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IKN191 went out to subscribers a while ago. An abridged version this week, with just one main feature.
UPDATE: Here's a youtube of VP Maduro's address to the nation:
So you know
- Gold will make it back up to U$1,800/oz during the year. I continue to prefer gold to silver, by the way. No real call to make on Ag.
- Copper has a weak-ish first quarter and picks up as the year goes on, with $4/lb seen again.
- Junior mining companies have a much better year than 2011
- The USA recovers economic momentum as the Presidential vote nears and Obama gets the re-election.
- Peru's government uses police/army force to quash anti-mining protests and push through projects. The Yanacocha Minas Conga project is approved. Humala ends the year with no more than a 30% approval rating. Peru's mining industry carries on regardless.
- Chávez wins the Venezuela election and loses weight, too. His win is due to 1) promises to his faithful and 2) the mediocrity of opposition.
- AMLO wins the Mexico election and upsets PRI ambitions.
- Brazil's economy has a fairly weak though overall positive GDP growth year, with public sector stimulus and its decent internal economy making the difference.
- Colombia's mining industry has a good year, with % growth and more investment dollars received. Santos remains popular.
- Evo Morales has a better year and his approval rating gets back over 50%.
Link here. Screenshot here:
DALLAS, Dec. 13, 2012 /PRNewswire/ -- Southridge Enterprises Inc. (SRGE) ("Southridge" or the "Company") is please to announce that it has signed a Confidentiality Agreement (CA) with a major NYSE listed gold mining company regarding both the Cinco Minas and Gran Cabrera properties. Due to terms contained within the CA, the Company is unable to announce either details of the CA or the parties involved.Now here's another from SRGE dated December 26th and here's an extract or two:
DALLAS, Dec. 26, 2012 /PRNewswire/ -- Southridge Enterprises Inc. (SRGE) ("Southridge" or the "Company") is excited to announce a new Joint Partner, Kinross (KGC), a Major listed Mining Company for its Cinco Minas and Gran Cabrera properties. Southridge's joint partnership with Kinross, a major NYSE listed gold mining company, is valued at roughly $550,000,000 to $600,000,000. Due to numerous shareholder inquiries Southridge and its Board of Directors felt the need to update the market on its recent announcement named, "Southridge Announces Signed Agreement with Major NYSE Listed Mining Company on Cinco Minas and Gran Cabrera Gold & Silver Mines in Mexico."
Mr. Martin Moscosa, Exploration Manager at Kinross Gold Corporation stated, "We have made great and good progress regarding Cinco Minas property. Southridge controls the best area at the Gran Cabrera and there will no problem regarding the influence area, also, because in case everything will be growing, possible adjacent claims could be incorporated or added to the project."
Now here's one from Kinross (K.to) (KGC) tonight:
TORONTO, ONTARIO--(Marketwire - Dec 27, 2012) - Kinross Gold Corporation (TSX:K)(KGC) would like to clarify a news release issued by Southridge Enterprises Inc. ("Southridge") on December 26th, 2012 announcing a joint partnership between itself and Kinross relating to the Cinco Minas and Gran Cabrera properties in Mexico. The news release contained a number of statements regarding the value and status of the joint venture, and a quote from a Kinross employee.Kinross wishes to make clear that there is no such joint partnership, joint venture or other similar such arrangement or agreement in place, and nor do we expect there to be such a joint partnership, agreement, acquisition, investment or other equivalent transaction involving Kinross and Southridge in the foreseeable future. The statements regarding the value and status of the joint partnership are, to the best of Kinross'' knowledge, without any basis in fact. The statement attributed to the Kinross employee in the Southridge news release was incorrectly attributed to him.
Spot the slight difference? And just for a moment back there, SRGE was a 1.5c stock
First Quantum (FM.to), Inmet (IMN.to), Petaquilla (PTQ.to), Panama, President Ricardo Martinelli and Mayte Pellegrini
It goes like this:
1) Read the 2012 end year president's/CEO's letter to shareholders
2) If the missive contains the phrase "2012 has been a challenging year", sell all your shares
3) The end.
The hastily convened ConfCall was a total hoot built for suckers and the trading...
...is going very much along the lines predicted in IKN190, out last night. Here's an excerpt from that script:
"...it’s fairly likely that CUU will not dump to its real intrinsic value, because we need to recall that over 50% of shares are in the hands of one person, Ernesto Echavarría, who will be keen on protecting his asset value. Also, as reader, market professional and mailpal ‘AM’ rightly pointed out (excerpted)...“If only there was an easy way to short stocks like this without having to cover your position if it trades under $1. It is a failure of our capital markets that this could trade at a $425M market cap with so many people aware of its absurd valuation.”This is true. Once CUU goes under $1 selling pressure will automatically drop and although I want to be crystal clear about the lack of real value behind these overinflated shares and wouldn’t recommend that anyone held or even tried to trade this stock, not next week and not ever, if I had to guess I’d say that CUU will drop hard when trading resumes next week, but it will find support and won’t be a direct road to hell."
So I'd just like to thank Elmer for making Christmas 2012 an entertaining affair.
Our regular Saturday slot of the last five days' worth of action in the gold bullion ETF (GLD), the silver bullion ETF (SLV), the miner ETF (GDX), the junior miner ETF (GDXJ) and the copper ETF (COPX).
Splat. Hope there weren't too many of Eric Sprott's loyal silverbug flock on margin.
NR here. Sooo, waddya get for $3.25Bn in initial capex plus $1.24 in sustaining capex these days?
Oh, not so much.
Here we are again and as per annual tradition IKN offers up the world's best ever Christmas song.
Merry Christmas to you all.
Antofagasta (ANTO.L) has decided to suspend development of its 70% owned Antucoya project, according to reports out just minutes ago in Chile.
UPDATE: Here's a quote (translated) from company head cheese, Diego Hernandez:
"We continue to be worried about rising capital costs and operting costs in the industry. We believe that the decision to temporarily suspend Antucoya and revise the project reflects the necessary and realistic focus to face this situation."Notwithstanding this decision, we remain committed to our strategy of organic growth in our current operations and we continue our search to identify and invest in new opportunities, both in Chile and abroad."
PS: For those versed in the tongue of Cervantes, plenty of reports now showing up here
PS: One metric tonne has 32,150.75 troy ounces, so at today's more-or-less U$1,650/ozt for gold, one tonne is worth U$53.05m. Which means Brazil's total gold reserve is worth U$3.565Bn. Which means it's a touch under
Mining company Argenta, that is looking to operate the silver/lead deposit 'Navidad', will close its offices in Puerto Madryn and Trelew after the suspension of the law bill that would allow large-scale mining [in Chubut] sponsored by Governor Martín Buzzi, after facing overwhelming and massive rejection from residents in all parts of Chubut province.
A source close to the company said on Thursday stated unofficially that in the next few days Argenta, subsidiary of the multinational Pan American Silver, will close its administrative office in Puerto Madryn and in a few weeks do the same with its offices in the city of Trelew. Continues here
UPDATE: Yes indeed my mailing-in friends, the question is all about writedowns and impairments now, isn't it? As PAAS paid a Reuters reported $626m for Aquiline (oh well played mister henderson) back in 2009 and has a carrying value of $560m on the property according to its latest filing (3q12 financials) that's quite a fair chunk of the company's $3.4Bn in total assets, is it not?. Is this going to be a balance sheet special Christmas present for the YE numbers? Time will tell.
Meanwhile, rather than rely on sourced hearsay from Chubut and pathetic gossip-mongering blogs like this humble corner of cyberspace, somebody really ought to get in touch with the company and get some official comment on this. At least I think so.
"We are hard pressed to imagine that Stillwater shareholders were desirous of exposure to undeveloped Andean land, Argentinian monetary and natural resource policy or, for that matter, to copper prices. And, any such shareholder could have simply bought Peregrine stock in the public market, and done so for one-third the price that Stillwater paid. "
"No farting around .. one of our favourite junior gold company's still remains Rio Alto"
A good sense of humour never fails to win hearts and minds, Scotia's rivals should think on that. Well played JA and all at The Scoop.
This is what they wrote:
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 20, 2012) - Prophecy Platinum Corp. (TSX VENTURE:NKL)(PNIKF) ("Prophecy" or the "Company") announces that it has received inquiries from the British Columbia Securities Commission (the"BCSC") with respect to the events leading up to the Company's news release of July 14, 2011 (the "News Release"), which disclosed the findings of an independent mineral resource estimate (the "Resource Estimate") for its Wellgreen PGM-Ni-Cu property in the Yukon Territory. Specifically, the BCSC has made inquiries relating to: (i) the chronology of events which preceded the News Release; (ii) the Company's insider trading policies and procedures in place during the relevant period; (iii) the individuals who had knowledge or awareness of the Resource Estimate prior to the issuance of the News Release; and (iv) communications relating to the Resource Estimate made or received by individuals who were directors, officers or employees of the Company between June 1, 2011 and July 15, 2011.In keeping with Canadian principles of good corporate governance, the Company's Board of Directors (the "Board") has formed a special committee of independent directors, comprised of Wesley Hall (as Chair) and Mike Sylvestre, to assess and make recommendations to the Board regarding the BCSC's inquiries. The Company is cooperating with the BCSC and a response has been provided to its specific requests for information. As of today's date, no further request for information has been received by the Company.The Company notes that its current management team, including its President and Chief Executive Officer, Greg Johnson, Chief Financial Officer, Jeffrey Mason, Senior Vice-President and Chief Operating Officer, John Sagman, Vice-President, Corporate Development, Robert Bruggeman and Corporate Secretary and Counsel, Samir Patel, were each appointed after August 2012, and, therefore, well after the relevant period for the purposes of the BCSC's inquiries. Similarly, five out of seven of the directors of the Company - namely, Harald Batista, Wesley Hall, Greg Johnson, Myron Manternach and Mike Sylvestre - were first appointed to the Board in 2012, and, therefore, well after the relevant period for the purposes of the BCSC's inquiries.Over the last few months, the Company has taken, and will continue to take, measures to reinforce its procedures and strengthen internal controls and processes in order to achieve its goal of implementing industry best practices for corporate governance. The Company does not expect that the BCSC's inquiries will interfere with its day-to-day exploration and development operations to advance its PGM-Ni-Cu properties in North America.Forward-Looking Statements: All statements in this news release, other than statements of historical fact, including, without limitation, statements relating to the Company's day-to-day exploration and development operations, are forward-looking statements that involve various risks and uncertainties. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.
And this is what it means:
Seriously. Trading in and out of your own freakin' stock when this kind of move is on is done by twats and twats alone. Company chairs that publically boast of their love for the game of blackjack is done by twats and twats alone. What about trading around your August 20th NR? Twat. And those with a memory will recall that the whole thing ended with a BCSC forced retraction of data on September 20th. Twat squared.
Sidebar: Why is Greg Johnson always involved with companies that are doing weird things? You'd think that....nah, fuggedit
Two months after losing the presidency to Hugo Chávez, Venezuela’s newly united opposition was hoping that regional elections would prove that it could still put up a fight.
Instead, the red tide of Chavismo swept away all but three opposition governors Sunday and showed that it could pack a punch even when its ailing leader was not actively campaigning.
...gold, dialies and monthlies.
Gotta love TA, something for everyone. Why argue with an empirical science that is never wrong, eh?
Shock horror development, sitting government found to be potentially lying to its citizens.
This paper, featured in IKN189 yesterday in the way seen below, deserves more eyeballs so it's here's on the open blog today, too. My thanks to reader CS for the headsup and here's the link you need to get your copy of the paper (or alternatively, this link).
Here's the NR that announces the friendly all-paper deal with First Majestic (FR.to) (AG), here's the first bit:
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec 16, 2012) - First Majestic Silver Corp. ("First Majestic") (FR.TO)(AG)(FMV.F) and Orko Silver Corp. ("Orko") (TSX VENTURE:OK)(OKOFF)(OG3.F) are pleased to announce that the companies have entered into a definitive agreement (the "Arrangement Agreement") pursuant to which First Majestic has agreed to acquire all of the issued and outstanding common shares of Orko for consideration of 0.1202 of a common share of First Majestic (the "Exchange Ratio") plus $0.0001 in cash per Orko common share. The offer implies a value of C$2.72 per Orko share based on the closing prices of both First Majestic and Orko''s common shares on the Toronto Stock Exchange ("TSX") and TSX Venture Exchange, respectively, on December 14, 2012. The offer represents a premium of approximately 69% to Orko''s 30-day volume-weighted average price ("VWAP") for the period ending December 14, 2012. The transaction will be implemented by way of a plan of arrangement (the "Arrangement") under the Business Corporations Act (British Columbia) continues here
- Shareholders to receive consideration of C$72.00(1) per Inmet share, with the opportunity to elect First Quantum shares, cash, or a combination thereof, subject to an overall consideration mix of approximately 50% in First Quantum shares and 50% in cash; allowing the opportunity to realize immediate value and/or participate in substantial future growth of the combined company
- Offer values Inmet at approximately C$5.1 billion(1) and represents a premium of 65% to Inmet''s underlying net cash adjusted equity value(2) as of 23 November 2012Strategic
- Potential to create the world''s premier, widely-held base metals company, and one of the world''s five largest copper producers with a leading growth profile
- First Quantum''s demonstrated project execution, reflecting its in-house engineering, project management and construction expertise, gives it the confidence that it can bring significant benefits to Inmet''s major project, Cobre Panama, for the benefit of all shareholders in the enlarged groupCommenting on the Offer, Philip Pascall, CEO and Chairman of First Quantum, said:"We believe strongly in the prospects of a combination for our two companies, which are uniquely complementary. The enlarged group will draw on the best physical and human resources of both First Quantum and Inmet, to create a premier, widely-held base metals company with leading growth in copper production and cash flow generation. We know that this vision is shared by key shareholders of Inmet.We invite the Board and management of Inmet to work with us in developing our plans for the future and in assisting in an assessment of whether additional benefits can be identified to the advantage of all shareholders."
Peru's benchmark pollster Ipsos/Apoyo has its monthly approval rating snapshot out today and here's how things look:
Our regular Saturday slot of the last five days' worth of action in the gold bullion ETF (GLD), the silver bullion ETF (SLV), the miner ETF (GDX), the junior miner ETF (GDXJ) and the copper ETF (COPX).
The miners beat the metals, with wooden spoon for silverand big gold star for COPX. Gold dropped a point, juniors edged their larger cousins, Wednesday was better than Thursday. That's the Fed for you.
PS: No comments will be accepted below this post, neither agrees nor disagrees, as I have no interest whatsoever in watching the same ridiculous back-and-forth develop on this blog that is seen in thousands of other places.
I've always been a total sucker for this guitar riff.
MOUNT PEARL, NEWFOUNDLAND--(Marketwire - Dec 14, 2012) - Cornerstone Capital Resources Inc. ("Cornerstone") (TSX VENTURE:CGP) (GWN.F) (GWN.BE) (CTNXF) today announced that it has received formal notification from Intrepid Mines Limited that it is terminating with immediate effect the Call Option Agreement between Cornerstone and Intrepid dated January 4, 2011 for the Shyri gold/copper property in Ecuador. Cornerstone will review its options concerning Shyri and make a further announcement after that review has concluded. Continues here
So how's that "we want miners in Ecuador" message working out for you, Mister Correa?
Milton Rivas was a worker and electrician for the company Termotécnica. He was known for his leadership and support for workers' rights in the region. He was part of the group of worker who had gone on strike with the objective of obtaining better working conditions for thousands of workers employed by the multinational Pacific Rubiales.
Yesterday (Monday) Milton Rivas was stopped by two armed men close to the Termotécnica installations, who told him that if he didn't halt his union activities they were going to murder him. Unfortunately, today they made good on their threats
It's an interesting one. P failed to buy Young Davidson, openly states it wants to grow via M&A, but with a mkt cap of ~$600m and working cap of ~$100m options look limited. So they try for a like-sized goldie and try to pay with 100% paper? Immediate share price drop. However, if I were the P CEO I'd be dying to do an all-paper deal as the stock is still currently valued up to the hilt and there are plenty of beaten down prices out there. But what to buy? Explorecos are the cheapest, but they weigh heavily on balance sheet until up and running. And i don't see many pure Au plays out there with the price tag P can afford.
UPDATE: It wasn't a difficult call, P.to now down 6.3% in early trading. But even with today's drop, having stared at the price action in P for a few weeks and for a small part of that time having shorted the stock for a small trading win (now closed, currently no position) I'd still venture to say that it's one of the most artificially inflated stock prices in the junior world right now, the epitome of style over substance.
Update 2: Pretty close original guess, in fact. It got to $6.03 before the BS spinners kicked in and pushed it back up.
"One day during my rehabilitation I met a guy. I didn't even know what he was doing at the rehab centre, but we had a coffee and talked about motorsport."Two hours later I saw him with a little child in his arms and he was crying while looking out of the window. I went to see him and asked if everything was OK."He just turned around with tears in his eyes and said: 'Everything's not just fine, it's great. My baby was born with no legs, and she has reached the age when they can fit her with prosthetic legs. Today the doctors picked her up to stand for the very first time and they asked me where her shoes were. And I realised that up until today I had never bought my daughter a pair of shoes, and I had to rush out to get some. When I saw her standing with her new shoes I was the happiest man in the world.'"It was hard for me not to start crying immediately but a few minutes later I found myself alone in the bathroom and I looked at myself in the mirror. I said: 'You should never shed a tear about what happened to you, because you're a lucky bastard compared with this great guy you just met.'