And the good news about that is....wait for it.....roll on the drums....USING THAT TIMESCALE THERE'S A FAIR CHANCE THE STOCK GETS BACK OVER A LOONIE!
(ta-dah! I'm here all week, try the veal).
Anyway, that quote-of-the-week isn't some made-up nonsense and actually came from the lips of the Beaty man himself during this interview shot at the Cambridge House bash currently going on in Vancouver. You'd best watch it cos it's only had 40 views so far and maaaan, Beaty needs more people watching him than that, surely?
Enjoy, and thanks to reader 'MR' for the headsup.
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8 comments:
What a joke!
Well he´s right about one thing - geothermal is a lot like mining - geothermal fields can be emptied, just like a mine. IT DOES NOT go on forever and it is not pollution free and NOT SUSTAINABLE.
As for growth - there is no room for growth for Alterra in Iceland! The fields Beaty is exploiting there are already pumping at max volume and there is no more to be had.
And Björk is a xenophobe! No sir, she is not and "it is not over". The game Beaty played in Iceland was not played by the rules and he´s not seen the end of it yet.
What does the Canadian Stock Market think of Mr Beaty's wrongful presentation of Magma's future prospects in Iceland?
Mr Beaty claims that geothermal goes on for generations, "for thousands of years"
(see: http://www.youtube.com/watch?v=sUbO0eIuYEE)
This is plainly wrong.
Icelandic scientists Stefan Arnorsson and Sigmundur Einarsson are on record stating that a geothermal field can be depleted within 50 years. The fields currently being exploited by Alterra (or Magma as the shell company holding the shares is called) in Iceland are already showing signs of too heavy pumping.
Mr Beaty claims on Magma's website that he plans to expand to harvesting more than 400MW in Iceland, naming areas his company has no access nor rights to.
Scientists Einarsson and Arnorsson state that research indicates that a maximum of 100 MW can be harvested from the areas Magma has access to.
Where Mr Beaty is going to get is 400 MW in Iceland is a question Canadian investors should be asking!
Mr Beaty claims that the opposition in Iceland is due to the fact that his PR was not good enough. This is untrue.
The opposition against Magma is based on the fact that Magma is buying exploitation rights to our precious energy resources with a license to 65 years of unlimited access - with an option for another 65 years!!
The opposition against Magma due to the fact that the company is financing this so called "foreign investment" with sellers loans - what new money was brought in was Icelandic currency bought at a serious discount on the offshore market. The loans are bullet loans with extraordinarily low interest rates (1,5%).
Magma is no expert in geothermal - it's only other geothermal operation being a tiny plant in Soda Lake, Nevada, bought in 2008.
Mr Beaty is a mining engineer, bringing no expertise to a country with decades of experience in harnessing geothermal power.
The geothermal industry in Iceland has been developed and built by publicly owned utility companies over decades that have been run with a profit for the common good.
The privatization of HS Orka, the energy company bought by Magma was orchestrated by some of the key players responsible for the bank crash in Iceland in 2008 - and the whole process, including the sale to Magma, deserves a criminal investigation, as proposed by MEP Eva Joly, former advisor to the Special Prosecutor responsible for the bank investigation in Iceland.
SEE interview with Eva Joly here: http://www.youtube.com/watch?v=4FYca6RkELI
Jon dude, relax, nobody reads this blog anyway
You do, Otto. Who's blog is it anyway?
We need a new ETF:
United Luddites - UNLD (for the impossible dreams we dream).
Wasn't this the former Magma, that company with the founders round of 100 mln shares at 1/100 of a penny?
I shouldn't overreact. Its 110 million shares at 1/10 of a penny
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