Maradona's mother passed away today. Lo siento, Diego.
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Maradona's mother passed away today. Lo siento, Diego.
Just a lil ol blues band from Texas, or so they say:
Oh yeah, we're doing it number-coded today:
1) The time when CEO Robert Archer inside sold shyteloads of his own shares of Great Panther (GPR.to (GPL)...lucky guy, isn't he????????????2) Reality set in3) The time when GPR.to hired arch lying scumball bullshitter Thom Calandra and his Torrey Hills Capital pump and dump outfit to promo GPR to the naive and unwitting. That asshole Calandra even tried to suggest that GPR was an M&A target...how freakin' desperate can you get, you twisting son of a bitch?4) (and this is my favourite bit) When GPR's 3q11 numbers were pumped as great stuff by the very same spinmeisters and got a whole bunch of new sheep into the stock at 2.8 and above.5) Today.
ps: Fortuna Silver's (FVI.to) (FSM) performance is included in the above chart to show what serious silver mining companies can do
Please find a client update enclosed below. Please refer any questions to email@example.com
MF GLOBAL UK Limited (IN SPECIAL ADMINISTRATION) (“MFG UK”)
As you are aware, Richard Fleming, Richard Heis and Mike Pink were appointed as joint special administrators of MFG UK on 31 October 2011.
The special administrators have received a large volume of queries from clients concerning the current position of MFG UK and the return of client money. We have noted and acknowledge the difficulties and frustrations being experienced by clients and we are devoting a significant amount of our own resources and MFG UK resources which have been retained (including the client money team) towards an early resolution to these matters.
We have set out below answers to a number of frequently asked questions, some of which will affect you directly. With respect to your own individual circumstances, we are endeavouring to provide you with full information of your position as recorded by MFG UK as soon as is practicable.
MFG UK is a large investment firm which has thousands of clients and dealt with millions of transactions at any one time. The scale and complexity of the circumstances facing the special administrators are substantial and we are working with staff at MFG UK to understand each client’s position with MFG UK as soon as possible. Where relevant, this includes also assistance with the transfer of open trades/positions to another broker and/or reconciling trades/positions where they are being or have been closed down.
As at the date of appointment of the special administrators, there were approximately 1.6 million open positions transacted through a multitude of exchanges and markets located in over thirty jurisdictions. The substantial majority of open positions have now either been liquidated or have been transferred to other brokers.
The main reason for the delay is that (as of today’s date), there remains a very large number of accounting entries to be made to bring the books and records of MFG UK up to date as at 31 October 2011 and also to show the effects of the defaults when the necessary information is received by MFG UK. Previously MFG UK’s systems were able to process much of this automatically through electronic links to exchanges and banks; however, as a result of terminations and defaults by the exchanges and clearing houses across the markets, that were triggered following the appointment of special administrators, a significant amount now needs to be handled manually. This is time-consuming.
What is happening with open trades/positions with MFG UK that I may have?
Where your trade/position has been transferred to another broker we will notify you as soon as possible, so that you can take appropriate action. These notifications are being communicated through MFG UK’s normal communication channels, and we are writing to each affected customer as soon as we can.
We are not yet able to provide closing information to those clients who have had their trades/positions closed for the reasons described above. We are working to obtain the information needed to provide clients with more accurate final pricing and net position information and will provide that information as soon as practicable.
Statement information since the special administrators’ appointment
Certain trade and/or position, price and cash balance data provided to clients since 31 October 2011 is not necessarily reliable (for example because information was not up to date or complete at that time) and you should not rely on it. More accurate closing prices and statements of final trades and/or positions will be sent to clients in due course.
What is the position where I requested my account be closed and funds be remitted to me prior to the special administrators’ appointment?
It is clear that a large number of requests to close accounts and transfer funds made in the days preceding Monday 31 October 2011 were received by MFG UK but not completed. This may include circumstances where funds have not been paid to clients following such requests. Notwithstanding that these closure requests were made prior to the special administrators’ appointment, these accounts now fall to be dealt with under the special administration process.
At this point the special administrators are unable to action requests for withdrawals from client accounts, which are now subject to the formal procedures for dealing with such client assets set out in the special administration rules and the FSA’s Client Money Distribution Rules.
My funds were held in a segregated ‘client money’ account. Why can’t they be released immediately?
Notwithstanding their segregated status, these accounts require to be first reconciled and dealt with as part of the special administration process and in accordance with the FSA’s Client Money Distribution Rules. This process involves:
· the identification of client money as distinguished from other MFG UK monies;
· the transfer of client money into client money accounts under the control of the special administrators;
· the determination of entitlements to client money; and
· the efficient return of client money based on those entitlements.
There are also important legal decisions affecting the treatment of client money which are still being litigated through the English courts. Some of these issues may impact the correct legal treatment of client money at MFG UK and it may be necessary to wait until the Supreme Court rules on these matters (in the case of Lehman Brothers International (Europe)), which is expected in the first half of 2012.
How long will the process to return client monies take?
We and the MFG UK staff are actively working to reconcile holdings and accounts in order to enable client money to be released as soon as practicable, which is one of our formal objectives in the special administration process. Each client trade/position must be recorded in MFG UK’s systems and reconciled with the records kept by the market or exchange on which the trade was transacted. In some cases, the reconciliation must also involve other brokers and agents through which the business was placed. The early distribution of client money is high priority to the special administrators and the reconciliation process is a prerequisite before client money supporting client trades/positions can be released to accounts controlled by the special administrators.
Our investigations to date (which remain ongoing) indicate that some client funds were held at institutions outside the MF Global group. For example, this will include funds controlled by exchanges at which business is or was transacted by clients, which will be released after all open trades/positions are closed and reconciled. We are actively working to secure the release of these funds from these institutions, from which distributions to clients can be made. As of today’s date, although the majority of these funds still remain to be collected, good progress is being made to accelerate this process.
The ultimate return of client money to clients will be dependent on the special administrators establishing the quantum of the claims against funds held in designated client money accounts (“the segregated client money pool”) and the non-segregated monies. Upon the failure of a regulated firm, under the FSA’s Client Money Distribution Rules (CASS 7A) all segregated client monies must be ‘pooled’ together and distributed to clients in accordance with those rules (please refer to the website detailed below for further information). Arrangements for distributions to clients will not be finalised until all client risk positions have been liquidated or transferred and all claims against have been validated; however, we are discussing with the FSA and other bodies whether it would be feasible to make an interim distribution before all claims are finalised, but that is still likely to be some time away.
I have provided security or collateral (segregated ‘client assets’) to MFG UK. Why can’t they be returned immediately?
We and the MFG UK staff are actively working to reconcile holdings and accounts in order to enable segregated client assets to be returned as soon as practicable, which, again, is one of our formal objectives in the special administration process.
The return of a client‘s assets will not be finalised until the associated client risk positions have been liquidated or transferred and claims have been validated. Client assets are not subject to the ‘pooling’ arrangements which apply to client money. Therefore, it is possible that client assets may be returned before the distribution of client money, possibly by means of setting a bar date to coordinate the submission of claims.When might distributions be made?
Returning client assets and paying distributions of client money to creditors is and will remain a key focus of the special administrators. Indeed these aims are enshrined in the special administration objectives.
However, the identification, collection and reconciliation of client money, client assets and MFG UK’s assets is a complex process. While this work is underway, the special administrators will develop their strategy for the best way to return client assets and make distributions, which may include interim distributions depending on the circumstances for clients.
Further information to assist clients is available on the website http://www.kpmg.co.uk/mfglobaluk, including an explanation of the status of client money and client assets which have been segregated from other funds of MFG UK, answers to other frequently asked questions and a summary of the position regarding MFG UK generally.
Joint special administrator
MF Global UK Limited in special administration
Proxy-Ottotrans (not written by, but 100% endorsed by your author: thanks due to he knows who)
“Hi there Yanks, we’ve been getting a lot of questions about the pile of shite we’re dealing with called MF Global. All of the questions though variously worded, amount to: “when are we going to get our fucking money”. Well, have you ever read Dickens? No? Bleak House would be a good one for you. Essentially, in Bleak House, the heir to a vast fortune waits while the good courts of Chancery “administer” the estate to make sure all the Estate’s assets are inventoried, located, valued, assessed and, where appropriate, sold, claims assessed and settled etcetera etcetera. Then and only then can the estate be distributed to the heirs. Unfortunately, in Bleak House, the administrators (that would be us in the MFG shitepile) have to get paid and, well, they’re not cheap; they’re thorough, yes very thorough, but they are decidedly not cheap, and well, the assets of the estate barely cover the administrative costs and the heir received bugger all.Basically, in MFG, you are the heir. Cheers.”
"Some argue the euro can be saved only at the price of sacrificing monetary stability. This would be a momentous mistake. Putting the European Central Bank’s printing presses to work might at best bring some short-term relief. But it would have dire consequences, both raising inflation and dissipating vitally important incentives for reform. In the end we would end up with a depreciated currency and an even more destabilised eurozone. The ECB’s independence and firm commitment to price stability are of paramount importance to Europe’s economy."
- China Oct copper imports shine, iron ore suffers
- China October imports surge as exports wilt
- China copper imports strong but bulls beware!: Andy Home
- China crude imports may finally head higher: Clyde Russell
- China Oct copper imports rise 0.8 pct on month
- China Oct soy imports fell to 7-month low at 3.81 mln T-Customs
- Robust China data bodes well for commodities: Clyde Russell
Roque Benavides: "President Humala is demonstrating that he believes in investment"
The president of Buenaventura (BVN) said that Yanacocha will listen to suggestions to improve the Conga project and said that in Peru "there exists the best mining in the world."
Thursday, 17 November 2011, 2:17pm
The president of the Buenaventura (BVN) Mining company, Roque Benavides, said that President Ollanta Humala "is demonstrating that he wants to run a good government" and that "he believes in both national and foreign investment". These declarations come after those of President Humala yesterday evening when he assured those present that his government "is not anti-mining".
Benavides also referred to the environmental impact study and permits to move forward the Conga project and on this matter approved that the mandatory considers it an important operation. "...this demonstrates maturity and we are not going to disappoint him", he added in his declarations to Willax TV.
They will listen to suggestions
Benavides also said that the Yanacocha mining company is open to hearing suggestions in order to improve the aforementioned project and will comply with the law and care of the environment. "And of course we will generate more water supply than we'll use", he said.
He also said that, "Many people do not understand that modern mining methods are run with technologies applied for the care of the environment and respect to communities."
"In Peru there is the best type of mining that exists in the world, the cleanest and the most responsible", added Benavides.
Benavides made these declarations during his participation in the presentation ceremony of the University of Engineering and Technology (UTEC), a project run jointly by the companies Hochschild, Credicorp, Buenaventura and Ferreyros
"Cameco believes that the Roughrider deposit cannot be economically developed as a standalone operation with its own mining and milling facilities and related infrastructure. It is only due to Cameco's existing infrastructure and obvious synergies in the region that we are currently able to justify making this attractive offer."
Hathor Exploration Limited ("Hathor") announces that Rio Tinto plc. (LSE: RIO.L - News)(ASX: RIO.L - News)(NYSE: RIO.L - News), through an indirect wholly-owned Canadian subsidiary ("Rio Tinto"), has increased its all-cash offer to acquire all of the outstanding common shares of Hathor to $4.70 per share (the "Increased Rio Offer"). All other terms of the offer will remain the same as those described in the Rio Tinto offer and the takeover bid circular dated October 25, 2011. Rio Tinto's increased offer values Hathor at approximately C$654 million on a fully-diluted basis and represents a premium to Cameco Corporation's unsolicited revised offer of C$4.50 per common share made on November 14, 2011 (the "Cameco Offer").
Hathor's board of directors, after receiving the recommendation of its special committee and the oral opinion of its financial advisor as to the fairness, from a financial standpoint, of the Increased Rio Offer, has unanimously determined that the Increased Rio Offer is in the best interests of Hathor's shareholders and reaffirms its support of Rio Tinto's increased offer and unanimously recommends that Hathor shareholders accept and tender their common shares to the Increased Rio Offer and reject the Cameco Offer.
Update: By sheer coincidence, today's also the day Peru's Mining Ministry tells the world that mining exports are up 32.9% in the first nine months of 2011, compared to the same period in 2010. I rest my case, m'lud.
I know for a fact there are still a few stupid people out there that think Ollanta Humala's government is left wing
I'd walk right past him in the street. Anyway, as with the others, get well soon Lula. Photo from here
a) Shandong goes public and hostile and puts its bid on the table for everyone to see, or...
b) ...this whole episode is bullshit.
Here's a link to a news release
Here's a chart:
Here's an owl:
Rick Van Nieuwenhuyse, world's highest paid gofer, "decides to make way for new blood" at NadaGold (NG)
Update: So I've spent the morning watching the NG ask get whacked on time and again, we're now at +24.4% and counting (fast). You gringos really will buy anything, won't you?
- Down Veracruz way, GGA.to knows that there's growing local and social opposition to the project due to its location just a couple of clicks away from a nuclear power plant.
- Down Actopan way, GGA is now active in running media campaigns against the local anti-mining groups and asking locals to take into account that it has all the necessary permits and that, according to GGA at least, the accusations are hearsay and guesswork.
- Down Mexico way, GGA.to is fully aware that questions have recently been raised about the viability of the project in the National parliament by sitting parliamentarians, and just as a very tight looking Presidential election cycle is getting underway too.
However, up in the North it seems that Goldgroup Mining (GGA.to) has decided on the mushroom politics strategy, as nary a whisper of potential opposition has made it into the English language up to now. The question is why, because if GGA.to is so confident about its project and benefits and lack of safety issues, shouldn't it be proud and open and explanatory in English as well as in Spanish? So c'mon GGA. don't hide your benefits under a bushel and tell us all how the project at Caballo Blanco isn't going to affect the nuclear power facility just next door....you know it makes sense to alleviate any sense of concern the investment community might have in a transparent manner.
Shandong Gold Group Co., parent of China’s second-largest gold producer by market value, made a $785 million offer to buy Jaguar Mining Inc. (JAG), two people familiar with the deal said.
Shandong bid $9.30 for every Jaguar share, said the people, who asked not to be identified because of the information is confidential. That’s 73 percent more than Jaguar’s closing price of $5.39 yesterday in New York. The company has 84.4 million shares issued, according to data compiled by Bloomberg.
Jaguar Mining produces gold from its Turmalina and Paciência mines in Brazil and is also developing a third operation in the country. It produced 40,660 ounces of gold in the third quarter and full year output may be between 155,000 ounces and 163,000 ounces, according to an Oct. 18 statement.
There have been $37.3 billion of deals announced this year at an average premium of 25 percent, led by Barrick Gold Corp. (ABX)’s offer for Equinox Minerals Ltd. (EQN), according to data compiled by Bloomberg. That compares with $35.9 billion of deals done last year.
Shandong spokesman Lu Haitao did not answer calls to his mobile.
UPDATE 2: The market authorities have done the right thing and halted trading on the stock. Glad to see they're not asleep at the wheel on this one and, in general, the it's worth a shout-out that reg authorities in Canada have been doing a better job of policing the hairier aspects of their market recently. This is good.
Update 3: Jaguar Speaks! Here's the NR, here's the semi-cryptic comment that JAG hopes is enough to get the halt lifted, I suppose:
CONCORD, NH, Nov. 16, 2011 /CNW/ - Jaguar Mining Inc. ("Jaguar" or the "Company") (JAG: TSX/NYSE) in response to news articles today regarding an unsolicited offer to buy the Company, acknowledges that it has received proposals over the past few weeks.
The Company confirmed that, in light of the publicized unsolicited offer, the Board of Directors has determined to initiate a strategic process to explore alternatives to maximize shareholder value. At this time, none of these proposals has progressed beyond the exploratory stage. The Board has retained financial and legal advisors to assist in this regard. There is no assurance that the process will culminate in a change of control transaction.Jaguar's Board of Directors intends to update the shareholders of the Company at the appropriate time.
We also direct you to a new post today, entitled "What happens next at Jaguar Mining (JAG) (JAG.to)?"
...gold, last five days:
Santa Maradona priez pour moi
...was deciding, on various occasions too, to pass on Lumina Copper (LCC.v):
Here's an interesting chart*:
...crude oil, monthlies: