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8/30/16

Tahoe Resources (TAHO) (THO.to) is burying its assets

On slide 22 of the latest corporate presentation out of Tahoe Resources (TAHO) (THO.to), the company talks up its "Long-Term Project Pipeline" and there are three projects listed, headed up by the La Arena sulfide project as seen in this screenshot:




That's as to be expected what there being around 2Bn lbs copper and 2m oz of gold to dig out the ground there. It's also normal they talk up this project as a scoping study is due to be compiled on it starting in 4q16. It's also normal because according to the TAHO financials, the La Arena sulfides are worth over U$260m in asset and goodwill value. And that's a lot of money.

So why have TAHO decided to bury their treasure instead? Word from Huamachuco reaches your humble scribe that in a bizarre development, the company has built the latest phase of the oxide leach pad right on top of the projected sulfides pit. In other words, if they ever want to move this asset forward not only will they have to spend all the cash on a new mill, but they're going to have to spend a whole bunch of extra money moving all the dirt they dumped on top of it, which would be a self-inflicted and totally needless extra expense. The attitude towards this "project" is weird, because sticking a major civil works pad on top seems to imply that it's not going to happen as a mine. So if not, why is it being given such a high asset value by the company?



PPK met Alan Garcia yesterday...

...and this photo of the courtesy call by Peru's new President to one of the ex-Prezzes is doing the rounds in Peru today:

Steve Letwin's special way...

...of welcoming new funds and institutional money into the precious metals mining sector for the first time:


Make yourself at home, guys, your entrance fee is now covered, first drink free.

Regarding the Yamana (YRI.to) (AUY) Agua Rica project

According to Catamarca province local newspaper El Ancasti yesterday, we're now just days away from the legal ruling in the province that will ratify the Argentine Supreme Court resolution in March and to activate the permanent suspension the Agua Rica project owned by Yamana Gold (AUY) (YRI.to). But don't worry, Marrone will say it doesn't matter and they were going to do a new EIA anyway...

Here ends the message aimed at the "Argentina Is Now Suddenly Wonderful For Mining" morons currently making the most of their 15 minutes at the microphone.

Chart of the day is...

...the US Dollar index, dailies:


Please show this chart to all the permabull goldbug idiots who have been bleating non-stop for months on end about the imminent death of the US Dollar and ask them if they now accept that they were wrong.

UPDATE: And if they decide to defend their position, you can even play bingo with them. Enjoy!


The Denver 2016 names

The full list of companies participating at the Denver Gold Forum, September 18th to 21st, is out today. Here's the link to the NR, here are the names.


Company  Status  Primary Mineral  Primary Country  Exchange  Ticker
Acacia Mining  Producer  Gold  Tanzania  LSE  ACA
Agnico Eagle  Producer  Gold  Canada  TSX  AEM
Alacer Gold Corp.  Producer  Gold  Turkey  TSX  ASR
Alamos Gold  Producer  Gold  Canada  TSX  AGI
Alexco Resource Corp.  Developer  Silver  Canada  NYSE MKT  AXU
Almaden Minerals Ltd.  Developer  Gold  Mexico  TSX  AMM
Americas Silver Corp.  Producer  Silver  United States  TSX  USA
AngloGold Ashanti Ltd.  Producer  Gold  South Africa  NYSE  AU
Argonaut Gold Inc.  Producer  Gold  Mexico  TSX  AR
Asanko Gold  Producer  Gold  Ghana  TSX  AKG
ATAC Resources Ltd.  Explorer  Gold  Canada  TSXv  ATC
Atlantic Gold Corp.  Developer  Gold  Canada  TSXv  AGB
Aurcana Corp.  Developer  Silver  United States  TSXv  AUN
AuRico Metals  Royalty / Streaming  Gold  Canada  TSX  AMI
Auryn Resources  Explorer  Gold  Canada  TSXv  AUG
Avino Silver & Gold Mines Ltd.  Producer  Silver  Mexico  NYSE MKT  ASM
B2Gold Corp.  Producer  Gold  Nicaragua  TSX  BTO
Balmoral Resources  Explorer  Gold  Canada  TSX  BAR
Banro Corp.  Producer  Gold  Congo, Democratic Republic of  TSX  BAA
Barrick Gold Corp.  Producer  Gold  United States  NYSE  ABX
Beadell Resources  Producer  Gold  Brazil  ASX  BDR
Brixton Metals Corp.  Explorer  Silver  Canada  TSXv  BBB
Buenaventura  Producer  Gold  Peru  NYSE  BVN
Caledonia Mining  Producer  Gold  Zimbabwe  TSX  CAL
Calibre Mining  Explorer  Gold  Nicaragua  TSXv  CXB
Canarc Resource Corp.  Developer  Gold  Canada  TSX  CCM
Centamin plc  Producer  Gold  Egypt  LSE  CEY
Centerra Gold Inc.  Producer  Gold  Kyrgyzstan  TSX  CG
China Gold Int'l Resources  Producer  Gold  China  TSX  CGG
Coeur Mining, Inc.  Producer  Gold  United States  NYSE  CDE
Gran Colombia Gold  Producer  Gold  Colombia  TSX  GCM
Condor Gold  Explorer  Gold  Nicaragua  LSE  CNR
Contango Ore  Explorer  Gold  United States  OTC  CTGO
Continental Gold Inc.  Developer  Gold  Colombia  TSX  CNL
Crusader Resources  Developer  Gold     ASX  CAS
Detour Gold Corp.  Producer  Gold  Canada  TSX  DGC
Dominion Diamond Corp.  Producer  Diamond  Canada  TSX  DDC
Doray Minerals Ltd  Producer  Gold  Australia  ASX  DRM
Dundee Precious Metals  Producer  Gold  Bulgaria  TSX  DPM
Eastmain Resources  Explorer  Gold  Canada  TSX  ER
Eldorado Gold  Producer  Gold  Turkey  TSX  ELD
Endeavour Mining Corp.  Producer  Gold  Côte d'Ivoire  TSX  EDV
Endeavour Silver Corp.  Producer  Silver  Mexico  TSX  EDR
Eurasian Minerals  Royalty / Streaming  Gold  United States  NYSE MKT  EMXX
Euro Sun Mining Inc.  Developer  Gold  Romania  TSX  ESM
Euromax Resources  Developer  Gold  Macedonia  TSX  EOX
Evolution Mining  Producer  Gold  Australia  ASX  EVN
Exeter Resource Corp.  Developer  Gold  Chile  NYSE MKT  XRA
First Majestic Silver Corp.  Producer  Silver  Mexico  NYSE  AG
First Mining Finance  Developer  Gold  Canada  TSXv  FF
Fortuna Silver Mines Inc.  Producer  Silver  Mexico  TSX  FVI
Franco-Nevada  Royalty / Streaming  Gold  Canada  TSX  FNV
Fresnillo plc  Producer  Silver  Mexico  LSE  FRES
GFG Resources  Explorer  Gold  United States  Private   
GoGold Resources  Producer  Silver  Mexico  TSX  GGD
Gold Fields Ltd.  Producer  Gold  Ghana  NYSE  GFI
Gold Resource Corp.  Producer  Gold  Mexico  NYSE  GORO
Gold Road Resources  Explorer  Gold  Australia  ASX  GOR
Gold Standard Ventures Corp.  Explorer  Gold  United States  NYSE MKT  GSV
Goldcorp Inc.  Producer  Gold  Canada  NYSE  GG
Golden Predator  Explorer  Gold  Canada  TSXv  GPY
Golden Queen  Producer  Gold  United States  TSX  GQM
Golden Star Resources Ltd.  Producer  Gold  Ghana  NYSE MKT  GSS
Great Panther Silver Ltd.  Producer  Silver  Mexico  TSX  GPR
Guyana Goldfields Inc.  Producer  Gold  Guyana  TSX  GUY
Harmony Gold Mining Co. Ltd.  Producer  Gold  South Africa  JSX  HAR
Hecla Mining Company  Producer  Silver  United States  NYSE  HL
Hochschild Mining plc  Producer  Silver  Peru  LSE  HOC
IAMGOLD Corp.  Producer  Gold  Burkina Faso  TSX  IMG
Independence Group  Producer  Gold  Australia  ASX  IGO
Integra Gold  Explorer  Gold  Canada  TSXv  ICG
International Tower Hill Mines Ltd.  Explorer  Gold  United States  NYSE  THM
Ivanhoe Mines  Developer  Platinum  South Africa  TSX  IVN
J Resources  Producer  Gold  Indonesia  IDX  PSAB
Jaguar Mining Inc.  Producer  Gold  Brazil  TSX  JAG
Kingsgate  Producer  Gold  Thailand  ASX  KCN
Kinross Gold Corp.  Producer  Gold  United States  TSX  K
Kirkland Lake Gold Inc.  Producer  Gold  Canada  TSX  KGI
Klondex Mines  Producer  Gold  United States  TSX  KDX
Luna Gold Corp.  Developer  Gold  Brazil  TSX  LGC
Lundin Gold  Developer  Gold  Ecuador  TSX  LUG
Lydian International  Developer  Gold  Armenia  TSX  LYD
MAG Silver Corp.  Developer  Silver  Mexico  TSX  MAG
Mandalay Resources Corp.  Producer  Gold  Chile  TSX  MND
Mariana Resources Ltd.  Explorer  Gold  Turkey  LSE  MARL
Marlin Gold Mining  Producer  Gold  Mexico  TSXv  MLN
McEwen Mining Inc.  Producer  Gold  Mexico  NYSE  MUX
Metals X  Producer  Gold  Australia  ASX  MLX
Metminco Limited  Developer  Gold  Colombia  ASX  MNC
Midas Gold Corp.  Developer  Gold  United States  TSX  MAX
Mountain Province Diamonds  Developer  Diamond  Canada  TSX  MPV
Mundoro Capital Inc.  Explorer  Gold  Serbia  TSXv  MUN
Nautilus Minerals  Developer  Copper  Papua New Guinea  TSX  NUS
Nevsun Resources Ltd.  Producer  Copper  Eritrea  TSX  NSU
New Gold Inc.  Producer  Gold  Canada  TSX  NGD
NewCastle Gold  Explorer  Gold  United States  TSXv  NCA
Newcrest Mining Ltd.  Producer  Gold  Australia  ASX  NCM
Newmarket Gold  Producer  Gold  Australia  TSX  NMI
Newmont Mining Corp.  Producer  Gold  United States  NYSE  NEM
NGEx Resources  Explorer  Copper  Chile  TSX  NGQ
Nordgold  Producer  Gold  Burkina Faso  LSE  NORD
Northern Dynasty Minerals  Developer  Copper  United States  TSX  NDM
Northern Star Resources Limited  Producer  Gold  Australia  ASX  NST
Northern Vertex Mining Corp.  Developer  Gold  United States  TSXv  NEE
NOVAGOLD  Developer  Gold  United States  NYSE MKT  NG
OceanaGold Corp.  Producer  Gold  Philippines  TSX  OGC
Orca Gold Inc.  Explorer  Gold  Sudan  TSXv  ORG
OreCorp Ltd.  Developer  Gold  Tanzania  ASX  ORR
Osisko Gold Royalties Ltd.  Royalty / Streaming  Gold  Canada  TSX  OR
Pan American Silver Corp.  Producer  Silver  Mexico  NASDAQ  PAAS
Paramount Gold Nevada  Explorer  Gold  United States  NYSE MKT  PZG
Perseus Mining Ltd.  Producer  Gold  Ghana  ASX  PRU
Pershing Gold  Developer  Gold  United States  NASDAQ  PGLC
Pilot Gold Inc.  Explorer  Gold  United States  TSX  PLG
Platinum Group Metals Ltd.  Producer  Platinum  South Africa  TSX  PTM
Polymetal  Producer  Gold  Russian Federation  LSE  POLY
Polyus  Producer  Gold  Russian Federation  MOEX  PLZL
Premier Gold Mines Ltd.  Developer  Gold  Canada  TSX  PG
Pretium Resources Inc.  Developer  Gold  Canada  TSX  PVG
Primero Mining Corp.  Producer  Gold  Mexico  TSX  P
Probe Metals Inc.  Explorer  Gold  Canada  TSXv  PRB
Pure Gold Mining  Explorer  Gold  Canada  TSXv  PGM
Ramelius Resources Ltd.  Producer  Gold  Australia  ASX  RMS
Randgold Resources  Producer  Gold  Mali  LSE  RRS
Red 5 Ltd.  Producer  Gold  Australia  ASX  RED
Red Eagle Mining  Developer  Gold  Colombia  TSXv  RD
Regis Resources Ltd.  Producer  Gold  Australia  ASX  RRL
Resolute Mining Ltd.  Producer  Gold  Mali  ASX  RSG
Richmont Mines Inc.  Producer  Gold  Canada  TSX  RIC
RNC  Producer  Gold  Australia  TSX  RNX
Roxgold Inc.  Producer  Gold  Burkina Faso  TSXv  ROG
Royal Gold Inc.  Royalty / Streaming  Gold  Canada  NASDAQ  RGLD
RTG Mining  Explorer  Gold  Philippines  TSX  RTG
Sabina Gold & Silver Corp.  Developer  Gold  Canada  TSX  SBB
Sandstorm Gold  Producer  Gold  Canada  TSX  SSL
Saracen Mineral Holdings Ltd.  Producer  Gold  Australia  ASX  SAR
Seabridge Gold  Explorer  Gold  Canada  NYSE  SA
SEMAFO  Producer  Gold  Burkina Faso  TSX  SMF
Sibanye Gold Ltd.  Producer  Gold  South Africa  JSX  SGL
Sierra Metals Inc.  Producer  Silver  Peru  TSX  SMT
Silver Standard Resources Inc.  Producer  Gold  United States  NASDAQ  SSRI
Silver Wheaton  Royalty / Streaming  Silver  Cayman Islands  NYSE  SLW
St Barbara Ltd.  Producer  Gold  Australia  ASX  SBM
Stillwater Mining Company  Producer  Palladium  United States  NYSE  SWC
Stornoway Diamond  Developer  Diamond  Canada  TSX  SWY
Tahoe Resources Inc.  Producer  Silver  Guatemala  TSX  THO
Teranga Gold  Producer  Gold  Senegal  TSX  TGZ
Timmins Gold Corp.  Producer  Gold  Mexico  TSX  TMM
TMAC Resources Inc.  Developer  Gold  Canada  TSX  TMR
Torex Gold Resources Inc.  Producer  Gold  Mexico  TSX  TXG
Tristar  Explorer  Gold  Brazil  TSXv  TSG
Victoria Gold Corp.  Developer  Gold  Canada  TSXv  VIT
Vista Gold Corp.  Developer  Gold  Australia  NYSE MKT  VGZ
Volcan Compañía Minera  Producer  Silver  Peru  BVL  VOLCABC1
Wallbridge  Developer  Gold     TSX  WM
Wellgreen Platinum  Developer  Platinum Group  Canada  TSX  WG
Wesdome  Producer  Gold  Canada  TSX  WDO
West African Resources  Developer  Gold  Burkina Faso  ASX  WAF
Western Copper and Gold  Developer  Gold  Canada  TSX  WRN
Yamana Gold  Producer  Gold  Brazil  TSX  YRI


And that's just the official ones, add to that the hangers-on who'll be ligging round the bar.