of Cervantes, this link is a good report on how the Colombian election is shaping up.
Here's the good news:
Here's the bad news.