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1/31/11

Until March

This humble corner of cyberspace will not see any updates until March 1st, because the owner/operator of IKN (err, that's me) is taking his wonderful wife and wonderful kids to a wonderful beach for the full  wonderful hot sunny summer month of February, the first vacation taken for over two years.

So this is the last post until then. Hope you have a good February, catch you back here in March and the only thing left to do now is leave you with a large slice of cheesey nostalgia. Here you go (gos):

It became necessary to destroy the town to save it

"One of the most famous quotes of the Vietnam War was a statement attributed to an unnamed U.S. officer by AP correspondent Peter Arnett. Writing about the provincial capital, Bến Tre, on February 7, 1968, Arnett said: "'It became necessary to destroy the town to save it,' a United States major said today. He was talking about the decision by allied commanders to bomb and shell the town regardless of civilian casualties, to rout the Vietcong.""


I can't stop myself from reading and re-reading the news release out of Greystar Resources (GSL.to) this morning, with the Groundhog Day part being the CEO quote from head man Steve Kesler. He said the following, with IKN moneyline highlights:

"Steve Kesler, President and CEO, stated: "Greystar Resources Ltd. takes very seriously its environmental and social responsibilities in the development of this project. Greystar has always believed that the 15 years spent developing its Angostura Project and Greystar's social responsibilities would demonstrate its commitment to managing the Angostura Project with principles consistent with that high standard. It is the Company's objective to make the Angostura Project a model for sustainable and responsible development of mining projects, not only in Latin America, but the world. Notwithstanding the current lack of clarity on paramo rules and mining, Greystar is committed to protecting and recuperating all ecosystems in which it will operate through a biodiversity offset program that will provide better protection to paramo than if the project did not proceed.""

Yes indeed, Steve. You take an ancient and delicate multi-million year ecosystem that's had human interaction for over 10,000 years, dig a freakin' big hole in the middle of it and you're just bound to make things better than they were before, aren't you? Thing is, I'm quite sure that CEO Kesler actually believes in what he says and is being sincere in his commentary. Sheer, unadulterated, 21st century madness.

The best single paragraph written about Egypt by a US citizen this week

The winner is James Howard Kunstler and this is it:

"Many here in the dreamland of Happy Motoring and Cheez Wiz are asking themselves why President Obama is waffling about the obvious tides of "change" now lapping over the ancient Kingdom on the Nile. How can he not believe in it? Why isn't  Mr. O out there in front with a bloody bandage around his head, cheerleading for the street fighters? If you lay aside the subtleties, the answer is simple: nothing beyond the status quo of recent years is good news for America."

Go read all his piece too, because anyone who recommends that you read the works of Gabriel García Márquez is wholly good by me. Link through here (and continued thanks due to reader 'AS' for making me aware of Kunstler).

Minefinders (MFN) (MFL.to): As day follows night....

...the Canadian brokerages and their analysts will always return to Minefinders (MFN) and call it a buy again after dropping it, like meth to a junkie. Today's relapse is suffered by Trevor Turnbull of Scotia, with this little write-up from Scotia nerve centre reaching your author's inbox just a few minutes ago:
MFN-US: Still Oversold Despite Progress (NEW 1-SO, US$15/sh target, Trevor Turnbull ): Trevor Turnbull is re-launching coverage on Minefinders(MFL-CN, MFN-US) with a 1-SO rating and a US$15.00/sh target (ROR of 56%).  MFL is very attractively priced trading at a deep 28% discount to his NAV of $13.36/share.  The mill feasibility study expected this year should increase the Dolores valuation by 26% which he uses in his base case NAV (given they raised over US$150M to finance it in December 2010) – but Trevor adds the market is yet to embrace this scenario.  With improved performance from Phase 2 leach pad and the proposed mill option which serves to increase overall recovery (especially for silver) – Trevor believes MFL is good value and not a value trap.  Furthermore, Dolores has the potential to grow from new discoveries peripheral to the pit as well as from deeper higher-grade underground mineralization.

Here's the chart.

Hey you never know, this time might be different, Trev. Good luck on the call dude...and I mean it.

Chart of the day is....

...the US Dollar index (USD), because the financial world has decded that it doesn't give a shit about what's happening in Egypt and all that 'flight to quality' nonsense is unwarranted.

I mean, it's not like it's going to happen in Iran, is it? Or Saudi Arabia?

1/30/11

The IKN Weekly, out now


IKN91 finally managed to get to subscribers' mailboxes a few minutes ago. So now you know.

The IKN Weekly will be late arriving today

If you're a subber and wondering why it hasn't arrived in your mailbox yet, that's because it's not finished yet. It'll be with you as soon as I'm happy with the (now triple-checked) numbers and accompanying script. I'll even try to remove all the typos this week. Sorry about the delay, guys.

New Peru Pres Poll: Toledo stretching his lead

Just eleven weeks before the vote and here's the latest opinion poll on Peru's presidential election, run by IMA Estudios de Marketing (decent enough pollster) for national newsparer La Republica on a national urban/rural level  with a goodly sized sample and a margin of error of +/- 2.3%:


The headline is that Toledo is stretching his lead (which probably explains the recent negative attacks on him from all sides) and it seems he has taken up most of the percentage points attributed to Mercedes Araoz before she dropped out of the race recently (APRA implosion). Castañeda and Keiko are still duking it out to see who gets the all important 2nd spot and makes it to the near-inevitable run-off and both their polling numbers have  remained static in recent weeks, while Ollanta Humala has made a little progress up to 12.1% from recent scores of 10% and 11%. PPK is still getting nowhere and the rest, for all practical purposes, don't matter.

IKN prediction: This campaign is about to get very dirty.