And this is on my speakers:
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And this is on my speakers:
"The big event of the day, however, was the resignation of Vice President Baldetti. She has yet to be formally accused of any involvement in the corruption scandal but I assume that's only a matter of time. At best, her private secretary oversaw the looting of $100 million from the people of Guatemala right under her nose. I'm not sure anyone can seriously believe that to be the case. She has been connected to unexplained wealth for the entire term."
...this one, "Pacific Rubiales (PRE.to): Who the hell is Volbor Trading?".
May 8, 2015; Vancouver, Canada: Focus Ventures Ltd. (FCV.V) announces that in response to demand, and to provide additional working capital to fund planned development activities at its Bayovar 12 phosphate project in Peru, the Company has increased the size of its proposed non-brokered private placement financing, previously announced on April 9, 2015, to a maximum of 20.0 million units at CAD$0.20 per unit, for proceeds of up to CAD$4.0 million. The financing remains subject to TSX Venture Exchange approval.
Just so you know. 484 pages, 21Mb, bets if you load it from there. Headsup done.
UPDATE: And what this means is...
...that exit poll is being confirmed as each hour passes. The Tories have this one, with the backup story of the day how the SNP is in Full Braveheart mode and winning virtually everything North of the border.
"Guatemala's Supreme Court unanimously ruled that Congress can strip Vice President Roxana Baldetti of immunity, forcing her to face an investigation regarding a customs corruption racket allegedly led by her personal secretary. Intercepted phone calls link the VP to alleged bribery to avoid customs taxes..."
1) Messi gets ball, engages defender.
From there, Messi then makes a chipped finish over the best goalkeeper in the world look like a training exercise. Off-chart skills. Screenshots from this decent two minute highlight Youtube :
...the US Dollar index (USD):
BEWARE THE CAMEL! IT WILL BOW ITS HEAD AND DRINK DEEPLY!
UPDATE: Reader MP chips in: "I like your chart, but the camel should be facing the other way"
Who's the patsy now, Frank? From National Post/Vancouver Sun today:
VANCOUVER — This seems out of character: Frank Giustra, one of Canada’s wealthiest and most guarded businessmen, is openly seething. Smacking the boardroom table and swearing.“I can’t deal with this anymore,” snaps the mining and entertainment magnate. To his horror, he’s become hot political fodder south of the border. All because of his close relationship with former U.S. president Bill Clinton, suggestions of influence-peddling through related charities the two men established and a growing scandal ensnaring Hillary Rodham Clinton.“I’ve spent the last 10 days doing nothing but dealing with media calls. I can’t get anything done,” Giustra says, his voice starting to crack the longer our interview inside his downtown Vancouver office this week continues. “It’s out of control. It’s a f—ing circus.”
If a Boateng falls in a forest and just 92,000 people are around to see it, does it make a sound?
UPDATE: Ah, it's Derwick Associates:
UPDATE: OK, here's the EngLang version:
Reuters) - Mexican conglomerate Alfa Sab de CV (ALFAA.MX) and Harbour Energy Ltd have agreed to acquire Canadian oil and gas company Pacific Rubiales Energy Corp (PRE.TO) for C$6 billion, including debt, a person familiar with the matter said on Tuesday.Pacific Rubiales is the largest independent oil and gas producer in Latin America. Its shares have plummeted more than 80 percent since oil prices began to slide last summer. Alfa, which already owns a 20 percent stake in the company, decided now was the time to pounce.
Alfa and Harbour have agreed to pay around C$6 ($5) per share for Pacific Rubiales and will each own half of the company, the person said, asking not to be identified because the deal is not yet public. Continues here
- Coeur (CDE): We said their numbers sucked.
- Argonaut (AR.to): We said their numbers sucked too, though perhaps not as much as CDE's.
- Timmeh! Gold (TGD) (TMM.to): We said their numbers weren't exactly great, but they weren't bad either and didn't suck nearly as much as people had expected.
...another one dies today. Shot by police. Bless 'em.
So next week the Arequipa region of Peru gets a 72 hour regionwide strike in support of the protest, instead of the mere 24 hour of a couple of weeks ago.
UPDATE: Here's a link to an English language report on the death, from Global Post/AFP. Here's how it starts:
One person was killed and two others injured Tuesday in clashes between police and demonstrators during a seventh week of protests against a mining project in southern Peru, the Interior Ministry said.
The fatality was the second in recent weeks as protesters rally against the $1.4 billion Tia Maria mine in the country's Arequipa region.
"We confirm a death and two injuries following violent clashes in the city of Mollendo," Interior Minister Jose Luis Perez Guadalupe told reporters.
Full report here.
"...this perenially underperforming company isn't showing better operating margins. Costs keep eating into too much of that revenues number and we should be seeing better margins from a company that pays in Loonies but sells its wares in USD.
The debt on the CUM books is heavy, but most of it doesn't come due until the next decade and the next two years are very light in repayments. The company has financial time and isn't going to feel a cash crunch, but it's been a poor operator for way too long and its management team has to come under deserved scrutiny one of these days, you can't get a pass like this forever.
If I were Mitsu, I'd look for the moment to buy these jokers out and then put in a team that can actually run this company. One thing's for sure, if copper rebounds the Loonie will go with it and you'll suddenly see eyepopping net profits coming from this one."
"Argonaut achieved tremendous operating results during the first quarter of 2015. In addition to a strong quarter of production, we added $13 million to our cash balance..."
*Say hi to Kate Moss for me next time, Pete
Hey, remember when Nevada Copper (NCU.to) booted its liquidity problem into the future by raising cash late last year and sticking it on the long-term liabilities? Yeah, me too. Well the debt's still there on the books...
...but the cash is now getting worn down again...
...and we're in back negative working capital territory as a result.
Do you also remember all that fancy dancey stuff about getting the U/G mine done and cash flowing as from 2015? Well...
What's good for Red Kite isn't necessarily good for you, dear retail shareholder.Development ScheduleThe Corporation is completing an updated Integrated Feasibility Study targeted for release in May 2015. After the results of this feasibility study are in hand, the Corporation will be in a position to reassess the development options available for Pumpkin Hollow, and the available sources of financing, in the context of the market at that time. The options include a staged development (Stage 1 underground and Stage 2 open pit), and the “integrated” development option with a single large process facility and dual sources of mill feed from the open pit deposit and underground deposit. Under either scenario production could commence as early as 2018 subject to receipt of funding.
Sulliden (SUE.to): In which IKN explains why you should never invest in a company run by Stan Bharti
How to Pocket $5MM For Losing Over a Quarter of Company’s Assets in Only Six Months
It was a tough year to be a shareholder of Aberdeen International ( AAB.TO). In the first six months of 2012 the net loss amounted to over $26MM or over 25% of the assets, the net asset value (NAV) at the end of the period was less than $72MM (from $136MM in the early 2011), the share price declined 40%, and the market cap dropped under $35MM. But while shareholders felt the pain, the management was doing great: “salaries, consulting, benefits, and bonus” increased sharply compared to prior years: for the past six months it was $5,459K compared to $600K in 2011 and $798K in 2010. Most of the difference was due to increase in the “key management remuneration” which added up to $4,870K in benefits and shares – 7% of the NAV and almost 15% of the market cap - in just six months. By any reasonable measure, the “key management” awarded itself compensation that is way out of proportion to company’s overall performance or assets.
Aberdeen is lead by Mr. Stan Bharti who is not a stranger to excessive compensation questions. Only this year a similar situation took place at Longford Energy, where Bharti-led management gave themselves seven figures bonuses before being finally unseated by dissident shareholders. And at Bharti-led Forbes and Manhattan Coal ( FMC.TO), where Institutional Shareholder Services (ISS) just this month highlighted excessive executive compensation issues and shareholders are fighting to replace the board (1).continues here
As SUE.to now has the M+I resource at 2.438m oz gold, that's 1.548m oz difference and good for a $2.3m bonus to the pool of directors.As for the inferred resource, that's 3.256m oz and apparently good for $2.9m in bonus payments. To add insult to injury on this one, nearly half that inferred total comes from the sulphide resource and nobody has a clue as to whether that will be economic or ever mined.Next, the IRR bonus, which is a crock of shit because we don't know whether it's based on pretax or post-tax for one thing. Not only that, but any fool can offer up a high % IRR just by changing the gold price assumptions. In the recent feas study results, SUE.to offered us a 52.2% IRR which suggests that directors get to pay themselves $2.1m in bonuses.Next, these jokers get $2m just for handing in an EIA to the Peru government! It can be a total crock and get rejected, but that doesn't matter, ka-ching $2m, but if it gets approved, it's another $2m in bonuses.The next line items are no less audacious but speak for themselves and mean SUE.to directors get $12m more to carve up amongst themselves if the mine gets to commercial production.And then note down the bottom, that they're not that worried if the share price goes up. Cash is king in Bharti's world, but if by some miracle they haven't smashed the retail holders into tiny bits by this point, they can award themselves a bonus on share price performance, too.
Interestinger and interestinger, Keith Neumeyer going WANT WANT WANT. Presumably, the next bit is where Stan's cronies tell us that 3c is better than 6c. Here's the link, here's the NR:
PS: Full disclosure: I do not own any COD.v, FF,v or (heaven forbid) SMC.to.
- 167% to the implied value of $0.0225 per COD common share under the Sulliden Agreement (the total value of Sulliden's offer being $3,807,618 as opposed to the total implied value of First Mining's offer which is $10,153,649);
- 261% to the unaffected COD common share price on February 27, 2015, the last trading day prior to the public announcement of the Sulliden Agreement; and
- 100% to the current market price of the COD common shares.