start here

start here

The Daily IKN email digest, get all daily posts sent to you next day (& no ads)

6/7/14

AP: Peru's carte blanche for big mining leaves highlanders behind, battling contamination

Check out this story filed by Associated Press on the relationship between big mining and small villages in Peru, with the massive Antamina mine as its focus. For example, this snippet about the locality that hosts Antamina, San Marcos:
The district of San Marcos, where the mine is located, is the country's richest — receiving about $50 million a year in royalties. Yet it has no paved highways, no hospital, and no water treatment plant. Nearly one third of toddlers suffer from chronic malnutrition — double the national average.
It's compelling reading, the story that neither the government of Peru nor the mining companies want you to read. Whole thing here, including a great photoshow.

6/6/14

Kitco gold survey: Yet another fail, but this time with added apologist bullshit

And so once again, the Kitco Gold Survey bunch of monkeys with dartboards prove to be a fine contrary indicator. Last week a full two thirds of the "experts" surveyed called gold lower, the result is that gold ended higher. Only by 0.15% perhaps, but it was yet another example of when the survey gives us a strong signal and that turns out to be plain fat wrong. The count on strong signal wins is now a pathetic nine out of 26 since September 2013, when we started our coverage of the bunkum these people pass off as something special.

Monkeys. With. Dartboards.

However, this time around we also need to compare the BS at Kitco last week...

"A solid majority of participants in the Kitco News weekly gold survey see weaker prices next week..."

...to the revisionism this week now that the results are known:

"Last week, survey participants were slightly bearish for this week."

...and can you spot the difference, too? Yup, it's not just the people they ask who are the bullshitters here. Anyway, next week there's more good news for gold longs, as 54.5% of these idiots think the metal's going lower. 


UPDATED: Colombia Presidential Election, round two run-off: Gallup's calling it tight

The results of a big voter intention survey, taken between May 31st and June 3rd by Gallup, are doing the rounds in Colombia and on the interwebnetpipes today. Here's the main table and as the chart is in Spanish and has lots of numbers, I've stuck a bit of red on it to guide your kind eyes to the paydirt;


Zuluaga has 48.5% of voter intention and is slightly ahead of Santos, on 47.7%, for the vote next weekend (June 15th is the big day), but it's tight. People planning to go to the voting station and spoil their ballot count at 3.7%., which is interesting, because it's down from the 5.99% in round one and also, 55% of Colombians say they'll vote this time, which is up from 41% who voted in round one. For what it's worth, a higher turnout is expected to favour Santos and that's reflected in the headline number, because he lost to Zuluaga by nearly 4% in round one. Yup, this one's going to the wire.

The control of one of the region's key countries is up for grabs and in ten days' time we're going to get the most interesting LatAm election for a couple of years.

UPDATE: Another poll released just a few minutes ago (midday-ish Friday) and sponsored by reliable media has a different call, with Zuluaga on 49% and Santos on 41%, which would imply a fairly comfortable victory for the challenger. Check that out here.




US jobs report



Oh...the real one? It's here

Chart of the day is...

...copper, dailies:

Catching up on things after a few days of travel and the dump out of copper is the one commods move that truly catches the eye. As there are at least a couple of copper explorecos that I'm thinking about buying, this is probably a good thing.

6/5/14

Lydian (LYD.to): Now officially untouchable

The thing to use in a crappy juniors market is a filter, just find the reason not to consider an investment in a company and when you do, move on. Immediately. If you don't find one, it may (repeat may) be worth more of your DD time. The reason why Lydian International (LYD.to) is now untouchable as an investment comes in its NR today on the nominations for new board members (author adds bold type):
Stephen J. Altmann is a Managing Director with Morrison Park Advisors, an independent investment bank. Prior to assuming this position in January 2012, he was President and a Director of ECU Silver Mining Inc., which he joined in January 2007. Prior to joining ECU, Mr. Altmann worked as an investment banker providing financial and strategic advice to a large selection of domestic and international public companies at firms such as RBC Dominion Securities, Credit Suisse First Boston, Scotia Capital and, most recently, at Desjardins Securities as head of its mining team. He also worked as a geophysicist prior to his investment banking career. Mr. Altmann holds a Bachelor of Science Degree (Honours) in Geophysics and a Master's Degree in Business Administration.
Anyone with a memory about how long ECU Silver bullshitted the world and what that bullshit managed to do with the naive idiot cash poured into it from the incessant GATA-centric pumps (Bill Murphy, Wistar Holt, "Mexico Mike" Kachawhatsit) will know what Altmann is about. The mere fact that the LYD management team is desperate or stupid (or both) enough to want him on board is testament to their business nous: it's zero. Scam pumper scumballs like Altmann shouldn't be on junior mining boards of directors. They should be in jail. Lay with dogs and get fleas, dumbass LYD people. 


Timmins (TMM.to) (TGD): errr...toldya

Even during a rather crazy travel week your humble scribe found time to note that Timmins Gold (TGD) (TMM.to) was now in play, pre-open Monday morning. Here we are four days later and...


...yup, easy money for those who pay attention.

Still on the road, by the way. Back in the bosom of the family this evening, but time and decent wifi to catch up with thingsthis morning. Enjoy your Thursday.

disclosure: long TMM.to

6/4/14

Name this peak (answer at bottom of post)

Don't scroll yet:


Taken yesterday afternoon by your humble scribe's fair hand (and his Canon compact).


And the answer is, Mount Taglia.

B2Gold (BTO.to) (BTG) insider sales

The Clive and his band of merry pranksters are famous for their non-stop and life-enhancing (well, bank balance enhancing) insider sales from officers and directors. Even so, this latest round. specially after what we now know about Butterfly, looks like some serious piss-taking. It's a company board saying to its shareholders, "We don't need to say that we don't give a fuck about you, because we can prove it!"





6/3/14

B2Gold (BTG) (BTO.to) and Butterfly: The Clive will blame the gold price

But The Clive is being punished for Empire Building. Rightly so, too.


Meanwhile the fawning anal ysts and journalist set will again tell us, all breathlessly and that, how much market cap BTO has added in X period of time. Though a continued level of fuck all in the way of share price appreciation because all the growth is ripped away from their hands by Clive's incessant all paper deals (oh how we laughed when he told us Kiska would be the last one).But details, right guys?

Definition of 'Empire Building'

The act of attempting to increase the size and scope of an individual or organization's power and influence. In the corporate world, this is seen when managers or executives are more concerned with expanding their business units, their staffing levels and the dollar value of assets under their control than they are with developing and implementing ways to benefit shareholders.

Investopedia explains 'Empire Building'

Empire building is typically seen as unhealthy for a corporation, as managers will often become more concerned with acquiring greater resource control than with optimally allocating resources. Corporate controls imposed by a company's board and upper-level management are supposed to prevent empire building within a corporation's ranks. The failure to screen out empire builders can lead to corporate actions that do not necessarily provide the best growth opportunities for a corporation and its shareholders, such as acquisitions made to boost the control of the company's executives.


Sound familiar?




6/2/14

On the road


Your humble scribe will be doing visiting things this week, so posting will be light. Anyway, you're better off reading a bit of Larkin rather than this guff and nonsense:

Days

What are days for?
Days are where we live.   
They come, they wake us   
Time and time over.
They are to be happy in:   
Where can we live but days?

Ah, solving that question
Brings the priest and the doctor   
In their long coats
Running over the fields.

Timmins Gold (TMM.to) (TGD): In play

Betcha Sentry has been chatting with The Clive: NR here.

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 2, 2014) - Timmins Gold Corp. (TMM.TO)(NYSE MKT:TGD) ("Timmins Gold" or the "Company") is aware that Sentry Investments intends to run a dissident slate to replace six of the eight existing members of the Timmins Gold board of directors (the "Board").
The Board is committed to considering the views of all of the shareholders of the Company and is confident that it can resolve this matter in a manner that is in the best interests of the Company and all of the Company's shareholders.
The Board's process will include working with an independent consultant to consider the qualifications of the nominees of Sentry Investments and other potential candidates.
Annual Meeting Date
Timmins Gold has applied to extend the date of its annual meeting of shareholders to September 23, 2014.
As for TMM moving the AGM date, file that under...

Positive momentum, Scorpio Mining (SPM.to) edition

Here's today's NR from Scorpio Mining (SPM.to), which tells of how dissenting shareholder Tocqueville has decided not to go medieval on the company directors' butts after all. Here's an extract:

"We are pleased to see Tocqueville stand down from its attempt to take control of the Company's Board at our annual meeting," said Ewan D. Mason, Chairman of the Company. "However, we cannot ignore Tocqueville's disruptive actions and we call on all of our shareholders to show their support for the positive momentum at the Company and vote in favour of our director nominees at the annual meeting."
Positive momentum, you say?


Wow, you guys live firmly and squarely in that little dream world of junior miner management. And while here I'll freely admit that once upon a time I seriously considered buying this stock, as I thought it could turn into a takeover target. Another bullet missed.

6/1/14

The IKN Weekly, out now




IKN264 has just been sent to subscribers. Oldskool!

World Cup Brazil 2014: Trouble brewing in Rio


residents of urban areas of brazil have a message for the world

Gabriel Elizondo of AlJazz picks up on a survey run in Rio de Janeiro by Brazil's big newspaper O Globo. Among the stats these two stand out:
So first things first and seeing a full 39% of Rio saying they don't approve of the World Cup being hosted in Brazil, that's a eye-poppingly large number. This is Brazil, where football isn't just a game it's a religion and nothing would rank higher than the country taking home the cup once again. Or in this case keeping the cup, because as host nation they're also keenly aware of the home soil advantage. Seeing 39% of people against being hosts, and less than half saying they actively approve...that's heavy.

Then the second stat, which might strike you at first to be good news. It's not. It depends on exactly where you draw the line, as officially Rio de Janeiro has a population of around 6.5 million, while if you add in what's known as "Greater Rio" that swells to a currently estimated 13 million. So if 11% of that little lot decide to hit the streets and protest, we're talking about perhaps 1.4 million people. Sepp Blatter and his band of bloodsucking cronies better hope they don't decide to turn out on the same day.

PS: Check out AlJazz's Americas blog as well, because Elizondo's surely going to be sending out postcards galore in the weeks to come. Starting with this one and here's an excerpt:
What we do know is if FIFA wanted safe and predictable, the tournament was better suited for Germany or Switzerland. But FIFA wanted new and different, the exotic land of samba, the country of "futebol" with the South American vibes and all that energy and craziness that goes along with it. 
You got it, FIFA.
Whole thing here