Work out the side rules by yourself.
h/t to raulm89 over at twitterland
Work out the side rules by yourself.
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CONTINUES HERE"F.E. Smith, the great English barrister, once said of Winston Churchill that he had spent the best years of his life preparing his impromptu remarks. These are my impromptu remarks.
"It is said that following a lengthy and somewhat difficult argument in the Supreme Court of Canada, the late Senator Farris took a lengthy Mediterranean cruise to recoup his energy. Some weeks into the cruise he received a cable from one of his juniors. It read: "Justice triumphed". The Senator replied: "Appeal at once".
"The largest single haul so far came in early September, when police officers raided a printing press in Lima's San Juan de Lurigancho district. While the house had been under surveillance for some time, officers were stunned to discover the extent of the operation. The final tally of the six different currencies produced was just above $27 million. Fake U.S. $100 bills accounted for nearly one-third of the total, while euros accounted for another $4 million. The rest of the bills were Bolivian, Chilean, Peruvian and Venezuelan currency.
"A month earlier, agents ran a sting operation that netted $1 million. The drop-off point was the food court at an upscale Lima shopping center built into cliffs overlooking the ocean. The counterfeiters agreed to sell each $100 bill for $5 to an undercover agent. The three people arrested had initially agreed to sell $3 million in fake bills. Around 20 illegal printing presses have been dismantled in Lima, each capable of turning out mass amounts of bills.
Here's the 12 month chart of Constitution Mining (CMIN.ob):
|As of November 25th, 2010|
|Filing Date||Transaction Date||Insider Name||Ownership Type||Securities||Nature of transaction||# or value acquired or disposed of||Unit Price|
|Nov 25/10||Sep 30/10||MacLean, Ian||Direct Ownership||Options||97 - Other||-200,000||$2.400|
...Taseko Mines (TKO.to) two day chart.
Investigators are trying to determine whether a leak of sensitive information from within the federal government prompted a sharp drop in value of the shares of a British Columbia mining company, the CBC is reporting.Citing unnamed government sources, the broadcaster said Wednesday night that the Investment Regulatory Organization of Canada is trying to determine why shares in Taseko Mines Ltd., fell nearly 40 per cent on Oct. 14, more than two weeks before the federal government announced that it was blocking the firm’s plans to develop the Prosperity Mine, a development 125 kilometres southwest of Prince George. Continues here
Hey, remember all that flashcrash thing about Taseko Mines (TGB) (TKO.to) ("TKO"...geddit?) on October 14th when the stock fell a squillion or so on 23m shares traded? Well here's the chart to yesterday.....
Reuters today about TGB:
Nov 2 (Reuters) - The government of Canada has decided to block the development of Taseko Mines' (TKO.TO) controversial copper-gold mine in British Columbia, Environment Minister Jim Prentice said on Tuesday.
Ottawa's decision -- based on "concerns about the significant adverse environmental effects" -- overrules British Columbia's provincial government, which had granted permission for the Prosperity project to go ahead.
The news hammered shares of Taseko Mines, which fell 25 percent to $4.89 in after-market trade in the United States.And here's the "extremely disappointed" TGB's NR this morning. Seems the market was trying to tell you something after all, no? Oh by the way, Franco Nevada (FNV.to) is taking a bit of a bath on this news too, what with its royalty stream affected.
As the old saying goes, Better born lucky than rich, proven once again by those lucky lucky directors over at Taseko Mines (TKO.to) (TGB) and their lucky lucky timing. On Jan 15th, this news release hit the wires that started....VANCOUVER, Jan. 15 /CNW/ - Taseko Mines Limited (TSX: TKO; NYSE Amex: TGB) ("Taseko" or the "Company") received the environmental assessment certificate for its proposed Prosperity Gold-Copper Project from the BC Provincial Ministry of Environment on January 14, 2010."Obviously we are tremendously pleased with the Provincial Government's decision. We put considerable effort and Company resources into the documentation and process and to have now received this approval is both gratifying and rewarding," says Taseko President & CEO Russell Hallbauer......and saw the stock shoot from sub $4.50 to over $5 instantly.
And by total, utter chance, look who awarded a whole bunch of options to themselves the day before that NR came out:
As of January 19th, 2010 Filing Date Transaction Date Insider Name Ownership Type Securities Nature of transaction # or value acquired or disposed of Unit Price Jan 19/10 Jan 14/10 Mundie, Richard Direct Ownership Options 00 - Opening Balance-Initial SEDI Report
Jan 18/10 Jan 14/10 Mitchell, Peter Direct Ownership Options 50 - Grant of options 200,000 $4.460 Jan 18/10 Jan 14/10 Armstrong, William Paul Direct Ownership Options 50 - Grant of options 100,000 $4.460 Jan 18/10 Jan 14/10 Coughlan, Terrance Barry Direct Ownership Options 50 - Grant of options 100,000 $4.460 Jan 18/10 Jan 14/10 Battison, Brian Direct Ownership Options 50 - Grant of options 150,000 $4.460 Jan 18/10 Jan 14/10 Jones, Scott Direct Ownership Options 50 - Grant of options 150,000 $4.460 Jan 18/10 Jan 14/10 McManus, John Direct Ownership Options 50 - Grant of options 200,000 $4.460 Jan 18/10 Jan 14/10 Hallbauer, Russell Edward Direct Ownership Options 50 - Grant of options 300,000 $4.460 Jan 17/10 Jan 15/10 Kirk, Harry Wayne Direct Ownership Common Shares 10 - Disposition in the public market -50,000 $5.140 Jan 15/10 Jan 14/10 Dickinson, Robert Allan Direct Ownership Options 50 - Grant of options 100,000 $4.460
"Gratifying and rewarding" indeed.
Nov 25, 2010 14:15 ET
BCSC Reviewing Trading in Taseko Mines Ltd. Shares
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 25, 2010) - The British Columbia Securities Commission is reviewing a referral made to it by the Investment Industry Regulatory Organization of Canada (IIROC) regarding the trading in the shares of Taseko Mines Limited.
The BCSC does not comment on matters under review.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. If you have questions, contact Ken Gracey, media relations, 604-899-6577.
..ten years of Chile's IPSA index.
Let the Tico Times tell you all about it:
A Costa Rican appeals court handed environmentalists a resounding victory Wednesday by ruling that a concession for a controversial open-pit gold mine at Las Crucitas, a small town in the country’s Northern Zone and near the border with Nicaragua, is invalid.
The court annulled the government mining concession previously granted to Industrias Infinito, S.A., a Costa Rican subsidiary of Infinito Gold, a Calgary, Canada-based mining exploration and development company.
The court ruled that environmental studies required to grant the mining concession were incomplete, and the mining contract was therefore illegal.
The current ruling stems from an appeal filed to the court by the environmental group The Wild Flora and Fauna Preservation Association. In July, the Costa Rican government announced it would not repeal the mining concession it had previously granted Industrias Infinito (TT, July 30).
The court also ordered the Public Ministry to open a criminal investigation of former Costa Rican President Oscar Arias for having signed off on a decree stating that the open-pit gold mine was in the public’s interest. The court found that since environmental studies were incomplete, Arias’ signing of the decree was illegal. CONTINUES HERE
Press Release Source: Mirasol Resources Ltd. On Wednesday November 24, 2010, 3:28 pm
VANCOUVER, Nov. 24 /CNW/ - At the request of IIROC, Mirasol Resources Ltd. (TSXV-MRZ and Frankfurt: M8R ("Mirasol" or the "Company") wishes to confirm that the Company's management is unaware of any material change in the Company's activities that would account for the recent increase in market activity.
Mirasol Resources Ltd. is a TSX Venture listed company engaged in precious metals exploration in Chile and Argentina.
Press Release Source: Mirasol Resources Ltd. On Wednesday November 24, 2010, 3:28 pmVANCOUVER, Nov. 24 /CNW/ - At the request of IIROC, Mirasol Resources Ltd. (TSXV-MRZ and Frankfurt: M8R ("Mirasol" or the "Company") wishes to confirm that the Company's management hasn't spoken to John Tognetti for like ages, man.
Mirasol Resources Ltd. is a TSX Venture listed company engaged in precious metals exploration in Chile and Argentina.
This went out to subscribers just before midday EST today. at that time PEZ.to was trading at $1.94.
"News out of Mexico today suggests that the situation faced by Pediment Gold (PEZ.to) and its environmental permitting problem that is currently affecting the proposed buyout by Argonaut Gold (AR.to) is not as bad as first appeared earlier this week and this may present a buying opportunity in the stock. As reported on the blog this week the deal between PEZ.to and AR.to has been put on hold due to a law passed by the Baja California parliament that, if made into active law by the executive, would ban all open pit mining in the Baja California State. This is the link to the PEZ NR:
This morning, the President of the Congressional committee in charge of sending the law to the State government, Graciela Treviño, said that the law would not be published in the State's Official Gazette (the move that makes any law active) until results from meetings with members of communities that would be adversely affected by the ban (due to lost jobs, lack of economic growth etc) had been conducted and their results collated. Treviño said there had been strong protests against the mining ban from several communities in the region, including the San Antonio area where PEZ has its project. This is a link to a report covering the matter (Spanish language) from a local media source that seems to be covering the developments without prejudice either side.
The situation reminds us of the enviro-versus-employment spat faced by New Gold late last year that finished well for the mining side. There is still risk that the law is put into effect, of that we must be clear, but the law has now been stopped from becoming active straight away and this has removed the immediate danger. From here, we can expect the argument to be taken to a national rather than provincial level, and that Mexican republic laws will be able to take precedence (such as those that say this type of ban runs against the national constitution...there's a strong argument against the environmental ban due to this). We remind readers that Mexico as a country is keen to converse its Miner-Friendly image , which would take a severe blow if the Baja California laws is put into effect, as six mining projects would reportedly be affected (not just PEZ)
All in all the risk, though still present, has diminished considerably for the PEZ/AR deal today. This price chart.....
...shows the potential rebound PEZ may enjoy if the deal eventually goes through. By simple eye, there's a 20% upside here.
This Flash update will appear on the open blog in a couple of hours' time. At that point (and if a bargain price is still available), your author will take a small long position in PEZ. Although we're conscient about the risk of this law still happening and understand this is not a slam dunk opportunity, in our opinion that risk is significantly diminshed and the balance has clearly shifted in favour of the pro-mine argument.
What’s going on here? In a nutshell, Ireland has been orthodox and responsible — guaranteeing all debts, engaging in savage austerity to try to pay for the cost of those guarantees, and, of course, staying on the euro. Iceland has been heterodox: capital controls, large devaluation, and a lot of debt restructuring — notice that wonderful line from the IMF, above, about how “private sector bankruptcies have led to a marked decline in external debt”. Bankrupting yourself to recovery! Seriously.
And guess what: heterodoxy is working a whole lot better than orthodoxy.
Excellent journalism from Mariana Sanchez over at Al Jaz. Here's how the note starts, but only excerpted here to whet appetites.
He sits in front of me, crosses his legs and places the Israeli-made 50-calibre handgun on his lap - the cannon pointing at me.
"Does it make you uncomfortable?" he asks, smiling sarcastically. I thought to myself that it wasn't the first time I've had guns pointing at me, but it was the first time I was interviewing a Mexican hitman with a gun on his lap.
It's "Ecuador", not Equador...all right?
It's "Colombia", not "Columbia"....got it?
And Latin America is not the same as South America.
"Gaining altitude: São Paulo in Brazil, a country that accounts for about half of the economy and population of Latin America"
LatAm Population: 580m
Brazil population: 201.1m
Percentage of Brazilians to LatAm population: 34.7%
LatAm GDP (PPP): U$6.27 trillion
LatAm GDP (Official exchange rate): U$5.16 trillion
Brazil GDP (PPP): U$2.013 trillion
Brazil GDP (Official exchange rate): U$1.574 trillion
Brazil % of LatAm GDP (PPP): 32.1%
Brazil % of LatAm GDP (Official exchange rate): 30.5%
|Simon Ridgway likes Radius Gold (RDU.v)|
|trade filed||purchase||price||tot shares owned|
...the US Dollar index (USD), 15 minute candles.
"Amendments have been proposed to the local environmental laws in the State of Baja California Sur (the "BCS"), Mexico which may adversely affect Pediment's ability to secure a building licence for the development of its San Antonio Project as currently envisioned. The contents and enforceability of the proposed legislation, remain unclear."
|CIBC WORLD MARKETS INC.|
|Debt Drives Demand For Precious Metals As Currencies Devalue|
On November 9, Maclean’s Magazine posted an interview with Björk called, “In Conversation with Björk: Why the Icelandic singer wants a Canadian company booted from her country.” Shortly thereafter, the interview was retracted from Maclean’s website after Magma threatened the magazine with a defamation suit.
Among their defamation complaints is Björk’s statement: “Companies owned by Ross Beaty have a bad reputation for breaking serious humanitarian and union laws in South America—not giving farmers shares of profit they had promised and so on—but this is normal. This is the kind of beast you’re dealing with....”
Although Björk referred to Ross Beaty rather than Magma Energy, it was Magma Energy that threatened to sue Macleans if the article was not retracted. In fact, Björk was referring to Ross Beaty’s company, Pan American Silver, which is a mining company operating in South America.
On November 12, Macleans posted a correction, which reads as follows: “On the 9th of November Macleans published on its website an interview with Björk where she claims that Ross Beaty and Magma Energy Corp. have broken laws in South America. This is not correct and we apologize to Ross Beaty and his company.”
In conversation with the Grapevine, Björk said, “I don’t think Magma's qualms are about their reputation in humanitarian rights. That’s more likely a ruse.”
Björk thinks Ross Beaty is more likely concerned about her statements regarding geothermal energy not lasting for thousands of years. In the Macleans interview, Björk said: “…He has said that geothermal energy lasts for 1000 years. This is not true. It lasts about 50 years. Geothermal plants work similarly to mines, you drill and then there is only a limited amount down there. When magma’s current 65-year deal is over, the hole will be empty.”
She told us there are two things Ross Beaty seems to be trying to hide from investors, both current and potential. First, geothermal energy does not last forever. Second, Beaty does not have access to 400 MW of geothermal energy.
“On various widely watched business shows in Canada, he has been talking about having access to 400 MW of geothermal energy and that geothermal energy lasts forever and is entirely renewable,” Björk said. “That’s how he sells the idea to investors and it’s simply not true. If this information were to be featured prominently in Canada, his whole venture could fail.”
In the “corrected” version, which now appears on the Maclean’s website, all of the remarks Björk refers to are also missing.
After repeated attempts to contact Magma Energy and its investors regarding the facts in question over the past week, the Grapevine CONTINUES HERE
In conversation with BjörkWhy the Icelandic singer wants a Canadian company booted from her country
In the summer and fall of 2009, barely a year after fraudulent investors bankrupted the country, Magma Energy Corp bought a 43 per cent share in Iceland’s third largest utility, HS Orka. Ross Beaty, the CEO of Magma—a Canadian company—said he wanted to invest in green energy for the benefit of the environment, his shareholders and Icelanders, and that he had no interest in a majority share of HS Orka. But Icelander’s weren’t happy; the public traditionally owns their natural resources, and the whole country is wary of foreign ownership, especially after the collapse of the economy.Things have only gotten worse this year. Magma purchased additional stocks in May, bringing its control of HS Orka up to 98.53 per cent and sparking protests across the country. Thousands marched on the capital, and polls showed that 80 per cent of Icelander’s disapprove of the deal.Icelandic musician Björk has become a spokesperson for the movement to cancel Magma’s contracts. She started a petition calling for a referendum on amending foreign ownership laws, and it bears the signatures of about 20,000 of her countrymen. She says that once that number reaches 30,000, or about 10 per cent of the population, the government will be forced to hold a referendum that could see Magma thrown out of the country.She spoke to Maclean’s over the phone from Iceland.Q: Why do you want to stop the Magma deal?
A: The case has been twisted a little bit—that we hate foreigners and we don’t want them here. That’s too black and white. This decision was made in a back room by two guys and the nation wasn’t even consulted.If we decide, ‘let’s privatize,’ then we could do it properly and have really good legislation and make a really good deal. The bank crash has brought us to our knees and there are municipalities that are really broke so they’re selling. It would be better if we wait, once we’re in a better position to negotiate then maybe we can cut deals with foreigners that would be healthy.Q: Is the problem with Magma specifically or foreign ownership generally?
A: Companies owned by Ross Beaty have a bad reputation for breaking serious humanitarian and union laws in South America—not giving farmers shares of profit they had promised and so on—but this is normal. This is the kind of beast you’re dealing with.Icelanders have publicly owned their geothermal plants for a century now, why sell access to our energy sources for 65 years when this direction in business affairs has brought the nation to its knees? We should at least get a good deal—this one is appalling. 70 per cent of the price is paid with a seven-year bullet loan carrying an interest rate of 1.5 per cent. In other words the seller lent the buyer most of the money. The rest is financed with Icelandic currency bought at a serious discount on the offshore market.Ross Beaty didn’t come to Iceland just out of kindness and consideration for us. He is a good businessman and he knew we were on the brink of bankruptcy. He knew he could get an unusually good deal for him, which is exceptionally bad for us. It is very hard for Icelanders to trust this man.Q: Beaty says he regrets trying to engage you in the process. What happened?
A: Ross Beaty publicly offered me shares in the company. He invited me to his office where he said he could give me a good deal, which showed he totally misunderstood me. I don´t feel individuals should own this. It belongs to the nation.When he bought the first section of HS Orka , which was a small share, he stated very publicly that he did not intend to own the majority in it. If the current sale goes through he will own more than 98 per cent. He has said that geothermal energy lasts for 1000 years. This is not true. It lasts about 50 years. Geothermal plants work similarly to mines, you drill and then there is only a limited amount down there. When magma’s current 65-year deal is over, the hole will be empty.Q: You started a petition to force the government to have a referendum on privatizing natural resources.
A: We have collected 20,000 people, two thirds of what we need. When we have ten thousand more then the government has to have a national referendum.Q: What is the general attitude in Iceland following the economic collapse?
A: A lot of people have lost their homes and their jobs. There’s a lot of anger. There were people standing outside parliament with pots and pans twenty-four-seven until the first government resigned. Now, after the backlash, we have a second government. They’ve been getting the same treatment. This used to be a peaceful place. We are in a situation we’ve never been in before.Q: But you have dealt with colonization before.
A: We were a colony for 600 years, it took a lot of battles to secure our independence. Icelanders are strong and resilient. We will not give up.Q: Won’t it be costly to buy these contracts back, especially when the Icelandic economy is doing so poorly?
A: It might be expensive, but to be honest, whatever it would cost us would be cheaper then the other option. We have a lot of other energy resources, and this isn’t that big a case, but this may only be the first privatization of many. The Chinese embassy just tripled in size and is looking into natural resources, especially fish. We could simply become a 21st century colony of international energy giants, Magma comes first, then the Chinese and so on.Iceland has developed know-how and a graceful relationship between nature and technology for a century. We should be enjoying the harvest of these discoveries ourselves, not handing it over to an inexperienced Canadian mining company. Magma is right, green energy is the future, but we should enjoy the fruits of our own labour.Q: What do you have to say to Canadians?
A: What kind of international energy direction are you going to have in the 21st century? How are you going to interact with other countries? In these times it is important to look at things long term. We have to unite technology and nature, get them to work together in an amicable way.Q: Where did you get your concern for natural resources?
A: Our neighbors are not Canada or France or Brazil. Our neighbors are nature. Iceland is surrounded by mountains and ocean. Half of the food my family eats is from hunting. We’re an isolated island in the middle of the Atlantic, so we’re very aware of what we do to the island or to the ocean around us.Q: You used to make a point of being apolitical. Why get so involved in all this?
A: It isn’t because I’m trying to convert people, the majority of people feel the same way; they just don’t have a spokesperson. If this goes through then we not only lose our banks and our homes, we loose our energy resources. They’re the only way that the next generation can get themselves out of this mess.It’s a crossroads. It’s sort of terrible but it’s also kind of good because the bullshit is on the table. Everyone can see the corruption so it’s an opportunity to start a new society with new laws and new ethics. People are excited. That’s why people like myself are getting very heavily involved; they feel they can make a difference.
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