Executives of the Canadian mining company B2Gold handed over a donation of $750,000 in cash in answer to the call for aid made by President Daniel Ortega due to the emergency caused by the intense rains in the last few weeks.
Dale Craig, country manager of B2Gold Nicaragua, handed over the money to Guillermo González, Executive Secretary of the National System for the Prevention, Mitigation and Disaster Attention (Sinapred) and explained that this help is destined to alleviate the near-term needs of the affected population.
"We respond to this call with our best wishes that this donation can contribute to the government's efforts through Sinapred, to respond immediately and effectively to the population faced with the intense rainfalls that still persist in various zones in Nicaragua", said Craig.B2Gold is a producing gold miner with its HQ in Vancouver. As well as the La Libertad mines located in the municipality of the same name in the department of Chontales and the El Limón mine in Malpaisillo, it has other exploration activities in other zones of Nicaragua as well as in Colombia, Costa Rica and Uruguay.
As seen here from independent beancounters Mitofsky, it's at 75%. And this is why:
The funniest thing is seeing how the episode is twisted by English language press, however.
Piura: Violence Due to Postponement of Christian Music Concert
The crowd at the concert in the Miguel Grau stadium broke chairs and gathered at the hotel where the Christian singer was staying to protest.
Friday October 28th, 01:58am
The crowd at the concert of Christian musician Jesús Adriám Romero caused acts of violence due to the postponement of the event at the Miguel Grau stadium in Piura.
Some concert-goers smashed chairs and others protested at the hotel where the artist was staying. The exact reasons why the concert was postponed are still not understood, according to RPP News.
Some accounts state that the artist refused to participate due to sound quality problems. However, others state that he didn't want to go ahead with the concert because not enough tickets had been sold. Meanwhile, the singers representative Arón Pérez said that the concert had been postponed until May next year for security reasons.
- Our analysis of the silver space leads us to reduce our cash flow multiples; our 2011 silver price also falls to $37.50/oz. from $40/oz. The upshot of this is that we are downgrading PAAS and MFL to SP from SO and FR to SU from SP, while upgrading THO to SO from SP, as of October 27.
- Cash flow increases in the space have not kept pace with silver price movements, despite being leveraged to the silver price. We believe smelters, foreign exchange, and input costs do not adequately explain the lack of cash flow growth.
- While the performance of the silver producers has been generally abysmal, the group now trades at extremely discounted valuations and is overdue to re-rate. At spot prices, the group trades at 7x 2013E CFPS, despite an average reserve life of 15 years.
- Our top picks in the silver space are FVI and SSRI, even though we recognize that there are strong headwinds for SSRI in the next six months. Our top pick in the gold space remains CGA, as its mill is about to return to full steam.
Press Release Source: Golden Tag Resources Ltd. On Thursday October 27, 2011, 9:57 am EDTMONTREAL, QUEBEC--(Marketwire - Oct. 27, 2011) - Golden Tag Resources Ltd. (TSX VENTURE:GOG - News; "Golden Tag") owning a 50% interest in the San Diego Property, Velardena, Durango State, Mexico wishes to provide an update on the Phase 5 Program of Exploration. The San Diego project is a joint-venture with Golden Minerals Company headquartered in Golden, Colorado who owns the remaining 50% interest in the property.
The joint venture Phase 5 program commenced at the end of March 2011 (GOG News Release: February 22, 2011) and to date over 10,200 metres of diamond drilling in 12 drill holes have been completed. One remaining deep hole, SD-11-46, is still in progress. The Phase 5 program since commencement has been managed by an independent Consulting Group as Operator, reporting to the JV Management Committee. Since July over 4,500 analytical results on samples, standards and blanks have been received from the laboratory with a further 1,000 samples currently at the laboratory for analysis. Additional samples will be sent for analysis as hole SD-11-46 is being completed. Core logging and required QAQC on laboratory results that have been received, have not yet been fully completed. On September 29th the Consulting Group terminated work on the property. The JV partners have re-staffed the program, which is now managed on the ground by Ms Kateri Marchand P.Geo, who headed the previous four phases of work on the property. Core is being reviewed and logged. Additional infill sampling is also being completed.
Eight holes or almost 85% of the drilling has occurred in the south property area to evaluate and test for indications of skarn related mineralization as encountered in the last phase 4 program in 2008. These holes cross the southern target area over a vertical height of up to 600 metres with some holes at 300 to 900 m below the valley floor elevation. Drilling has confirmed extension of the San Jose and Trovador veins to the depth of phase 5 drilling. These veins dip steeply north and lay respectively 100 and 200 m south of the sub-vertical Montanez vein. These two veins sequentially converge with, and intersect the Montanez Vein and the trend of the Central Corridor at depth. Although the geology of the property at depth is complex, it appears at this stage that it hosts a large hydrothermal system extending at depth over a distance of at least a kilometer (and open) that contains broad zones of Ag-Pb-Zn stringers, veins and carbonate-replacement type mineralization. With several styles of mineralization occurring in the new South Area, it is essential that sampling is thorough and representative and that assay results are carefully evaluated and interpreted in their proper context. Initial results from the program are now planned to be released in the next two to three weeks.
ECU Silver really were the worst freakin' idiot asshats that you could possible imagine as a JV partner.
If you have to read down to paragraph eight of a NR before you find out the net earnings number, the company had a crap quarter
Good afternoon, just gone 1:30pm local time with less than 90 minutes of the market session remaining.
News today from Argentina is that the government has changed the rules for O&G and mining companies and now requires companies in both sectors to repatriate 100% of revenues from exports (previously, O&G was 30%, mining was 0% repatriation obligation). Thoughts:
- Yes it's somewhat negative for the mining sector, but it's not as big a deal as is being made out by the headline-screamers (the Bloomberg reporting on this event (link) has been particularly shock-horror and poor quality, as is the norm for Bloomberg reporters in South America who are duty bound to "make market moving news" else face dismissal)
- The move is more to ensure dollars are deposited inside the Argentine system (therefore propping up the Peso) than anything else. The country is NOT stopping companies from transferring or remitting cash once the money is deposited inside Argentina, though it does mean remittances will be larger and face higher taxes.
- Note that sectors such as agro have managed to grow, expand and make excellent profits for its players in Argentina (see BG to begin with) under the same rules now being applied to the miners.
- Overall, the panic selling in Argentine exposed junior mining companies today has been way overdone and buying opportunities are now available.
We at The IKN Weekly own just one company with Argentina exposure at present, (company name and ticker removed) It's a bit of a risk, because we're still waiting on the 43-101 report that's perhaps three weeks overdue now and the report on the metallurgy in particular will be vital for the wellbeing of the project, but I'm going to add to the position at the current discounted prices today. Despite this risk, reward outweighs in the equation quite easily as I expect Argentina mining shares to bounce back once the headless chicken brigade have done with their blind selling.
Bottom line: The Argentina news today isn't great but it's not a project killer either. The selling is way overdone in XXXXXX (and other Argentina names) and I'm adding to my position and taking advantage of this opportunity to average down. The position still won't be very large after this addition and I'm not going to buy enormous quantities today....just enough to take advantage of the low price and bring down the cost average.
...crude oil, monthlies:
- The company's Bachelor Lake property would enter into production by mid-2012.
- Production would be 60,000oz gold per year at a cash cost of $464/oz
- Once pre-sold ounces were backed out and a gold price assumed, Taylor said MTO.v would be good for 27c/year in cash flows, which compares very favourably to its current PPS of 36c (last night's close)
- Other good things
- That the stock should offer a double or triple to its current share price
- A newsletter writer named Jay Taylor pumping a stock called Metanor Resources (MTO.v)
- That in 2009 (yeah, two thousand and nine) MTO.v would enter into production
- Production would be 45,000oz gold per year at a cash cost of $310/oz
- MTO was a low-risk stock, as it was already in production and a growth story to boot
- Other good things
- And of course Taylor's prediction that MTO.v would double or even quadruple its share price
...the US Dollar index, daily candles:
This track's been going round my head all morning and as it totally rocks, we share.
My stars I adore how it closes (minute 3:00 onwards). Please play at volume setting eleven or not at all.
- Countries that have lots of currency reserves are stronger, macroeconomically speaking. Check
- LatAm countries have been squirrelling money away for the last decade, thanks mainly to high commods prices. Check
- LatAm economies are generally thought to be in good shape because of their macro monetary policies. Check
It's a mystery they've yet to solve.
Uturuncu is a nearly 20,000-foot-high (6,000 meters) volcano in southwest Bolivia. Scientists recently discovered the volcano is inflating with astonishing speed.
Uturuncu is surrounded by one of the most dense concentrations of supervolcanoes on the planet, all of which fell silent some 1 million years ago.
Supervolcanoes get their name because they erupt with such power that they typically spew out 1,000 times more material, in sheer volume, than a volcano like Mount St. Helens. Modern human civilization has never witnessed such an event.
"These eruptions are thought to have not only a local and regional impact, but potentially a global impact," de Silva said.
De Silva said it appears that local volcanoes hoard magma for about 300,000 years before they blow — and Uturuncu last erupted about 300,000 years ago.
"So that's why it's important to know how long this has been going on," he said.
No deal. This hot off the wires, 4 minutes ago:
*EU FINANCE MINISTERS MEETING TOMORROW CANCELLED, U.K. SAYS
2011-10-25 13:37:17.492 GMT
--JONES HAYDEN
-0- Oct/25/2011 13:37 GMT
EU Leaders’ Summits Will Take Place Tomorrow, U.K. Says
2011-10-25 13:47:47.959 GMT
By Gonzalo Vina
Oct. 25 (Bloomberg) -- Both European leaders’ summits
scheduled for tomorrow will take place as planned, U.K. Prime
Minister David Cameron’s office said.
Link to Company News:{2539Z GRCN }
For Related News and Information:
Top Stories:{TOP}
It thinks this:
Gold mining: Q3 earnings previews : Expect Q3 to show strong earnings improvements y-on-y; upgrading Royal Gold to Overweight from Neutral on poor share price performance
price performance
* Gold and silver prices continued to strengthen during Q3, up 13% and 1%, respectively, boosting revenues
* Due mainly to higher gold prices, gold companies will likely report strong increases in earnings vs. Q3 2010, and also relative to Q2 2011
* We are reiterating our positive view on the sector; we are also upgrading Royal Gold to Overweight from Neutral after a recent drop in share price
Sector rally in prospect - With a large move in gold prices during the quarter, averaging USD1706/oz, up from USD1509 in Q2 and USD1227/oz in Q3 2010, we forecast a significant rally in the gold sector stocks and note that delivery of higher Q3 earnings may act as a catalyst to refocus investor attention on the attractive value in the sector.
Costs drivers slow, although perhaps more in Q4 - This quarter a reduction in oil prices and weakness in producer (non-dollar) currencies will have had some positive effects on overall costs. However, accounting timing may push the full effects more into Q4.
Rising tide has not lifted all boats - Despite the 39% increase in gold price since Q3 2010, many of the gold stocks have not moved up much and some have been hit by substantial declines. The market has severely punished companies that disappoint. Companies that have delivered have also not shown stellar performance. We continue to view the entire sector as offering significant upside and reiterate our strong sector buy call. We are reiterating our Overweight ratings for Agnico-Eagle (AEM) (AEM.to), Barrick Gold (ABX) (ABX.to), Goldcorp (GG), Kinross (K.to) (KGC), Newmont (NEM), Randgold (RGLD) and Yamana (YRI.to) (AUY). We upgrade our rating of Royal Gold shares to Overweight from Neutral as the stock price has recently dropped and maintain our TP of USD89.
We have made minor changes to our models that include an update to the average spot prices for precious- and base- metals, producer currency exchange rates, and oil prices, in addition to other minor model changes.
1) Click here (or on the link at the top right of the page there) which takes you to the free subscription page (yup, totally free)
2) Put in your mail address in the space provided and add the anti-spam code word
3) Get a mail in your mailbox with a link in it
4) Click the link. Done!
...the gold/copper ratio over the last three years:
Tongo is a famous singer in Peru (but just why I've never really understood). Justin Bieber isn't
Here are the lyrics, Tongo version:
WOOOUU WWAAA JAMM (x3) yut not yur loming ,hay nut chut jenger, yak cha me never , an-mita braa-aaa, you huaman love ,you huaman jam , hay WIN WIN
clever ever ever diam par, arwining arpin jertru or plenying wi gerlfriend, want da senying or tur tur may yun CHULUMAYS ay far far fanrou fanrou fleita AN AWAR LA BEIBI BEIBI BEIBI hoooular BEIBI BEIBI BEIBI hoooular ,ha cunchu MAAA mi MAAA (repeat)
...have been greatly exaggerated.
...the Argentine Presidential election results:
Just for the blinking flip of it. The ticker symbols are blotted out, of course.
Check out Robert Funk's post today, entitled "Pressure". Excerpt:
"...the Minister of Justice announced that promotion of judges would depend on a review of how they are sentencing those arrested during the student demonstrations." Continues here
Center-left Argentine President Cristina Fernandez was headed for easy re-election on Sunday with 55 percent of the vote, according to sources with access to an exit poll funded by the government.
Her nearest competitor was Socialist provincial governor Hermes Binner with 14 percent of the vote, the poll showed several hours before voting booths were to close. CONTINUES HERE
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