This is the best thing Coldplay has ever done.
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This is the best thing Coldplay has ever done.
1) Round up addicts.
2) Put them in rehab centres with bars on windows, locked doors and no fire escapes.
3) Set fire to rehab centre, kill recovering addicts.
4) Immediate reduction in percentage of drug addicts per 100,000 population.
LIMA, Peru (AP) - A fire has swept through a rehabilitation center for addicts near the Peruvian capital of Lima and officials say at least 14 people are dead.
Local health director Pablo Cespedes says officials are not sure what set off Saturday's pre-dawn blaze at the Sacred Heart of Jesus clinic in Chosica, about 19 miles (32 kilometers) east of Lima.
But he says they have found 14 bodies.
Fire chief Fernando Campos says rescue efforts were complicated by locked doors and barred windows.
A January fire at another Peruvian rehab clinic for drug addicts killed 29 people.
No need to understand the commentary language, the images speak for themselves.
Paul rocks it out live.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 4, 2012) - Tahoe Resources Inc. (THO.TO - News) is pleased to announce that its common shares have been authorized for listing on the New York Stock Exchange (NYSE) under the trading symbol "TAHO". The Company will retain its listing on the Toronto Stock Exchange (TSX) in Canada under the trading symbol "THO".
Tahoe shares will begin trading on Tuesday, May 8, 2012 when senior management from Tahoe will visit the NYSE to ring the opening bell.
Tahoe's strategy is to develop the Escobal project into a continues here
There may be a fliptrade there (kinda buy it now, sell it around 45 minutes into Tuesday's trading) but once you're done don't go back, cos the NYC hedgies are gonna lap up the idea of a decently sized fund counterweight to a long SLV position that's 100% exposed to Guatemala. It'll all end in tears, y'know...
Former Minister of Enviro, Korodi Reappointed:
Downgrading to 3-Sector Underperform
■ Romania has officially named Attila Korodi as Minister of the Environment again. Mr. Korodi was responsible for suspending the technical review of Rosia Montana in 2007.
■ Mr. Korodi continued to express doubts about the potential environmental impact in an interview last year. Although he did not seem to be unilaterally opposed, it was our impression he favoured a slower mining rate and potentially a greater stake in the economic benefits for Romania that are already substantial.
■ We view this as very negative despite the progress made to date by the currently empanelled Technical Assessment Committee.
■ We are not changing our valuation of $4.51 per share, but we are reducing our target multiple to 0.40x for the project, 0.42x overall when cash is included at 1.00x our valuation. The net result is a one-year target of $2.00 per share.
■ We would not own Gabriel until the government's position is clarified.
Here we are, May 4th, nearly a month later and here are excerpts from this Reuters report out today:
BUCHAREST, May 4 (Reuters) - Romania's new leftist government, expected to gain parliament's backing on Monday, pledged a moratorium on shale gas exploration and will analyse whether to continue with Europe's largest open-cast gold mine project.
It will also investigate whether a plan by Rosia Montana Gold Corporation (RMGC), majority-owned by Canada's Gabriel Resources Ltd, is in the national interest.
The project aims to use cyanide to extract 314 tonnes of gold and 1,500 tonnes of silver in the western Romanian county of Alba but has dragged on for 14 years, still needs an environmental permit and has drawn fierce opposition.
And here's a chart that shows just what GBU.to has done since April 10th, the day of Turnbull's downgrade and $2 target price call:
disclosure: no position whatsoever in GBU.to
...coffee, monthlies, a chart we check in on from time to time*.
*may be connected with the way it's way high up on my list of important things this time of day
"The Latin America News Dispatch produces original news stories about Latin America, the Caribbean, U.S. foreign policy, and Hispanics in the United States. Put simply, we dispatch news from the Western hemisphere.
The Dispatch was founded by four graduate students in the Global Joint Master’s program in Journalism and Latin American Studies at New York University. We strive to produce reliable, original reporting and we abide by traditional American journalistic ethics of independence and impartiality."
At 15 seconds we read
The three captions at the end read,
"Several new regional prospects are under evaluation in southern Peru with applications for new tenure and discussions for joint venture participation underway." continues here
To which Owly says:
Disclosure: long FM.to, long-term position
"Vancouver promoter Gordon Brent Pierce is seeking an injunction in the Supreme Court of British Columbia against Rahim Jivraj to halt production of a newsletter titled "Public Company Fraud Alert," which he claims is damaging his "unique and irreplaceable" reputation. Mr. Pierce says the newsletter falsely accuses him of reaping hundreds of millions of dollars from innocent victims and of defrauding investors of one particular company, OTC Bulletin Board listing Tresoro Mining Corp. The newsletter may have been distributed to thousands of people, and must be stopped to prevent further damage, Mr. Pierce contends." Continues here
#Bolivia joins #Argentina in expropriating # Spain assets, as it takes over REE. Not doing investor sentiment towards LatAm much good"
It might take up to a couple of weeks to wash through, but the fat lady is singing. You heard it here first, folks.
Watch this 20 year old segment.
Still daisyfresh. Still utterly relevant to our world. Hey, if we're gonna die, better to die laughing.
BREAKING (with updates) Bolivia: Evo Morales nationalizes electricity supply, expropriates Spanish company
UPDATE: Here's a translation of this EFE report:
La Paz (1 May (EFE): The Bolivian President, Evo Morales, decided today on the expropriation of the shares of Red Eléctrica Española (REE) in its Bolivian energy transportation subsidiary and ordered the armed forces to take custody of the company's installations.
"Today and once again, as rightful homage to the workers and people of Bolivia who have fought for the recovery of our natural resources and basic services, we nationalize the transporter of electricity", said Morales in a speech commemorating the Day of the Worker (May 1st) at the Presidential Palace in La Paz.
UPDATE 2: "So how big is this nationalization/expropriation, Otto?", I hear you asking. Well folks, it's a pretty big one cos the REE infrastructure apparently carries 85% of all Bolivia's electricity supply, as long as Bolivian official numbers can be trusted (sidebar: On a stats level Bolivia is normally a reliable beancounter nation). So now you know...pretty big and bound to piss off the Spanish.
UPDATE 3: Spain's newspaper of record, El Pais, is on the case. Here's the link for those versed in the tongue of Cervantes as they're bound to do a good job on this story, update the event and cover all ramifications. The other good news is that now the real press is on the story IKN can relax and go back to posting the normal pissant unimportant stuff it prefers. ¡Que tengas un buen dia!
I will go on record as both an experienced “geologist of the world” (visited Cerro Casale in 1991) and an analyst (since 2007) by saying this:
I “see no real value” in either the Cerro Casale or Caspiche projects. Neither is economic and that is the reason that Barrick/Kinross has chosen not to develop Casale and Exeter has not found a partner to fund nor has been able to obtain financing on its own to development Caspiche.
There is no need to hide under the veil of anonymity when giving an honest opinion. Please feel free to post this using my name as its source.
Mickey FulpMercenary Geologist
Good to have the opportunity to clear this up.
Orko Silver (OK.v) and the story of a pump foretoldThe news out on Friday that Orko Silver (OK.v) management was (and we quote), “...very excited about regaining 100% ownership of the La Preciosa project...” (20) did to the stock exactly what it should have done to the stock, namely dumped it down by 35%. It also got a mention on the blog (21) in the normal, superficial and sarcastic tone but what I’d like to do here is look a little further into the future, because it looks as though OK.v is setting itself up for a real promo pumpjob at some time during the Northern summer (or perhaps around Labor Day, which wouldn’t surprise me in the slightest) and those of you who like.....errrr, how can we put this?......punctual trading opportunities may want to make a few notes on a calendar. The ingredients are as follows:
1) A company with a long history is aggressive promotion led up by a morally challenged management team (and yes, this is the Weekly not the blog so I’m being diplomatic).
2) A rejection of the La Preciosa project by the funding company (PAAS) that would have meant OK.v had a free ride to 45% of the mine. PAAS has handed back the property rather than deliver the feasibility study due on the property because its “.....continued participation in the La Preciosa project is unlikely to generate a rate of return that meets Pan American's internal economic hurdle rate.”
3) Now that OK.v has 100% of the La Preciosa project under control, it has already charged third party 43-101 compilers AMEC with the job of producing an updated 43-101 PEA (Preliminary Economic Assessment, aka scoping study) that’s should be delivered by July this year, according to last week’s NR.
4) The PEA due later this year comes on the back of a PEA delivered to the PAAS/OK.v JV in August 2011 and has been commissioned instead of any pre-feasibility study or full feasibility study (remember than to comply with its commitments, PAAS had to deliver a feas by April 13th 2012).
Now for what we see as the pump to come. As we noted a few days ago in this post (22) on the blog, there seems to be a new interest being placed by regulatory authorities on the whole subject of PEAs (aka scoping studies) and the way they’re being used by junior mining companies to circumvent the strict controls imposed by the pre-feasibility and full feasibility study levels of 43-101 assessment reports. Or put in more basic terms, the fashion of running financings on PEAs rather than pre-feas or feas studies has become so obvious and prevalent that even the dead-from-neck-up industry watchdogs that allow umpteen scams to pass before their noses in Canada have noticed there’s something strange going on here and are actually doing something about it, a minor miracle in itself. This isn’t a new thing, either. In fact, way back in 2008, pro-geol Mickey Fulp published this paper (23) that included these words....
“My experience is that many Inferred Resource project estimates delivered by hired gun consulting geological engineers in 43-101 Technical Reports have little chance of ever being upgraded to Measured and Indicated Resources let alone an economically feasible Proven and Probable Mineral Reserve.”
...which have been borne out as somewhere between true and 100% on-the-money in the time since then (by way of a little anecdotal, it was that Fulp essay that got me to cold-contact the guy and since then we’ve become friends. I mention this to illustrate that my high opinion of him as a professional comes before any personal likes or dislikes and it remains that way to date). And let’s just repeat a basic fact to make sure the differences are understood here. According to the CIM 43-101 rules, a PEA is allowed to use inferred mineralization in its calculations, but in a pre-feasibility study or in a feasibility study you cannot use inferred mineralization and anything classed as “inferred” must be considered waste.
So what’s being set up here? Well put briefly, a scuzzy management team with a reputation for pumping their stock (and taking profits via insider selling) has decided not to use the $13m or so it says it has at bank to drill its inferred mineralization to a sufficient level and then produce a rigorous, industry standard feasibility study for La Preciosa. Instead, it’s going to produce another PEA, on the back of one less than a year old, that will “optimize” certain parts of the plan and show just how wonderful the property and the project really is. And we note that the PEA back in 2011 wasn’t produced to specifically impress the wider world, as the idea was to impress its JV partner enough to take La Preciosa to feasibility level. Now that plan has fallen through, OK.v will produce another PEA for La Preciosa but this time the company isn’t out to impress an expert audience from a large mining company that actually knows what it takes to mine silver in Mexico. This time, the audience for OK.v’s “enhanced”, “improved”, “optimized” PEA will be us, the retail shareholder grunts that are more easily blinded by sequins thrown into eyes.
Let’s be clear here, the drop in OK.v share price last Friday was fully justified because the handing back of La Preciosa to OK.v is a very negative sign. A major mining company has received a PEA, has done extra work, has decided that it doesn’t want to take it any further based on what it has seen. Let’s also be clear about the OK.v strategy, who will now tell us that the project has a lot of improvement possible and that the upcoming PEA will show as much (and by the way, they’re also bound to tell us at some point that it was the fact PAAS had to carry 100% of capex for 55% of the mine that was the killer to the deal). But if this project is so great, why isn’t OK.v keen on spending more time and getting a more reliable study out, instead of another PEA? With $13m at bank they have enough to drill and take it to the feas level, so why is OK.v keen on duplicating work to a lower level that was completed less than a year ago?
The answer is that there’s a promo pump in the works and it’s being built especially for you, dear kind retail junior mining investor. And for me too. You can bet money that when the new improved PEA comes out, the numbers will sparkle, the analysts at the Canadian brokerages analysts (that made their commish last time and will make it again next time) will fall in love with La Preciosa all over again, the project’s rejection by PAAS will become a thing of the past and a significant corner of the peanut gallery will even have a shot at ridiculing PAAS for the gross mistake of judgment it made by handing back this screamingly good asset.
So if your of the ilk of market player that likes to get on before these pumps start, it may be worth making a note in your diary about July 2012 and OK.v. The idea would be to see how the land lies between now and then , but closer to the start of the next chapter in this promo, buy some discounted shares and then when the almost certain-to-impress new PEA comes out, ride up the wave of new love and happiness in the stock and its asset. But just make sure you sell before the next round of financing is announced
Orko Silver (OK.v) follow-up
After listening to the conference call from OK.v on Wednesday April 11th (you can still hear it on replay, details here (18)) I heard nothing to deflect my call of last week on this stock and I’m therefore even more sure that OK.v is being set up for a mid-year promo pump via a “improved PEA” designed for the retail investor market that will go far beyond the PEA delivered last year that was designed to impress a single set of readers, i.e. those in the erstwhile JV partner Pan American (PAAS). There’s no need to take the current prices and wait on this stock, as the potential trade here is be a punctual one at-or-around the July 2012 time pencilled in for the PEA delivery. At this point, one about which we scratch a word or two onto our calendars and that’s all.
...the 24 hour spot gold chart form Kitco just a few minutes ago...
1) Julio Velarde, head of Peru's Central Bank (BCRP), Friday April 27th:
2) Peru Central Bank, Monday April 30th:
LIMA (Dow Jones)--The Central Reserve Bank of Peru said Monday it will increase reserve requirements and create a new reserve requirement as a preventive measure in order to offset increased liquidity.
This is what they wrote
VANCOUVER , April 30, 2012 /CNW/ - New Gold Inc. ("New Gold") (NGD.TO) today announces that the Chilean Supreme Court has temporarily suspended the approval of the environmental permit for the El Morro Project. The El Morro Project is a joint venture between New Gold and Goldcorp Inc. ("Goldcorp"), where New Gold is a 30 percent partner and Goldcorp is the 70 percent partner and the project developer and operator. The environmental permit was originally approved on March 14, 2011 .The Supreme Court's April 27, 2012 decision relates to a constitutional action that was filed by the Comunidad Agrícola Los Huasco Altinos ("CAHA") in May 2011 requesting the invalidation of the March 2011 resolution by the Chilean Environmental Permitting Authority (the "Servicio de Evaluación Ambiental" or "SEA") that approved the project's environmental permit. While the action was filed against the SEA, Sociedad Contractual Minera El Morro (the "El Morro Company"), the Chilean company, jointly held by New Gold and Goldcorp, which owns and operates the El Morro Project, participated in the legal proceedings as an interested party and beneficiary of the environmental permit.In February 2012 , the Court of Appeals of Antofagasta ruled against the approval of the project's environmental permit. The main grounds for the court ruling is that the SEA had not adequately consulted nor compensated the indigenous people (Diaguita nation) that integrate CAHA. Under the law of Chile , the ruling of the Court of Appeals was not to be effective unless and until confirmed by an order issued by the Supreme Court of Chile . As such, the El Morro Company continued with the development of the El Morro Project while the SEA and the El Morro Company appealed the Court of Appeals of Antofagasta's decision before the Chilean Supreme Court.It was anticipated that the Chilean Supreme Court would work through the appeal filed by the SEA and the El Morro Company over the course of the coming months allowing for hearings to be conducted with the impacted parties, however, the court's decision confirming the ruling by the Court of Appeals of Antofagasta was announced on April 27, 2012 . Based on the Supreme Court's announcement, the El Morro Company immediately suspended all project field work being executed under the terms of the environmental permit. Safety and security staff will continue to work to protect the public, the equipment, and the facilities under construction. Activities not related to site construction, including detailed engineering, design work and architectural planning will continue.Throughout this process, Goldcorp, the project developer and operator, has worked closely with the SEA, the party who has been the focus of the legal challenges, and together the parties intend to immediately address any perceived deficiencies regarding the consultation or compensation of indigenous people in the area of the El Morro Project.
And this is what it means
"It's a fact Barrick paid $82/ounce for 25% of Cerro Casale reserves, is willing to put in about $4B capex to develop the mine. This isn't opinion, rather history, and the quality of the mines isn't appreciably different, Caspiche quite mineable, across all ore types about .55 g/t. And all junior stocks have been beaten up lately, some more than others. That you're going into convulsions over analysis filled with real facts is unbecoming. The Canaccord analyst, as well as the geologists of the world, see real value in Caspiche. What are your qualifications to say a 19.3M P+P discovery, with 30.1M ounces gold equivalents, next door to similar major mining operations, is simply a pump? Maybe you also ought to think about all your name calling and gratuitous insulting of others, until you've demonstrated you put your pants on different than the rest of the human race. Otherwise, reading your article, you sound like a whiny old woman, in need of anger management treatment, have posted things quite unbecoming any intelligent person.
Now, censor what I just posted"
I'm no car lover (don't even own one) and also, people who know me will be quick to tell you that my style gland isn't exactly overworking itself. However I do know drop-dead Italian automotive wonderfulness and fabulosity when I see it and the Alfa156 is one of the very few cars I've ever ridden in that has managed to quicken my pulse. No nation makes a lump of metal on four wheels look as good as Italy does.
Well you know
We'd all love to change your head
You tell me it's the institution
Well you know
You better free your mind instead
Today, hard line pro-Kirchner parliamentarian Diana Conti and president of Argentina's Congress Committee on Constitutional Affairs said this (translated) during a radio interview:
"It would make me very happy if Cristina decided at some point to give herself the opportunity to continue leading Argentina. For this a constitutional reform is needed, it would need 2/3rds of the votes (in Congress) and above all we'd need that she wants to do it, which for the moment we have no indication."
We have to change the direction of the current Constitution. Our Constitution comes from a liberal conservative base and the 1994 reform was along those lines. We should give it a reform that changes the system of power".
Interesting, no? For those of you just tuning in, CFK is barred by the rules of the game from getting a second re-election in 2015. However one should always remember that if you go carrying pictures of Chairman Mao you ain't going to make it with anyone anyhow. All right.