New track from BT and holy wow and genuflections, it's brilliant.
This is what Gustav Mahler would be doing if he were alive today. Youtube here
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New track from BT and holy wow and genuflections, it's brilliant.
Regarding your comments on the short defense, I am surprised you did not consider that the criticisms you make are also applicable to the short report. You are scathing in your attacks on NAK, yet, you overlook the flaws in the short attack. Do I need to point out to you the obvious disconnect ? I understand the shorts, they stand to make enormous profits. NAK, is of course, defending themselves. What is your interest? I believe you wish to appear independent and unbiased. This string of reports puts you firmly in the short camp. This recent post has damaged your creditability with me. You do not appear to be objective, or intellectually honest. What is your interest in this matter, and how are you being compensated? How do you justify accepting the short report at face value and dismissing the defense out of hand? The short report writers are totally unqualified and do not appear to have any professionals in place. TD has much more credibility that some unknown short seller. I acknowledge they both have money at stake, but I believe TD is more credible. As always, sell side analysis must be taken with a grain of salt.If you are serious, and intellectually honest,I believe a fair and calm rebuttal of these points is required. If you choose not to, than it leaves me with the impression that you are no different that other scam artists and snake oil salesman that pollute the internet.This biased stand on NAK has led me to doubt the objectivity of your posts in general. I have been enjoying reading your work and it has often proved interesting. Thank you for addressing my concerns.
Disclosure: No position at all in NAK.
To the surprise of nobody.
Take a few minutes from your busy, thrusting Friday for some sublime piano beauty.
"...527 million tonnes of Measured resources grading 0.33% Cu, 0.35 g/t Au, 178 ppm Mo and 1.66 g/t Ag and 5.9 billion tonnes of Indicated resources grading 0.41% Cu, 0.34 g/t Au, 245 ppm Mo and 1.66 g/t Ag. David Gaunt, PGeo., a Qualified Person who is not independent of Northern Dynasty is responsible for the estimate."
1) Go to the Global Mining Observer dedicated page.2) Click on the submission link3) Name the person who you deserves sector applause (and your submission can be anonymous).4) Hit send, sit back, soak in the love.
With the backdrop of multiple record highs in world stock markets, that's an interesting chart.
"Essentially the fund makes a claim that the deposit is worthless. Having been to the project with David Lowell, one of the world’s best geologists, and personally been in the data room, I think the project is the opposite of worthless. I put millions of my own money into the company for a reason.”
"...Essentially the fund makes a claim that the deposit is worthless. I have been to the project with David Lowell, one of the world’s best geologists, and we were presented the same information that every other analyst has been presented and we believe wholeheartedly that this is a world class project. We have not signed a CA and we have not been in the data room. I think the project is the opposite of worthless. I put millions of dollars into this company as previously disclosed to all Katusa Research subscribers..."
In 2010, Mr. Moron-e stated that the exploration program at El Peñon mine in Chile would lead to "...achieving a sustainable production level of 450,000 to 500,000 GEO with the potential for additional increases."In the recent exploration update released last night, we find that "The Company believes that 2017 will be a year of transition at El Peñón with the available wide and high grade veins being replaced by numerous high grade yet narrower vein systems. During this transition, production will be reduced from recent levels, although over a longer term at a more sustainable level."The use of the word "sustainable" in both of these cases is driving me insane. I feel like I am being remotely programmed."El Peñon is dead. Long live El Peñon"
Indeed it's true and if we check on production results at El Peñon since 2010...
...be they up or down, but this today...
...is interesting and noteworthy. Who gives a crap about CPI anyway?
An interesting geological take on a current hot stock. Right here.
"Essentially the fund makes a claim that the deposit is worthless. Having been to the project with David Lowell, one of the world’s best geologists, and personally been in the data room, I think the project is the opposite of worthless. I put millions of my own money into the company for a reason”
- Company officers or employees
- People who have signed a non-disclosure agreement/confidentiality agreement
- Destroyed Shareholder Value. The Concerned Shareholder, Delbrook Capital Advisors Inc., believes that the management and Board of Directors of Rapier Gold Inc. have destroyed considerable shareholder value and continue to operate the Company without a clear strategy focused on maximizing shareholder returns.
First we have long-time market scamster Marin Katusa pumping Northern Dynasty's Pebble project, preying on the ignorance of naive mining greenhorns with more money than sense, with the whole thrust of this crazy pump being "Trump will award the permits". Now we have another scumball on the bandwagon, Michael Ballanger over at The Gold Report trying to make the case for NadaGold's Donlin gold project, also in Alaska...... by swatting out a paid-for pump piece on NG and rebounding comments of people already long and with vested interests in the stock. Which is all very nice I'm sure, but this whole new pumperooney on these dogs misses a vital point: They're both dogshyte projects, marginal at best, most likely uneconomic in real terms even under much higher gold prices and with crazily high capex costs. Pebble has low grade gold that doesn't report to the copper cycle (which is why Cominco sold the thing to HD in the first place) and Donlin is notoriously refractory. So forget the permit papers and even ignore the significant local opposition, it doesn't matter how many papers with signatures they get because they're not going to be mines. Permitted or not. Ever."NOVAGOLD's announcement that it is nearing the end of the Environmental Impact Statement process at its 50%-owned Donlin Gold project in Alaska was welcomed by a pair of observers."
...pretty interesting trading so far.
Hey, you remember that Argentina "Federal Mining Agreement"? That document to be signed by all 23 provincial governors of Argentina that the country would then parade in front of the suited dignitaries at PDAC to pretend it was a serious country with clear rules for one and all?
Mario Das Neves, governor of Chubut, has just stated that he won't sign it.
Hey Ross, how's that Aquiline purchase going?
Semana Economica: In 2015 and 2016 there was an internal power struggle at Minera IRL. Are all the problems now resolved?Diego Benavides: "All the legal actions brought against me by the ex-directors of IRL have been dismissed. We've managed to re-list our shares in Lima (BVL) and Toronto (CSE). The next step is to re-list in London (AIM), which should be in 3q17. London is very important (to us) as 55% of our shareholders are there, above all the institutions."SE: When will production start at your Ollachea project?DB: "The objective is to begin construction as soon as possible, we could begin within three or four months and between June and July 2018 we would be in production. The estimated capex was around U$180m, but our debt capacity has a limit and we do not want to dilute our shareholders (by emitting a lot more shares. Due to this we are optimizing the project and reducing capex to U$30m."SE: How will the project change?DB: "We're looking to reduce the daily throughput from 3000 tonnes to 1500 tonnes. This will allow a reduction in construction time from two years to one year. In the first two years we would produce around 60,000 or 70,000 ounces of gold (instead of the current estimate 100,000 ounces). In year three, with positive free cash flow, we will expand volume to 2000 or 2500 tonnes and gold production pays for capex and opex, which will allow shareholders to have upside."SE: In 2015 Cofide awarded a U$70m bridge loan to IRL in order to finance Ollachea. How has that advanced?DB: "There were two conditions to secure the final loan. First a drill program which is now complete and has increased the inferred resources at the project by around half a million ounces. Second, the change of the construction contract from an EPCM to an EPC "turnkey" deal, which hands off construction risk to the contractor.We will talk with Cofide in order to determine whether a syndicated loan is the most appropriate (as initially thought) as it will weigh us down with debt. We have to lighten this. The current plan is to restructure with leasing and reduce principal financial debt. We believe the final debt deal can be ready by June."
Presumably "by?"" Due to this we are optimizing the project and reducing capex to U$30m."
The answer is no, it's "to". IRL is looking to reduce initial capex to U$30m.
The song and dance man
It's oh so quiet, Shh shh
It's oh so still, Shh shh
It's Oh So Quiet, Betty Hutton, 1951*
Preamble: I’ve tried to tighten up this semi-disjointed rant up a bit, but part of its message seems to be its very disjointed nature so in the end I edited it down but kept its disparate nature. I’m not in the running for a Pulitzer anyway. The TL:DR is “Trump isn’t really much of a factor to our investments and the world isn’t about to end just because he’s in the Oval Office”.
We need to talk about President Donald Trump. Soon we’ll need not to talk about Trump, the subject will get too repeated and too boring and as already noted on the blog (1) I’m going to curtail references to The Donald over there as much as possible (my tiny contribution to online well-being), but as The US government and its declarations are in the centre of all things newsy at the moment, there’s no avoiding at least some comment.
And the main comment is that, so far at least, there’s very little that really matters to me about President Trump’s administration. For sure there has been constant noise, sometimes close to deafening, about the executive orders and decisions handed down, along with the pushback from politicians and legal beagles alike. For what it’s worth, my fave to date is his picking a fight with the US judiciary. Really not a very good idea, Donald, it’s your four/eight year tenancy vs jurisprudence of two plus centuries, you’re taking a knife to a gunfight.
But it’s all rather inconsequential so far because it’s nearly all domestic policy. For sure building a big beautiful wall, re-doing NAF(F)TA and not letting people in from dangerous countries will affect people from countries other than The USA, but all of those are domestic and not foreign policy decisions and if you piss off an Australian politico or two along the way, big deal. The only thing we mining investors should care about are either domestic fiscal policy decisions that have a knock-on effect through Wall St, or true foreign policy decisions by The Donald, so far at least we’ve had none. Yes, we’ve had mutterings about a “phenomenal” (bless him) tax plan (2) which people are guessing will be “stimulative” (translation: rich get richer) and just the rumour saw bank stocks pop higher last week. When that one gets rolled out we can see how much optimism is already baked in, but you don’t need to take my word for the lack of real fiscal or economic news out there as yet, take it from somebody much smarter than I am about the subject (3):
U.S. Federal Reserve Vice Chair Stanley Fischer said there was significant uncertainty about U.S. fiscal policy under the Trump administration, but the Fed would be strict in meeting targets of creating full employment and getting inflation to 2 percent.
Speaking at the Warwick Economics Summit on Saturday, Fischer also said he thought Dodd-Frank financial regulation would not be repealed as a whole, and he hoped capital requirements for banks would not be significantly reduced.
"There is quite significant uncertainty about what's actually going to happen, I don't think anyone quite knows. It's a process which involves both the administration and the Congress in deciding fiscal policy," Fischer said, in response to a question.
Translation: “We don’t know what he’s going to do to the US economy yet. And we’re the freakin’ Fed, we’ve got computers and stuff, you guys out there don’t have a chance!”
Meanwhile, when it comes to foreign policy and foreign relations The Donald has found out quickly that “The Art of the Diplomatic Deal” is a missing chapter from his best-seller, a good thing for all of us. Remember all that “recognizing Taiwan” thing? Remember the “China nasty people playing nasty currency games”? Remember the trade war Trump threatened if China didn’t start giving America a good/fair/better deal? I’m sure President Xi Jiping of China remembered all of them when he told The USA that he wouldn’t even pick up the phone if The Donald wasn’t ready to accept the One China policy. Trump agreed, he now recognizes China as a single entity offshore islands and all, the two had a long conversation (4) and once it was done, the two were telling us of their assurances to work together for the greater good of both countries. Donald, that’s what having your wings clipped feels like. So here’s my bet; domestically Trump will continue to make waves, cause controversy and shake up “the system” (or the bit of the system he has identified as the nasty bit), but when it comes to the fate of the world he’s not going to make much of a difference, the smarter world leaders (China, Russia, some parts of EU and that does not include the UK) have got his measure already. The most insightful thing I read about Trump this week came from an unusual source, but a whipsmart brain. Here’s Mel Brooks (5) on his new President and entourage (and before you send in any stuffy mails, “anti-Muslim travel ban” are the words of The Guardian, not Brooks’ or mine):
Brooks, who views Trump’s anti-Muslim travel ban as poorly planned and poorly executed – his parents came to the US as kids – does not revile the new president in the kneejerk way most movie people do. “Trump doesn’t scare me,” he says. “He’s a song-and-dance man. Pence [the vice-president] and Bannon [Trump’s scheming henchman, a kind of Dick Cheney without the radiant, cherubic charm], those guys make me nervous.” He adds: “We are not talking about Athenian democracy here.”
I agree. However much his style and persona might agree/disagree with you or I, this whole drain the swamp” and “break the rules” schtick is only going to travel so far. Will “The Resistance” in The USA change my life, or even my financial situation? About as much as the Tea Party did (i.e not at all). Will a Trump tax law that allows the rich to get richer have a knock-on effect on my portfolio? Maybe, but only in the same way the rich got richer through Reagan/Bush1/SlickWilly/Dubya/Barry did. As long as Trump defines himself as a financial force for change, be it ultimately positive or negative, I’ll be able to handle his character and mouthiness. The way he’s already being put in his place on the world stage augurs well, he’s turning into a net neutral for my life and that’s a welcome turn of events.
*Though you may remember the 1995 Björk cover version