Subscribe via email, get all daily posts sent to you next day (and without all the annoying ads)
BELO HORIZONTE, Brazil, June 28, 2012 /CNW/ - Jaguar Mining Inc. (TSX: JAG) (NYSE: JAG) today announced that Daniel Titcomb, the Company's former President and Chief Executive Officer, has filed a lawsuit against the Company and three of its directors in connection with the termination of his employment as the President and Chief Executive Officer of the Company. Mr. Titcomb was terminated on December 6, 2011.Among other things, Mr. Titcomb is alleging that his termination occurred as a result of a change of control and is therefore entitled to three years of compensation plus three years of bonus. He is also claiming an unspecified amount of damages under applicable New Hampshire employment laws. Jaguar and its directors believe the claim to be without merit, will vigorously defend this lawsuit and will take any steps necessary to protect Jaguar's interests. Jaguar also intends to proceed with a counterclaim against Mr. Titcomb for, among other things, breaches of his fiduciary duties to the Company prior to his termination.
IKN loves Mario Balotelli forever. Official.
Recent optimism as to the state of play in Guatemala under the new Pérez administration may continue (or may not, watch those prices in FV.v, RDU.v, THO.to and others and find out) but unless progress is made on the mining law reform, the rally is bound to peter out. Your author continues to avoid exposure to Guatemala for his personal cash though does recognize, as we did in IKN133, that the risk-takers amongst the audience may feel it’s a place worth a dabble. A small bit of fun money risked on Guatemala isn’t such a bad thing, but the thought of major cash exposure to the country, such as that of anyone in Tahoe (THO.to) that’s betting on a smooth and direct run from here to production, still breaks brows out in a cold sweat in this office.
And here's a bit from the IKN133 report referenced, back further in November 2011:
The bottom line here that my personal call isn’t going to change and i still say “avoid Guatemala”. However, high risk money may feel like a flutter on Guatemala risk and potentially playing a new-found pro-mine feeling on the Perez Molina election. Who needs reality when you have perception, anyway? Of the three Guatemala vehicles mentioned here, RDU.v appeals the most and those into flippy type of trades (and as long as you go in with eyes wide open knowing that risk here is high) may want to consider it, tax loss selling season or not. FV.v is also a possible (see Zinc Basket) but is so tiny on a market cap level it brings its own risks. THO.to, for it sheer size compared to the others, scares me far more even though it’s got wonderful rocks and world-class mining potential.
Here's a YTD chart for THO.to including the fun today as the market reacts to the new Guatemala government's cunning plans for the sector. And to think The Can of Corn actually called them "a positive"...utter dumbasses of the highest water.
UPDATE: THO halted its stock on the waterfall and then told the world that it wasn't affected by the new law proposal. Here's how the NR starts:
VANCOUVER, BRITISH COLUMBIA--(Marketwire -06/28/12)- Tahoe Resources Inc. (THO.TO)(TAHO) today reported that government-proposed mining law reforms in Guatemala should not affect its Escobal project.
Oh of course you're not affected guys. Of course not. In other news, Otto Perez has a bridge for sale, but be quick before John Doody and his subbers make a collective bid for the thing.
"But I remember seeing a mess of leaves suddenly go skittering in the wind and into the creek, then floating rapidly down the creek toward the sea, making me feel a nameless horror even then of "Oh my God, we're all being swept away to sea no matter what we know or say or do" -- And a bird who was on a crooked branch is suddenly gone without my even hearing him."
The good: It just got bigger
The bad: It's still in Argentina
Carbonero: “How did the penalties go? Would you like to have taken one of the penalties today?"
Iniesta: "Yes. In fact I took the second one".
The interbank market helps regulate liquidity in the banking sector. Banks with outstanding resources usually lend to banks that are in need of liquidity. Regulating the interbank market may actually benefi t the policy stance of monetary policy. Introducing an interbank market in a general equilibrium model may allow better identi cation of the final eff ects of non-conventional policy tools such as reserve requirements. We introduce an interbank market in which there are two types of private banks and a central bank that has the ability to issue money into a DSGE model. Then, we use the model to analyse the eff ects of changes to reserve requirements (a macroprudential tool), while the central bank follows a Taylor rule to set the policy interest rate. We end that changes to reserve requirements have similar effects to interest rate hikes and that both monetary policy tools can be used jointly in order to avoid big swings in the policy rate (that could have an undesired eff ect on private expectations) or a zero bound (i.e. liquidity trap scenarios).
Well folks, it's the present now. Feeling old yet?
My thanks to @OperaNow who also asks the big question:
1) The August 2010 resource report (to which QTA today compared results) used a 45 g/t cut off for silver and a silver price of $15/oz. Today's count is run on 15g/t silver and a $26/oz silver price, which is a lot more accommodating. Back in the August 2010 report, 85m oz silver was counted at the 15 g/t alternative cut off and I betcha that would grow without much sweat of you raised the silver price from $15 to $26. The upshot here is that it's pretty clear QTA has done a decent job of upgrading a goodly portion of the resource from inferred to indicated (roughly 35m oz by the looks of things) but just on my ciggypack stuff today I doubt whether the deposit size has grown much.2) I know that QTA has other assets, but still I'd like to understand just how QTA can run a market cap of $73m (with a decent pop on today's news) and Soltoro (SOL.v), a company with a big low-ish grade silver thing as flagship but also with plenty other land and exploration property assets, is valued at a $21m market cap.
Best part of the FSA ruling against Barclays today for "trying" to fix LIBOR is on page 19:
"For example, on 26 October 2006, an external trader made a request for a lower three month US dollar LIBOR submission. The external trader stated in an email to Trader G at Barclays “If it comes in unchanged I’m a dead man”. Trader G responded that he would “have a chat”. Barclays’ submission on that day for three month US dollar LIBOR was half a basis point lower than the day before, rather than being unchanged. The external trader thanked Trader G for Barclays’ LIBOR submission later that day: “Dude. I owe you big time! Come over one day after work and I’m opening a bottle of Bollinger”."
Read the whole thing here
...China's copper exports, monthly, to May'12:
LONDON, June 26 (Reuters) - For a market that is supposed to be in chronic shortfall, there has been a lot of copper on the move recently.
Consider, for example, China's May trade flows. Imports of refined metal totalled 302,000 tonnes, well above a consensus that assumed manufacturing slowdown and negative arbitrage would translate into slower arrivals.
....and here's how it finishes:
The LME's daily market positioning reports have just started showing the emergence, or quite possibly the re-emergence, of a dominant position holder in the copper market. As of today's report , showing the state of play at Friday's close, someone had between 40 and 50 percent of all LME copper warrants. Watch carefully now!
read it all
And for those with Spanish, this is the paydirt link, the copy of the contract.
We recommend zero exposure to Panamanian sovereign bonds. While this positioning might be relatively premature, we prefer to recommend it now inexpectation of a sharp rise in fiscal spending for electoral reasons next year. For those that are currently involved in this credit, we think it may be opportune to begin executing an exit strategy.
We recommend replacing Panama with exposure to other high-grade credits in Latin America, such as Peru, Colombia and Mexico. Because of Panama’s expensive valuations, we think investors are likely to benefit more from owning other LatAm high graders with lower downside risks.
We offer the official photo from the bash:
And a swell time was had by all. H/T Setty
UPDATE A/H: The market rewards XRC.to for its NR by dumping the stock to close at a new 52 week low and shaving another $12.3m or so from its market cap. So, eighty and bits to go...
Yup, tough market for junior explorecos. Here's El Tigre Silver (ELS.v) with its NR today...
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 25, 2012) - El Tigre Silver Corp. (ELS.V)(EGRTF)(5RT.F) ("El Tigre" or the "Company") is pleased to announce that it has closed the first tranche of its previously announced non-brokered private placement (the "Private Placement") of 400,000 units of the Company ("Units") for aggregate gross proceeds of $100,000. Each Unit consists of common share of the Company and one-half of a common share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant entitles the holder to acquire an additional common share of the Company for a period of 18 months from the date of issue at a price of $0.40 per share.In addition, the Company announces that it is continuing with the Private Placement on the same terms and conditions as previously announced in its May 2, 2012 news release, subject to regulatory approval. The Company anticipates closing the second tranche of the Private Placement on or before July 25, 2012.This Private Placement is subject to continues
And here's how that May 2nd NR it referenced begins:
Vancouver, B.C., May 2, 2012 – El Tigre Silver Corp. (“El Tigre” or the “Company”) (TSXV: ELS) (Frankfurt: 5RT) (OTCQX: EGRTF) is pleased to announce a non-brokered private placement for up to 12,000,000 units of the Company (“Units”) at a price of $0.25 per Unit for aggregate cash proceeds of $3,000,000. Each Unit will be comprised of one common share and one-half of a common share purchase warrant (each whole warrant, a “Warrant”). Each whole Warrant will entitle the holder to acquire an additional common share of the Company for a period of 18 months from the date of issue at a price of $0.40. An 8% cash finders’ fee and warrants equal to 8% of the Units issued may be payable on all or a portion of the offering.
Sooooo, push comes to shove, ELS.v was after $3m and got
*oops, ty commenters
Comstock Metals Announces Discovery of Visible Gold From the 2012 Trenching Program on the QV Property, White Gold District, YukonComstock Metals Ltd. (the "Company") is pleased to announce the discovery of visible gold and to provide an update on the progress of its 2012 program on the QV property in the White Gold district, Yukon Territory. Approximately 50% of the 2012 trenching program has been completed on the property, consisting of continues here
The Royal Canadian Mounted Police (RCMP), a Canadian Anti-Corruption Agency, has launched investigations into the activities of Cardero Resources Corporation, herein referred to as Cardero Resources Ghana limited which is currently working on the Sheini Iron Ore Concession in the Zabzugu/Tatale District of the northern region for their alleged “involvement in illegal business deals,” the Enquirer can confirm.The allegations labeled against the company and its Ghanaian partners, Emmaland Resources Ghana Limited, the Enquirer can report are related to bribery and corruption, disregards to laws of Ghana and manipulation of Ghanaian public officials regarding Sheini Iron Ore concession.The anti-corruption agency launched the investigations when
...and I'm happy about that, so just for the heluvit here it is again:
For your information.
On a white heal-all, holding up a moth
Like a white piece of rigid satin cloth --
Assorted characters of death and blight
Mixed ready to begin the morning right,
Like the ingredients of a witches' broth --
A snow-drop spider, a flower like a froth,
And dead wings carried like a paper kite.
What had that flower to do with being white,
The wayside blue and innocent heal-all?
What brought the kindred spider to that height,
Then steered the white moth thither in the night?
What but design of darkness to appall?--
If design govern in a thing so small.