UPDATE 2: Audio book sample link (in which you get to hear Frisby narrate chapter one) is now working again. This is good.
Free sampler here
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).
"We are in the process of evaluating the text (ruling). However, it's important to highlight that our activities are not carried out on glaciers and that Barrick complies with all environmental permits, including the provincial legislation for the protestion of glaciers."
Enough serious stuff for one week. This is good.
I loved this note by L Randall Wray and hope you do, too. Read it carefully, there's plenty to enjoy.
I met Dev at a conference a few years back, and my first impression was that he seemed to fast-forward through the stages of conventional friendship/acquaintance, to the point that I thought to myself, did I meet him some other time? Have we been introduced? He invited me out at the end of day 1, I declined, but he asked for my card. He immediately texted me, asked for my BBM contact. Sigh, what an idiot I can be, not wanting to insult him, I gave it to him. Chump. He started BBM'ing me all that night, non-stop, I had to turn my phone on silent. I honestly can't remember the subject matter, most likely flirtatious bullsh*t. Stuff I had to delete just in case my boyfriend picked up my phone one day. Then on day 2 he started showing me photos of him in a private jet, and started the name dropping "I'm so rich and cool" routine. He mentioned his wife, and made it seem like he had an open relationship of sorts. He never got angry at me, never sent mean texts- but he continued to message me sometimes late at night, and tried (failed) to hook up for drinks when he was in town. I feel like he isn't the worst douche bag out there, but he's one to be aware of. I feel sorry for him now, knowing that this is some sort of pattern. I feel far more sorry for his family. Lesson learned on my part.
- The rise in price of soybeans is from higher demand, which is outstripping the higher supply from South American (Brazil, Argentina, Paraguay, other) expansion
- The demand comes from China
- China imports soybeans from South America because it can't grow enough on its own land
- China doesn't have enough water to do that
- Ergo, China is importing concentrated water more than soybeans, which are just the carrying vessel
- Soybeans are a proxy to the price of water.
- Water's never going to get cheap again.
- Neither are soybeans.
Right here the link, right here the text:
TORONTO, Oct. 3, 2012 /CNW/ - Sulliden Gold Corporation Ltd. ("Sulliden", or the "Company") (TSX & BVL: SUE) (OTCQX: SDDDF) announces that based on discussions with its shareholders, it will not be proceeding with the milestone bonus plan outlined in the Management Information Circular dated September 5, 2012.
Sulliden Terminates Milestone Bonus Plan
The Board of Directors felt that a milestone-based incentive plan would align management focus and shareholder value with a view to the best interest of the Company. However, in light of shareholder input, the board has decided to terminate the plan.
How to Pocket $5MM For Losing Over a Quarter of Company’s Assets in Only Six Months
It was a tough year to be a shareholder of Aberdeen International ( AAB.TO). In the first six months of 2012 the net loss amounted to over $26MM or over 25% of the assets, the net asset value (NAV) at the end of the period was less than $72MM (from $136MM in the early 2011), the share price declined 40%, and the market cap dropped under $35MM. But while shareholders felt the pain, the management was doing great: “salaries, consulting, benefits, and bonus” increased sharply compared to prior years: for the past six months it was $5,459K compared to $600K in 2011 and $798K in 2010. Most of the difference was due to increase in the “key management remuneration” which added up to $4,870K in benefits and shares – 7% of the NAV and almost 15% of the market cap - in just six months. By any reasonable measure, the “key management” awarded itself compensation that is way out of proportion to company’s overall performance or assets.
Aberdeen is lead by Mr. Stan Bharti who is not a stranger to excessive compensation questions. Only this year a similar situation took place at Longford Energy, where Bharti-led management gave themselves seven figures bonuses before being finally unseated by dissident shareholders. And at Bharti-led Forbes and Manhattan Coal ( FMC.TO), where Institutional Shareholder Services (ISS) just this month highlighted excessive executive compensation issues and shareholders are fighting to replace the board (1).continues here
As SUE.to now has the M+I resource at 2.438m oz gold, that's 1.548m oz difference and good for a $2.3m bonus to the pool of directors.As for the inferred resource, that's 3.256m oz and apparently good for $2.9m in bonus payments. To add insult to injury on this one, nearly half that inferred total comes from the sulphide resource and nobody has a clue as to whether that will be economic or ever mined.Next, the IRR bonus, which is a crock of shit because we don't know whether it's based on pretax or post-tax for one thing. Not only that, but any fool can offer up a high % IRR just by changing the gold price assumptions. In the recent feas study results, SUE.to offered us a 52.2% IRR which suggests that directors get to pay themselves $2.1m in bonuses.Next, these jokers get $2m just for handing in an EIA to the Peru government! It can be a total crock and get rejected, but that doesn't matter, ka-ching $2m, but if it gets approved, it's another $2m in bonuses.The next line items are no less audacious but speak for themselves and mean SUE.to directors get $12m more to carve up amongst themselves if the mine gets to commercial production.And then note down the bottom, that they're not that worried if the share price goes up. Cash is king in Bharti's world, but if by some miracle they haven't smashed the retail holders into tiny bits by this point, they can award themselves a bonus on share price performance, too.
In response to a legal request submitted to Google, we have removed this post. If you wish, you may read more about the request at LumenDatabase.org.
"The Company''s Peruvian counsel has advised that this meeting should be considered an opinion of some..."
This reminds me of the controversy a few years ago in western Ghana, when and Australian company (Adamus) proposed to move the village of Anwia in order to build a new mine. Their local disclosure was incomplete, the people protested, police were called, there was a clash, and one or two people were injured (police, IIRC). Dr. Google provides this article:
Many mining companies view the law as a club to be wielded on the local populations--"the Federal Gov't has given us permission to proceed so you have to let us."
About two years later we met the fellow appointed by Adamus to clean up the mess. He was actually a very nice fellow with an understanding of local sensitivities. He was able to patch up things enough that Adamus was able to sell the properties to Endeavour (these are now operating mines).
"During the eight hours of the vote, 1,896 members of the local population of more than 4,000 registered members of the San Juan Batista de Cañaris Rural Community cast their votes. Although 100% of the population did not show at the urns, the numbers of voters is nearly six times greater than the number of locals that went to the assembly on July 8th when the social licence was discussed.
Of the 1,896 people who took part in the referendum yesterday, 1,719 voted against the project and 106 in favour. There were 71 spoiled ballots. At least 120 police officers came from the cities of Chiclayo and Jaén to oversee the vote were present in Cañaris, Huacapampa and Congona."
"Comstock Mining is proud to celebrate the achievement of responsible mining in the Comstock with these one-ounce bars of silver-gold doré."
"...every bar is encapsulated in protective plastic and proudly displayed in a black leatherette case."
"Pour date and assay data will be determined when the actual first pour occurs, and the bar design will be updated to include it when they are minted."
I've forgotten to keep up with this monthly check, but it occurred to me all of a sudden yesterday so here it is today. In this, we check on how nine silver juniors (if your fave isn't amongst them sorry, but we've used this sample for three years now) get on during the year compared to the underlying metal, noted using the silver bullion ETF (SLV as proxy):
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