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UPDATE: Reader 'R' writes in with this:
Further to your post, a quick check on Yahoo finance…
BHP pays $2.48/sh in dividends for a 7.3% yieldand
RIO pays $2.14/sh for a 6.2% yield
Hard to argue where the ‘smart’ money has gone to hide.
So far so normal. It's a single buyer and it's a small PP, but in this rotten market we the observers have kinda got used to seeing this type of "keep the lights on" placement go through, small amounts of cash and big dilutions at low prices.
But a little further down the document, things go from normal to full-on Kafka:
Some recent examples have been farcical. Corvus Gold recently dumped its Alaskan assets, selling them for $120,000, but CEO Jeff Pontius framed the deal as “the creation of a Corvus royalty portfolio”, because the company kept royalties over the discarded tenements.
UPDATE: Daniel writes in (screenshot of mail):
For what it's worth I can state categorically that I have never had a penis in my mouth, let alone sucked on one. It really doesn't do to make such wild assumptions, Daniel.
1) At least Pinto was smart enough to make it non-executive.
2) Apart from that it means nothing at all. Totally irrelevant to the future of IRL.
What fine music.
Hodges flatly denies this. “I did not go there to present anything. I was led to believe that I was going to do a meet-and-greet with the local community leaders. My community manager only advised me that I was expected to give a speech to a crowd of some 500 just minutes before the meeting began. So I was not properly prepared, and therefore kept my comments at a high level, described a bit of my background, and emphasized my strong belief in good community relations.”
Hodges points to his experience in mining – which he has been involved in since 1977, including working in many jurisdictions across the globe. “I have plenty of experience working with local constituents, communities, and cultures, and I am also very sensitive to the volatile situation in Peru this past spring, so this whole notion of me walking into a community meeting and insulting people is so far beyond me, it’s ridiculous. And for the record, as opposed to changing the agreement with the community (as has been intimated), I said we would keep it exactly in place, and improve on it,” he says.
- In fact, nobody asked Hodges to go to Ollachea and meet with the community.
- In fact, it was Hodges who insisted on several occasions to go to Ollachea and meet with the locals.
- In fact, he was strongly advised by several quarters, including his community relations team (the same people he denegrates and tries to lay blame upon in that note), not to make the trip.
- In fact, Hodges decided to overrule every single piece of advice he heard on this subject, which came from people both inside and outside the company.
- In fact, he knew very well that he'd have to stand up and make a speech. He even got to choose the person who'd translate his speech for him (he went for VP Exploration Don McIver).
- He cannot speak Spanish.
- He does not understand the culture in Ollachea at all.
- He might not have intended to insult those present that evening, but you can take it to the bank that he did just that and in spades. Perhaps it was deliberate or perhaps it was accidental due to his plug dumb ignorance of where he was and who he was talking to (combined with a large dose of hubris) but sure as eggs are eggs, he pissed off the Ollachea locals bigtime.
- He specifically told the people present that there would be changes in the way Minera IRL operated and did things. The problem that Señor Hodges has on this score is that a video was shot of that meeting and it's all on the record*. What he thinks he says (when it suits him) is one thing, what he said is quite another.
*And yup, I've seen it.
The downturn in copper price has also affected Nevada Copper’s share price, and has reduced the market capitalization to under C$100M. If analysts predicting rising copper prices in the near future are correct, then the current share price of under C$1.20 certainly represents a true buying opportunity.
Nevada Copper Corp. is a sponsor of the website, we also hold a long position. Please always do your own research.
This document is distributed free of charge
5) "Why does music give us chills?" That's the title of this Guardian note, it's a good read.
At the beginning of the current year, precious metals forecasters were predicting that due to what were seen as extremely positive fundamentals, palladium would outperform its precious metals peers. In the event, palladium has actually been the worst performing of the complex, down around 25% year to date – and it has even fallen over the past few days when gold has been showing slight signs of strength. So far this year it has fallen while even the most bearish of the analysts in the beginning-of-the-year LBMA price prediction competition panel was predicting an average price of well over $700 while at the moment it is languishing at around the $570 mark. While there are four months still to go this year, and a lot can happen in the markets in that kind of time horizon, the chances of reaching even this most pessimistic forecast among the LBMA panellists now look bleak indeed.
Those who live in glass houses should not throw stones.
No posts today, kind and esteemed readership of IKN, as there's real world stuff to do this end of the pipe.
Back tomorrow, have a pleasant and relaxing Monday.
And that number three is the only way it's ever going to happen. And that means, yeah you guessed already, a move by JFI to run the mother of dilutive financings so that Bobby G can walk off with his cash intact and leave a new bunch of suckers holding this bag.
Destined for much lower, don't be Bobby G's sucker.