And it doesn't matter whether you believe there's someone listening to him, either.
The regular Saturday slot: The last five days' worth of action in the gold bullion ETF (GLD), the silver bullion ETF (SLV), the miner ETF (GDX), the junior miner ETF (GDXJ) and the copper ETF (COPX).
As is the Pan American style, not a single NR emitted to tell people of the accidents, no time lost in closed mines while the company tries to get to the bottom of the causes. And most importantly, no improvement ever noted. Well, we could say that 2012 has no accidents so far, that's something i suppose.
Finally, before publishing this evening your humble scribe sent a draft of the above to FVI to allow for comment and also asked for further details on the death of Sixto. This below was the reply received from the FVI IR department (translated by your author) approximately 90 minutes after the request. Except to note here that the government authority investigation is an automatic occurrence in Peru and it would be strange not to have one move into action immediately, the reply is offered with no further comment:
Let me start by stating that our company does not hide information from the market nor do we go about our business in a shady way.
To answer your question, Sixto died at 10am on February 26th on level 12 of the Animas vein when his set charge exploded in an uncoordinated way. This accident killed Sixto instantly and his immediate superior, Felix Larota, was injured. Felix is currently recovering.
The accident is under investigation by government authorities and an internal investigation is about to be concluded.
The company has decided to inform and discuss the unfortunate event via its MD&A and the telephone conference call. You have the right to disagree with our decision.
(the answer to that one is in the follow-up post)So does that mean you're calling a sell on FVI?I mean, I don't know what other good silver producer you could replace it with. Then again, you do have your ethical standards and nobody who knows you would expect otherwise.
" I think Fortuna's mgmt. has made their bones. "
Is there a word (usually German) for when you make a statement and it gets contradicted almost immediately? There should be.
Good job. It kind of hurts when you like the company.
"...good piece on FVI today. Not liking that one bit. Was going to buy more today. Am holding off - you said it - they need to make an announcement regarding the error of their ways, the accident, and it will NOT happen again."
Fortuna's reaction must have been coldly calculated over many hurried meetings fraught with clammy hand wringing and filled with maggots buzzing, "optics," "damage control," and "sad-sad-sad, this coffee's great."
Some thought might've even been given to compensation, but that compassion would be the bailiwick of legal, delegated by the boardroom.
Your own blog, via the Big Picture link provided this context:
Final word: There will be more on this in IKN150, out Sunday.
Guyana Goldfields (GUY.to) just broke under $4, can we stop buying it now, please?
*in tribute to Sam Antar
Great Basin Gold Ltd. ("Great Basin Gold" or the "Company"), (TSX:GBG)(NYSE Amex:GBG)(JSE:GBG) announces that the Company and the syndicate of underwriters led by RBC Capital Markets (the "Underwriters") have agreed to terminate the previously announced public offering. The Company and the Underwriters have entered into a new agreement with respect to a public offering, pursuant to which the Underwriters have agreed, on a bought deal basis, to buy 66,700,000 units of the Company (the "Units"), at a price of $0.75 per Unit, for aggregate gross proceeds of approximately $50 million (the "Offering"), by way of a short form prospectus. Each unit will consist of one common share of Great Basin Gold (a "Common Share") and one half of a purchase warrant (each whole warrant, a "Warrant"). Each Warrant will be exercisable for a period of 2 years following the closing of the Offering at an exercise price of $0.90 per Warrant. The Company has granted the underwriters an over-allotment option to purchase additional Units up to 15% of the Offering, for a period of 30 days following the closing.
...has just been sent to subscribers. Belt'n'braces post completed, please have the nicest of days.
A good piece with plenty of insight at The Gold Report today. Go read.
From: Hoesgen Investment Partners [mailto:email@example.com]
Sent: Friday, March 02, 2012 XXXXXXX AM
To: Undisclosed recipients:
Subject: Batero Gold Corp (BAT.V) | TDV Publication
Good Afternoon,Please find attached a report titled, "Batero Undeservably Plummets on Whittle Pit Shell Misunderstanding" published by Jeff Berwick and Ed Bugos of The Dollar VIgilante. We encourage you to read this publication.For more info about TDV, please visit their website at http://www.dollarvigilante.com/Thank you,Hoesgen Investment Partners | Canaccord Wealth Management
D: 604.643.0293 | F: 604.643.1851
Providing complete and unique financial services
- Since that mailer went out, BAT.v has dropped another 28.3% to trade as your author writes at $0.86 (it was under 80c earlier today, too).
- Do you consider a website with a name like "The Dollar Vigilante" to be a place where you're going to find expert opinion on geology and mine engineering?
- Canaccord has under its umbrella plenty of qualified geologists, any one of which in a better position to comment on the technicalities of the BAT 43-101
- Canaccord has been pumping the merry hell out of BAT.v for over a year.
- Both were called buy by Lobito
- Both then came out with disappointing 43-101 compliant reports
- Both sold off
- Both were then called "average down" or "buy again" or "refresh buy" (whatever house-speak they use over there) at Casey Research.
- Both continued to dive hard.
This newsflash comes to you by translating this report from Noticias Argentinas:
Entre Rios: Man Dies After Having Sex With Pig
Body found in pigsty. Pig found alongside the naked man
A 47 year old man was found dead inside a pig sty in the Entre Rios province locality of Victoria, and police are investigating if the death occurred during a case of zoophilia.
The man, named Maximo, was found dead yesterday at around 6:30pm at the Grosso farm, located close to the local branch of the Farmer's Society, according to media and police sources.
The body was found inside a pig sty where there was only one female pig.
Also, a few metres from the body a condom containing semen was found, according to reports.
Initial investigations suggest that the man, who lived at the farm, died of a heart attack while having sexual intercourse.
The body was taken for autopsy to confirm that it had not been subjected to any sort of violence and whether the man had taken any pills to stimulate virility.
Buenos Aires, N.A.
UPDATE: First two suggestions are in. First from SB for all you film buffs:
Now from MP, with a subtle mining take on it:
JN chips in
Reader MM sends in (and we quote) "the secret to a good bacon cheese burger"1. Porky's: The Final Chapter (terrible 1980's comedy) http://www.youtube.com/watch?v=AFpsRr0WjDE2. Pork Grinds3. Driving Ms. Piggy
Now 'RW' gives us...
UPDATE: I'm sorry, did I say 'down to $4.60'? That should be "down to $4.46".
| Transaction |
|Insider Name|| Ownership |
|Securities||Nature of transaction||# or value acquired or disposed of|| Unit |
|Mar 12/12||Feb 27/12||Irvine, Richard Michael||Direct Ownership||Common Shares||10 - Disposition in the public market||-30,000||$1.36|
|Feb 22/12||Feb 22/12||Irvine, Richard Michael||Direct Ownership||Common Shares||10 - Disposition in the public market||-30,000||$1.35|
|Irvine, Richard Michael|
|Insider's Relationship to Issuer:||8 - Deemed Insider - 6 Months before becoming Insider|
| Transaction |
|Transaction Nature|| # or value acquired |
or disposed of
| Unit |
| Account |
|Security Type:||Common Shares (Direct Ownership)|
|Feb 27/12||10 - Disposition in the public market||-30,000||$1.36||0|
|Feb 22/12||10 - Disposition in the public market||-30,000||$1.35||30,000|
|Dec 16/11||10 - Acquisition in the public market||2,300||$1.11||60,000|
|Dec 16/11||10 - Acquisition in the public market||3,000||$1.10||57,700|
|Dec 16/11||10 - Acquisition in the public market||4,700||$1.09||54,700|
|Nov 23/11||10 - Acquisition in the public market||5,000||$1.30||50,000|
|Nov 14/11||10 - Acquisition in the public market||10,000||$1.50||45,000|
|Oct 7/11||10 - Acquisition in the public market||10,000||$1.33||35,000|
UPDATE: Several readers (thank you all) have written in to note that Richard Irvine seems to have left GGA.to and is now working for Gold Resource Corp (GORO), the silver producer in Oaxaca that loves to pretend it's a gold producer. Here's a link to the news. This does explain why Irvine might sell his shares of course (it's a good excuse at the very least and might even have been part of the deal), but then again we'd really like to know why he's abandoned ship at this rather delicate moment...well I would at least. Also, it's pretty wild to think that Piggott at GGA.to head office doesn't think the loss of his main man at his main property isn't a material event and that he doesn't think he has to announce it to his shareholders. Oh well, I never could understand them Brits and how they tick anyway....old bean.
...U308, two year chart
The Company was successful in selling the majority of the excess Guanajuato concentrate backlog which had been built up in the second and third quarters of 2011.
UPDATE: No, seriously. I'm not joking.
This from IKN149, out yesterday. It speaks for itself.
Mexico: A death in a mineMining is a dangerous business, that’s a given. The job of the modern mining company is to reduce danger as much as it can through best practices etc, but its responsibility to the mining community continues after any fatal accidents occur.
Such accidents are lamentable but, even at the best mines and under the most responsible of companies in the world, they are sadly bound to happen.If they do, the good mining companies will tell the world immediately, inform on the circumstances to its shareholders (the serious mining companies are almost always public quoted companies these days) and to the general public and not try to sweep things under the carpet for fear of negative repercussions.
Just another reason why it’s tough to take AuRico (AUQ), ex-Gammon Gold, seriously as a mining company. Add last week’s events to the mix of bad production results, long-term under-achievement on revenues labour strikes and community strife at the company, ladies and gentlemen readers. On Tuesday March 6th José Alfredo Flores Flores, 29 years old, was killed by underground rockfall at the AuRico Ocampo mine in Mexico. The accident occurred as Flores was collecting samples in a disused shaft area of the complex. The two people accompanying him were also injured, one with serious head injuries. The body of Flores has not yet been recovered from the accident zone because the company says that the rock in the zone is still unstable and it’s too risky to go there for a while (16). None of this has been reported by AuRico, not by the company (17) to its shareholders, not to the press and the only way that your author knows about it is that he can read Spanish and makes a point of watching for news on mining companies in the LatAm region. Even worse, AUQ did put out a NR after the incident that made no mention at all to the Ocampo fatality but preferred to give shareholders the warm and fuzzy about its development at the Young-Davidson property.
Let’s be clear here: If a fatality happens at a mine owned by Newmont, Barrick, Gold Fields, or any other world-class mining company you care to mention, the company will have the moral fibre needed to tell the world about its misfortune. The best juniors, the ones in which I look to as potential and actual investments, are the ones that will do things the way the big boys do. Are you seriously expecting me to invest my money in a company like AUQ that can’t even show the most basic and common decency to its workforce? The management style of the 20th century has to remain in the past and the idiots that insist on continuing its style, such as the idiots that run AUQ, need to be first called out and then put out to grass as they have no place in the mining industry of the future.
ps: two subscriber mailboxes seem to be full to the brim and the Weekly has rebounded right back at me. Please get in contact, guys...or preferably make some space in your inbox then get in contact :-)
I cannot be selfish, I must share.