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Dedicated to Nicolas Maduro, for this.
Anyway Nico, I thank you for a good excuse to play a top vid. Directed by MCA RIP.
TORONTO, ONTARIO--(Marketwired - Sept. 13, 2013) -Red Pine Exploration Inc. (TSX VENTURE:RPX) (the "Company") -The Company wishes to advise that Kirk McKinnon has resigned as Chairman & Chief Executive Officer, effective September 12, 2013.
TORONTO, ONTARIO--(Marketwired - Sept. 13, 2013) -MacDonald Mines Exploration Ltd. (TSX VENTURE:BMK) (the "Company") -The Company wishes to advise that Kirk McKinnon has resigned as President & Chief Executive Officer, effective September 12, 2013.
TORONTO, ONTARIO--(Marketwired - Sept. 13, 2013) -Honey Badger Exploration Inc. (TSX VENTURE:TUF) (the "Company") -The Company wishes to advise that Kirk McKinnon has resigned as President & Chief Executive Officer, effective September 12, 2013.
TORONTO, ONTARIO--(Marketwired - Sept. 13, 2013) -Energizer Resources Inc. (EGZ.TO)(ENZR)(YE5.F) (the "Company") -The Company wishes to advise that Kirk McKinnon has resigned as Chairman & Chief Executive Officer, effective September 12, 2013.
*but honey badger doesn't care, he doesn't give a shit
*making elegant use of an Oxford comma as well, which wins bonus points
The mining contractors at the Ying Mining Camps are paid based on tonnes of ore mined. To determine the amount of ore mined, ore-trucks were scale weighed at the gates of each tunnel. This review has revealed that some mining contractors however were blending waste rock from development tunnels with the ore to obtain higher mining fees, resulting in dilution of ores and reduction of head grades.
In August 2013, the Company ordered the contractors to implement the New Method. As a result silver and lead head grades at the SGX mine improved by almost 35% and 21% respectively with an approximate 45% reduction in ore production (a 25% reduction in overall silver metal production) compared to July 2013. The New Method has eliminated significant waste rock resulting in less ore being produced. Additionally, some drillers and miners left the mine sites as they feel that under the New Method their pay would be uncertain, which also caused reduced ore production.
PS: And we remind ourselves how much Rui Feng, the leader of this tightly-run, carefully managed company, pays himself. From the 2013 MIC:
Oh, just the million or so per year in basic cash is it? Oh, plus options bonuses for efficient workeration, of course. You can't find the people these days at such meagre cash, can you?
For what it's worth, FR.to carries its affected properties at an asset value of $23.4m according to last set of financials, so the hit in real terms to the company is minor. This decision is far more interesting for the legal precedent it looks like setting. Sacred ground in Mexico has suddenly become just that, sacred.
Enrique Peña Nieto: "Ready to accept a 5% royalty on revenues, mining people? Because if you don't STFU right now, it's going to be 7.5% minimum and 8% for precious metals."
Mining people: "Chinga."
Oh, look at that!
Brazil prosecutors seek to block Canadian gold mine in AmazonBy Anthony Boadle
BRASILIA, Sept 11 | Wed Sep 11, 2013 2:03pm EDT
(Reuters) - Brazilian prosecutors want to block the permit for a massive gold mine planned by Belo Sun Mining Corp on the Xingu River in the Amazon, arguing that the Canadian company has failed to study the impact on local Indian communities, the prosecutors' office said on Wednesday.The Volta Grande, or Big Bend, open-pit project is slated to start operating in 2016 and become Brazil's largest gold mine. It is in the northern state of Para next to another controversial project, Belo Monte, which is designed to become the worlds third largest hydroelectric dam and has also been the target of lawsuits and public prosecutors.Environmentalists, and now federal authorities, are saying the double impact of the two massive projects on the habitat of two local Indian communities straddling the Xingu River has not been properly studied.Federal prosecutors have asked the state government of Para, which is in charge of licensing for the project, to deny permission until the impact continues here
UPDATE: And in another bizarre coincidence, the always on-the-ball Kip Keen over at Mineweb notes that there were big inside sales of BSX yesterday. Probably just a coincidence, right Stan?
...has just been sent to subscribers, a hour and a bit before the opening bell on this fine Thursday morning. Tweaking the port.
Exhibit A: The June 20th 2013 Annual General Meeting voting results (check line two)
Exhibit B: Yesterday's news from Gold Resource Corp (GORO) that Jason gets to play bigboss now that his father is retiring (along with his shares that can be sold without anyone knowing)
COLORADO SPRINGS – September 10, 2013 – Gold Resource Corporation (NYSE MKT: GORO) (the “Company”) announced today that Chief Executive Officer William (Bill) Reid intends to retire from the Company. Mr. Reid will step down as CEO effective September 30, 2013. He will continue to serve as Chairman on the Company’s Board of Directors to assist the Company with an orderly leadership transition. Jason Reid, the Company’s President, was unanimously selected by the Board of Directors to succeed Bill Reid as the Company’s CEO effective October 1, and will continue to serve as its President and a director.“I come to this retirement decision with appreciation for all of the people I have known and worked with during my career. I embark on my retirement with the strong belief that the Company is in great hands to continue building value for its shareholders. I am excited about the Company’s future led by Jason Reid as President and CEO and the excellent team of professionals we have assembled,” stated Mr. Bill Reid.Jason Reid was appointed President of the Company in July 2010 and continues here
Exhibit C: Jason's brand new salary:
GORO is down 45% year to date. Any further questions?This Amendment No. 1 to that certain Amended and Restated Executive Employment Agreement dated July 1, 2010 (this “Amendment”) is made by and between Gold Resource Corporation (the “Company”) and Jason D. Reid (the “Executive”), effective as of October 1, 2013, with reference to the following facts:
“4.1 Base Salary. As compensation for the Executive’s services rendered hereunder, the Company shall pay to the Executive a base salary at an annual rate equal to five hundred thousand dollars ($500,000) (the “Base Salary”). The Base Salary shall be payable to the Executive on a monthly basis in accordance with the Company’s standard policies for management personnel.”
As is so often the case, required reading from Andy Home on metals this week. Above is the chart, here's the link to the whole note, here's how it starts:
LONDON, Sept 10 (Reuters) - The copper "mating season", when terms are negotiated for next year's shipments of both raw materials and refined metal, has just been declared officially open by Japan's Pan Pacific Copper.Senior company executives laid out their starting positions at a press conference on Monday.Pan Pacific Copper's views count.Not just because with 710,000 tonnes of refined copper capacity it is one of the world's largest producers.But also because its views are implicitly those of the rest of the Japanese copper smelter pool, still a powerful enough entity to determine "benchmark" prices.And Pan Pacific's views are that both raw material conversion terms and refined metal premiums should rise next year. And substantially so.To some extent this is no more than a smelter wish-list, the opening shots in what, based on previous years' experience, are likely to be protracted and fiercely-contested talks.And to some extent the company's stance reflects no more than the current reality in the spot market for both copper concentrates and refined metal. Treatment charges for the former and physical premiums for the latter have soared in the last couple of months.But there is an inherent contradiction between implied surplus in the raw materials market and tightness in the refined metal market, or at least sufficient tightness to justify Pan Pacific's call for a 50-percent hike in premiums.Can the two apparently contradictory trends be reconciled? Yes, but continues here
Read it all and be smarter than the pack about copper.
It's an easy one, too: If your broker advises you to buy Sulliden (SUE.to) today on the back of this news...
TORONTO, Sept. 11, 2013 /PRNewswire/ - Sulliden Gold Corporation Ltd. ("Sulliden", or the "Company") (SUE.TO) (SUE.TO) (SDDDF) announces that Peru's Ministry of Energy and Mines ("MINEM") has approved the Environmental Impact Assessment ("EIA") for the Shahuindo gold and silver project in northern Peru. The approval of the EIA is the key milestone in the advancement of the project towards the construction phase. Continues here
...gold versus silver (using the proxies), 12 months:
Silver is not a leader metal. Silver follows gold. Period.
In precisely the same way, those that trade silver are not leaders. They're followers.
What part of "this is obvious" do you not understand?
The dog scores (a very neat headed finish, too) and the crowd go wild
From a 5-a-side game in Argentina over the weekend.
"None (?) of the initial reports on Saturday night's massacre in Guatemala speculated that mining or anti-mining protests might have been the motivation before the shootings that killed eleven people in San Jose Nacahuil. ...However, yesterday some began to connect the massacre to ongoing conflicts in the country over mining, natural resources, and indigenous rights. The attack was carried out to justify the militarization of the community."A couple of other things about the town of San José Nacahuil:
- In 2005 it kicked out the police force due to complaints of its corruption and since then has done its own civic patrolling. Up to last weekend the town was reknowned as enyoing one of the lowest crime rates in Guatemala.
- According to eyewitness reports, that same evenings the national police force arrived at the town unannounced (and unwanted), tried to shake down the owner of the bar that was subsequently shot up (the owner one of the fatal victims) and left just before the shooting started.
- It sits next to the controversial El Tambor gold project that been a test case for anti-mining protests in Guatrmala in recent times.
- The national government quickly laid all blame on "narco gangs" and the Guatemala media swallowed the line whole, no questions asked.
1) The way in which it suddenly runs placement financings
2) The delays announced to the bulk sample tests
3) The foot-dragging on the drilling program that should have been completed in August
4) The way in which it announces the delays just after the financings are closed
5) The stupid fucking annoying way in which they insist on spelling their corporate name with a V instead of a U like they're some kind of offshoot of the Holy Roman Empire.
6) It's being non-stop pumped by Louis Lobito Little Wolf James
7) The serious doubts that serious geologists have about the project
8) All of the above.
- $35 to win on Ecuador at 23/20 (total theoretical return $75.25). This is a banker bet and so we go heavy with what's left.
- $7 on the Venezuela/Peru draw at 21/10 (total theoretical return $21.70), which offers decent value for money.
And let's see how we get on.
A version of this appeared in IKN227 yesterday (less swearing of course) along with the chart you see and I thought that would be it, but I'm just so wound up about those assholes at Camimex that the need to rant needs assuaging. A version of this table...
...The Peru IGBVL "general" index versus gold (GLD as proxy), 12 months:
All you need to know about Peru's cap mkt, in one chart.
"In the midst of a painful 2 -1 defeat by the national soccer team against Uruguay, in which Peru lost hopes for going to the 2014 World Cup, President Humala tried to leave the National Stadium quietly, alone and on foot. But enraged fans prevented him from doing so, raining bottles, insults and worse from the stands, shouting “salado” (meaning “jinxed” or bringing bad luck), and blocking his way out. Security guards struggled for some time before Humala was finally able to get to his car and drive off."continues here
*Bill Shankly dixit: "Some people believe football is a matter of life and death, I am very disappointed with that attitude. I can assure you it is much, much more important than that."