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Branko has left the building

Our fave Bolivian racist fascist piece of crap, Branko Marinkovic, has 'done a Manfred'. Despite saying he'd never flee from justice Branko has upped sticks and transported himself and his family from Santa Cruz Bolivia to San Pablo, Brazil.

Simone Rosemary will be glad. No need to travel to the sweaty LatAm outposts for his next fawning interview with the guy.

The Mex Files puts in an early contender for 'Blog Post of the Year, 2010'

You just gotta read this.

Alexandre Senna, practising priest and gay porn star.

Sickening news from Colombia

While myopic gimme-da-munneh-and-screw-the-consequences capitalists promo Colombia as some kind of democratic, forward-thinking paradise, the real rotten core of the country is plain to see for anyone who bothers to look. This from Plan Colombia and Beyond:

It is with revulsion that we learn of a Colombian court’s decision yesterday to release 17 Colombian Army personnel for the 2008 Soacha murder case.
The officers and soldiers were awaiting trial for conspiring to kidnap and kill unemployed young men in a slum on Bogotá’s outskirts, only to present their bodies hundreds of miles away as those of armed-group members killed in combat. By raising their “body count” through this unconscionable scheme, the soldiers qualified for a schedule of rewards, as established by Defense Ministry orders. This so-called “False Positives” scandal now involves hundreds of cases since 2002 under official investigation all over Colombia, with over 1,000 potential victims.
Because of its high-profile nature — it forced the resignation of Army chief Gen. Mario Montoya — the Soacha case is a key test of whether Colombia would be able to investigate and punish these crimes.
Colombia is failing that test. Yesterday, 17 alleged perpetrators were released because continues here

Frank Holmes would have been promoting 70s Chile in the same tones, for sure. Disgusting.


The Friday OT: Paul Simon; You Can Call Me Al

For some strange reason, this Friday OT thingy is getting popular and I'm now fielding requests. In the last two weeks I've had five great ideas and all good songs, too. I'm going to save the classic viola player and the two really cool French language songs for another day (Tété be good, believe me) and go for this one:

This came up and I played it thru (i think it was) four days ago. It immediately transported me back to the days that year when I worked a summer job and Graceland was the semi-permanent background music in the male dorm. I've listened to it maybe half a dozen times this week and it's simply a great great pop song. Infectious beat, great lyrics, Paul Simon shows his utter class.

It also features the world's only palatable performance by Chevy Chase. Enjoy (i have).

UPDATE: Mojitos served. The end.

Trading Post (mentionable edition)

These stocks will get some sort of feature (some longer, some shorter, some bullish, some bearish) in The IKN Weekly issue 37, out Sunday:

Chariot Resources ( up plenty % at $0.44

Focus Ventures (FCV.v) up 13.9% at $1.15

B2Gold ( up 5% at $1.48

Fortuna Silver (FVI.v) up 2.6% at $2.72

Radius Gold (RDU.v) up 20.7% at $0.35

Dynasty Metals ( down 3.4% at $5.20

Ventana Gold ( up 0.6% at $7.35

There'll be plenty more besides. There always is.

Bolivia's regional elections in April: The photo

This is the candidate put forward by the Evo Morales MAS Party for the next round of elections in Bolivia (they never end, do they?) in April 2010. This time the regional governorships and city mayorial jobs are up for grabs.

Her name is Jessica Jordan, she's 24 years old and before running for governor of El Beni (sparsely populated, North-East, anti-Evo feeling) she just happened to win Miss Bolivia in 2007.

No further comments necessary here, apart from Evo = Not stupid.

Brent Cook on BNN last night

We like Brent Cook. We also like his appearance on BNN's Market Call last night where he covered a lot of bases and talked about a lot of junior mining companies out there, so check it out for yourself:

Here's the link for part one

Here's the link for part two

Here's the link for part three, his 'top picks' segment

Zero Currency 10

Jan 8th

Chart of the day is....

......awww Gawd, Otto...wouldya quit it with this one time, dude?

Sorry peeps, but impossible to ignore the most fascinating chart in the world of metals right now.


Mo' Ventana ( My stars! They finally beginning to notice?

Way back in IKN31 we ran a whole thing on Ventana Gold ( and its obvious problem at La Bodega with Los Gelvez. We even extracted the longer note in this blog post dated December 2nd that said:

Here follows an excerpt from the June 14 2008 Technical Report on the La Bodega property:

Surface rights within the property are held by various landowners. The company reports that it has signed exploration access easements with all the surface owners where drilling has been undertaken or planned to be conducted. Additional surface rights may be required to establish a commercial mining operation.

It’s a sure fire certainty that SMLB and/or Gelvez are the major names inside those “various landowners”. What we have here is a serious weakness, a chink in the armour of VEN and its position. VEN might be able to close on the option and secure that very impressive mineralization, but the topsoil (if you like) isn’t included in the deal, and if you’re prohibited from setting foot on the land, it becomes impossible to build a mine and dig the depths. Again, if you want to you can say it’s the leverage point with which SMLB is illegally and immorally blackmailing the poor, hard done by Ventana Gold. It’s just semantics anyway and makes no difference to the facts of the matter.

So today we get a NR from that announces the company has secured mineral rights at its property in several place....except (surprise surprise) La Bodega. Here's an excerpt:
"Ventana has two remaining option agreements to complete. The first is for the La Bodega property, which is being disputed by the land owners (see news release dated November 27, 2009, available on the Company's website at The dispute is an attempt by the land owners to continues here

Oh look....did that say "land owners"? Beginning to see the problem, or do I still need to take a few more crazy pills?

Brazil upholds the traditions of capitalism, despite Lula's best efforts

mmmmmmmmm!!! Yummy!!! Slavery!! Profit margins!! This from Bloomie today:

Jan. 7 (Bloomberg) -- Cosan SA Industria & Comercio, the world’s biggest sugarcane processor, fell the most in eight months on concern that its inclusion on a list of companies whose workers operate in slave-like conditions will drive away clients and cut off access to funding.

Barra Bonita, Brazil-based Cosan was added to the list on Dec. 31, according to the Brazilian Labor Ministry’s Web site. Petroleo Brasileiro SA’s fuel distribution unit is considering “restrictions” against Cosan, according to a spokesman at BR Distribuidora who couldn’t be named because of company policy.


The so-called “black list,” created in 2004, is updated every six months, according to the Labor Ministry. The Ministry found and “liberated” 42 Cosan workers in conditions analogous to slavery, according to the list. CONTINUES HERE

Another topical slavery story from the other side of the planet, kindly sent in by reader BM. Thanks man....LatAm bore that I am wouldn't have seen it otherwise.

" does an economically troubled country build the world's tallest building in the middle of a desert? Unfortunately, all signs point to slave labor. Saying Dubai has a problem with slavery and labor exploitation is like saying Tiger Woods has a problem with fidelity (and incidentally, he also has a problem with some labor concerns around his Dubai golf course). Dubai regularly imports poor migrant workers from continues here

Ventana Gold ( looks tired

Welcome to South America, folks! Land of the never-ending legal battle.

Apart from that big dropday when it went to $7.27 or so intraday (then rebounded), today's sub $7.50 is the lowest we've seen Ventana Gold ( since its travails began.

So much for the Gelvez crew folding quickly, eh? DYODD.

Deeds, not words

So the President of Colossus Minerals ( thinks the best thing to do with shares is to sell them.

Colossus Minerals Inc. (CSI)

As of January 6th, 2010
Filing Date Transaction Date Insider Name Ownership Type Securities Nature of transaction # or value acquired or disposed of Unit Price
Jan 06/10 Jan 04/10 Wall, Vic Indirect Ownership Common Shares 10 - Disposition in the public market -27,200 $5.800
Jan 06/10 Jan 04/10 Wall, Vic Indirect Ownership Common Shares 10 - Disposition in the public market -2,200 $5.820
Jan 06/10 Jan 04/10 Wall, Vic Indirect Ownership Common Shares 10 - Disposition in the public market -600 $5.880
Jan 06/10 Jan 04/10 Wall, Vic Indirect Ownership Common Shares 10 - Disposition in the public market -10,000 $5.900
Jan 05/10 Dec 30/09 Wall, Vic Indirect Ownership Common Shares 10 - Disposition in the public market -30,000 $5.910
Jan 05/10 Dec 30/09 Wall, Vic Indirect Ownership Common Shares 10 - Disposition in the public market -10,000 $5.890
Jan 05/10 Dec 30/09 Wall, Vic Indirect Ownership Common Shares 10 - Disposition in the public market -10,000 $5.910
Jan 05/10 Dec 30/09 Wall, Vic Indirect Ownership Common Shares 10 - Disposition in the public market -28,200 $5.800
Jan 05/10 Dec 30/09 Wall, Vic Indirect Ownership Common Shares 10 - Disposition in the public market -20,000 $5.840

So be it. A mote in your eye, a beam in mine and over $800,000 in Vic Wall's back pocket. Here endeth the lesson.

UPDATE: down another 5% today at the bell. What say you, owly?

Who gonna mine copper in Panama? Corriente Resources or Codelco?

As subscribers found out in IKN36 last Sunday, the Corriente Resources ( team is currently hanging in Panama and wants to develop the Cerro Colorado copper mine (25Bn lbs Cu with by product credits), probably in the same way as it did with the recently sold Mirador thingy in Ecuador.

But it faces stiff competition. Plenty of other big miners want to move the project forward, including (according to Panama's La Estrella newspaper at least) Chile's Codelco. What we do know is that the new Martinelli government has in the last six weeks or so tipped its hand definitively and has made it clear that Panama now welcomes mining development.

As noted over the weekend, this snippet is hardly likely to be ignored by B2Gold, either. DYODD dude.

Chart of the day is....

...the annual number of road traffic accident deaths in Argentina, 1996 to 2009.

(click to enlarge)

The stats for 2009 were published by the official counters of these things in Argentina yesterday, an organization known as 'luchemos por la vida'. At 7,885 deaths last year there was a minimal 4% drop, but it's still one helluva dangerous place to hang on the roads. By way of context with a similar sized serious country, The UK saw 2,943 deaths in 2007 (60m inhabitants to the 40m or so in Argentina).

No need for the Martin Redrado soap opera to show that Argentina is not a serious country. The evidence abounds.

Happy 6th birthday

Difficult to believe that six years can pass so quickly.

This photo was taken in August '09 so she's now five months older and five months wiser, but this spur of the moment snap is probably the best photo I've ever taken. It captures the way she is and yes, before you ask she really is that beautiful. Happy birthday, my darling, wonderful, fabulous eldest daughter. Te quiero tanto.


John-Mark Staude's Geo Tutorial, Part Four

Following on from the first three parts of Riverside Resources (RRI.v) CEO Staude's tutorial into how a exploration geologist goes about business (find the first three parts on this link), here's part four of the series, out today. Today's subject is about core logging and what goes on behind the scenes when a drillcore is brought out the ground.

Good stuff for all mineheads. Enjoy.

A free forex daily newsletter

This looks like a decent enough free e-newsletter on foreign currency forex and may be of use. Backed up by Western Union too, so not a fly-by-night pumpy scam thing, for sure. You need to follow the link and sign up, but apart from that it's totally, 100% free for you.

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Trading Post (reds only edition)

On a day when both precious and base metals sectors are melting up in fine style, we ignore the world of win and laugh at the fails:

Constitution Mining (CMIN.ob) down 2.8% at $1.38. Cue owl:

Ecometals (EC.v) down 2.5% at $1.16. When (not if) the crash comes you'll change your tune, dumbass pumpers. Lie with dogs, get fleas.

ECU Silver ( down 2.6% at $0.74. Cue owl redux:

Colossus Mineral down 1.8% at $5.61 and still no relief for the suckers who went for the Can of Corn bot deal.

Ventana Gold ( down 1.4% at $7.69. Put VEN and CSI down in the "What political risk? They didn't tell me 'bout no political risk!" file.


Longtime IKN readers know that I gave up on regular financial coverage of Argentina a long time ago because it's just too silly to take seriously.

And I'm not joking...... really is....

......not a serious country

Argentine Lawmaker Says Kirchner Can’t Fire Redrado

UPDATE: It all just got even funnier. After this report (and many others) said "Fernandez named former central bank chief Mario Blejer to replace Redrado", we now have this new filing saying "Mario Blejer has rejected an offer to serve as president of Argentina’s central bank". Keystone Kops Rule!

Fortuna Silver (FVI.v) in the box seat

don't worry, this is not
CEO Ganoza on a bad hair day

A short but very sweet little news release from my fave Ag play Fortuna Silver (FVI.v) this morning. Here it is and below some comments:

VANCOUVER, Jan. 6 /CNW/ - Fortuna Silver Mines Inc. (TSX.V: FVI / Lima Exchange: FVI) is pleased to announce that the Company has signed a commitment letter to enter into a US $20 million senior secured revolving credit facility with The Bank of Nova Scotia. The facility will have a 2.5 year maturity. The proceeds of the facility may be used for general corporate purposes, including the development of the San Jose Project in Mexico.

The facility is intended to complement Fortuna's strong cash position and provide additional financing flexibility during the construction stage at San Jose. On December 14, 2009 the Company announced it had obtained all the required construction and environmental permits for the operation of a 1500 tonne per day underground mine. The San Jose pre-feasibility study is scheduled to be completed in the first quarter of 2010, with construction activities to commence shortly thereafter.

What this basically means is that FVI has turned around, looked the vultures of Bay St. and Howe St. in the eye, flipped them a serious bird and said, "We don't need your stinkin' lowball placement terms, go screw yourselves, we got all the cash we need to build our future." Of course FVI might eventually decide to do a placement, but if they do it'll be on the terms set by the company, not the gouging bankers and bullshit merchants that sit on stocks and depress their prices until the company caves in and does the deal. Put simply, the $20m credit facility, plus the healthy company treasury, plus the impressive free cash flow thrown off by Caylloma is enough to build San José, a mine with all its permits in place.

I'm long this stock. You might have realized this already. DYODD, dudettes and dudes, but if you can't be bothered, The IKN Weekly will be running an updated NOBS report on Fortuna Silver with a revised target price in this Sunday's edition. Be there or be square.

Calling all exploration geologists: A lesson for you all

The McGill geology faculty on a field trip, 1897
(source: dep't website)

When I read this from The Montreal Gazette (sent in by reader 'M', thanks) I thought "now there's a guy with class and style". This is the kind of thing that should set an example to a whole bunch of people. So, dear geologist-made-good, you too can be a rock star!

Geologist is a rock star

Philanthropist donates shares in Osisko to McGill

While studying geology at McGill University in the late 1970s, Robert Wares "was a student who had 'star' written all over him," his former professor Anthony Williams-Jones recalled yesterday.

Even if that wasn't literally the case, Wares has certainly made a name for himself in Canada's mining world, winning awards and acclaim for his role in the discovery of the Canadian Malartic gold deposit now held by Osisko Mining Corp. That discovery, pegged at more than 6 million ounces and one of Canada's biggest single gold deposits, is poised to become Quebec's largest open-pit mine.

"This discovery is really important, not in just the size of the deposit but ... (because it represents) a new concept ... a paradigm shift and that is due entirely to Bob Wares," Williams-Jones said in a telephone interview.

Now Wares is giving back to his industry, his alma mater and, indirectly, to his academic mentor Williams-Jones, who is McGill's lone economic geology professor in the department of earth and planetary sciences.

Wares, Osisko's chief operating officer, has donated 250,000 Osisko shares to McGill and Osisko has matched that for a total of 500,000 shares, which were worth more than $4.2 million at the end of trading on the Toronto stock exchange yesterday.

That gift will be used to establish two tenure-track positions in economic geology, providing Williams-Jones, 64, with colleagues. The shares, coupled with a $1-billion gift from McGill's McConnell Challenge Fund, will also create a CONTINUES HERE

Chart of the day is....

......copper daily candle, cos it's getting silly.

But saying that, it could easily get sillier as we're now getting total dumbasses calling copper "the new precious metal" over at sinkingalpha. These people never, ever learn. Stupid, stupid, stupid.


The B2Gold ( newsflow trifecta : Part one

I'm expecting three positive stories from B2Gold in the near future. Today saw part one, as the Orosi mine went on line (maybe one month late, but totally forgiveable) and poured gold today. Here's the yada yada out 13 minutes before the closing bell (and good for a 5c pop late trading):

VANCOUVER, BRITISH COLUMBIA--(Marketwire - 01/05/10) - B2Gold Corp. (TSX:BTO - News) ("B2Gold" or the "Company") is pleased to announce gold and silver production has commenced at the Company's Orosi open pit mine in Nicaragua. The mine and milling facilities have passed mechanical completion and commissioning. Ore processing began on December 15th, 2009 with the first dore bar produced on January 5th, 2010.

The Orosi Mine is scheduled to produce approximately 80,000 to 90,000 ounces of gold per year at an estimated average operating cash cost of approximately $465 per ounce with an initial seven year mine life. The large Orosi property has excellent exploration targets both adjacent to and below currently planned open pits and along the 20 kilometre belt of mineralization contained on the property. Exploration drilling will commence in the first quarter of 2010.

In addition to the Orosi Mine, the Company's Limon Mine, also producing in Nicaragua, is scheduled to produce approximately 40,000 ounces of gold annually. The combined production is projected at 120,000 to 130,000 ounces in 2010 with average operating cash costs projected at approximately $500 to $525 per ounce of gold. Both the Orosi and Limon mines are debt free and un-hedged.

Over the next few months, the Orosi mill is scheduled to yada yada continues here

Two more stories to come. Keep it on your screen.

R.E.S.P.E.C.T (find out what it means to Bolivia)

This from China's Xinhua newswire service (cos the main English language wires edit out any news that doesn't fit northern hemisphere political policy):

LA PAZ, Jan. 4 (Xinhua) -- The Bolivian government said on Monday that it refuses to blindly cater to the economic or political desires of the United States.

Bolivia's Vice President Alvaro Garcia Linera said that as La Paz wanted to reset its diplomatic ties with Washington, based on mutual respect, the country should not become a slave of the United States, which he described as "the most important power and the market of the world."

In an interview with Radio Erbol, Bolivia's national radio, Garcia said Bolivia had been "the most subordinated" Latin American country to the United States in the past.

"We do not want a market in exchange for them (Americans) telling us who must be the master. We do not want tax preference in exchange for them telling us what must be our economic policy, because that will make us become a slave and a colony again," Garcia said.

According to Garcia, U.S. President Barack Obama, like his predecessor George W. Bush, had a "strong war policy" which did not allow ties between the two countries to improve.

"When he (Obama) learns to recognize that the world is a community of sovereign states, which voluntarily are independent, we will have better ties with the United States," Garcia said.

However, he added that Bolivia was open to establishing ties with all the countries in the world based on mutual respect of sovereignty.


message for project ulverston person checking on comarsa gold

Mail me.

Fortuna Silver (FVI.v): Really bad news for Casey subscribers

You missed the 20% upmove due to Louis James's bad call.

In the latest Jan 2010 edition of the Casey Intl Spec thingy, here's how the analysis on Fortuna (FVI.v) concluded:
Fortuna is a low-cost producer with a clear path to tripled production and plenty of blue sky potential, both in new acquisitions and discoveries. We regret retted having to sell, and now that a lot of the risk has been removed, we want it back in our portfolio.

However, there’s no need to rush. This is a story of value being added over time, not of imminent news causing a sudden surge. So, buy on weakness – shoot for C$2.00, and back up the truck for more if a broader market correction gives you a chance to do so under C$1.80.

With precious metals making like a yo-yo, now is the perfect time to exercise some discipline:
Do not chase this stock.

Place limit orders and try to buy under market on days when gold and silver fluctuate downward.
Oh dear Louis...really bad call. All those subscribers hanging on your words and you advise them to look at what you've done!!! Only gone and missed the rocket ship flight to $2.50.

Now don't be a naughty little boy and claim you got yourself a 25% winner now, will you?

Meanwhile for the rest of you, don't chase that stock!

Chile: Eduardo Frei Is Falling Down

Time and again, election campaigns in LatAm throw up a symbolic moment when some mishap or other affects a candidate already fighting from an underdog's position. One that springs to mind was back in the late 1990's when Eduardo Duhalde had Palito Ortega as his Veep running mate for the presidential election (won by Fernando de la Rua) and Ortega said at the ticket's unveiling that he was proud to be the running mate of Eduardo Menem. The campaign was basically killed there and then.

Anyway, that was a long digression. Today's example of "you have now lost, we just need to wait for the result" comes from Chile's runoff campaign. Eduardo Frei is featured in this 30 second Youtube at the Chilean town of Puerto Montt yesterday. Even if you don't speak Spanish, make sure you have the volume on to hear the crowd's "oooh!" reaction.

The definitive symbolic moment of Frei's campaign. He loses to Piñera on January 17th, let there be no doubt about it.

PS: I'm glad to say he was unhurt so feel free to giggle.

Mr. Bean rules Europe

A neat bit of hacking yesterday, when some guy with computersmarts hacked into the official Spanish government website of its European Union Presidency for 2010 (it's still not working) and got Mr. Bean to pop up when visitors checked it out. The site was inundated with hits and then went down a few hours later.......
.......and Spanish officials then stupidly denied any hacking had taken place, probably embarrassed because of the fanfare they'd made of it. Officialdom's big mistake was to announce it had spent 12 million Euros in security measures on Spanish gov't websites....a red rag to a bull for any self-respecting blackhat. Anyway, message to Spanish flunkies is "Liar liar, pants on fire, we got the screenshot, suckaz".
The whole joke is about Spanish PM Rodriguez Zapatero, who has picked up the nick of Mr.Bean because of the lookalike thingy...
you be the judge!
(My thanks to Bina for improving this part with the better lookalike photo above)

.....but not cos of his Goth daughters.

¡Que viva España!

Chart of the day is.....

....the gold/silver ratio.

My eye sees one of those upward channel thingies that close in on themselves (any Techieheads wanna tell me the technical term?). If I've got the gist on this, that means that at some point in the short term or medium term future the line will break down and silverbugs get their "silver beating gold" wet dream scenario. They then bore us to tears about ridiculousness over supply not meeting demand and how silver is money at the same time.


Ask not for whom the bell tolls

It's a strange kinda double existence here at IKN sometimes. The singer Sandro died today aged 64 after a long illness and I know that a lot of the blog audience have never heard of him. However, those that know their Argentina will know the enormity of the man's place in its popular culture. He's being compared to Gardel in eulogies tonight, and rightly so.

superb photo taken from Clarin's front page tonight

I'm heavily saddened by his death.

Sandro, Q.E.P.D, amigo. ¡Gracias!

Naming the year

There seems to be a bit of debate about what this year just started should be called.

  • Some people are saying "twenty ten"
  • Others are saying "two thousand and ten"
  • This humble correspondent likes the name "ten past eight"
  • But maybe the best I've seen is the phrase Gary BiiWii is using to describe this year, "Full Hubris '10". Just about sums it up, I think.

Trading Post (monkey edition)

This could become a veeeeeeeeeery long Trading Post with so much green-on-screen to choose from. So we're going to pick a couple of faves and leave it at that.

B2Gold ( 5% at $1.27. From what I've heard this morning, BTO is going to go into news from a lotta fronts mode in 1q10.

Riverside Resources (RRI.v) up 8.6% at $0.63 and bouncing back nicely from the overly hard dumping last week. There's value here, still.

The Small Silvers are starting the year well on the back of the bullion upmoves. To catch a few in one net, Fortuna Silver (FVI.v) up 4.3% at $2.19, Great Panther ( up 10.2% at $0.97, Endeavour ( up 5% at $4.02, First Majestic ( up 4.2% at $4.24, Impact Silver (IPT.v) up 5.1% at $1.23, US Silver (USA.v) up 3% at $0.17. Things are so positive that even the dog is up 2.7% at $0.76. It's not a silver producer, though.

Candente Copper ( down 10.2% at $0.53. Today's the day that the company has spun off its El Oro gold asset in Mexico into the new Candente Gold company ( so the drop in parent DNT is unsurprising. Methinks it has a little more to drop yet.

Canplats (CPQ.v) up 0.2% at $5.14. The stock opened at $5.20 today but since then hesitation has set in. The market isn't so sure whether the bidding war will continue on up in its 20c ratchets, it seems.

Peru: Poderosa SA (Lima, PODERC1), a mining company doing the right thing

Originally part of IKN36

The blog and (to some extent at least) the Weekly often throw brickbats at regional mining companies that are not doing things the right way, be that via dubious working practices, bad relationships with locals, causing environmental damage or whatever else. So it’s good to report on a mining company that is doing things the right way. Also, as this company is not listed in any of the northern stock exchanges it’s unlikely that its story will get much traction in the English media. This a is a pity, because if more mining companies followed the example of Poderosa S.A. (Lima stock exchange, PODERC1) the industry would be better accepted and better liked by the wider world. Here follows a direct translation of a report in Peru’s regional newspaper, ‘Noticias de Trujillo’:

The Poderosa Mining Company Wins Prize for Social Responsibility

Wednesday, December 30th 2009

The project which brought informal artisanal miners into formal employment has allowed the company to win second place in the competition organized by government office ‘Peru 2021’.

Thanks to the results from its project “Formalization of Artisanal miners’ that took place in the Pataz district of northern Peru, in which 19 informal artisanal miners were fully incorporated into formal employment sector, 22 achieved the nationally recognized qualification of ‘artisanal miner’ and another 60 are now on the formalization track, Compañia Minera Poderosa won second place in the sixth Peru 2021 competition ‘Peru 2021 for Social Responsibility’ organized by Peru 2021 and in which companies in different sectors in all regions of the country participated.

The ‘Peru 2021 for Social Responsibility’ prize is awarded as a recognition for good business practices and is judged on seven different criteria that highlight shareholders, collaborators, clients, suppliers and the community amongst others.

Under this context, Jimena Sologuren Arias, head of Social Responsibility of the Poderosa S.A mining company, stated that the prize won by the company is a recognition for the efforts and trust of many artisanal miners in the Pataz district where Poderosa S.A operates. ”From the beginning of the project the artisanal miners were willing to work and to comply with all legal requirements. They have been the driving force of their own development and have understood that the road to formal employment has more opportunities and also protects the environment”, she said.

José Chueca Romero, President of Peru 2021, thanked all the companies that participated in the competition and noted the efforts made to continue improving the quality of life for thousands of people in Peru. “The work that has been done in the target zones by the projects is important; this will help to have a prosperous Peru and make our national development sustainable”, he said.

The Poderosa Mining Company started operations 33 years ago in the Pataz district of the same named province. The good times that the gold mining sector are currently experiencing have helped Poderosa continue in its royalties contributions as well as aiming for sustainable development in the district. This is reflected in the positive results of the company projects and even more by the deserved ‘Peru 2021 for Social Responsibility’ prize.

Ah, what the devil...just this once, ok?

Not often you find me lapsing into rah rah, but it's the first hour of the first trading day of the year, gold is upping nicely and after a month of doldrums and reversals the port is looking very zippy all of a sudden, so..........

The world's tallest building in Dubai: What you really need to know

My thanks to reader KL for sending the link to this fascinating article over at Capital Chronicle. It seems that every time a city or a country breaks the record for the world's tallest building it is immediately followed by an economic downturn. Impressively, the 'winning streak' has been going for over a hundred years.

I'm not going to paste or steal from the article, because it's unfair to take away from such a good piece of detective work and the author deserves your eyeballs at their site. So go look for yourself.

Century Mining (CMM.v) raises enough cash to start the Lamaque mine: I wonder how she did it?

News from Century Mining (CMM.v) this morning is that the company has managed to put together the $60.75m debt&equity package it needs to re-open the Lamaque mine. You gotta wonder where the Darling Miss Peggy W found the names to invest in the company.

Oh....hold on.... Maybe this is a clue! Why is she and her company wanted for questioning in Peru in connection with the Sánchez Parades family, the nation's biggest and most notorious cocaine smugglers? Here's a translation of part of the document:
The siblings Manuel, Santos Orlando, Fortunato Wilmer and Amanda Francisca Sánchez Paredes, as well as (ringleader) Orlando Sánchez Jr., have been included by the anti-narcotics authorities in an official list of the most important narcotrafficking suspects that operate in Peru.

Amongst the companies that are included in the investigation in Lima are the offshore Panamanian Andean Mining, Inversiones Mineras Sudamericana, Import & Export, the Canadian Century Mining Finance Corp. In Peru, among other companies are mentioned eñor de Los Milagros, Villa Azul, Ganadera y Minera San Simón, Aurífero Santa Rosa, Santa Patricia.

As well as the Sánchez Paredes brothers, others connected with the invetsigations are Miguel Sánchez Alayo, Marcelina Príncipe Zamudio, Blanca Sánchez, Diego Franco Montes, Paulo Gómez Huertas, Margaret Kent, Cristian Benítez Jara, Felipe Thorndike Valdez, Gregorio Vera Vega and Bernardo Gleiser, amongst others in a long "list that grows every day" according to police sources.
Wanted for questioning in Peru? Managed to get hands on a shitload of financing to start a gold mine in Canada? Are there facts by chance related? Inquiring minds etc.........

Extra! Extra! Read All About It!! Convicted Drugs Felon Bails on Gold Company

And thus the not-wanted-at-his-own-company-anymore convicted narcotrafficker who lives in Panama (hey! great place for a guy of his background, no?) Richard Fifer cashes out of the pig awful Petaquilla Gold ( and has himself a wodge of cash to keep his wife happy (hey man, gotta keep the wife happy). Here's the filing of the 160k shares he's dumped on an unsuspecting world in December:

Petaquilla Minerals Ltd. (PTQ)

As of January 3rd, 2010
Filing Date Transaction Date Insider Name Ownership Type Securities Nature of transaction # or value acquired or disposed of Unit Price
Dec 31/09 Dec 29/09 Fifer, Richard Indirect Ownership Common Shares 10 - Disposition in the public market -25,000 $0.850
Dec 31/09 Dec 29/09 Fifer, Richard Indirect Ownership Common Shares 10 - Disposition in the public market -10,000 $0.840
Dec 31/09 Dec 24/09 Fifer, Richard Indirect Ownership Common Shares 10 - Disposition in the public market -9,000 $0.810
Dec 31/09 Dec 24/09 Fifer, Richard Indirect Ownership Common Shares 10 - Disposition in the public market -15,000 $0.800
Dec 31/09 Dec 24/09 Fifer, Richard Indirect Ownership Common Shares 10 - Disposition in the public market -10,000 $0.790
Dec 31/09 Dec 23/09 Fifer, Richard Indirect Ownership Common Shares 10 - Disposition in the public market -16,000 $0.810
Dec 31/09 Dec 22/09 Fifer, Richard Indirect Ownership Common Shares 10 - Disposition in the public market -25,000 $0.810
Dec 31/09 Dec 22/09 Fifer, Richard Indirect Ownership Common Shares 10 - Disposition in the public market -25,000 $0.800
Dec 31/09 Dec 22/09 Fifer, Richard Indirect Ownership Common Shares 10 - Disposition in the public market -24,500 $0.790
Dec 31/09 Dec 21/09 Fifer, Richard Indirect Ownership Common Shares 10 - Disposition in the public market -500 $0.800

Chart of the day is.... Not very original I know, but it's the funnest thing out there this morning. Let's use the hourly candle on the futures contract to show the spike and you can always click on the chart to make it larger if you like:

spikey spikey.


IAMGOLD's ( (IAG) CEO Conway resigning

Just thought I'd tell you. Here's the PR:

Press Release Source: IAMGOLD Corporation On Monday January 4, 2010, 8:15 am
TORONTO, ONTARIO--(Marketwire - 01/04/10) - IAMGOLD Corporation (TSX:IMG - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) ("IAMGOLD" or "the Company") today announced that Joseph Conway, President & Chief Executive Officer, will be leaving the Company effective January 15.

Mr. Conway stated "The Board of Directors and I have agreed it would be an appropriate time for me to step down as an executive of the Company. I am proud to have lead IAMGOLD through the transformation of a joint venture player to an established operating company with a number of exciting development projects with a solid financial position and management team."

William Pugliese, Chairman, stated "Joe has made an outstanding contribution to the success of the yada yada continues here

By the way, I've always thought it's a really stupid name for a company.