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- Area of Amazon rainforest: 5.5m km2
- Area of rainforest South of Mexico lost to gold mining, 2001 to 2013: 1,680km2
- Percentage terms: 0.03%
Or in real world terms, the process continues at the same pace for the next 396 years and man would have done away with one percent of the rainforest. We clear?
Want it simple? We do simple:
- Gold is now 1% up on the 12 month chart
- Silver is 16.5% down.
- If the table tilts to deflation, that gap will not narrow.
- I repeat and confirm my statement in the "Ten Random Predictions for 2015" post: "I'd definitely hold gold miner stocks over silver miner stocks this year."
"This low-cost credit facility, combined with our existing cash balance and cash flow from operations, offers Capstone significant financial flexibility to meet our operating requirements and to address potential market or operational disruptions, including periods of low copper prices," said
Darren Pylot, President and CEO of Capstone.
"We expect to draw approximately
$265 milliononce the standard conditions precedents are met. This will replace our current borrowings and will eliminate our requirement for amortization, leaving us with approximately $235 millionof additional credit capacity. At the same time, we maintain the option to access the high yield bond market when conditions improve if that is still appropriate for Capstone at the time."
Sucks. News here, chart here:
So much for the stimulus package that was going to make things so wonderful in the second half of 2014. Bolivia kicks Peru's ass once again.
Here's your NR. Here's your chart:
I'll leave the commentary on its 2015 forecasts to other people.
Following on from yesterday's pottymouthed spewage:
Any further questions or comments, dumbass mailers?
I'm sorry, couldn't resist that title about True Gold's (TGM.v) news today:
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 14, 2015) - True Gold Mining Inc. (TSX VENTURE:TGM) ("True Gold" or the "Company") reports that a demonstration today at the Karma Mine ("Karma" or "Mine") has resulted in True Gold temporarily suspending operations at Karma. There has been some damage to the Company's property and assets which we are currently assessing for significance and potential impacts to project schedule.True Gold took the decision as a precautionary measure in the interests of employee safety and project security and to allow the communities and authorities to engage with the demonstrators.True Gold remains in contact with the relevant authorities and will continue to monitor the situation and update stakeholders.
And that news was as welcome for TGM.v longs as...
...Thom Yorke manning the telephones at The Samaritans.
He talks in Fulfulde He buzzes like a goldbug He's like a de-tuned King World News Radio show
UPDATE: What do I think, you ask (via mail)? Well for one, do you honestly give a rat's ass about my opinion? Honestly? Thought as much.
So with 95% now gone, I'd say that...
1) I am an unconcerned unshareholder. It's not my problem because I'm not stupid enough to own anything tainted by the ratbag Bharti, let alone the mothership central stock of his nefarious mini-empire. Really and truly I'll sit on the sidelines and allow myself to be amused by the comings and goings, but when it comes right down to it I couldn't care less who wins. Or who loses. Or who claims to have won. I'm here for the shitz-n-giggles, period.
2) Just because I'm anti-Bharti, it doesn't mean I'm pro-Meson. For what it's worth I think they're stupid and there's objective proof of that; they bought 9% of a Bharti company and apparently have run out of ammunition already. I mean, you seen the crappy volumes in AAB.to recently? The market isn't exactly falling over itself to get a ringside seat for this EGM in February.
3) Not only that, but I have decent reason to believe that at least some of the Bharti accusations in that mailer today are spot on. That's because mister Ryan decided to exchange with your humble scribe back in November and it turned out that what he really wanted was to pump me for dirt on Sexy Stan. Y'know, if it were me I'd do the deeper DD and find out about my adversary before I bought 9% of a company, not afterwards.
4) With ~30% of shares in declared holdings of current AAB.to directors and lawd knows how many tucked away in Secret Squirrel accounts friendly to Stan&Co, this proxy has a snowball's chance in hell. If I were Ryan I'd make like a shepherd* right now.
5) And yeah, that means I'm not going spec long on AAB.to for this gig anytime soon. Life's too short to get in between an Idiot vs Idiot handbag fight.
*get the flock outta here
- In April 2013 PML.v said the Cotabambas PEA would be with us in December 2013
- In February 2014 PML.v said the Cotabambas PEA would be with us in July 2014
- In April 2014 PML.v said the Cotabambas PEA would be with us in mid-2014
- In July 2014 PML.v said the Cotabambas PEA would be with us by the end of September 2014
- In November 2014 PML.v said the Cotabambas PEA would be with us by the end of 2014
Dear all,I've taken plenty of requests for a copy of the Macquarie report on Barrick Gold (ABX) since mentioning it on the blog yesterday. Therefore I've decided to blanket you all and send out the report to the whole list, but for more than that single reason. Though IKN gets a small mention, that's not the reason to read it. The reason is the report's high quality, considered reasoning and its conclusions drawn. This is the type of fundamental research I'd like to do when I grow up.It's exactly the type of research I'd like to see from a whole bunch of brokerage analysts who are, in theory at least, capable of similar work but still, even now and after the market performance we've seen for the last two or so years, prefer to remain uncontroversial to the point of sycophantic with the companies they cover. We need to see more reports such as this ABX one out there, written by people unafraid to speak truth to power. If only for that, I'm keen on this being read by as many people as possible.Hope you enjoy your Friday.Best, O
That, ladies and gentlemen, is looking like a championship call on ABX from Macquarie. Let other brokerages and their anal ysts take due note.
...has just been sent to subscribers, 07:45am Wednesday morning, pre-open.
...five days of Bitcoin:
Those Bitcoins you own that were worth U$290 five days ago? They're worth U$190. Chart from here
The second thing: Let us consider that little footnote (1) at the bottom, which claims that its guidance figures were at +/- 5%. Errr, no. They weren't. Well, not until today at least and i checked as well. I chekced in the 2013 YE MD&A and I also checked the 1q14 MD&A because Capstone only gave 2014 guidance for two of its three mines in the year-end report, then added guidance for the third a quarter later. Yes for sure you have the guidance table and they're the same 2014 numbers as above. But no footnote. No plus-or-minus-five-percent leeway. No ifs or buts. In other words YOU'RE MAKING SHIT UP, CAPSTONE.
But the third thing is the best thing. Here's what CS.to Pres/CEO Darren Pylot (no relation to Pontius) had to say about his company's results for 2014: "All three of our operating mines were within the range of their production guidance for 2014, and exited the year running at, or very close to, plan".
Seriously, he said that. "Within the range of their production guidance". And "Ooooh, y'know we were thaaaaat close!". What fucking bare-faced fucking chutzpah bullshit is that you stupid fucking excuse for a rotten dead camel's unwiped asshole CEO? Anyway, let's see if the market liked Capstone's results as much as this Pylot did:
Errr...no. It didn't. Funny that, innit?
Here's a gold chart from the decent squiggly line site for PMs, goldprice:
My continued thanks to all those readers who keep forwarding Doug's e-mails of love to IKN.
Priced at the weekend close.
YAMANA GOLD INC. (TSX:YRI)(NYSE:AUY) ("Yamana" or the "Company") today announced it has entered into an agreement with a syndicate of underwriters (the "Underwriters") led by Canaccord Genuity Corp. and National Bank Financial Markets (the "Lead Underwriters") under which the Lead Underwriters have agreed to buy on a bought deal basis by way of a short form prospectus, 49,100,000 common shares of Yamana (the "Shares") at a price of C$5.30 per Share for gross proceeds of C$260,230,000 (the "Offering"). In addition, the Company has agreed to grant to the Underwriters an option (the "Over-Allotment Option") to purchase from the Company up to an additional 7,365,000 Shares at a price of C$5.30 per Share, on the same terms and conditions as the Offering, exercisable any time, in whole or in part, until the date that is 30 days after and including the closing date of the Offering. If the Over-Allotment Option is exercised in full, the total gross proceeds to Yamana will be C$299,264,500.The net proceeds of the Offering will be used for general corporate purposes and to reduce the Company's debt position and to further strengthen the balance sheet. This prudent action will put the Company in a stronger position in any commodity price environment and improve the Company's ability to deliver future growth.The Offering is expected to close on or about February 3, 2015 and is subject to the Company receiving all necessary regulatory approvals.
IKN on November 12th 2014:
"Today FIFA posted up the 10 shortlisted goals vying to be 2014 goal of the year....For the record, this humble corner of cyberspace confidently predicts that Colombia's James Rodríguez will win for his (1st) goal against Uruguay in the 2014 World Cup Finals. ...for what it's worth, this humble corner of cyberspace has called the last three winners of the award correctly."
Make that four in a row, because a few minutes ago, James Rodríguez was awarded the gong.
In another non-shock, CR7 won the 2014 Ballon D'Or. And rightly so.
That contract you entered into in May 2013 definitely said "for richer or for poorer".
The intro from yesterday's IKN Weekly, IKN296
58k minus a spit and a whistle, the best quarter of 2014 and it beats upper end guidance on the year. Again.
And while you're over there at the NR check out the all-in cost guidance for 2015. Cheap gold.
Here's the NR. Here's silver...
...which saw a record quarter. Now here's gold...
...which got over 5,000 ounces out of El Cubo.
Which means the headline numbers here are good, no doubts. But hey, what's this?
Been high-grading your mine much, Brad?
From IKN296, out yesterday.
- It’s all about provincial governor Martín Buzzi positioning himself for a re-election bid
- It’s bad for Yamana (YRI.to) (AUY) and its Suyai project
- It’s good for Pan American Silver (PAA.to) (PAAS) and its Navidad project
IKN296 has just been sent to subscribers. The main event this week is a look at Lake Shore Gold (LSG.to), which I enjoyed putting together because I learned a little about the company along the way.
I could watch this all day. Brilliant
UPDATE: The Vine's been taken down, see the goal here instead
PS: In other news, while playing at home and fielding players of the