The Daily IKN email digest, get all daily posts sent to you next day (& no ads)
Tis so very good, therefore enjoy.
Headsup thankerations to twitterpal and good egg, Karaspita.
|Feb 2/12||Feb 1/12||Grey, Robert||Direct Ownership||Common Shares||10 - Disposition in the public market||-2,400||$3.85|
|Feb 2/12||Feb 1/12||Scheving, Douglas Wayne||Direct Ownership||Common Shares||10 - Disposition in the public market||-8,600||$3.87|
|Feb 2/12||Feb 1/12||Scheving, Douglas Wayne||Direct Ownership||Common Shares||10 - Disposition in the public market||-7,800||$3.82|
|Feb 2/12||Feb 1/12||Scheving, Douglas Wayne||Direct Ownership||Common Shares||10 - Disposition in the public market||-600||$3.80|
|Feb 2/12||Feb 1/12||Scheving, Douglas Wayne||Direct Ownership||Common Shares||10 - Disposition in the public market||-3,000||$3.94|
|Feb 2/12||Feb 1/12||Simpson, Yale Ronald||Direct Ownership||Common Shares||51 - Exercise of options||100,000||$2.39|
|Feb 2/12||Feb 1/12||Simpson, Yale Ronald||Direct Ownership||Options||51 - Exercise of options||-100,000|
|Feb 1/12||Feb 1/12||Scheving, Douglas Wayne||Direct Ownership||Common Shares||51 - Exercise of options||20,000||$1.99|
|Feb 1/12||Feb 1/12||Scheving, Douglas Wayne||Direct Ownership||Options||51 - Exercise of options||-20,000||$1.99|
|Feb 1/12||Jan 31/12||Scheving, Douglas Wayne||Direct Ownership||Common Shares||10 - Disposition in the public market||-2,600||$3.94|
|Feb 1/12||Jan 31/12||Scheving, Douglas Wayne||Direct Ownership||Common Shares||10 - Disposition in the public market||-300||$3.84|
|Jan 31/12||Jan 31/12||Grey, Robert||Direct Ownership||Common Shares||10 - Disposition in the public market||-25,000||$3.89|
|Feb 1/12||Jan 30/12||Scheving, Douglas Wayne||Direct Ownership||Common Shares||10 - Disposition in the public market||-17,100||$3.88|
|Feb 1/12||Jan 30/12||Scheving, Douglas Wayne||Direct Ownership||Common Shares||51 - Exercise of options||20,000||$1.99|
|Feb 1/12||Jan 30/12||Scheving, Douglas Wayne||Direct Ownership||Options||51 - Exercise of options||-20,000||$1.99|
|Jan 31/12||Jan 30/12||Grey, Robert||Direct Ownership||Common Shares||10 - Disposition in the public market||-27,600||$3.71|
|Jan 31/12||Jan 27/12||Simpson, Yale Ronald||Direct Ownership||Common Shares||10 - Disposition in the public market||-30,000||$3.60|
|Jan 31/12||Jan 27/12||Simpson, Yale Ronald||Direct Ownership||Common Shares||10 - Disposition in the public market||-80,000||$3.44|
|Jan 31/12||Jan 27/12||Grey, Robert||Direct Ownership||Common Shares||10 - Disposition in the public market||-25,000||$3.53|
|Jan 31/12||Jan 26/12||Grey, Robert||Direct Ownership||Common Shares||10 - Disposition in the public market||-20,000||$3.39|
|Jan 31/12||Jan 26/12||Grey, Robert||Direct Ownership||Common Shares||51 - Exercise of options||100,000||$1.99|
|Jan 31/12||Jan 26/12||Grey, Robert||Direct Ownership||Options||51 - Exercise of options||-100,000||$1.99|
...Peru's monthly copper production figures, 2003 to date:
...the stock has sold off so much....
...and the company has just brought in a new mine manager.....
MONTREAL, QUEBEC--(Marketwire -01/09/12)- Malaga Inc. ("MLG")(TSX: MLG.TO - News)(OTCQX: MLGAF.PK - News) announces the appointment of Fernando Pajuelo as General Manager in charge of mining operations at the Company's Pasto Bueno tungsten mine in Peru. Mr. Pajuelo will report directly to Malaga's President and CEO, Mr. Pierre Monet. (continues here)
....here's the reason, via the December 2011 production figures from Peru's mining ministry, out today:
Waddya say, owly?
"For where do you sell that oil? Where do you bring it ashore? How do you unlock a potential future that axiomatically excludes Argentina?"
In August of 1865, a Colonel P.H. Anderson of Big Spring, Tennessee, wrote to his former slave, Jourdan Anderson, and requested that he come back to work on his farm. Jourdan — who, since being emancipated, had moved to Ohio, found paid work, and was now supporting his family — responded spectacularly by way of the letter seen below (a letter which, according to newspapers at the time, he dictated).
Rather than quote the numerous highlights in this letter, I'll simply leave you to enjoy it. Do make sure you read to the end.
"We have concluded the negotiations and expect that on January 30th we will sign the definitive contract [with Ecuacorriente]."
...has just been sent to subscribers. There's good news and bad news in the update.
- The bad news: It's money
- The good news: It's only money
Subscribers can expect a Flash update on this. Here's the link, here's how the NR starts:
xVANCOUVER, BRITISH COLUMBIA--(Marketwire -02/01/12)- Elgin Mining Inc. (TSX-V: ELG.V - News) ("Elgin Mining") and Gold-Ore Resources Ltd. (TSX: GOZ.TO - News) ("Gold-Ore") are pleased to announce the execution of an arrangement agreement to complete a business combination (the "Transaction"), whereby Elgin Mining will acquire all of the issued shares of Gold-Ore by way of a plan of arrangement. The Transaction will result in a well-funded, growth-oriented gold producer with Gold-Ore's producing Bjorkdal gold mine in Sweden and Elgin Mining's Lupin and Ulu gold development projects in Nunavut, Canada. Bjorkdal produced 40,338 ounces of gold in fiscal 2011. Excluding Lupin, pro forma mineral resources for Elgin Mining upon completion of the Transaction will be over 1,191,700 ounces of Measured and Indicated mineral resources and approximately 756,500 ounces of Inferred mineral resources (Note: A table of Mineral Resources and Mineral Reserves is shown at end of this news release). The combined company will have the financial resources and management expertise for accelerated development and growth.A conference call for the investment community will take place as noted at the end of this news release.Transaction Highlights:-- Gold-Ore shareholders to receive one Elgin Mining common share and one half of one common share purchase warrant of Elgin Mining exercisable at a strike price of $1.30 per Elgin Mining share with a two year term -- Transaction values Gold-Ore at $1.22 per common share and represents a premium of 66.5% based on the volume weighted average trading prices of Gold-Ore and Elgin Mining for the 10 trading days ended January 31, 2012 -- Low risk, high quality asset portfolio: one producing gold mine; two attractive gold development projects -- Elgin Mining's Lupin gold project provides exposure to a high grade, past producing underground mine with significant infrastructure and permitting in place and the potential for near term production -- Strong balance sheet and cash flow: approximately $35 million in cash in the combined company; fiscal 2011 cash flow from Gold-Ore's Bjorkdal mine is $12.1 million -- Transaction structured to fund on-going growth and development through potential warrant exercise -- Share exchange provides Gold-Ore shareholders with a 57% ownership stake (67% fully diluted) in a superior combined company with geographic diversification, increased market profile, trading liquidity and research coverage -- Shareholder representing approximately 17% of Gold-Ore shares has signed a lock-up agreement supporting the Transaction -- Experienced combined team. Elgin Mining and Gold-Ore management and board have long standing operational and capital markets expertise in the mining sector with well-established track records -- Unanimous support of the management of both companies.The Transaction values Gold-Ore at $1.22 per common share based on the 10-day volume weighted average price of Elgin Mining ($1.15 of share value and $0.07 of warrant value) and represents a premium of 66.5% over the same period. Each Gold-Ore shareholder will receive one common share of Elgin Mining and one half of one common share purchase warrant of Elgin Mining exercisable at a strike price of $1.30 per Elgin Mining share with a two year term, for each Gold-Ore common share held. Each half warrant has been valued at $0.07 using the Black-Scholes method with a volatility assumption of 30%, term of 2 years, an exercise price of $1.30 per share, a reference 10-day volume weighted average price of $1.15 and an assumed risk free interest rate of 0.95%.Elgin Mining's President and CEO, Patrick Downey commented, "The combination of Elgin Mining and Gold-Ore will create a strong international gold company with a solid portfolio of production and exploration assets in the politically safe jurisdictions of Canada and Sweden. Gold-Ore's Bjorkdal mine will provide meaningful cash flow which will fund the company's future exploration and development activities. The combined company's profile will be very attractive to current and future investors as a larger, diversified company with immediate production and future upside. We will continue to review quality opportunities that add to our resource inventory and production profile."Glen Dickson, Chairman and CEO of Gold-Ore commented, "The Transaction provides Gold-Ore shareholders with significant and immediate value for their shares. Furthermore, with the Lupin mine fully permitted and the limited capital exposure for re-start of operations, our shareholders will participate in a rapid and meaningful ramp-up of production. We believe that the strategic and financial rationale of our Transaction is beneficial to Gold-Ore's shareholders, employees and other stakeholders."Elgin Mining's Transaction will provide the following benefits to the shareholders of Gold-Ore:-- A compelling premium of 66.5% to all Gold-Ore shareholders -- Warrants under the Transaction structure provide Gold-Ore shareholders with additional upside and future capital inflows to the combined company -- The combined company will be well funded with approximately $35 million in cash and with all operations in locations with minimal political risk -- Participation in the past producing Lupin gold mine which produced 3.5 million gold ounces at an average head grade of 9 g/t gold over a 20 year mine life -- Elgin Mining's Lupin and Ulu projects contain scalable upside. The past producing Lupin high-grade gold project has in-place infrastructure and its Class "A" water licence to recommence operations thereby reducing delays in permitting and costs -- Strong expertise among Elgin's management and board in developing and operating mining projects; significant capital markets expertise and successful track record in the mining sector -- Participation by Gold-Ore shareholders in the potential re-rating of Elgin Mining resulting from the increased size, liquidity, research analyst coverage and market visibility of the combined companyThe shareholders of Elgin Mining will benefit from ownership in Gold-Ore as follows:-- Ownership in the Bjorkdal Gold Mine in the low political risk jurisdiction of Sweden. The Bjorkdal Gold Mine has a strong track record of gold production generating meaningful free cash flow with significant exploration upside -- Gold-Ore's cash flow generation of $12.1 million in 2011 will assist in accelerating the development of Elgin Mining's exploration assetsResolute Funds Limited, as manager of Resolute Performance Fund, Gold-Ore's largest shareholder, has entered into a lock-up agreement with Elgin Mining in support of the Transaction in respect of 15,000,000 common shares of Gold-Ore representing approximately 17% of the issued and outstanding common shares on a non-diluted basis.The Transaction includes a commitment by Gold-Ore and Elgin to not solicit an alterative transaction to the Transaction. Each company has agreed to pay a break fee to the other company of $2.8 million upon the occurrence of certain events. The Transaction has been declared a "Superior Proposal" as defined by an agreement signed by Gold-Ore and Astur Gold Corp. ("Astur") and will result in the payment of a break fee of $2.5 million by Gold-Ore to Astur. The previously announced transaction between Gold-Ore and Astur has been terminated.Patrick Downey will continue in his role as President and Chief Executive Officer and Bob Buchan will remain Chairman of the Board. Robert Wasylyshyn will continue on as interim COO. Gold-Ore directors, David Mullen, Ronald Ewing, Glen Dickson and Robert Wasylyshyn will join the expanded board of directors.The Transaction will be conditional upon certain conditions of completion, including receipt of all necessary regulatory approvals, absence of material adverse changes and holders of at least 66 2/3% of the total votes cast by Gold-Ore shareholders approving the Transaction at a meeting of Gold-Ore shareholders. The Transaction will also be subject to the approval of 50% plus one of the total votes cast by Elgin Mining shareholders voting in favour of the Transaction.Additional Details of the Transaction
There's no doubt that having been the financier and publicist for now-President Ollanta Humala Tasso in his electoral campaign has been a lucky charm for businessman Juan Carlos Rivera Idrogo, for whom suddenly the millionaire doors of State contracts have been opened.Last January 16th, after a series of delays, the Banco de la Nación (state controlled main bank) awarded a multimillion dollar publicity contract to the Planner-Imacon consortium, made up of the Planner de Medios -SAC and Imágenes y Comunicaciones del Perú companies that comes to the sum of no less than S/ 7,887,834 (U$2.93m) so that for one year the consortium advises on the institutional image of the State run bank and consolidates its presence in the media.
There would be nothing strange about the contract if it weren't for the fact that the owner of one of the consortium companies that won the contract is none other than the publicist and financier of President Ollanta Humala.
You're much better off writing to Christopher Barker, birds of a feather and all that.
Here's what we wrote in November 2011 regarding the Cardero Group's Trevali Resources (TV.to):
"...the Santander mine is now due to go online Q1 or Q2 of 2012, according to latest company literature. Anyone fancy taking a bet on this Cardero Group "fact"?"
Here's what TV.to says today, Feb 1st 2012:
"Commissioning of the 'new' Santander Plant
is currently scheduled for Q2-Q3 2012."
...LME copper stocks by region, 2011 and 2012, from Reuters.
Featured as part of the excellent Andy Home's column today.
jet-set, yo solo quiero ser del jet-set
"...they had 10 minutes in the news show CM& (last January 2nd) where they came across as the saviours of the whole municipality and the generators of culture in a zone where, according to them, the local population cannot decide what's best for them..."
It's published once a month and run by a guy named Paul Harris, who lives in Medellin so gets to report from ground zero about what's going on there. He's also an independent voice and steeped in the right experience, having covered the mining sector and analysis of its companies for 12 years and with nine years in LatAm (the last four years in Colombia and before that five years in Chile). Full of insight and useful information, your humble scribe has had the opportunity to read the last four editions (it's a new thing, only six editions old) and it's been suitably impressive in its coverage every time.
It's a paying subscription service and the cost is
.... and I'll send you the link by return. But please put "Colombia Gold Letter Freebie" or similar in your title line so that I know what I'm looking at (and no, your e-mail address isn't used for anything else in any way, 100% guaranteed, we're all friends here).
Disclosure: I am not making any money of any sort for this recommendation, no fee, no commission, nothing. I do get a complimentary subscription from Harris, but that started before this post was ever conceived. All I really get from recommending the Colombia Gold Letter to you is a bit of reflected glory, because it's good to share quality amongst others.
*Wires crossed for a moment, but Harris tells me the annual for retail subscribers is U$200, not $500.
...zinc, the rally continues.
- Enrique Peña Nieto of the PRI party
- Josefina Vázquez Mota of the PAN party
- Andrés Manuel López Obrador (known to all as AMLO) of the PRD party
So yes, Peña Nieto is a long way out in front according to pollsters Mitofsky (who by the way are normally regarded as Mexico's best survey company but AMLO supporters insist they cook da books and underestimate his support). But there's also a tendency to register here, as July 1st is still a long way off and Peña Nieto is losing a bit of support while the other two see modest improvements.