"On April 16th (and confirmed (3) by Peru’s OEFA enviro people on April 20th) yet another 30 tonne truckload of concentrate out of Constancia was spilled in an accident outside the mine. The area affected was around 200m2 (and to its credit, the company went about remediation and recovery of the affected area quickly this time) and thanks to the lack of strong winds, environmental damage was minor. Plenty of different Peru media channels carried the news (here’s a sample (4) (5) (6) but unsurprisingly, you up North didn’t get to hear a whisper. By my reckoning this is the seventh (crazy but true) truck spill accident out of Constancia since the mine started up last year and notably, the last time one happened it caused the protest by locals that blockaded the mine. HBM’s logistics problems in Constancia have been previously documented and the series of accidents, using overloaded trucks under time and performance pressure, is a direct result of this. Another mine-blocking protest may or may not happen this time but, it wouldn’t take much more for HBM to hit a real Black Swan event."
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I never thought I'd encounter another soul in such a random fashion, who likes Kula Shaker. Funny world we live in. I own a couple CDs. They're far from my favorite music, but they're fun occasionally. To my ears, they're some kind of mix of Pink Floyd, Beatles, The Who, The Doors. Until your post, I had no idea they re-formed.
I listen to absolutely everything. And the thing is, even moderate composers/musicians/singers/bands are allowed to hit one out the park on from time to time (e.g. Oasis). Kula Shaker had the shot at being very good, they decided to be occasionally good instead. So be it. But I liked Tattva from the first 15 seconds of the first listen and have a soft spot for them.And Hush simply rocks.
"Dont know what just broke - but something did. I'm an avid chart watcher (read - addict). I've never seen anything like this before."
"In this bullish phase, money will be made by many people and stocks of companies of all stripes and forms get to climb high. Not all of them of course (Do Not Feed The Animals) but a decent proportion will, that’s for sure. Some of those people and companies may or may not be deserving of their rewards according to your own criteria, but they’re going to win all the same. It won’t matter a jot whether you applaud or begrudge their success, whether you are in or out of the same stocks. Unlike Bono from U2, mining companies and their sponsors can indeed live without or without you and as noted on Saturday (1) it’s really nothing personal, it’s just capitalism baby. To that end, a small suggestion: Don’t try and participate in every hot trade idea, don’t feel envy for the success of others, don’t get downhearted when that trade you passed on nails big wins for somebody else. There’s going to be money to be made, but pick your own battles and win your own money. Jealousy doesn’t become anyone."
- HBM 2q15 liquidity position, to quote that quarter's MD&A: "At June 30, 2015, we had total pro-forma available and committed liquidity of approximately $436.6 million..."
- HBM 3q15 liquidity position, to quote that quarter's MD&A: "As at September 30, 2015, we had total liquidity of approximately $300 million..."
- HBM 4q15 liquidity position, to quote that quarter's MD&A: "As at December 31, 2015, we had total liquidity of approximately $288 million..."
- HBM 1q16 liquidity position, to quote that quarter's MD&A:"As at March 31, 2016, we had total liquidity of approximately $190.1 million..."
Can't see any problem there. Oh...Wait...
"The operation is going very well. We have intervened in 119 localities, 700 people have been evicted, 19 people have been arrested, nine whorehouses have been closed down. The task continues, it's a long-term objective and it has only recently begun. What I can say is that miners are no longer entering the illegal mines."
"I want to use this blog as a forum to help pull away the layers of BS that junior exploration companies use to massage the data they put in press releases from their projects to 'maximize' the impact of this information on drawing in retail investors into buying their shares.
"I will be presenting a series if opinions on exploration stage project, using all available data on them to try and present them in a way that can be easily understood by people that don't have degrees in geology and mining engineering."
The concept would be simple enough:
"If you can't spell the name of the place, don't invest there".
Oh, they're going with U$2.20/lb for 2017 as well.
...who gives a crap? Gold's up twenty bucks. Buy 'em anyway.
(Yup my sellside anal yst friend, that's how important your numbercrunching and deadline-beating work was. Have a nice day).
Seriously, what else do you want to say about 127,844 oz produced, plus misses at three of its four operations? Want me to lie? Want IKN to BS you like everywhere else? Plain fact is that it's a crappy Q1 from my biggest position. Another plain fact is that The Clive will get away with it if gold pops U$20 mañana.
The gold price hike trumps all.
Seriously Ari, you think you're going to get funding?
PS: "Bacrim", the Colombia word for these criminal groups.
In July 2015 in what can be described as a "brave move", OceanaGold (OGC.TO) (OGC.ax) bought Romarco for CAD$856m in order to get its hands on the Haile gold project, framed as a 540,000 oz Au per year operation that would be able to produce at U$600/oz cash cost.
What could possibly go wrong? Apparently quite a lot.
Un-named observers of matters Haile have learned that the changes, framed as "design enhancements" by OGC in its February 2016 NR, are anything but that. Those that really know about these things believe Haile has turned into a migraine-level headache for OGC, with overruns in capex and timeline to production (first ore through the mill was supposed to happen 4q16...kiss that goodbye).
As usual, IKN vouches for its sources. Don't say you weren't warned.
UPDATE: This latest report ups the ante considerably and says it's now 1,500 police and army personnel trying to evict 6,000 (six thousand) miners today. Woah!
UPDATE 2: The above was laid down mid-morning, now post-close CNL.to decides to inform the world via a NR. I love the way they try to give the impression the eviction operation has come as a big surprise to them. How cute.
Argentina: Chubut is as FUBAR as ever for miningAnother Macri government pitch on mining last week, with the national government including Macri himself making noises about Chubut and how mining development there would provide important and needed economic benefits for the region. It came on the back of a visit to Macri by executives of Pan American Silver (PAA.to) (PAAS) who are keen to get the company’s Navidad silver/zinc/lead project (well, in fact if we’re being brutally honest it’d be a base metals mine with a decent silver by-product kicker) move forward as well as working on the latest strike over pay and conditions at its Manantial Espejo silver mine, also in Argentina.The pro-business/pro-mining noises were picked up by national and international wire media alike and went down well, right up until the moment somebody bothered to ask politicians in Chubut what they thought about the declarations. Chubut Governor Mario Das Neves said that his region “Has other priorities” at the moment (19), which was basically saying that he understands Chubut has to change its provincial laws or even the constitution before Navidad will be able to get green lighted. His underlings and other province politicos fell into line, pointing out that the central “meseta” region of Chubut would indeed benefit economically from Navidad opening but they agreed with the governor that they had more pressing matters first, that the debate on the mine’s viability may have to go to a referendum on changes to the laws (20), that the environment and use of non-toxic reagents at any mine was a priority and other matters which make the whole permitting track of Navidad sound like what it is; an exercise in cat-herding.For those of you just tuning in, this is yet another example of how regional politics and agenda toward mining are far more important than anything the national government might have to say. Argentina mining investment = Choose your location very carefully. When PAAS bought Aquiline they didn’t do that and have been regretting the deal ever since.
Waddya say, site parrot mascot friend?
UPDATE: I'm now told that handle "Pamplonatrader" broke the story over at CEO.ca. So good for her/him, kudos due.
And this, from his weekly subscriber-only missive this morning, is one of the reasons why:
"...I only value charts as a tool toward understanding probabilities. I believe that markets can turn on a dime, with no chart having foreseen it. Chartists will quickly adjust and resume extrapolating again after the event, but all too often they do not see the event. That is why some people, including myself in some cases, dislike chartists."
His free-access blog (which is full of good stuff on its own) is right here. I don't get commission or money or anything from recommending his work to you, I don't even pre-warn him (e.g. above was reproduced without permission...bite me Gary. The only arrangement he and I have is that we share each other's paid subscription weekly report on a quid-pro-quo basis and in that way, I get to read NFTRH for free every weekend. But I reco his stuff because I want more people to get smart about the market, no more no less.
"The promotion of mining companies in Canada is a tired, shady and parasitical model, it's time to change things for the better and people such as these are part of the problem, not part of the solution."