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This from the leading expert on Colombia's mining scene, Paul Harris of The Colombia Gold Letter. It starts like this:
"Continental Gold received widespread support Friday for the development of an underground gold mine at Buritica, Antioquia during a public hearing held as part of its environmental license permitting process. Some 700 people participated at the public hearing at which the majority of registered speakers, including town mayor Humberto Castaño, voiced support for the project, with many..."
Full report right here. Go read.
A remarkable and beautiful piece of music and video.
With a title like that, maybe he's looking to take over IKN. He's welcome to it, frankly.
Anyway, it's all on this 10 minute Kitco vid featuring Cambone.
El Tambor in Guatemala: "This is a dog licence with the word 'dog' crossed out and 'cat' written in in crayon"
*it's spelled like that on the van
Great post on Joe Mazumdar's speech "Don't get fooled again." Lot of good advice in there, thanks. One of my favorites: "Keep looking at every new press release [from a junior] and see if it negates your thesis." It would make sense too, that in the junior mining world, generally speaking, every new piece of information points to INCREASES in odds of that project failing. Most press releases will negate your thesis, since most projects fail. Instead most investors come at each press release with confirmation bias and try to make the facts fit their theory or explain why they are already up 25% in the stock and its the next 10 bagger. I've done that once; once and never again! Your blog and the Ottotranslator have certainly helped me sharpen up and its paid off considerably, in both dollars made and in an even greater amount of dollars avoided being lost. I can't stress that enough, avoiding big losses is really the name of the game over the long haul. Anyway, keep 'em coming!
...according to the crazy views and biased, uneducated opinions of your humble scribe after first scans of a bunch of 3q16 financials from producing miners, filed between last night and this morning:
- Torex: Good. Not my fave for non-ops reasons, but undeniably good economics at the mine and it's now delivering well
- B2Gold: Good (see previous post)
- Kinross: Crappy (and before you point to the impairment, the Maricunga snafu was their own fault, the hit is a real one and not just accounting)
- Wesdome: Reasonably good, though "difficult conditions" for the Kiena drilling is a slight bummer...patience needed I suppose.
- McEwen Mining: Mediocre, will the market give Robbie Mac his usual free pass?
- HudBay: Good, impressive costs reductions, but still not making enough money to pay down the debt significantly.
- Great Panther Silver: You mean it actually managed to deliver a quarterly net profit for once? Okay, not much of one either, and did you see them slip in the paperwork for an equity raising late last week, all quiet and under cover? No? Well I did. Jeesh you gringos will buy anything...
Other names, no opinions. Have a pleasant morning.
One hundred and eight years.
UPDATE: The NR is out.
*The smart and handsome one of the Exploration Insights pairing
- Prime Uranium Mining Prospectors
- Direct Uranium Mining Prospectors
- Sulfide Copper Automated Machinery
- West Africa Nickel and Kaolin
- Salvador Honduras Iron and Titanium
- Associated Rhodium Scandium Enterprises
UPDATE: That didn't take long.
Reader C: "Ferro Uranium Queensland-Unlimited"
Vancouver Inbred Lithium Extortionists (particularly like that one, J)
Porter's Indiscreet Mining Protips
Javanese Uranium Nickel Korp
Local-Interest Energy Solutions
First International Banking Syndicate
Though I remind readers who have offered several ideas on a certain acronym that K92 got there first :-)
- Is it the framing of Titiribi as economic?
- Is it calling the mystery CEO "Adam" (now...seriously...that's funny)
- Is it the U$3,000 discounted price for joining now, saving you U$2,000 from the normal price?
- No news release
- Nothing in the 3q16 report and MD&A
- Nothing in the Conference Call last week.
- On September 27th, OGC closed at $4.05. Right now it's at $4.08, up 0.7%
- On September 27th, BTO closed at $3.38. It's now $3.99, up 18.0%
You can spot the Frank Giustra paid monkeys from a mile away, they all sound the same. Today's the turn of Keith Schaefer and the mailer sent to his list this morning entitled "This Energy Market Desperately Needs Supply", which warbles on about how lithium is the fuel of the future etc etc and then, when you get to the end, the real purpose of his bullshit is revealed:
"That has me excited about a new lithium company—one with prime assets, an award-winning geologist and a board that has built and sold junior companies before. Now they are focused on lithium and are raising millions of dollars very quickly.
What’s more, the biggest catalyst of its short life is happening within the next 30 days.
You can throw a baseball from their property to a producing well at North America’s largest producing lithium asset. They have the water rights. They have the drilling permits.
This company will be getting back their own very first drill results within 30 days—setting the stage for a potential re-rating by the Market.
In two days I’ll give you the name and symbol—for free."
- In two days time Schaefer's pumping LithiumX (LIX.v) for his paymaster Frank Giustra. It's what market whores do for money. They sleep well at night afterwards, too.
- Expect the other current Giustra performing monkey, Tommy Humphreys of CEO.ca, to get all breathless and onanistic about LIX in the days to come too, this is going to be another Frank Giustra full-court press pump to sheep retail as the main man unloads more shares.
UPDATE: The thrust of the above is still correct and Shaefer is still a paid whore and a Giustra lackey, but it seems I may have got the vehicle wrong this time so this update is necessary. A. Reader kindly puts me right with a mail that includes this (slightly edited to protect both innocent and guilty)
It's not LIX they are pumping, it's AAL
5 reasons1) The "Award Winning Team" is all AAL talks about.2) The "Stone's Throw Away From Producer" fits AAL.3) He talks about a new company.4) The big one, in the teaser he said they have water rights in Clayton Valley. Fact is, there is only one junior stock with water rights there and that's AAL.5) AAL just announced drilling and drilling results to come in over the next 30 days.
Maybe too much traveling? :-)
So thanks for that kind reader "M", always appreciate being set right by smarter people than I. And yeah, definitely agree about too much travelling.
Even a three cent stock like BZ.v has a little self-esteem.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 31, 2016) - Benz Mining Corp. (TSX VENTURE:BZ) ("Benz" or the "Company"), announces the termination of the Option Agreement (the "Agreement") with Zimtu Capital Corp. ("Zimtu") to acquire up to a 100% interest in the Lithium project ("Property") located in the province of Newfoundland & Labrador.The decision was made following non-satisfactory results of the detail due diligence investigation of the property, and minimum requirements to meet standard closing conditions.
Come the revolution it's the David Hodges of this world who will be first up against the wall.
1. Not getting the gold
• Asanko appears to be mining significantly less gold compared to the Definitive Project Plan (DPP), despite mining more material
• The gap between the DPP and actual results has grown to an estimated 84koz
• In Q3, we believe the Company mined deeper than plan down the high grade ‘throat’ of the orebody, and yet the gap continued to widen substantially
2. We believe the reason Asanko is experiencing a gold shortfall, is because much of it is not there
• In line with our original thesis, we believe negative gold reconciliation is the cause of Asanko’s under-performance to date
• We do not believe the Company’s selective “reconciliations” are representative of the aggregate problem
• Asanko should have the aggregate data to discredit our initial thesis, we find it unusual that they are not showing it despite vocally contesting our work
3. Not getting the cash
• Asanko’s2016 free cash flow is unlikely to come close to the DPP forecast of $91M
• The Company needs to generate $124M of FCF in H2 2016 to meet this target according to our estimates
• The Company needs to generate $164M of FCF in H2 2016 to meet what we estimate is a more appropriate benchmark given their accelerated mining activities
• We believe Asanko will experience a year 1 FCF shortfall ~30% the size of their total original Phase 1 NAV of $412M (5% DCF, $1,300/ozgold)
4. To mitigate the likely resource issues we perceive at Nkran, we believe Asankowill have to:
• Mine the ore bearing zone at ~2x the rate initially planned
• Defer waste stripping obligations
…If Asanko adopts this approach, it has the potential to significantly shorten Nkran’s mine life
UPDATE: The full K2 report can be found here.
In Edie Hofmeister’s piece (“One View: Criticism of Tahoe Resources' Escobal mine biased, unfounded”, Sept. 14), she invites critics to visit its mine in San Rafael Las Flores, Guatemala to understand what is really going on. Not only did I visit, I worked in the region for several years and served as an international observer at the Sábana Redonda referenda or “consulta” that Ms. Hofmeister references in the piece. I joined national and international observers who were present for this vote as they have been at all of the more than 70 referenda on mining that have taken place across Guatemala since 2005.In the article, Hofmeister upholds Sábana Redonda as the “only reliable vote in the area” – convenient, given that every other vote in the region has overwhelmingly rejected Tahoe’s mine.Tahoe’s ongoing attempts to delegitimize local decision-making processes is disrespectful of Guatemalans’ democratic practices. Tahoe has filed and supported lawsuits challenging the municipal votes against its project in an attempt to prevent the population from exercising their legitimate right to decide their future. In response, Guatemala’s highest court ruled that municipal authorities not only have the right, but the responsibility to convene such votes and to make decisions according to their results.In San Rafael las Flores, the pro-mining mayor prevented a municipal-wide vote on the Escobal mine. Local leaders who had collected signatures demanding a referenda were slapped with unsubstantiated legal charges by Tahoe employees or people associated with the company. Undeterred, citizens organized village votes instead, carrying out eight before a state of siege, likened to martial law, was declared by the government in May 2013.Sábana Redonda was the ninth village vote and the only one that took place after the siege. The community is located next to the mine and many people who live there benefit from mining-related employment. Having provided third-party observation for many referenda, I can confidently say that the vote in Sábana Redonda was carried out in the same manner as other local votes — on all subjects, not just mining. Schoolteachers served as election officials, and votes were cast using a paper ballot inside a booth just like in the U.S.However, the fact that the vote was 55 to 45 percent is not, as Ms. Hofmeister implies, a demonstration of support, but rather a testament to the polarization of one of the communities that has received the most direct economic benefit from Tahoe’s operations.Tahoe’s crumbling social license is well-documented. September 2015 elections reaffirmed or brought to power six pro-consultation mayors, most of whom campaigned on platforms anchored by opposition to mining and refusal to accept royalties. Bolstered by the court’s decision upholding the legitimacy of the votes, citizens near Tahoe's operations continue to demand referenda, and mayors point to the results as grounds to refuse royalties.It’s true that the communities surrounding the Escobal mine are not financially wealthy. What Tahoe does not understand is that people’s dignity, clean water and livelihoods are not for sale.
Answer: There's a chance Makuch gets booted out.
End of Q&A session. (Though heaven help the company if Ferrari Kev is the mystery interloper).