The following is repeated from this April 2011 post.
Christ of St. John of the Cross, painted by Salvador Dali in 1951.
The painting is known as the "Christ of Saint John of the Cross," because its design is based on a drawing by the 16th century Spanish friar Saint John of the Cross. The composition of Christ is also based on a triangle and circle (the triangle is formed by Christ's arms; the circle is formed by Christ's head). The triangle, since it has three sides, can be seen as a reference to the Trinity, and the circle may be an allusion to Platonic thought. On the bottom of his studies for the painting, Dalí explained its inspiration: "In the first place, in 1950, I had a 'cosmic dream' in which I saw this image in colour and which in my dream represented the 'nucleus of the atom.' This nucleus later took on a metaphysical sense; I considered it 'the very unity of the universe,' the Christ!"
What's better to own?
a) Half of something
b) All of nothing
Answer below, after the chart.
More details here
The cabinet chief, Óscar Valdés Dancuart, was tight-lipped while mentioning yesterday that the government had a Plan B, which he did not wish to reveal, in the event that the group of creditors of the Doe Run Peru company didn't accept the financial restructuring plan that the mining company will present on Monday in order to re-start its operations at La Oroya.
However, the prime minister was emphatic when saying that under no circumstance would the government accept the conditions demanded by Doe Run for the plant re-opening.
He also remarked that neither would they accept any more postponements in the PAMA (Programa de Adecuación y Manejo Ambiental) environmental clean-up program because that would put the La Oroya environment and its population at risk, particularly the youngest amongst them. Continues here
C'mon Ollanta, stick one to the scumbags and apologists, onetime.
...TVI Pacific (TVI.to), two year price chart:
"Ms. Bennetto has held senior roles with several publically traded companies with a focus on international mining and resource assets, including Mexico, and brings more than 18 years of experience in capital markets and investor relations expertise to Great Panther. Ms. Bennetto will be one of the key liaisons between Great Panther and the investment community. She will lead the Company's Corporate Communications function, developing and implementing external and internal strategies that will enhance Great Panther's strategic vision of becoming a profitable mid-tier primary silver producer."
Wilfred Owen (1893 - 1918)
What Oil Companies Should Not Do
When Hugo Chavez became president of Venezuela, he decided to seize complete control of Venezuela´s most important asset: PDVSA, the Venezuela oil company. His question to the people was simple: why if the country is so rich you are so poor?Decades later the Venezuelan diaspora has moved to places such as Miami, Panama and most recently Colombia. The technical expertise of many of these talented Venezuelan PDVSA professionals has been key to improving the know how in the emerging Colombian oil industry. Combined with changes in the regulation of the Colombian oil industry which eased the restriction on the activities of foreign nationals in the oil fields, Colombia has begun to see major improvements in exploration and output. Critical to this success are Canadian petroleum firms operating in Colombia. The most successful one is certainly Pacific Rubiales.As Pacific Rubiales has grown its operations, attention to the company and its practices has also grown. So when workers in the oil field protested and halted production for one week, Pacific became a public subject for Colombians overnight. The cause of the disturbance? A classic labor dispute: local operators who were contractors felt their wages were too low for the working conditions they were asked to endure. Simply put, the workers wanted better pay and better working conditions.What has followed are a series of mistakes by Pacific Rubiales that continue to make matters worse — and will ultimately threaten the oil sector as a whole if not corrected.
Economy: April 2 2012 - 9:42pm
The legal battle of one of the Pacific Rubiales shareholders
An Avalanche of Lawsuits and Crude Oil
By David Mayorga
The reporter Héctor Mario Rodríguez has had to face multiple lawsuits due to his reports that have highlighted the irregularities committed by Serafino Iacono
The reporter Héctor Mario Rodríguez and theVenezuelan investor Serafino Iacono. / GabrielAponte and Dinero Magazine
The snowball started with a simple revealing of stock market information. In 2009 Héctor Mario Rodríguez, editor of the news site Primera Página, heard of a high level business scandal inside Coalcorp, one of the main mining companies on the Toronto Stock Exchange. It concerned a law suit for $161m filed against five of its high level executives for a series of irregular transactions between 2005 and 2008. The names of three of the accused immediately caught the eye of the journalist: Serafino Iacono, José Francisco Arata and Miguel de la Campa, all of them Venezuelan and shareholders of Pacific Rubiales (PRE.to), the Canadian financed oil and gas company that was at the time changing the face of the Colombian private sector oil business.
"They were fired in 2008 and the company (Coalcorp) hired a forensic investigation to the company called Kroll. The only thing I did in September 2009 was to report this, that the gentlemen concerned had made a series of maneuvers", he said.
The experts found that large sums of money had been diverted to a specific foundation and that they had covered up the movements of one of their executives. But for Hernández, the next day the judicial problems against him began. "They sued me for this case, which ended up being found as true. But I also reported that they had bought land on the island of Barú from "Turco" Ilsaca, that they had bought a yacht and that they had made improper use of the company corporate jet..."
The suit for libel and defamation was brought before the General Fiscal of the Nation by Iacono, and after a tense and prolonged judicial process the judgment went in favour of the journalist in 2010.
The message of the suitAmong the anecdotes that make up this case, Hernández highlights the events of April 9th 2010, when the Fiscal called him to declare under oath on the Day of the Journalist. This is a case of messages. They wanted to tell me that I don't touch them any more", he said. But this wasn't the only suit to which he had to answer. As the legal process advanced, he decided to continue investigating the information about companies in which Iacono had interests and those that, due to them being publicly listed companies, must report to the Stock Market. There he found "bizarre salaries" that he (Iacono) and his colleagues were awarded, contractual problems between Pacific Rubiales and Ecopetrol and, above all, the confusions in the numbers at the oil and gas company Alange, which had changed its name to PetroMagdalena. "At the end of 2010 40 executive were fired for having inflated the numbers. When the issue was made public in January of 2011 the share price dropped by 70%", he recalled. The response wasn't long in coming because this time, as well as being sued again for libel and defamation, they accused him of having caused economic panic.
The judicial avalanche"This charge is made when a person, with a news item, wants to generate expectation or put in risk the judicial or economic security of a company. Not that of the economy in general", explains Jaime Lombana, the lawyer that represents Serafino Iacono in this case, from New York. Not only the company price, but also that of Pacific Rubiales as, according to the litigant, the snowball converted into a large avalanche. "As a consequence of the acts of Héctor Mario Rodríguez, at that moment the shares of Pacific Rubiales (PRE.to) fell slightly due to the noise generated."
Between notifications and declaration, the fight has left the courthouseVarious organizations that defend the right to information, such as the Foundation for the Freedom of Press (Fundación para la Libertad de Prensa (FLIP)) of the Circle of Reporters of Bogotá (CPB) started to take interest, while in recent weeks some media channels, amongst those El Espectador, have re-run an editorial from the website Primera Página denouncing that they want to gag the press using judicial bullying (ie the constant notification of process steps). And from this, a new dispute has arisen between the parties, as the editorial stated that "..the editor and also the director of Primera Página were part of El Espectador in the difficult era of the 1980s and 1990s and felt first-hand the daily pressure that was put upon the Cano family, then owners of the newspaper, and then all of the editorial and reporting team. So it's fair to say that the lessons of undue pressure on reporters have already been taken and passed (by us)."
According to Lombana, the greatest problem has to do with the indirect association that the report makes between the shareholders of Pacific Rubiales and the narcotrafficking mafia. "A normal reader, reading through the report, could not tell the difference (between the two parties)."
But for Rodríguez, the centre of the problem is that the oil and gas company cannot afford to lose its contract renovation in 2016, for the Rubiales oil field contract, the goldmine of its Colombia business. "Pacific is worth today one price with the contract prolonged, and another if it is not prolonged."
VANCOUVER, BRITISH COLUMBIA--(Marketwire -04/03/12)- First Majestic Silver Corp. ("First Majestic") (TSX: FR.TO - News)(NYSE: AG - News)(Frankfurt: FMV.F - News) and Silvermex Resources Inc. (TSX: SLX.TO - News)(OTC.BB: GGCRF.PK - News)(Frankfurt: GSBN.F - News) ("Silvermex") are pleased to announce that they have entered into a definitive agreement (the "Arrangement Agreement") pursuant to which First Majestic has agreed to acquire all of the issued and outstanding common shares of Silvermex for a consideration of 0.0355 common shares of First Majestic (the "Exchange Ratio") and C$0.0001 in cash per common share of Silvermex. The offer values Silvemex at approximately C$0.60 per share, representing a premium of approximately 33% to the closing price of Silvermex as at April 2, 2012 and approximately 43% to the 30 day volume weighted average price ("VWAP"). The transaction will be yada yada continues here
..went out to subscribers just before the bell on this fine and sunny Tuesday morning.
1) If copper breaks above the current range, they're a buy.
2) If copper breaks below the current range, they're a sell.
3) If copper stays in the current range, they're a buy.
Two out of three ain't bad.
This is how bad news should be disseminated: immediately.
TORONTO, ONTARIO--(Marketwire -04/02/12)- Lake Shore Gold Corp. (TSX: LSG.TO - News)(AMEX: LSG - News) We regretfully announce that an unfortunate incident occurred today at our Timmins West Mine resulting in a fatal injury to one of our employees. The individual was part of a crew working in a development heading underground at the mine. Full details of the incident are not known at this time.The immediate family has been notified however the name of the individual is being withheld pending completion of the notification process.
Tony Makuch, President & CEO, stated, "This is a tragic event and loss. We offer our sincere condolences to the family, friends and fellow workers of the employee. We are concentrating our efforts on supporting the family and our employees at the mine site and on investigating the incident to understand exactly what occurred. Our focus has always been and will remain on the health and safety of our people."
The scene has been secured, and the accident is under investigation by the Ministry of Labour, the Ontario Provincial Police and Lake Shore Gold Management and Health and Safety Committee.
Here's the chart of the IGBVL "General" index over at the Bolsa de Valores de Lima...
UPDATE: Looks like the BVL has decided to do this all in a hurry, too. Just 90 minutes after posting that the IGBVL was at 23,800, it touches 23,900 (and it's now at 23,884). At this rate we might get the ATH tomorrow morning.
UPDATE 2: Screw tomorrow, the IGBVL has just printed 24,019 and a new ATH today.And now just a few minutes later 24,100 and counting...full melt-up.
"The failure and termination of several recent Canadian prospectus financings has highlighted the particular disclosure challenges that companies face in the mining sector, and in particular some recent confusion around the rules applicable to preliminary economic assessments (PEAs). It also suggests that regulators have recently been scrutinizing the technical disclosure of mining issuers with particular attention, raising the execution risk associated with public financings and other transactions in the sector." Continues here
As for reader M, his comments on sending over the link were also interesting and amongst them, this:
"From a macro industry point of view, I'm finding it very difficult to believe or rely on many of the PEA-type reports now coming out. You can shop around and find one that will produce something that fits your needs."
"Over the last year or two, investors who love gold... have been quite disappointed in the general gold sector's performance in terms of execution, be it capital blowouts, or a range of operating issues," Chief Executive Greg Hawkins of African Barrick Gold (ABGL.L) told the summit in London, "except for B2, Argonaut, Rio Alto, and all the other juniors whose share prices have steadily gone up over the past year because the companies aren't run by fucking idiot morons."
You want more? Of course you want more so read it all here.
This is a breaking story, we'll keep you informed as news develops (link here).
This is just wonderful