Long ago, Charlie (Munger) laid out his strongest ambition: “All I want to know is where I’m going to die, so I’ll never go there.” That bit of wisdom was inspired by Jacobi, the great Prussian mathematician, who counseled “Invert, always invert” as an aid to solving difficult problems. (I can report as well that this inversion approach works on a less lofty level: Sing a country song in reverse, and you will quickly recover your car, house and wife.)
TORONTO, ONTARIO--(Marketwire - Feb. 26, 2010) - Colossus Minerals Inc. ("Colossus" or the "Company") (TSX:CSI - News) Colossus is issuing this press release to respond to rumours circulated earlier today regarding the status of the environmental approvals for the Company's Serra Pelada project.
Earlier today the Brazilian environmental agency Para State, COEMA (Conselho Estadual de Meio Ambiente), responsible for evaluating and approving or denying environmental impact studies met to consider the environmental application of Colossus and Coomigasp for the Serra Pelada project.
While Colossus anticipates a decision will be made shortly, no such decision has yet been rendered or made public.
Maybe Ari just wants a quiet weekend without the phone ringing every five minutes.....Aprovada licença para mecanização de Serra PeladaEm votação, nesta sexta-feira (26) os membros do Conselho Estadual de Meio Ambiente (Coema), aprovaram por oito votos contra dois, a Licença Prévia (LP) para o Projeto de Extração de Minérios Metálicos de Serra Pelada, de responsabilidade da Companhia de Desenvolvimento Mineral (CDI), instalada no município de Curionópolis, no sudeste paraense, a 536 km da capital, Belém.
Sent in by my mother (so the taste is impeccable), this is a great show of cards.
UPDATE 2, about half an hour later: I've been trying to find out what's going on. Apparently COEMA is a thirteen person committee and the Public Ministry (PM) people have two of the thirteen votes. The PM were given until today to pronounce opinion on the Serra Pelada permit and were expected to approve the licence. Their decision was unexpected, but it should be understood that they are just two of the thirteen votes.Belém: Public Ministry opposes the Installation of Serra Pelada Project
The State Public Ministry, via the two magistrates Nilton Gurjão das Chagas and Raimundo de Jesus Coelho de Moraesc, today manifested itself against the environmental licence application of the Serra Pelada project, in the municipality of Curionópolis, South-East Pará, operated by Serra Pelada Companhia de Desenvolvimento Mineral (SPCDM), whose objective is extraction and sale of gold, palladium and platinum.
According to The Public Ministry, the Environmental Impact Study/Environmental Impact Report (EIA/RIMA) presented contains graves omissions, such as the lack of provision and analysis of environmental impact caused by mining activity. Also, the study makes no mention of the demands of public policies during the construction and extraction phases of the project.
The distribution of profits from Serra Pelada with Cooperativa de Mineração dos Garimpeiros de Serra Pelada (Coomigasp) was another point questioned. According to the EIA/RIMA, the garimperos participate in just 25% of the company as well as a payment for kilo of mineral sold. The Public Ministry wants a more equitable participation for Coomigasp in the company.
According to the magistrates, there is also "non-compliance and non-procedure of the Environmental Laws of Pará as regards the participation of the community in the elaboration of the terms of reference of the environmental study as presented".
The public ministry is part of the State Council for the Environment (COEMA).
"We are very pleased by the substantial increase in the size and grade of the Haquira resource. The total amount of in-situ copper at Haquira expanded by 38% from 8.5 billion lbs to 11.7 billion lbs and average grades increased for both primary and secondary mineralization. The total resource at Haquira has now surpassed a critical threshold of over 10 billion pounds of contained copper metal, making Haquira one of the largest undeveloped copper projects controlled by a junior exploration company. We are particularly pleased that the average grade of the measured and indicated primary mineralization now exceeds 0.6% Cu at a cut-off grade of 0.3% Cu. This higher grade will serve to distinguish Haquira from many other known large copper projects. The presence of near-surface secondary copper mineralization is another feature that distinguishes Haquira from other copper development opportunities. We are now in the process of evaluating the potential for a two-staged copper mining operation whereby the mine commences with a low-capital, low-cost SX-EW copper-leaching operation producing LME_grade copper cathode followed by a larger-scale, mill/concentrate operation producing copper and molybdenum concentrates with a significant gold byproduct. Our goal is to report the results of this preliminary economic assessment next quarter."
Steve Stakiw |
No further comment needed:
Radius Gold Inc. (RDU) | As of February 25th, 2010 | ||||||
| Filing Date | Transaction Date | Insider Name | Ownership Type | Securities | Nature of transaction | # or value acquired or disposed of | Unit Price |
| Feb 25/10 | Feb 16/10 | Ridgway, Simon T.P. | Indirect Ownership | Common Shares | 10 - Acquisition in the public market | 30,000 | $0.350 |
| Feb 25/10 | Feb 09/10 | Ridgway, Simon T.P. | Direct Ownership | Common Shares | 10 - Acquisition in the public market | 80,000 | $0.325 |
| Feb 23/10 | Feb 16/10 | Ridgway, Simon T.P. | Indirect Ownership | Common Shares | 10 - Acquisition in the public market | 6,000 | $0.370 |
.....copper, weekly candles.
Real upmove in physical demand, eh?London Metal Exchange copper warehouse stocks fell 2,450
tonnes to 550,225 on Thursday, while canceled warrants --
material earmarked for delivery out of warehouses -- rose to
16,600 tonnes versus 14,000 tonnes.
Hi Danny!VANCOUVER, Feb. 25 /CNW/ - Evolving Gold Corp. (TSXV: EVG) (FSE: EV7) (the "Company") reports today that Daniel E. Wolfus, a director of the Company, has commenced a lawsuit against the Company, in the state of California claiming fees of approximately $300,000 allegedly owed to him in respect of the Company's recently completed private placement.It is the Company's position that Mr. Wolfus in his capacity as a director of the Company is not entitled to remuneration as a "finder" or broker in respect of any private placement of securities. The Company intends to defend the claim vigorously. The directors and management of the Company believe that the claim being made by Mr. Wolfus is groundless as no agreement or understanding existed to pay Mr. Wolfus a success or finder's fee, and to do so would require the Company to contravene the TSX Venture Exchange policies.
The Company has not yet filed any defense in respect of the action and is considering with legal counsel its options in respect of jurisdiction and defenses. The directors have requested that he resign his position as a director, due to the obvious conflict of interest represented by Mr. Wolfus' lawsuit against the Company.
Evolving Gold Corp. (EVG) | As of February 24th, 2010 | ||||||
| Filing Date | Transaction Date | Insider Name | Ownership Type | Securities | Nature of transaction | # or value acquired or disposed of | Unit Price |
| Feb 23/10 | Feb 23/10 | Wolfus, Daniel Edward | Direct Ownership | Common Shares | 10 - Disposition in the public market | -293,000 | $0.918 |
| Feb 23/10 | Feb 23/10 | Wolfus, Daniel Edward | Direct Ownership | Common Shares | 10 - Disposition in the public market | -2,000 | $0.910 |
| Feb 23/10 | Feb 22/10 | Wolfus, Daniel Edward | Direct Ownership | Common Shares | 10 - Disposition in the public market | -55,000 | $0.930 |
| Feb 23/10 | Feb 22/10 | Wolfus, Daniel Edward | Direct Ownership | Common Shares | 51 - Exercise of options | 350,000 | $0.440 |
| Feb 23/10 | May 28/09 | Wolfus, Daniel Edward | Direct Ownership | Common Shares | 00 - Opening Balance-Initial SEDI Report | | |
Evolving Gold (EVG-TSX-V $.91 ) – Outside of a significant drop in metals prices and some unknown calamity that occurs on its project in Wyoming, I don’t see much downside risk in the current share price.Here we are, two weeks later, 15% lower, heavy inside selling and the caca hitting the ventilador in the boardroom. What say you, oh wise owl?
Yes indeed retailers, you've been Grandiched again. Break out the KY Jelly
monkey gonna gitcha
The mining heavy IGBVL shot off to a great start in the first two weeks of Jan'10, but since then it's been downhill. Risk aversion to EM exposure it what it looks like from this angle, with the gap between the IGBVL and the SPX closing all the time.
......the performance of the IGBVL has been remarkably similar to that of the SPX. Now all we need to work out is why and what it means (sorry, I'm too dumb for that).
A cousin of Colombian President Alvaro Uribe has been rearrested over his alleged ties to paramilitary groups.
Mario Uribe Escobar, a former senator, was detained following an order from the Colombian Supreme Court.
Mario Uribe, who denies any wrongdoing, was continues here
Here's a pretty little photo....
....taken at the Buenos Aires Zoo yesterday. To commemorate the 8th International Childhood Cancer Day a whole group of kids that aren't feeling so well along with family members (there were 4,000 people there in total, apparently) got invited by the local Fundación Natalí Dafne Flexer to check out the animals, see the sights, eat something tasty, watch special performances by well-known children's entertainers in Argentina as well as the jugglers, magic shows, fancy dress parties, dances and present-giving. Here's a report on the day in Spanish.
.....gold, monthly candles.
click to enlarge
• Controversial call #1: Real demand for copper in China is growing at a faster rate than consensus
• Controversial call #2: The level of unreported copper inventory in China is declining at a significant rate
• Controversial call #3: Declining copper inventory in China’s bonded warehouses is a key event
• Controversial call #4: LME copper inventory should decline through 2Q10
• Controversial call #5: Declining copper imports into China should not impact the LME copper price
Special message to reader MR: Acabo de morfar un tacu tacu c/salsa de mariscos y era DPM, asi que jodete full, boncha :-)
Thanks, owly.
Chavez told Uribe to “go to hell” during a closed-door lunch yesterday after the Colombian leader called him “a coward” and told him to “be a man” at a summit of Latin American and Caribbean countries in Cancun, Agence France-Presse said, citing a Colombian diplomat it didn’t identify. Chavez said today that he regrets the “painful” argument.
Mexico President Felipe Calderon announced at the summit that a commission headed by Dominican Republic President Leonel Fernandez will work to facilitate better ties between the neighboring Andean nations.
While lefties and righties champion their favourites in the fight, the people that really matter (Chávez and Uribe) clearly see how stupid and regrettable it all was. It'd be nice to think that that heated moment might become an ice-breaker and the two guys (who are known to have got on very well in previous years) can find some sort of solution to the current bad blood. Otto the Optimistic signing off.
"We are pleased to have Haywood Securities act as financial advisor during the strategic review of our Australian assets. Haywood's in-depth understanding of the global gold mining industry along with their extensive industry contacts will ensure maximum shareholder value is realized."
ATW Gold Corp. (ATW) | As of February 23rd, 2010 | ||||||
| Filing Date | Transaction Date | Insider Name | Ownership Type | Securities | Nature of transaction | # or value acquired or disposed of | Unit Price |
| Feb 23/10 | Feb 23/10 | Harris, Graham | Direct Ownership | Common Shares | 10 - Disposition in the public market | -161,667 | $0.150 |
| Feb 23/10 | Feb 17/10 | Harris, Graham | Direct Ownership | Common Shares | 10 - Disposition in the public market | -3,000 | $0.170 |
| Feb 23/10 | Feb 16/10 | Harris, Graham | Direct Ownership | Common Shares | 10 - Disposition in the public market | -36,000 | $0.170 |
Here's the intro to a Barclay's report on Venezuela published yesterday (behind a paywall here):
During our recent trip to Venezuela, we met with officials from Banco Central de Venezuela (BCV), PDVSA, the Ministry of Finance, pollsters, and some independent economic and political analysts. Our target was to ascertain what could happen in 2010 with respect to credit (issuances) and to try to establish the implications of devaluation, the electricity crisis, the health of the financial system, the elections to the National Assembly, and other factors on Venezuela's economy.
Some of the highlights were that the shortages of the electric sector could have a higher impact on growth next year than this year. But oil production will not be affected by the electricity shortage, in our view. Additionally, authorities tell us that the government and PDVSA are not planning to issue in the coming months; however, we are less optimistic about what we heard, and we expect at least USD3.0bn of new issuance in the second half of 2010.
On the political front, most people we spoke to are of the opinion that the opposition and Chavistas are equal in the polls and that the National Assembly election will be straighforward, compared with the presidential election in 2012. Considering the fundamentals of the economy, its unquestionable capacity to pay, the positive effect of currency devaluation over fiscal accounts, and PDVSA's financial situation, we maintain our overweight recommendation on Venezuelan assets. But given that Venezuelan assets have already increased by an average of 8pp since the first week of December and the rise in the risk aversion sentiment in the market, our recommendation is less enthusiastic now. Basically, we have changed our recommendation from buy, buy, buy, on December 4, 2009, to just buy.
.....and here's the five year chart to give a bit of perspective.
Copper Fox Metals Inc. (CUU) | As of February 22nd, 2010 | ||||||
| Filing Date | Transaction Date | Insider Name | Ownership Type | Securities | Nature of transaction | # or value acquired or disposed of | Unit Price |
| Feb 22/10 | Feb 16/10 | Echavarria, Ernesto | Direct Ownership | Common Shares | 54 - Exercise of warrants | 6,666,667 | $0.075 |
| Feb 22/10 | Feb 16/10 | Echavarria, Ernesto | Direct Ownership | Warrants | 54 - Exercise of warrants | -6,666,667 | $0.075 |
TROY Resources said today that armed robbers stole 2000 ounces of gold dore bars from its Andorinhas mine in Brazil after taking workers hostage.Troy said three workers were taken hostage but released unharmed after the theft on Monday and the loss is fully covered by the company's insurance.
"A group of armed robbers took three site employees hostage on the road leaving the mine and returned to the Andorinhas site where approximately 2000 ounces of gold dore was taken," Troy said in a statement to the stock exchange on today.
"The hostages were then released, unharmed."
The loss is insured and the matter is being investigated by local police, Troy's chief executive Paul Benson said in a statement.
"This is obviously a very disturbing event," Mr Benson said.
"We are cooperating with the relevant authorities and will update the market when we receive a final report."
Major gold miners can process their gold-bearing ore at the site of the mine, producing low purity dore bars.
Dore bars can contain up to 90 per cent gold.
Spot gold was trading at $US1113.30 in Sydney today.
...Affinity Gold (79F.f) (AFYG.ob), six month price chart.
Affinity is a stock first featured on IKN in this post, December 16th.
An Acoustic cabin with diverse ambient sounds to deceive your loved one if they call you on your cellphone while you're in a bar with friends is the success story of an advertising campaign for a brand of beer in the Argentine province of Mendoza.
Called the 'Teletransporter', it has now been installed in various bars in Mendoza and is used by both men and women. According to Maxi Itzcoff, one of its creators, internet users in Mexico, Belgium and Germany have seen the adverts for Cerveza Andes on the web and have asked for similar cabins to be installed in their countries.
But how does the 'teletransporter' work? If your partner phones, you enter into the cabin and choose an ambient sound; perhaps a hospital, a gym, a park, a cinema, a bathroon, a baby crying etc. This makes your story credible and convinces the other person that you're not having fun in the bar.
A banner in San Salvador, El Salvador, calling for no more deaths from dengue
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