Some pleasant jazz for a Saturday
Dedicated to Lucho.
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Some pleasant jazz for a Saturday
On April 18, 2013, based upon the operating staff's assessment that the mill had demonstrated its ability to operate continually at rated capacity while maintaining forecast recoveries, the Company announced that the Rosario Mine had achieved commercial production. Such consistent mill performance, however, does not in and of itself satisfy the definition of "commercial production" for accounting purposes. As such, the Company has not reported the Rosario Mine's results of operations in its consolidated statement of loss for the second quarter but instead capitalized the operating costs less proceeds from the sale of concentrates as mine development costs.
And this is what it means:
If any retail shareholder ever believes a single word that comes out of this company again, or decides to trust blindly the word of the bunch of blatant bullshitters that passes for its management team without doing any DD, that shareholder deserves what's coming to them, good and hard.UPDATE post-bell: Unbeknown to lil me, Vancouver Venture picked up on the exact same passage of the same NR this morning. His take on it is here
...according to Mineweb at least, comes from Santiago Yepez, president of the Ecuador Chamber of Mining, who says:
And yes, it's true. Here's that map of which he talks:
Maps don't lie
"I look forward to joining Gran Colombia. The Company has a very experienced leadership team with a track record of success and delivering shareholder value. "So how's that working out for you, Roy?
Better than my Cambridge House joke, for sure. Anyway, have that nice day won't you?
PS: A random joke: This was overheard on the wires yesterday by the NSA in Canada:
Investor; "Hi, I'm a retail investor calling from Vancouver. Tell me, when does the 2013 Cambridge House Toronto Resource Investment Conference begin?"
Cambridge House: "That all depends. When can you get here?"
PPS: I'm sure there's a logical reason for this dollar/rupee action tonight:
For example, a lot of people panicking a very lot much, then some big financial entity squashing it all and giving it the "nothing to see here move along".
Dear Newmont (NEM) and Fresnillo (FRES.L): Isn't losing a $100m+ lawsuit a material event these days?
Last week (15) the representatives of a 77 person strong landowner group (ejido) ‘El Bajío’ won an important court ruling again the
La Herraduramine owned by the Penmont JV (Fresnillo/Peñoles 56% and Newmont 44%). The ejido owners filed their suit in 2009 that said the mining company had illegally occupied 3,025 hectarestheir land area, which has always been disputed by Penmont who said that their actions only affected 300 hectaresof the disputed area and that they had obtained all permits to use that area.
The ruling last week came after appeal, is immediately actionable and upheld the argument of the ejido landholders who now have the legal right to evict Penmont from their property as of this week, as well as being awarded compensation. That eviction of all Penmont assets and operations may begin in some symbolic manner this week, but the landholders have already indicated that they prefer to come to a full financial compensation deal and not threaten the jobs of the 5,000 or so workforce at
La Herradurathan carry out their legal right of eviction. The bill may be eye-popping too, as in the words of the legal representative for the El Bajío ejido, the estimate for the damage already caused to the 3,025 hectaresis around U$100m and that “Today the mining company is condemned to total eviction and the payment of damages”.A deal needs to be reached and the likely size means that it’s one that neither Fresnillo or Newmont will be able to sweep under some regulatory carpet.
UPDATE: The Red Cross now confirm his release. Fat lady has sung.
UPDATE 2: For an English language report on this, go to Colombia Reports here
UPDATE 3: Braeval's (BVL.to) NR on the release just out and here
Much as I hate them, I just couldn't resist throwing an exclamation in that title. This is why The Syria Excuse is bullshit:
Gold getting safe-haven love, yup I'd buy that if it were only gold. But silver, the metal of choice for financial blowhards and puerile political rantings, doing better than the real thing? Yeah right (unless of course Eric Sprott, King World News, Jim Sinclair and every other charlatan on the list of hoodwinkers is right about silver for the first time in two years, stopped clocks and all that jazz).
UPDATE: Oh wow, I've just seen that Biiwii was all over this issue earlier today, and he gives it the full rant too. Great minds think alike or fools seldom differ, you be the judge.
Metals rising, USA macro indicators under pressure, and the Loonie/Sterling correlation that usually works quite well:
All kind of pointing to a forex trade opportunity, no?
He said that it, "It is not because the (current) ruling suits the company, as it is a ruling that has ordered the paralyzation of the project and goes some way to confirm the sanctions imposed by the Environmental Authorities (SMA), but because the company has recognized that it has committed infractions to the Environmental Permit (RCA) and therefore believes that the ruling is correct for the circumstances.
He added that, "As a company we now hope to do things well, we are complying with everything required by the authorities and we are going to do everything possible in order that this project is done in full compliance and strict adherance to the actual law, to administrative resolutions and that which the authorities and neighbouring communities require."
...but the fact is that...