start here

start here

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


Richmont Mines (, Kirkland Lake (, Renaud Adams, Louis CK and Native Americans

As luck would have it, last night I just happened to re-watch "Louis CK Live at the Beacon Theater", arguably his best one hour stand-up special and on a par with the great Carlin. Here's a bit of the show (in the first minute of the youtube, NSFW but highly recommended and very funny), in which LCK talks about how the white settlers first arrived in North America and stuck the name "Indians" on the indigenous population.

...and here's the transcript of the centrepiece:
"We came here, they're like "hi",
And we're like, "Hi, you're Indians, right?"
They're like, "No."
"No, this is India, right?"
"Nah, it's not, it's totally another place."
"You're not Indians?"
"Ahhhh, you're Indians!" 

That segment came to mind just hours later, this morning when reading about Kirkland Lake's (KLG) friendly takeover of Newmarket (NMI) and the way in which Richmont Mines (RIC) sold off hard on the news today. Rumours about Kirkland Lake aggressively pursuing a merger deal have been constant and rife since Tony Makuch took over the helm a couple of months ago. Newmarket has come as a bit of a surprise to the market, because the two most talked about targets since Makuch became Eric Sprott's trigger guy have been Wesdome Gold (WDO) and Richmont (RIC). Once WDO was off the menu (the Tom Stanley rebuff and then Kiena taking the pressure away completely) talk about Richmont and KLG became so strong that we even had Renaud Adams popping up on Bloomberg TV a few days ago saying "We're not for sale". But even when he looked the market straight in the eye and told it how things really were, nobody believed him. Or to paraphrase Louis CK;

"We came here, Renaud's like "hi",
And we're like, "Hi, you're merging with Kirkland, right?"
He's like, "No."
"No, this is the company Makuch is buying, right?"
"Nah, it's not, it's totally another company."
"You're not getting bought?"
"Ahhhh, you're getting bought!"

And as the five day chart of RIC versus the gold/silver index (XAU) shows, it looks like they finally believed him today.

Moral of the story: They're rare but they exist, so when you come across an honest and sincere man of integrity in the mining world, a guy such as Renaud Adams, don't mistake him for one of the usual riff-raff that hold most of the executive seats in the sector.