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Venezuela: And while one man lives, another man dies

One of the police officers assigned from the Miranda (Venezuela State region) police force to protect presidential candidate Henrique Capriles Radonski was shot dead today. The following directly translated from this report:

"The Miranda police officer Edward Salazar, 26, who belonged to the security team of Henrique Capriles Radonski, was murdered at 05:30am this morning. Two criminals assaulted him (while he drove his car) and after robbing him of his belongings, among which was his regulation issued gun, shot him several times, according to" continues here

Five days of metals and miners: May 12th

The regular Saturday slot: The last five days' worth of action in the gold bullion ETF (GLD), the silver bullion ETF (SLV), the miner ETF (GDX), the junior miner ETF (GDXJ) and the copper ETF (COPX).

And oh surprise, it was the juniors that took it up the jacksy. Mind you at 4% and 5% losses all round, there really wasn't much escape for any of the metals spaces.

Is Nelson Bocaranda feeling stupid yet?

Y'know, when a cancer patient walks down a set of airport steps on his own, then walks around the tarmac pretty normally and even improvises a song dedicated to mother's day in front of live cameras, it kinda sits against the "at death's door" and "fractured leg due to radiotherapy" and "debilitating pain" rumours that the anti-Chávez brigade have been seeding this month, does it not?



The Friday OT: Beastie Boys; Body movin'

The news last week came a few hours before the OT was published, but it was too much of a downer to respond in kind. Today's could have been the great Sureshot (includes some of MCA's best rhymes) or the great Sabotage (he directed it), but the vote goes to Body Movin'

Because it's the best Beasties video. It's the group at their finest. And MCA bandages his head back on, which leavens the sadness somewhat. RIPMCA

A Chinese marketing moment to treasure forever amen

Looks like China has a bit of work to do before it's able to crack the German market for auto spare parts:

These moments are why the interwebnetpipes exist. From here.

Attention Leafs fans: A bit of gossip about Larry Tanenbaum

He wants to buy Nottingham Forest Football Club, apparently. For more information, some PR/reporter dude named Michawel Bentley is on the case and tweeting things right here

JPN Morgan and "stuff like that"

The world and his wife has a post, analysis, report or thought on the JP Morgan (JPM) quarter and Dimon's cringeworthy ConfCall of yesterday, but two I've liked for their perspective are:

By the way, JPM down 8.4% in the pre-mkt right now (we're still an hour from the open at publish time).

PS: And the image of the day, dedicated to Bruno Iksil:

China commodity stuff

Deutschebank makes bearish sounds on China commodity appetite on this PDF link. Here's how the top page blurb starts:
"We believe commodities complex could face ongoing headwind in the near term as the macro-economic environment appears likely to remain challenging, with political/social/financial instability leading to elevated risk perceptions which in turn lead to lower growth."

Meanwhile Andy Home of Reuters, who is simply a must-read on metals, makes "hey, really not that bad" noise on copper imports here. The piece is more nuanced though and aims towards the thought that China is using copper as a store of wealth. That's a high-stakes game.

And here's a Reuters chart on China GDP and exports growth:

PS: Let's stick up the copper imports chart as well. Good perspective in visual form:

Chart of the day is...

...the percentage breakdown of revenues at Gold Resource Corp (GORO) during 1q12, according to the filing.

This company is badly named. No wait, scrub that. This company is named perfectly once you consider its shareholder makeup.


Argentina: Santa Cruz governor Peralta is getting the drinks in

Cheers! Peralta (for it is he)

The blog 'Santa Cruz Pobre' has nailed a fully-fledged scoop by publishing copies of bills and receipts for goods charged to the public funds of the Province of Santa Cruz Argentina and delivered to the residence of its Governor, Daniel Peralta. So far so normal, but it turns out the goods delivered in a period of just six months during 2011 were fifteen thousand dollars worth of booze. Click here to see the post and all the receipts, here's just one as an example:

And hey, believe me on this one, that Trapiche Gran Medalla is a kick-butt drop of red and good value at 170 Argentine Pesos. Believe another thing too, that 60,000 pesos of booze is serious liquid volume in Argentina.

So anyway, kudos to the blog Santa Cruz pobre (with its scoop story now getting relayed via this La Nacion report) and if you're a mining company wanting to set up shop down Santa Cruz way, your card has now been marked on how to fast-track the permitting schedule. dyodd

Tough market for juniors?

Yup, tough market. Here are three NRS from Northern Freegold to make the point:

On March 27th, NFR.v planned to raise $6m via a flow-thru placement:
Vancouver, BC: March, 27, 2012. Northern Freegold Resources Ltd. (NFR: TSX-V) ("Northern Freegold" or the "Company") is pleased to announce that it has entered into an agreement with Northern Securities Inc. ("Northern") in connection with a best efforts private placement of up to 21,428,571 flow-through units at a price of $0.28 per flow-through unit, for gross proceeds of up to $6.0 million (the "Offering"). Each flow-through unit will consist of one flow-through eligible common share and one-half of one non-transferable common share purchase warrant, with each whole warrant being exercisable to acquire an additional common share at $0.35.Continues here.

On April 24th, NFR.v changed the terms and allowed for cheaper, non-flow thru units:

Vancouver, BC: April 24, 2012. Northern Freegold Resources Ltd. (NFR: TSX-V) ("Northern Freegold" or the "Company") announces that the terms of the private placement previously announced on March 27, 2012 have been amended by the Company and the agent, Northern Securities Inc. (the "Agent").

The offering will now consist of a combination of flow-through units and non-flow-through units as described below. All other terms of the offering remain the same as described in the Company's press release of March 27, 2012.

The flow-through units will now be offered at $0.21 per flow-through unit, with each flow-through unit consisting of one flow-through eligible common share and one-half of one non-transferable common share purchase warrant. Each whole warrant will be exercisable to acquire an additional common share at $0.26 for 18 months from the date of closing.

The non-flow through units will be offered at $0.16 per non-flow-through unit. Each non-flow-through unit will consist of one non-flow-through common share and one-half of one non-transferable common share purchase warrant, with each whole warrant being exercisable to acquire an additional common share at $0.22 for 24 months from the date of closing. Continues here

Then today, May 10th, NFR.v closes the placement:

Vancouver, BC: May 10, 2012. Northern Freegold Resources Ltd. (NFR: TSX-V) ("Northern Freegold" or the "Company") is pleased to announce that the brokered private placement previously announced on April 24, 2012 has closed for gross proceeds of $756,500.

The Company issued 3,587,000 non-flow-through units and 869,333 flow-through units in the offering. Continues here

So they wanted $6m and after six weeks they managed to raise $0.75m before closing the book and taking the crumbs offered. Yup, tough market...

Ollanta's Japan/South Korea visit: An English language report

Right here

Uruguay's calming influence

Uruguayans tend to be calm and relaxed people and it's one of the nicest, friendliest most laid back places I've ever visited. Well, right up until you get one mad and then watch out because (as your author has witnessed first hand and as his Uruguayan friends also attest) they're not like other LatAm cultures that'll talk a good fight without ever doing anything about it. Uruguayans are hard and their bite is worse than their bark.

Anyway, this is how they finish futbol matches in Uruguay and I particularly like the bit when the players start throwing stones at each other, aside from the kicks and punches of course. The first division game between Cerro Lago and Cerro de Montevideo a couple of days ago ended one goal each, nineteen suspensions and two arrests

Crime victims in LatAm

A fascinating 61 page report available on this link from regional stats house Latinobárometro, all about crime, laws and regional attitudes thereof, which has dragged your humble scribe away from the things he should be doing this fine morning (i.e. checking out quarterlies just published by the miners). A veritable boatload of information is offered, from which just one dataset has been chosen and stuck in chart form for your general edification, education and enlightenment:

Here we see the percentage of people who answered "yes" to a question about whether they or any member of their family had been a victim of crime in the last 12 months. Top score (if 'top' is the right word here) went to Mexico, with Peru close behind. Then come a whole bunch in the 30s, a couple in the 20s and the only real outlier to the stats set at the end, with Panama pretty safe compared to the others.

Chart of the day is...

...the US Dollar (USD):

I'd be more impressed with it breaking 81 than with the round number 80 broken earlier this week.


Conga, Ollanta, Roque, Japan, Peru and pictures that paint the proverbial thousand words

Peru's President Ollanta Humala is currently on a State visit to Japan (then straight off to South Korea) and in the evening Tokyo time the obligatory State banquet was held in his honour. Oh, but who's that?

Oh now there's a thing! Hanging at the top table with Ollanta, first lady Nadine, FinMin Castilla and other troops was none other than Roque Benavides (arrowed), head honcho of Buenaventura (BVN), JV partner of Yanacocha and therefore large-scale owners of the polemic Conga gold mine project in Cajamarca.

Ever wanted a signal? There's your signal.

Respect for Jim Sinclair

I've never been a fan of Jim Sinclair (and that's putting it mildly) but the interview posted up by Iwnattos over at Market Narrative may have changed that, as once you're past the intro and the aren't I wonderful bit, Sinclair offers up some very smart insights and, quite frankly, I didn't know he had it in him. It's also useful to note the timescale in which Sinclair views the market.

Anyway, go read this long but very useful text. Worth your time.

Jaguar Mining (JAG) ( Two excerpts from the IKN157 analysis

In The IKN Weekly issue IKN157, published last Sunday May 6th way back when Jaguar Mining ( (JAG) was still a $2.32 stock, we ran a (overly) long analysis on the company's financials. The idea behind the nine pages of text and charts was to look at the stock and decide whether its lower share price was offering a potential buy opportunity.  Here's an excerpt from the body of the text with a couple of the charts and then the conclusion to the note as well. The only changes are a couple of words and a couple of typos found.

Body (excerpt):
 We now move to financial results and this is where things start to get complicated for JAG on the costs front (and why we said earlier that the cash costs number JAG uses is a crock). Put simply, there are three parts to the costs inputs as per the JAG earnings reports. The company breaks things down into “mine production costs”, then other “operating expenses “ (that sounds like it’s the same thing but isn’t; it’s things like exploration, admin, management fees, stock based compensation etc), and after those come the purely financial adjustments that affect bottom line profits but don’t affect the day-to-day profitability of the enterprise at an operational level. For our purposes, we’re going to largely ignore the “financials” section for reasons that will hopefully become apparent. However, the combo of the mine costs and the other op costs do matter, because those two set against sales revenues show us the real state of financial health at JAG. 

Here (above) is a chart which does just that and as we can see, the “mine production costs” aren’t just less but a lot less than the total opex that includes mine production and all the other things that are left out of the cash operating costs calculations normally. It’s a deceptive part of trusting a non GAAP number such as cash costs, because the company in question can easily leave out key costs that do matter when it comes to overall profitability and JAG is a worse sinner than most in this respect. When you see something like “gold was produced at $1,000/oz cash cost and sold at $1,600/oz”, the reaction of many (especially those new to this game) is to assume the company is running a $600/oz profit. This is not the case and at JAG, it’s far from the case as this next chart that follows on from the above chart clearly shows.

There’s a lot of financial blah-blah and boring numbercrunching in this week’s NOBS report, but I want to make it clear that this is one of the charts that really matters. What we see here are bars showing the total op-ex at JAG (that does NOT include that financials-only section of the P+L) compared to revenues, than the blue bar shows the difference between the two.

In this table, we’re backing out the effect of derivatives charges, interest payments/dues on financials and just zeroing in on 1) the amount of cash JAG gets for its sales compared to 2) the amount of money it costs to produce its wares. The chart that documents the quarterly net profits and losses at JAG shows the influence of those financials components, as sometimes the bottom line is hammered and other times it gives the company chance to report a $15m or $20m profit. But back the “noise” out and what we see is a company that struggles to make a profit of even $6m on its quarterly operations.

Conclusion (excerpt)
On both an operational and financial level the company has been woefully mismanaged, the net result of which is the crushing of equity value. It’s also clear that the current management/director team has no intention of resigning or coming to a deal with any buyer that’s in the best interests of is shareholders, unless of course the buyer is willing to pay over the odds for a bunch of underperforming assets and assume the welter debt burden too. Until the present board is replaced, there’s no reason to believe that the serial failures we’ve seen in JAG will come to an end.

The bottom line to today’s somewhat disparate analysis is that on the financials alone, JAG doesn’t add up and the heavy waterfall drop we’ve seen in the stock price these last few weeks has only brought it down to the level at which it deserves to be priced today. There is the potential for share price appreciation and there’s even the chance that some third party that thinks it can do a better operational job at its assets might move to make a hostile bid on the company, but right now I doubt that will happen. The problem here is that if things stay the way they are, the current $2.32 share price can go a lot lower just by letting JAG keep on keeping on and dragging itself further down so why should a potential buyer pay $4 or $3 per share when it can wait a while and pay $2...or even $1? These last few weeks have seen the market change its attitude towards JAG, the trust and hope is gone and the world is turning its back on this company, and that’s about the worst thing that can happen to any going concern. We’re now at the point where JAG can put in a good quarter and people will still mistrust it as an investment vehicle and consider it a single blip. Until something happens to change JAG at its most basic level it’s not a stock I’d want to take a risk upon, even at these low prices.
Those of you that like them distressed and very high risk may feel like running a trade on JAG, but if you do, be clear that the company might have come down from $6 but it’s not going back up there again in the near future, and unless things change drastically at the company (e.g. debt removed, gold goes to $2,500/oz, qtr production jumps to 60,000 oz) it will never see those levels again. The chances of further depreciation in this share price are high, so the risk of buying at today’s levels should not be understood as “well, it could drop to $2 i suppose”, because the low end potential is zero. If current management is thrown out and people that actually know how to mine at a profit move in, it might be worth revisiting JAG but under status quo conditions there’s too much risk and not enough reward potential here


Chart of the day is...

...copper, dailies:

I wonder which vital key price level they'll talk about this time? Whichever one they use, they'll be sure to ignore anything they wrote when it's proven wrong.


South American Silver ( and the real state of community relations (hint: not good)

This humble corner of cyberspace has warned about this stock and the way in which its awful local community relations will screw the pooch for months on end. In its time it's also been pumped to kingdom come by newsletter brigade members such as Brian Lundin, Lawrence Roulston and Scientologist scumball Michael Baybak, who was stupid enough to say that South American Silver (, we quote, "has worked out how to operate in Bolivia".

Well work out this one, dumbass. Today's news from Bolivia linked here, translation below:

Mallku Khota: Two more people taken hostage, mining concession in doubt

Locals demand the cancellation of a mining concession awarded to a North American company "without consultation". Police await orders to intervene.

Toracari, region North of Potosí where the mining concession held by North American 
company 'South American Silver' ( is located.

Mallku Khota: Two More Taken Hostage
El Potosí and Erbol news agency

The inhabitants of the Mallku Khota community, located in the municipality of Sacaca, North of Potosí, yesterday took as hostage two more people who entered into the locality in an ambulance to give medical attention to a police officer captured and injured last weekend.

Up to last night, the two people were still being held by the local community who demanded the presence of Governor Félix González in order to hold dialogue.

Regarding the case, the [Potosí] departmental authorities say that the tense situation in Mallku Khota is due to the intransigence of the local community, who refuse to let the South American Silver mining project move forward in the region.

Unofficially, they said that the two people held hostage are the ambulance driver and his assistant. "The situation has got worse, the police officer is still being held hostage and there are now possibly two more [hostages], the ambulance driver and his assistant", they worriedly said, explaining that they were health service personnel from the Sacaca municipality.

González today announced he would travel to the zone in order to try to reach a solution, although he said that the issue was the specific field of the Ministry of Mining and of the Mining Corporation of Bolivia (Comibol).

The community has set out two conditions for the release of the police officer who was taken hostage last weekend after a confrontation when 10 police officers, along with a Sacaca fiscal, attempted to officially notify ex-leaders of the community [of legal actions against them]

The Mayor of Mallku Khota, Cancio Rojas, said that the community demands the cancellation of the mining concession that the government gave the North American company and close the legal actions brought against ex-leaders of the community by the Fiscals.

He noted that the ex-leaders, Paulino Choque, Gilberto Choque, Andrés Chajmi and Francisco Chajmi has arrest warrants against them due to legal processes brought against them by South American Silver, because they had led the move to expel them from the zone.

"The company accuses those who ran them out of town in 2010 and 2011. That happened according to our decision to tell the company to leave the area, but they didn't pay any attention to us and so they were thrown out by force", he said.

continues here
Strange how CEO Greg Johnson (ex-Nadagold, dontcha know) has kinda always all-the-time forgotten to tell the market and his shareholders just how bad the relationship is between his company and the locals for years (not months folks, but years), isn't it? Instead, rather than keeping you all up to date with the shitstorm his company created with locals after he allegedly polluted the local lake and killed all the locals' fish stocks, he was all busy raising cash from a bunch of naive Chinese investors (who will now find out what "repent at thy leisure" means, first hand). So if you're wondering why the drilling program has been on about hasn't happened for the last year, wonder no longer.

Zincore Metals ( may start thinking about a name-change now. Coppercore, anyone?

Ooooh, look at you:

 VANCOUVER, BRITISH COLUMBIA--(Marketwire -05/08/12)- Zincore Metals Inc. (ZNC.TO)(ZNC.TO) ("Zincore" or the "Company") is pleased to report that it has entered into a strategic partnership with First Quantum Minerals Ltd. (FM.TO)(FQM.L) ("First Quantum") Under the terms of a binding Memorandum of Understanding ("MOU"), First Quantum's wholly-owned subsidiary, FQM (Peru) Ltd will make a strategic investment in Zincore via private placement for 19,113,874 common shares at $0.20 per share (the "Private Placement") and fund the advancement of Zincore's Dolores copper porphyry project through exploration and, if warranted, development and production. The Dolores project is located in the prolific Yauri-Andahuaylas Copper District of southern Peru, approximately 40 kilometres from the Haquira deposit, which First Quantum is currently developing.

continues here

And yeah, remember this from last week?

 "Several new regional prospects are under evaluation in southern Peru with applications for new tenure and discussions for joint venture participation underway."

disclosure: long

UPDATE: ZNC is trading down on this news! Talk about can't please anyone these days...

Jaguar Mining (JAG) ( halted at the bell

A dose of irony about to be delivered to your humble scribe's office? Time will tell.

UPDATE: The halt was for "pending news", but IIROC has now freed up trading as at 09:30est and no news seems to have been published. Strange...

UPDATE 2: Freakin' IIROC got the resumption notice wrong. JAG still halted.

UPDATE 3: Here's the link to the "no bid" NR and here's the link to the "we gonna change, honest guv" NR. I'm keeping this short because it's difficult to type and laugh at the same time. 

So what does the Can of Corn think about Tahoe Resources ( (TAHO) and the new resource update and the new PEA that came out yesterday, Otto?

Funny you should ask that, dude. Here's the link to the note*, here's the cover mail pasted:

Tahoe Resources Inc.
THO : TSX : C$18.37 | C$2,635.0M | Speculative Buy, C$36.00

Steven Butler, 416.869.XXXX
Investment recommendation
We reiterate our SPECULATIVE BUY rating on Tahoe Resources following the release of a resource and PEA update on the Escobal project, which contemplates throughput increases to 4,500 and 5,500 tpd. We continue to see re-rating potential for Escobal on expected receipt of exploitation permit, exploration upside potential, and advancement toward production expected by early 2014.

Investment highlights

  • Escobal's global resource has grown by 27% to 404 Moz silver at a grade of 398 g/t from 317 Moz silver at 419 g/t (dated November 2010). The PEA reflected a 22% increase in mineable resource to 367 Moz grading 383 g/t (vs. the 2010 mineable resource of 302 Moz silver grading 415 g/t). Our previous valuation assumed a mineable resource of approximately 400 Moz silver at a grade of 397 g/t. Given the exploration potential on the project, our revised valuation assumes a 10% increase in mineable resource.
  • The released PEA contemplates two expansion scenarios from the 3,500 tpd scenario assumed in the November 2010 PA: to 4,500 tpd at capex of $46 million and 5,500 tpd at incremental capex of $33 million (both internally financed from future cash flow). Overall project construction cost to production (at 3,500 tpd) remains unchanged at $326.6 million, and commercial start-up is still envisioned by early 2014 (both positive).
  • Management maintains that it expects to receive the exploitation permit for Escobal in H1/12. The shares of Tahoe Resources will begin trading in the United States on the NYSE under the ticker "TAHO" starting at market open on May 8, 2012.
Our target price has been revised to C$36.00 from C$37.50 based on 1.0x our 5%/peak NAVPS estimate of US$35.79 (previously US$37.47), translated assuming USD/CAD parity.

dyodd, dude

*until they pull the link, that is

Argentina oil production wonkfest

A superb piece of economics journalism over at La Nacion today, which shows the fall in the country's oil production in great detail and via a very neat interactive chart. There isn't really any way to encapsulate just how good the data and its presentation really is, so just click though and see for yourself how year by year, well by well and company by company data is shown (and don't worry too much if your Mexican isn't up to scratch, as the data is presented so well that very basic Spanish will suffice).

What we can say is that one of the Argentine government's main assertions that fuelled (as it were) the decision to expropriate YPF, that the Repsol-owned company had not invested in the country particularly in 2011, is obviously true. However, we can also see that the whole country energy policy is a total clustafark.

Humidifier, by Louise Glück

Something off-topic on this Tuesday morning. A beautiful piece of writing. Click here and then the name link on this page to learn more about Glück

Defier of closed space, such as the head, opener
Of the sealed passageways, so that
Sunlight entering the nose can once again

Exit the ear, vaporizer, mist machine, whose
Soft hiss sounds like another human being

But less erratic, more stable, or, if not like a human being,
Carried by one, by my mother to the sick chamber
Of my childhood - as Freud said,

Why are you always sick, Louise? his cigar
Confusing mist with smoke, interfering
With healing - Embodied

Summoner of these ghosts, white plastic tub with your elegant
Clear tub, the water sanitized by boiling,
Sterile, odorless,

In my mother’s absence
Run by me, the one machine

I understand: what
Would life be if we could not buy
Objects to care for us

And bear them home, away from the druggists’ pity,
If we could not carry in our own arms
Alms, alchemy, to the safety of our bedrooms,
If there were no more

Sounds in the night, continuous
Hush, hush of warm steam, not
Like human breath though regular, if there were nothing in the world

More hopeful than the self,
Soothing it, wishing it well.

Chart of the day is...

...silver, back under $30/oz this morning.

And what does it mean? The end of all freedom on planet earth, probably.


Minera IRL (MIRL.L) ( backs away from Argentina

With thanks due to reader 'J' for the heads up, here's a translation of this report found in today's print edition of Peru's newspaper of record El Comercio and repeated on this page:

Minera IRL Changes Its Plans in Argentina
The nationalization of the YPF oil company in Argentina has generated worry amongst the executives of Minera IRL, who have decided to re-evaluate the company's investment in the Don Nicolás gold project (located in Patagonia).

Company president Diego Benavides said that even though they would continue the project paperwork, the development's investment and operations would be halted until foreign investment security could be guaranteed, above all in the mining sector.

Minera IRL was looking to invest $40m [at the Don Nicolás project] in order to produce 60,000 ounces of gold per year.

Sebastian Piñera is not popular

The monthly poll from Chile's benchmark pollsters Adimark/GfK is out and here's the headline chart from the document, with translation of the Spanishy bits into Englishy words by your author:

And thus Seb sets a new record, as 26% is the lowest that he, or any other democratically elected President of Chile in the whole history of the country for that matter, has ever polled. Errrr....congrats, dude.

For the record, the monthly poll was national in scope, interviewed 1,113 people, has a margin of error of +/- 3.0% and was taken between April 4th and April 28th.

In the matter of Scumbag vs Scumbag Part Deux: We get the anti-Brent Pierce newsletter

Link here and with luck it should embed here.

Further Amended Notice of Civil Claim_1

That's 33 pages of fun and frolics, including the legal papers and things to kick off. But the real fun starts at page 21 because that's where the two editions of the 'Public Company Fraud Alert' newsletter that shines light on the cockroach Brent Pierce start.

Baja Mining ( The next board meeting should be a real barrel of laughs

This morning we get this that tells us Baja Mining's ( honcho Greenslade was given the royal finger by the Koreans last week and is in the financial doo-doo. We also get this that tells us two of the  recent resignations are back on board and also the two Mount Kellett guys who were rejected by the Greenslade ego show now have their seats.

Just missing this now.

I love this company. Mainly because I don't own it.

Lumina Copper (LCC.v) gets to 20Bn lbs Cu

The whisper number for a few weeks has been 20Bn and today's number gets there with 20.5Bn to be more precise, as long as you add up the indicated and the inferred (and yeah, before the fans start mailing in I know there's more to come cos they said so in the NR). Here's the release. 

UPDATE: Yeah really, a few weeks. Here's a segment from IKN154, dated April 15th, to give the idea and even though we didn't get any measured resource this time, the rest fits quite nicely:
"...absolute size which currently stands at a 43-101 compliant 6.6Bn lbs indicated plus another 8.3Bn lbs in the inferred. That’s already big, but we expect it to get bigger very soon as LCC.v is due to bring a resource update public by the end of this month (in the next two weeks, basically). Considering the amount of decent infilling that’s been done we’d expect more resource to move across into the indicated category (perhaps even measured) and also considering the amount of new outstep intersects of very decent grading material, plus the deeper drills than have been sunk into Taca Taca, we definitely expect more inferred resource to be shown. The chances of an overall 20Bn+lb Cu count are pretty good..."

disclosure: no position in LCC.v and not considering one, either

Chart of the day is...

...a 12 month one that compares the price performances of U.S listed gold mining companies Yamana (AUY), Kinross (KGC), Barrick (ABX), Goldcorp (GG) and Newmont (NEM), along with the gold bullion ETF (GLD) as a bit of a benchmark:

You thought GLD would win out, didn't you? In fact AUY has kicked the most trasero these last 12 months. Meanwhile, Kinross more like a junior.


Burma and the Ottotrans™

Main man 'TH' is hanging in Burma right now (of all places) and kindly sends over this shot taken mere minutes ago, his mail entitled "needs the ottotrans".

We like that.

The IKN Weekly, out now

IKN157 has just been sent to subscribers. An incoherent, scrappy and ultimately disappointing read. In other words, we keep to the same standards as always.

PS: a couple of bounce-backs from mailboxes that are full, guys. If you haven't received your copy throw me over a mail but also please check to see if your box is full, as the actress said to the bishop.

France decides: The reaction!

According to pollster  Opinion publique:

'Teille de Zei served, the end