The big banking news down here is that Brazilians Itau (ITU) and Unibanco are merging to form the biggest bank in the Southern Hemisphere (according to the PR, anyway). These two have been playing an on-off courtship for what seems like the whole of this decade, and have finally taken the plunge. ITU shareholders are happy about the deal, as the stock is up 10% this morning.
Copper got whacked down to $1.77/lb this morning but has since rebounded. Copper sisters PCU and FCX have followed the spot price and are now both green on the day. This is good. I am happy.
Inca Pacific (IPR.v) did the bullet-biting this morning, and announced it was hunkering down. The main problem IPR has going forward is that it has a time limit to start production at its Magistral project in Ancash, Peru. The company states it will be requesting an extension period from García&Co. Here's the company PR and here's Reuters' take on the story.
Kinross (KGC) (K.to) at U$11.00. The controller of Fruta del Norte has rebounded a cool 38% in the last five trading sessions. Volumes today are low, but last week the stock showed 1.7X average trading. This nicest thing about bargains is when they're actually bought.
Vena Resources (VEM.to) up 10% at $0.21 and the recovery continues ( I hope I don't put the kibosh on the stock by saying it out loud). You think the interview with Juan Vegarra has moved the market today? Sheer coincidence? YOU BE THE JUDGE!
A w00t for Metanor (MTO.v), up 17% at $0.41. Send me a mail and I'll send you a free report on the stock.