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UPDATE: Latest reports put the number of kidnapped employees at 12, with 11 of them members of the management team. They were ambushed at around 7pm local time yesterday evening by an armed gang who are now demanding a ransom payment. The kidnapped members of staff are apparently Mexican nationals from Coahuila, Michoacán, San Luis Potosí and Sonora states.
And don't say that IKN didn't try to warn you all.
UPDATE 3: Here's the first English language wire report, out just a few minutes ago. Extract:
There were conflicting reports Saturday on how many were taken and whether some were workers for Media Luna, a Canadian-owned gold mining project in the municipality of Cocula, where police officers were charged with participating in the student killings.A state prosecutor's spokesmen said 12 people were taken, including some mine workers. A second government official said that 19 were taken and eight later released and that those held included some mine workers. Both insisted on not being quoted by name because the case had not been officially announced. The state official said the kidnappers were disguised as police or military.But the president of Toronto-based Torex Gold Resources Inc., which owns the mine, said the reports about his employees being abducted were false. Fred Stanford told The Associated Press he had confirmed that nine of his workers who were reported kidnapped were not taken and that he had conflicting information on a 10th employee."One may be involved, but because of a family matter. It has nothing to do with the mine," said Stanford, who is also Torex Gold's chief executive officer.Stanford said Torex Gold has about 250 employees in the area, but at least 1,000 more who are contract workers.
UPDATE 4: Ok, there's something strange about this story. Here's the latest report in which high ranking officers of the Federal Police in Guerrero (who are, for the record, the same body of people that tried to cover up the disappearance of the 43 students in November 2014) have said that there has been no kidnapping at all and the whole story is a lie. They go on to say that the whole thing is due to "communication problems" and at this point there is only one person known to be missing, a worker at the mine who was in the field and nobody knows exactly where he is but with the implcation he was out doing his job normally. To quote the police spokesperson (translated), "The story about the kidnapping of 12 people is a lie...up to this point the report is false."
However, one of the employees at the mine, Juan Zuñiga Méndez, said this afternoon that the commander of the local Community police force told him that a group of armed men had kidnapped workers at the mine while they were travelling in a shuttle bus service. In Zuñiga's words, "They told me that not only workers but also civilians who were commuting from their day's work (had been kidnapped) and to date we don't have the confirmed total of people, but it is a fact."
UPDATE 5: This is a very interesting report on events, which names regional head of the narco gang "La Familia" as the person behind the kidnapping and gives a lot of details on what happened.
For Bayern Munich today, during the team's win against Stuttgart:
You won't see a better free kick goal all season. Or enjoy it on a better resolution video here.
Nothing much has changed, really:
“...when the Husband commeth into his Wives Chamber, he must entertain her with all kinds of dalliance, wanton behaviour, and allurements to Venery, but if he perceive her to be slow and more cold, he must cherish, embrace, and tickle her ... intermixing more wanton Kisses with wanton Words and Speeches, handling her Secret Parts and Dugs, that she may take fire and be inflamed to Venery.”
Cut down on beer or the kids new gear? It's a big decision.
From 1982. With 1980's music video director doing 1980's video.
(Bloomberg) -- Allied Nevada Gold Corp., a miner that finds itself on the wrong side of a currency swap, hired a financial adviser to negotiate with lenders as its access to cash wanes, according to three people with knowledge of the situation.
Moelis & Co., the New York-based investment bank, is set to lead talks for the Reno, Nevada-based company as it prepares to restructure $543 million of borrowings, said the people, who weren’t authorized to speak publicly.Allied Nevada has had to draw down on its $75 million short-term loan as its liability on the swap grows while the Canadian dollar depreciates versus it’s U.S. counterpart, according to a Nov. 3 regulatory filing. The gold and silver miner’s swap converts Canadian dollars from a C$400 million ($319 million) bond underwritten by Scotiabank and GMP Securities LP into U.S. dollars.
But while academic Latin Americanists might suffer from over-moralizing, the other half of the problem stems from what I call the “Bacardi right”—a group of policy officials and think tankers that acts as though any manifestation of politics or any deviation from their perception of free market economics is by definition Marxist drivel or agitation. I call them the Bacardi right because while their rhetoric is ostensibly about free markets and individual liberties, their true comfort zone is the more traditional political, social and economic realm when they were the comfortable aristocracy or quasi aristocracy. In fact, often the market they seek to protect is the monopolistic one that has benefited them, not a truly free one.I too would love “property rights” if I owned all the property. Their public theologian being the Wall Street Journal’s editorialist Mary O’Grady, the Bacardi right treats the sanctity of private property as the foundation of civilization, a convenient creed given that this entails their businesses and families owning all of this sacred property.The Bacardi right was decidedly anti-communist during the Cold War, for obvious reasons. Part of this has been replaced by their skewed free market fundamentalism, although they often view Latin America as though the Cold War were still going on.What is remarkable is that both the academic left and the Bacardi right often have a blind spot for autocrats if these rulers appear to be promoting their own ideologies. Thus, the left will overlook the Castro regime’s police state for the admired social gains. The right, by contrast, will applaud Peruvian autocrat, former President Alberto Fujimori’s free market opening despite his government’s egregious human rights record.
"We the mining companies, run by families living in Lima, may have treated locals in small provincial towns like shit and fucked up their lands with our highly polluting practices for five generations, but we haven't done that sort of thing for at least five years. Why is the government so against us? Why don't the locals seem to trust us at our word? Do they not want progress?"
...has just been sent to subscribers, just before the opening bell this Friday morning.
Update midday local time: FWIW, took the 13 on the mentioned stock.
And agree fully all the way down the line. Here's TE on Ollanta Humala and here's an extract:
OLLANTA HUMALA is Latin America’s political weather vane. A former army officer, in 2006 he ran for Peru’s presidency (and lost) as a sympathiser of Hugo Chávez, his campaign financed in part by Venezuelan money. In 2011 he ran again, this time as a disciple of Brazil’s left-leaning but pragmatic former president, known as Lula, calling for “a great transformation”. To win a run-off election that year he moved further to the centre, promising to maintain the liberal economic policies that helped to give Peru the fastest growth rate of South America’s larger economies over the previous decade.In office, that is what he has done, while recently drifting to a kind of mild populism of the centre-right—the default mode of Peruvian politics since the 1990s. His government has a schizophrenic quality.
Whole thing here. My only gripe: 95% of this piece could have been written two years ago.
Nothing serious, seems as though I ate something that disagreed with me. Posting will be light today.
1) Actually looks like a fairly decent deposit
2) Ross Beaty bought
3) They're now playing the "let's represent we're going to build the thing ourselves by bringing in Roosen's pal as COO"
4) The early backers suddenly think they have a chance of getting their money back.
5) All of the above.
- Their prices as of March 1st 2013, just before PDAC
- Their prices today
- The percentage change between the two
- ATAC Resources (ATC.v): Was $1.71, Now $0.72, percentage change -57.9%
- Banks Island Gold (BOZ.v): Was $0.64, Now $0.12, percentage change -81.3%
- Brixton Metals (BBB.v): Was $0.175, Now $0.15, percentage change -14.3%
- Carpathian Gold (CPN.to): Was $0.29, Now $0.015, percentage change -94.8%
- Global Minerals (CTG.v): Was $0.175, Now $0.045, percentage change -74.3%
- Gold Port Resources (GPO.v): Was $0.07, Now $0.017*, percentage change -75.7%
- GoldQuest Mining (GQC.v): Was $0.425, Now $0.12, percentage change -71.8%
- Matamec Explorations (MAT.v): Was $0.185, Now $0.04, percentage change -78.4%
- Renaissance Gold (REN.to): Was $0.455, Now $0.285, percentage change -37.4%
- Adventure Gold (AGE.v): Was $0.255, Now $0.085, percentage change -66.7%
- Almaden Minerals (AMM.to): Was $2.18, Now $1.40, percentage change -35.8%
- Exeter Resources (XRC.to): Was $1.21, Now $0.70, percentage change -42.1%
- International Tower Hill (ITH.to): Was $1.71, Now $0.56, percentage change -67.3%
- Rye Patch Gold (RPM.v): Was $0.355, Now $0.14, percentage change -60.6%
- Sandspring Resources (SSP.v): Was $0.37, Now $0.115, percentage change -68.9%
*Now re-named Codrington Resources, with 3-for-1 share rollback in 2014
I still get a lot of hits and even "like it" mails about the series of posts, "The only chart you need to understand junior mining newsletter writers" (one of which is linked there).
But it also applies to Scotiabank's mining desk.
So congrats on calling the stock higher today, guys. Winning.
In January of this year, the Bundesbank announced that in 2014 it repatriated 120 tons of its gold reserves back to Germany, 85 tons from New York and the balance from Paris. Of more interest, , the central bank of the Netherlands repatriated 122 tons of its gold from the New York Federal Reserve, which it announced in November of 2014. The Dutch rationale was explained as part of a currency “Plan B” in the event the Netherlands left the Euro. But it still begs the question as to why two of the strongest economies in Europe would no longer want to leave some of their gold reserves on deposit/storage in New York. And why are Austria and Belgium now considering a similar repatriation of their gold assets from New York?
- November 25th to January 7th progress from 1,520 feet to 1,655 feet = 135 feet.
- Days elapsed = 43 days.
- Average progress per day = 3.14 feet
- At 5 feet per day: 89 days = 3 months less a couple of days = completion ~early March
- At 4 feet per day: 111 days = 3 ½ months = completion ~late March
- At 3 feet per day: 148 days = nearly 5 months = completion ~end May
Probably just a coincidence.
How To Get Ahead In Advertising:
Rule #1: Be Creative in Every Situation
Rule #2: Never Lose Your Perspective
Rule #3: Don't Bring Home Your Work
Knife to a gunfight, Ryan. Knife to a gunfight.
NR here, fave bit here:
Said Ryan Morris, President of Meson Capital: "I have now spoken with Stan Bharti. I have discussed with him the financial position of Aberdeen and the board's plans going forward. At the outset of this contest I expressed concerns that Mr. Bharti was not acting in the best interests of the companies in which Forbes & Manhattan has an interest. Having initiated this process and seeing that the majority of the shareholders voted in his favour, I now realize that I was wrong. I unreservedly apologize for the prior comments I have made that called into question Mr. Bharti's integrity. I believe that the interests of Aberdeen's shareholders are best served if Meson Capital and Nightscape Capital disengage from Aberdeen, and the board is free to execute on its plan."Or in visual form...
...the gold/silver ratio:
The GSR (aka the precious metal/byproduct ratio) has been over 70X for the last four months. New normal.