start here

start here

The Daily IKN email digest, get all daily posts sent to you next day (& no ads)

2/9/16

Colombia court news: Bad for Continental Gold (CNL.to)

Props to Paul Harris of The Colombia Gold Letter for this scoop. Here's how his post starts:

Colombia's Constitutional Court endorsed the concept of projects of national interest (PINES) and the creation of a national system to handle them due to the high social and economic impact, but stipulated that local and regional authorities must be consulted during the permitting process and that the national environmental licensing agency (ANLA) cannot issue environmental permits, which is the competence of the local autonomous regional corporations (CARs), reported El Tiempo. The Court ruled that article 49 of the National Development Plan 2014-2018 (PND) violated the principle of territorial autonomy because it attributed to central authorities competencies that are exclusively those of territorial agencies. This means that continues here

And if you're long CNL and don't know what that means to your trade, I wish you the very best of fortune. And I also promise you, hand on heart, that Ari Sussman doesn't want you to read this.

UPDATE: The above went live about half an hour before the open. We're now an hour or so into the session and CNL.to is down 2% or so, which is all the proof you'll ever need that Canada doesn't have the first freakin' clue about Colombia political/community risk. If it did, CNL would be down by 50%, not two.

UPDATE 2: I'd rather call short on CNL at $4 than be a sycophantic sold-out toadying fucktard who lives up Frank Giustra's asshole, Tommy. Now you be having that nice day now.