Leo Messi's free kick goal today, in slo-mo from the stands:
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Leo Messi's free kick goal today, in slo-mo from the stands:
"A generation of leftists decided instead that the true opposition wasn’t a right-wing economics locally — but a global politics they called “neoliberalism”. But much of neoliberalism, in stark opposition to trickle-down economics did in fact lift millions across the globe out of poverty, misery, and despair. Why? Because liberalism, however you choose to define it, is not trickle-down economics: it is precisely the opposite — investing in institutions, people, and societies, so that gluts do not pile up at the top."Yet, the left began targeting and protesting the very institutions that were defending the globe from trickle-down economics — the World Bank, the IMF, the UN. Of course, I’m sure that those of you who are leftists will quibble with me vehemently here, and call me a Terrible Person. But the simple fact is that the IMF and World Bank were created by Keynes precisely to prevent wealth piling up at the top — and that is precisely what they did."
December 12, 2015
Minera IRL Board Concludes Investigation in Anticipation of EGM ResumptionLIMA, PERU--(Marketwired - Dec. 12, 2015) - Minera IRL Limited ("Minera IRL" or the "Company") (AIM:MIRL)(BVLAC:MIRL) announces that it has been advised that the Company's registrar has received a proxy revocation in respect of the votes whose validity came into question at the Company's Extraordinary General Meeting of shareholders (the "EGM") on November 26, 2015, resulting in the adjournment of the EGM and the commencement by the board of directors of Minera (the "Board") of an investigation into the validity of such votes. In light of such proxy revocation, the Board has determined that any potential issue with such votes has been resolved to its satisfaction and therefore the investigation has terminated. In his capacity as Chair of the EGM, Mr. Jaime Pinto confirms that, following such proxy revocation, he presently knows of no reason that any proxies submitted for the EGM cannot be validated.The adjourned EGM will be re-convened on the 24th Floor at 333 Bay Street, Toronto, Ontario M5H 2T6, on December 16, 2015 at 10:00 a.m. EST (3:00 p.m. GMT).
“It’s a fraud really, a fake,” he says, rubbing his head. “It’s just bullshit for them to say: ‘We’ll have a 2C warming target and then try to do a little better every five years.’ It’s just worthless words. There is no action, just promises. As long as fossil fuels appear to be the cheapest fuels out there, they will be continued to be burned.”
Hansen, 74, has just returned from Paris where he again called for a price to be placed on each tonne of carbon from major emitters (he’s suggested a “fee” – because “taxes scare people off” – of $15 a tonne that would rise $10 a year and bring in $600bn in the US alone). There aren’t many takers, even among “big green” as Hansen labels environment groups.
“We all foolishly had such high hopes for Obama, to articulate things, to be like Roosevelt and have fireside chats to explain to the public why we need to have a rising fee on carbon in order to move to clean energy,” he says. “But he’s not particularly good at that. He didn’t make it a priority and now it’s too late for him.”
Hansen is just as scathing of leading Republicans who have embraced climate science denialism to the chagrin of some party elders.
“Many of the conservatives know climate change is not a hoax. But those running for president are hamstrung by the fact they think they can’t get the nomination if they say this is an issue. They wouldn’t get money from the fossil fuel industry.”
For what it's worth, I fully agree with Hansen's capitalist-based solution. Full thing here.
This Chicago Symphony version really bangs it out too, killer stuff.
The River Doce will take ten years to recover from the Samarco tailings dams failures. Impressive for a spill that Vale and BHP assured was non-toxic when it occurred.The November 5th disaster is one of five tailings dam failures in the Minas Gerais region over the last ten years. There is obviously an engineering problem in the area and with so many other tailings facilities there, "it's feasible" that more failures will happen.Ibama, which has already imposed several fines on Samarco, says it will add substantially more fines to its list next week. This is aside from the U$5.24Bn lawsuit now underway against the company.Ibama underscored the position of Vale, which says it is not responsible for the failure. Yes of course, Vale. Of course.
And I know you're feeling nervous about next week because you and your pals still think you have a chance of pulling it off. Well, enjoy the meeting next week Chuck, sit back, relax and let it all flow over you, but I guarantee that you're getting no extra snippets of fun or insight from this humble corner of cyberspace between now and then. Go scurry off and find a better place to feed your neuroses, Chuck.
Love and kisses, Otto.
...because hell's bells this is 2015 and do they seriously expect to keep things such as deaths at their mines quiet? That aside, we're in a world in which world-class mining companies operate in an open and transparent manner, so this incident points to one thing only, that TAHO is not run in a world-class way.
*if you have to ask...
...two years of Jemi Fibre (JFI.v):
PS: And yes, IKN has run many posts on JFI since this pump and dump began, starting on August 9th 2014 with this and covering many aspects, including the obvious deterioration of its financials this year (e.g. this post). Many more besides.
That was then (October 2013):
Mr. Nelson makes several allegations in his claim, including: alleging a key role in recognizing the mineral potential of the El Roble project and acting as a founder of Atico; alleging the existence of a partnership or joint venture; and alleging oppressive and unfair treatment related to the issuance of shares, benefits and his exclusion from the management of Atico. Mr. Nelson seeks various relief, including: claiming payment of a finder's fee of approximately $436,000 in connection with the El Roble project; seeking the right to purchase 2,500,000 additional shares of Atico at a pre-IPO subscription price from Atico, or alternatively, the individual defendants; seeking appointment to the board of directors of Atico or accorded such other meaningful and ongoing role in the affairs of Atico; and claiming other damages and costs in addition to the amounts already paid to him for his geological consulting services.
The allegations of Mr. Nelson have not been proven. The Company disputes Mr. Nelson's claims and will defend itself in this matter.
This is now (December 2015):
"Mr. Nelson, the Company and three of its Directors reached a solution satisfactory to all parties whereby Mr. Nelson will receive a cash payment of CAD$550,000, of which CAD$200,000 will be paid by the Company, and the balance by insurance."
"On a macro-scale, zinc continues to display the strongest short-term fundamentals of all the base metals (perhaps with the exception of lead, of which we also produce significant quantities). Global zinc mine closures have been accelerating however the full impact of well documented concentrate supply constraints has yet to be felt. LME zinc warehouse drawdown rates have recently increased to almost double its normal pace while spot treatment charges have been dropping in conjunction with announced smelter closures globally, suggestive of a tightening zinc concentrate market. Given Trevali's strong zinc exposure and leverage, the Company is well positioned to crystallize value from strengthening in zinc (and lead) prices going forward."
- Zn Revisit: Zinc TCs trending lower on tighter supply (lowest since September 2014): Zinc TCs, the discounts on refined prices miners grant to smelters to cover the cost of turning concentrate into metal, slipped to $170-180 per tonne from $175-185 at the end of November on a cost, insurance and freight (CIF) basis for delivery to Chinese ports - the lowest since September 2014 and down from $185-195 in October. Market participants are saying that some Chinese smelters are buying at TCs of $165 to $175/t for standard grade material. Many didn’t expect TCs to drop this quickly, thinking that the production cuts we have been reading about take hold next year but TCs now are reflecting tighter supply already. Recall that Nyrstar will put its Middle Tennessee Mines (MTN) in the US on care and maintenance due to depressed metal prices, which will translate into 50,000 tonnes per year of zinc-in-concentrate being taken out of the market. This follows the planned suspension of 400,000 tonnes of zinc concentrate in addition to the 100,000 tonnes removed by the Myra Falls and Campo Morado suspensions. As well, Glencore has slashed annual zinc production by 500,000 tonnes, cutting around 100,000 tonnes of contained zinc metal in the fourth quarter alone. Chinese domestic supply has also tightened as some medium-sized miners have closed due to low prices. Some market participants are saying that Chinese smelters are operating at around 80 percent of capacity in November.
The financial joke that is Uranium Energy Corp (UEC) (a.k.a "What Casey Research can do for your portfolio" part 429)
- In one quarter, cash dropped from U$10m to U$5.35m
- Workings capital is now negative U$2.3m
- As from July next year, it has to pay back $1.667m per month until its U$20m financial debt is fully paid.
- And unlike the unsubstantiated and wholly anecdotal claims made by Casey Research early this year, there's no stockpiling of product going on. All you need to do is check the inventories line item (unchanged at U$252k) to know that.
- Bottom line: These people aren't doing anything, but they're happy enough to get through $2.5m a quarter in G&A
"As the Company does not expect to achieve and maintain profitability in the near term, the continuation of the Company as a going concern is dependent upon its ability to obtain adequate additional financing which the Company has successfully secured since its inception, including those from asset divestitures. However, there is no assurance that the Company will be successful in securing any form of additional financing in the future when required and on terms favorable to the Company, therefore substantial doubt exist as to whether the Company’s cash resources and working capital will be sufficient to enable the Company to continue as a going concern for the next twelve months. The continued operations of the Company, including the recoverability of the carrying values of its assets, are dependent ultimately on the Company’s ability to achieve and maintain profitability and positive cash flow from its operations."
- Price Book at three point seven times.
- In this market for miners.
- For a company with dwindling cash.
- No production.
- Every intention to dilute the share count and finance.
- And $20m of real financial debt on board.
HudBay (HBM): Come back David, all is forgiven (aka the Alan Haircut).
Goldcorp (GG): Come back Chuck, all is forgiven.
Continental (CNL.to): That old saw about the soufflé not rising twice comes to mind.
UPDATE: We have mail feedback. For the record, he may have visited since 2010 (that I don't know) but he only joined the mailing list a month ago.
I have been forwarded your note today.I’ve been on your distribution list and/or visited your website since at least 2010 when (name supplied) pointed it out to me when we worked together at Dundee. I don’t recall meeting you but clear that you would prefer if I was not on your email distribution list so please feel free to drop me.Enjoy the holidays.Regards,Bob Sangha
As of November 2015, the investors do not have title to the residential lots, orchards or shares of Agricola GGC (the farm operating company) for which they paid and that Johnson agreed to deliver. Loan payments to GGC investors have not been paid. In addition, titles to two GGC companies and the two parcels that were to become Galt’s Gulch Chile are clouded. The project is insolvent.
Or paste this into the right place:
1) Join a mining company.
2) Stay for five years. Do things.
3) Turn the company from a U$2.038Bn market capper with a share price of U$11.89 into a U$1.08Bn market capper with a share price of U$4.58.
4) Become CEO of Goldcorp
Peter Lynch gives advice to investors:
Exactly. Thank you reader PMK for the heads up. Full WSJ piece here.
Here's the NR, here's the pay dirt:
December 7, 2015 Minera IRL Limited Announces Adjourned EGM Will be Re-convened on the 24th Floor at 333 Bay Street, Toronto, Ontario M5H 2T6, Canada on December 16, 2015 at 10:00 a.m. EST (3:00 p.m. GMT) LIMA, PERU--(Marketwired - Dec. 7, 2015) - Minera IRL Limited ("Minera IRL" or the "Company") (AIM:MIRL)(BVLAC:MIRL) today announces that the adjourned Extraordinary General Meeting of shareholders ("EGM") will be re-convened on the 24th Floor at 333 Bay Street, Toronto, Ontario M5H 2T6, on December 16, 2015 at 10:00 a.m. EST (3:00 p.m. GMT).