The Daily IKN email digest, get all daily posts sent to you next day (& no ads)
A hit in 1968, here's the man with the same song, live in 2013:
In case you needed reminding that stupid people are still keen to invest in exploration stage junior mining stocks...
The Company has historically relied on financing to fund the exploration and development of the Serra Pelada Mine. The Company will need additional capital in 2013 or 2014 to fund the completion of the development and the ramp-up of production and to meet existing obligations of the Serra Pelada Mine. The Company is currently investigating this financing and alternatives to strengthen its balance sheet to have further flexibility should other unforeseen circumstances or production delays occur.
UPDATE: Oh yeah, there's also this from the NR:
Mr. Mel Leiderman, Mr. David Garofalo and Mr. Claudio Mancuso have resigned from the board of directors.
"In November, subsequent to quarter end, we completed the disposition of our gold bullion holdings for gross proceeds of approximately US$76 million ," continued Mr. Yuzpe. "This transaction gives us the financial flexibility to eliminate our outstanding debt, while providing the Company with approximately $24 million to pursue new investment opportunities."
My thanks to reader KC for the headsup on this obvious scam. With luck, a quick post here will save some greenhorn from handing their wedge over to the scumballs behind this one.
Here's the NR
NI 43-101 Report Confirms Approximately $25.5 Billion in Measured Gold and Silver Resources at Mission Mining Company’s Gold Star Mine in Nevada
...gold, the last five days:
Since the Friday drop, things have been steady enough. And in other news, 1) kind of busy with other things yesterday and today, so posting light and 2) for some reason, there seems to be a big lag on the RSS service at the moment. Normally I'll stick a post up and those nice people at Google will publish RSS in seconds, but recently it's been taking hours for the posts to turn up. Just so you know.
UPDATE: And gotta like this from the MD&A: "Adjusted operating costs for 2013 were forecasted to be in the range of $675 to $725 per ounce of gold sold. Management now anticipates that adjusted operating cost per ounce will be approximately $650." That's because it means 4q13 op cash costs are now being estimated by the company at $530/oz.
UPDATE 2: And the NR is out. Read it here.
Baker MacKenzie: "Nobody in their right mind in this sector would say that royalties mustn't be paid. But the way that this is is being proposed is devastating."
Agnico Eagle: "Despite the new tax regimen, we consider Mexico as a mature place to do business and we'd like to increase our activity (there). We don't consider the new taxes as a big problem."
Here's the NR link, here's a chart:
Revenues were strong at $76.882m, mine operating earnings also bounced back from the 2q13 lull, booked at $29.177m. Net earnings were $16.32m, which is an EPS of 14c, which is a penny off the 15c consensus but is still a decent number. Guidance is for lower costs going forward. As for the Mexico tax talk, FR.to has gone with the "Hey, let's talk about it in 2014" strategy.
Overall verdict here: In line. However, you shouldn't underestimate the basic fact that FR.to is a profitable silver miner, because there aren't so many who can say that these days.
1) The 10 nominations for FIFA's goal of the year 2013 are on this video:
You can read it here, I have two observations:
1) When your company is worth over $7.5Bn you can afford to risk $13.5m on what's nothing more than a call option at this stage.
2) That SSP feas study is going to be a good one.
Great Panther (GPL): Its 2q13 results (18) were nothing short of horrid and even if it slashes its costs as it says it’ll do in the next quarters, the $3.8m net loss on mine operations and $5.1m (4c/share) net loss (at average sales price of $21.58/oz Ag) point to a company that will make another loss in 3q13 unless silver springs really hard. How on earth this has managed to rally, from 82c on results day to the U$1.18 close of last Friday, even with the silver pop, is beyond my ken. Downside target here is 75c (i.e. 1.0X BV), or 36%.
"Copper Mountain plans to use the net proceeds of this financing for the construction of a secondary crusher to increase production at the Copper Mountain Mine site and for general corporate purposes."
"General corporate purposes"*. Well, clearly there's no credibility problem at that company.
...the US Dollar Index (USD), dailies:
If you ask me*, that sure looks similar to the early September set-up.
*What? You didn't ask me and I'm imposing my unsolicited and half-baked view onto you and that's a problem? Oh, my apologies.
Today the Jalapa region held an officially sanctioned referendum on mining in the region. The results of the vote, open to all citizens on the electoral register and overseen by government officials, were as follows
nuff said. Or put another way...
A three minute report that you need to see.
We report, you decide.