As well as doing this (or watch it here for those having international video blocking problems)...
UPDATE: I'll never get tired of watching that Getafe goal, on a pure skill basis it's the best I've ever seen.
As well as doing this (or watch it here for those having international video blocking problems)...
(Kitco News) - Allied Nevada Gold Corp.'s (TSX: ANV) (NYSE: ANV) bankruptcy filing stole center stage in the mining world this week. Allied Nevada filed for chapter 11 protection on March 10 creating a restructuring supported by the majority of its creditors that included a fresh cash injection of $78 million. Daily operations are expected to continue with no interruption in business.Allied Nevada closed out the week as of Thursday's close on the New York Stock Exchange with a 3.7% percent decline, settling at C$1.08. This week Moody's Investor's Service downgraded Allied Nevada's rating to Ca from Caa1.
Global Securities are the chosen paper merchants. Here's what they're sending to the world this week:
Please be advised Mike Jenks, Chairman & CEO & Brent Lokash, President will be hosting a National Retail Conference Call, details are below.Note: the management presentation will be sent prior to the call.Date: Monday March 16, 2015Time: 10:00 AM – 11:00 AM ETDial-In: 416-695-7806 / 866-696-5910Code: 8563022#Replay:905-694-9451 / 800-408-30534547806#All orders should be entered to firstname.lastname@example.org and may be subject to allotment or rejection.
Ding ding ding.
Not a fake this time. From today's edition of Goldman Sachs' Commodity Watch (dated March 13th)
After trending lower throughout most of 2014H2, gold prices rallied in the first few weeks of 2015 as US economic data softened, the CHF peg was unexpectedly removed and European QE was unveiled. While negative interest rates in
Europehave led to an increase in gold ETF inflows and some support for prices, the subsequent normalization of US interest rates (10Y TIPS increased from a 3bp trough in late January to almost 40bps currently) has been the dominant force pushing prices lower. Indeed, prices have fallen more rapidly than our previous forecast path suggested. We roll our forecasts forward to $1,270, $1,220 and $1,100/toz in 3-, 6- and 12-months (from $1,290, $1,270 and $1,175 previously).
In line with our economist’s forecasts for continued growth, labor market recovery and increase in US real rates, we maintain our long-held bearish outlook on gold prices. Consensus now sees the first Fed rate hike arriving in June, compared to our expectation for a September lift-off. But the exact timing is likely to be data dependent. As such, we have greater confidence in our longer-term directional bearish view on gold, while recognizing that the next few months could see higher volatility.
COURT BAILIFF’S SALE OF MINERAL TENURESLOCATED IN NORTHERN B.C.For Sale: Mineral Tenures formerly held by Teuton Resources Corp. (the “Mineral Tenures”) pursuant to a Supreme Court of British Columbia Writ of Seizure and Sale filed on January 23, 2015 in BC Supreme Court Action No. S107895.Approximately 235 Mineral Tenures, primarily in the Stewart – Premier – Sulpherets - Eskay Creek - Red Chris region of Northwestern British Columbia (the “Golden Triangle”), generally described by Teuton as:Bay Silver, Big Gold, Bonsai, Campbell Ridge, Clone, Del Norte, Eskay Rift, Fiji, Four J’s, Gold Mountain, Harry, High South, High North, Konkin Silver, Lord Nelson, Melt, Midas, Orion, Pintore, Silver Bell, Silver Crown, Stamp, Tennyson, Tonga, and Yellow Chris.A complete list of Mineral Tenures, Terms and Bid Documents may be obtained from Accurate Court Bailiff Services Ltd. (the “Court Bailiff”).Bidding Ends: 12:00 Noon, Pacific DST, March 27, 2015Terms/Conditions:
During the fourth quarter of 2014 and subsequent to the year-end, the Company completed an updated metallurgical sampling and analysis program as part of an expansion study for the Masbate Mine along with an updated life-of-mine plan based on 2014 year end reserve and resource estimates. The updated metallurgical study has resulted in 3% lower projected life of mine recoveries due to a number of factors including an increase, at depth, in the amount of sulphide ore type that has lower projected recoveries and the mining out over the course of 2013 and 2014 of predominantly oxide ore, which has the highest recoveries.
The lower projected recoveries, lower long-term gold price assumption of $1,300 per ounce (as compared to a spot gold price of $1,676 per ounce at the CGA acquisition date) and a decision not to proceed with Masbate Mill expansion at this time impacted the current value of the Masbate Mine. As a result, the Company recorded a net impairment charge of $305.2 million (pre-tax $436.0 million less $130.8 million deferred tax recovery) at year end 2014 (See “Critical Accounting Estimates”).
For the fourth quarter of 2014, the Company generated a net loss of $356.8 million ($(0.39) per share) compared to net income of $26.2 million ($0.04 per share) in the comparable period of 2013. Adjusted net (loss) income (refer to “Non-IFRS Measures”) was $(8.4) million ($(0.01) per share) compared to $0.6 million ($0.00 per share) in the fourth quarter of 2013. Adjusted net loss in the fourth quarter of 2014 primarily excluded the non-cash impairment of Masbate long-lived assets of $436.0 million, deferred income tax recovery of $109.6 million, write-off of mineral property of $21.1 million and a non-cash mark-to-market gain of $21.0 million relating to the overall change in fair value of the Company’s convertible senior subordinated notes.
And that's the way we like it.
"The situation has had a lot of publicity recently but our essential view is that Guerrero is going to get better as more companies come to the area, and we can work with other companies and the government to make it safer for everybody,"
"We believe that due to the combination of dollar strength, the expected worldwide deflationary environment and physical holding costs, gold bullion will soon be worth negative dollars and people will pay you to take it from their ownership. In the real world, once an old and broken car is only good for scrap it is no longer an asset, but a liability. One needs to pay cash to get an old and useless automobile towed from your property, this is the future of gold bullion."
...crude oil, via the WTI contract:
"There is a lot of data out of the St. Louis Fed suggesting that having ghosts running round in banks is the most effective solution once standard monetary methods have failed."
Focus Accelerates Purchase of 70% of JPQ, Owners of Bayovar 12 Phosphate Project, via Arrangement of a Credit Facility
VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 10, 2015) -
Focus Ventures Ltd. (TSX VENTURE:FCV) ("Focus" or the "Company") is pleased to report on several transactions that will allow it to purchase 70% of Juan Paulo Quay S.A.C. ("JPQ"), the title holder of the Bayovar 12 concession in Peru, and provide immediate funding for its ongoing operations including the Preliminary Economic Assessment study.
Acquisition of 70% of JPQ
The Company's Peruvian subsidiary, Agrifos Peru S.A.C. has signed a purchase agreement with the shareholders (the "Vendors") of JPQ, titleholder of the Bayovar 12 concession, whereby the Company will pay to the Vendors US$4.0 million to purchase an outright 70% interest in shares of JPQ (the "Bayovar Interest"), and thereby cancelling its previously granted option agreement to earn such interest. The terms of the purchase agreement are as follows:
- the Company will purchase the Bayovar Interest by paying US$4 million cash to the Vendors;
- the Company will commit to spending a minimum of US$14 million in development of the Project, without dilution to the Vendors' remaining 30% interest;
- if after spending US$14 million, further funding is needed to determine the viability of a phosphate operation, the Company will make additional expenditures of up to US$4 million of which 30% will be treated as a loan to the Vendors;
- the Company has agreed to complete a pre-feasibility study by December 31, 2015 or else a US$500,000 penalty payment will be due to the Vendors, plus additional $500,000 penalty payments for each additional year that the study is not completed, to a maximum of US$2,000,000 in penalty payments;
- port and loading services for the future export of phosphate rock will be provided by the Vendors at commercial rates at the JPQ Maritime Terminal located 40km west of the Bayovar 12 Project;
- the Vendors will maintain responsibility for gypsum operations on the concession until the completion of the pre-feasibility study; and
- the Company will retain a right of first refusal for the purchase of the Vendors' 30% interest in JPQ.
In order to provide funding for the purchase of the Bayovar Interest and for further advancement of the Bayovar 12 Project, the Company has executed a Term Sheet with Sprott Resource Lending Partnership (the "Lender") in respect of a US$5.0 million secured loan facility (the "Facility").
The Facility is subject to a number of conditions, including among other things completion of non-technical due diligence, completion of loan documentation, approval by the Lender's partners, and approval by the TSX Venture Exchange. Focus and the Lender are targeting satisfaction of the conditions precedent and first draw down of the Facility on or about 25 March, 2015.
Key terms of the Facility are:
In addition, Focus has agreed to an exclusivity period through April 27, 2015, where it is restricted from engaging in discussions with alternate finance providers. Should Focus elect not to proceed with the Facility (in a situation where the Lender is prepared to complete the closing and advance the Facility), Focus is required to pay a fee to the Lender equal to 50% of the Commitment Fee.
- Facility amount of US$5.0 million, with an interest rate of 12% per annum;
- Facility to be repaid by September 30, 2016;
- Repayable prior to maturity, in full or in part, at the option of Focus, provided a minimum of 6 months of interest has been paid; and
- Structuring fee of US$75,000 cash, a drawdown fee equal to 2.5% of the amount drawn, and a commitment fee ("Commitment Fee") of 1,250,000 warrants to purchase shares of Focus exercisable for five years at a 30% premium to market.
The securities referred to in this news release have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of such Act. This news release shall not constitute an offer to sell, nor the solicitation of an offer to buy, any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.
Sprott Resource Lending Partnership is a natural resource lender focused on providing financing to mining and oil and gas companies. In July 2013, Sprott Inc. completed the acquisition of Sprott Resource Lending Partnership which now operates as a subsidiary of Sprott Inc.
In order for the Company to continue funding the Bayovar 12 Project through its current operations and engineering studies, it has agreed to sell to Radius Gold Inc. ("Radius") (TSX VENTURE:RDU) a royalty equal to 2% on the Company's 70% interest in future phosphate production from the Bayovar 12 concession for the sum of US$1.0 million. The Company will have the right for 12 months to buy back one-half of the royalty for US$1.0 million. If Radius decides to sell any of its royalty interest in the future, the Company will retain a first right of refusal.
Focus and Radius have two common directors, and the transaction is subject to TSX Venture Exchange approval.
If you want it in words, click here. It starts like this...
...and is a jolly read for a Tuesday morning.
If you want it in an easy to recall image..
TORONTO, March 9, 2015 /PRNewswire/ - Gran Colombia Gold Corp. (TSX: GCM, OTC: TPRFF) announced today the details of the monthly interest payments it will make on March 31, 2015 on its Senior Secured Gold-Linked Notes due 2017 and its Senior Unsecured Silver-Linked Notes due 2018.Gold Note holders of record as of March 20, 2015 will receive approximately US$8.77 per US$1,000 face value of the notes, leaving a balance of interest in arrears after the March payment of US$17.26 (approximately two months) per US$1,000 face value of the Gold Notes. Silver Note holders of record as of March 20, 2015 will receive approximately US$4.38 per US$1,000 face value of the notes which will be applied against the interest in arrears from December 31, 2014, leaving a balance of US$17.13 per US$1,000 face value of Silver Notes after the March payment. These payment amounts are derived based on a 32-day period from February 28, 2015 through March 31, 2015, inclusive.The interest payments are being made by the Company while we continue work on a comprehensive plan moving forward. The Company has recently received an optimized mine plan for its Segovia Operations from SRK Consulting (U.S.), Inc. and is commencing to undertake the required actions to implement it. The Company is continuing to work closely with its financial advisor, GMP Securities L.P. to evaluate its various options related to the capital structure of the Company and its future debt service abilities on both Gold and Silver Notes.About Gran Colombia Gold Corp.
The dollar is in trouble. Its value on foreign exchange markets has been falling for the past six years, and now its gradual decline is about to become a rout. This spells big trouble for the American economy—but potential riches for smart investors. In The Collapse of the Dollar and How to Profit from It, financial gurus James Turk and John Rubino show how the dollar arrived at this precipice, why it will continue to plunge, and how you can profit from the resulting financial crisis.
The United States today is the world’s biggest debtor nation. To finance this mountain of debt, we’re flooding the world with dollars. The resulting oversupply of dollars will cause its value to decline until it is displaced as the world’s dominant currency.
There has been a lot of bullish talk in the metals community about zinc and nickel over the past couple of years, as many insiders believe those commodities are poised for a rally. You can include Clarus Securities analyst Mike Bandrowski in that group.He published a detailed note on Tuesday that suggests zinc and nickel have “imminent” upside and will perform very strongly over the next two years as inventories disappear.In the case of zinc, Mr. Bandrowski noted the market is already in deficit, and that deficit should get bigger following the closures of the Lisheen and Century mines this year. He said exchange inventories have fallen by more than half over the last two years and should be at “critical” levels later in 2015.“We believe the lack of funding in zinc mine development and exploration has now caught up with the marketplace and zinc prices will respond in 2015,” he said in a note.“Despite the broad commodity sell-off, zinc has held up quite well, likely an indication of the favourable supply/demand fundamentals.”
The information and opinions contained within this site reflect the personal views of Inca Kola News and therefore all material within should not be construed as accurate or reliable or be utilized as advice for investment or business purposes. Independent due diligence and discussions with ones own investment and business advisors is strongly recommended. Accordingly, nothing on this site should be construed as offering a guarantee of the accuracy or completeness of the information contained herein, as an offer or solicitation with respect to the purchase or sale of any security or as an endorsement of any product or service. All opinions and estimates included on this site are subject to change without notice. All content may be reproduced under fair use doctrine providing proper credit and a return link is made to this site.