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6/10/17

Two weekend reads

This in The New Yorker, "The Strange Secret History of Operation Goldfinger". An extract:
Thus began a strange, untold episode in modern American history. In the mid-to-late nineteen-sixties, as gold’s role in the international monetary system was about to implode, a handful of top Johnson Administration officials, a few sympathetic members of Congress, and hundreds of government-paid scientists set off on a nuclear-age alchemical quest. Barr gave it the code name Operation Goldfinger. The government would end up looking for gold in the oddest places: seawater, meteorites, plants, even deer antlers. In an era during which people wanted badly to believe in the peaceful use of subatomic energy, plans were drawn up to use nuclear explosives to extract gold from deep inside the Earth, and even to use particle accelerators to try to change base metals into gold.
Read the whole thing here.


Then via reader RB, a good overview in Bloomie on the Odebrecht scandal current rocking Latin America to its political core (with lots more to come). An extract:
Often these people were politicians—the company had been bankrolling campaigns in Brazil, including presidential campaigns, going back to when bribery was strictly a cash business. Since the establishment of Structured Operations, Odebrecht had funded plots to elect a half-dozen presidents in Latin America; buy the friendship of heads of state in Angola, Peru, and Venezuela; and pay off hundreds of legislators from Panama to Argentina.

6/9/17

Johnathan Pie on the UK General Election result

A fine rant worth three minutes of your time, though NSFW.



Thanks for the heads-up, reader B. Youtube here.

The Friday OT: Vicente Fernández; El Rey

More Mexican, impossible.





Cry and cry and cry and cry. Roll and roll and roll and roll.

 Youtube here.

Photo of the day

No further comment necessary.


Thank you reader PK.

Catching up with Rye Patch Gold (RPM.v)

Since writing this post on April 28th that explained in its....hmmm...potentially overly short and snippy manner... to a couple of damnfools bugging my mailbox that Rye Patch Gold (RPM.v) had "...definitely has run out of cash and it definitely will finance again very soon", the company has sold forward what was left of its Rochester royalty for $5m (instead of letting it run and making more) and is now raising $10m (plus overallotment?) in the bought deal announced this week which is set toput the share count up to a squillion or so.

Further questions?

Thoughts on Red Eagle (R.to)

For the record, I'm long Red Eagle (R.to) and I'm staying that way without any worries but that can't be said for many other market participants. It's one of the most interesting "whisper companies" out there at the moment, simply for the quantity of rumours and intel that swirl around it. There are many reasons for all this talk but it all boils down to one thing; somebody is trying to turn a profit on the noise. There have been so many cases of this desk receiving, "I've heard that..." mails and phone calls re. R.to that I've lost count, with subjects including landslides, ground conditions, lack of ore, executive delinquencies all covered and the best ones, though almost always bullshit, all contain a grain of truth around which the story is spun. The latest is that because San Ramón has no ore R.to is trying to buy feed from third parties. Again, in part that's true because until the next stope is opened (due online July) the plant has excess capacity and it makes sense for the company to earn a bit of cash flow in the meatime by buying in, but this small and ultimately inconsequential fact has been magnified into yet another "we all gonna die" story. Thing is, unlike other attempts at jawboning a stock up or down, the rumourmill really has worked its magic on R.to and you can see that in the way the stock trades. Weak hands abound. Like I say, I'm long and staying that way, IKN's kung fu is stronger than most kung fu. R.to is going to be just fine. Remember this post in late 2017, yeah?

 


A Flash update...

...has just been sent to subscribers, on this grey and overcast Friday morning. A small transaction.

Well hung...

...parliament. The pound:


6/7/17

People seem to think IRL is going to lose Ollachea. People are crazy, there's no way. All you need to do is read the terms of contract. This today:

Minera IRL Seeks Arbitration Regarding Bridge Financing
 
 LIMA, PERU - (Marketwired - June 06, 2017) - Minera IRL Limited ("Minera IRL" or the "Company") wishes to advise that it has obtained an order from the Superior Court of Justice of Lima as a precautionary measure to preserve the value of the Company's assets and investment in favour of its shareholders, communities and employees. The order temporarily suspends any enforcement proceedings against the Company due to the expiry of the repayment period for the US$70 million Bridge Loan granted by the Corporación Financiera de Desarrollo ("COFIDE"). In order to keep the court order in place, the Company must request arbitration with COFIDE within 10 days.
 
The Company has requested a meeting with the members of COFIDE Board, to reach an agreement regarding the extension of the Bridge Loan payment term, within which the Company expects to finalize a new financial structuring plan with banks and/or investment funds. The Bridge Loan was part of the Exclusive Structuring Mandate of a senior debt facility for up to US$240 million maximum, which was unilaterally revoked by COFIDE with an announcement made in early March 2017 that became effective on April 01, 2017.
 
"Within 60 days after COFIDE's announcement of its decision not to continue with the loan structuring, the company has identified new financing options and is in active dialogue with a number of parties interested in considering an investment. We also maintain the local community's support for construction of a mine. We are confident we will resolve this matter and unlock the value of our flagship Ollachea Gold Project." stated Gerardo Perez, Chairman of Minera 

6/5/17

On the road


Your humble scribe is out travelling and visiting and things this week. For not very secret reasons (subbers know why). 
Posting will be light until Friday, though I'll probably have time here and there to throw a few ramblings on the page. Have a good one.

This is how Cannabis Wheaton (CBW.v) lies to you

CBW's news release this morning is a hatful of hilarious, all that "only good things happening" stuff is beyond parody. But you have to wait until the end to get the influence of the shysters:

further to the Company's press release dated May 31, 2017, we wish to confirm in the strongest possible terms that no law enforcement or other regulatory agencies have contacted the Company and that any allegations to the contrary being published online are entirely without merit.

CBW can say that because the RCMP is speaking with the company lawyers, not the company. Aren't these guys the best?

6/4/17

The top three most visited IKN posts this week are...

...in reverse order:

Third Place: "The Cannabis Wheaton (CBW.v) scam is falling apart". Lots of hits is what happens when we break news, no matter what the subject.

Second Place: "How the Cannabis Wheaton (CBW.v) placement collapsed". Very impressive to see a post on a Saturday make the top three, I don't think it's ever happened before. Mind you, it was a good'un even if I do say so myself. Cockroaches and sunlight.
 
First Place: "An interesting news release from Cannabis Wheaton (CBW.v)  today...". One of the posts that started all the fun earlier in the week. Yup, it was a very THC week on the blog. What interested me most is that the junior mining world seems to be a backwater comparedto what's going on in the Canadian cannabis sector. Who knew?

The IKN Weekly, out now




IKN420 has just been sent to subscribers. We are 4:20 friendly. Groovy.

US tweets on the London attack: Compare and contrast

From the acting US Ambassador to the United Kingdom:


From a purveyor of fake news:

And to be clear, this is what the Mayor of London said:
"My message to Londoners and visitors to our great city is to be calm and vigilant. You will see an increased police presence today, including armed officers and uniformed officers. There is no reason to be alarmed by this."

Oh how cute, quote out of context. Make America Stupid Again.