I'll leave the Rolling Stones uploads to others. This one rules.
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I'll leave the Rolling Stones uploads to others. This one rules.
TORONTO, ONTARIO--(Marketwired - Jun 28, 2013) -All amounts expressed in US dollars unless otherwise indicated
Barrick Gold Corporation (ABX)(ABX.TO) (Barrick or the "company") is providing the following updates on the Pascua-Lama project in Argentina with respect to construction re-sequencing, and impairment testing.and
Schedule Re-sequencing and Reduction of 2013-2014 Capital SpendingThe company has submitted a plan, subject to review by Chilean regulatory authorities, to construct the project's water management system in compliance with permit conditions for completion by the end of 2014, after which Barrick expects to complete remaining construction works in Chile, including pre-stripping. Under this scenario, ore from Chile is expected to be available for processing by mid-2016.
In line with this timeframe, and in light of challenging market conditions and materially lower metal prices, the company intends to re-sequence construction of the process plant and other facilities in Argentina in order to target first production by mid-2016 (compared to the previous schedule of the second half of 2014).
For reader LS, a fine person indeed.
It's not always going to be this grey.
Oooh, just a hunch.
...the gold/copper ratio.
So, the industrial demand slump forecast due to the Euro crisis has faded and the fear factor that had hedgies stuffing their matresses with GLD has abated...is that how the narrative goes? If so, this ratio has more left to drop, but that doesn't really explain why copper has seen the bottom fall out of its market price, either.
Yep, it's him
- McEwen Mining (MUX) (MUX.to): Robbie Mac's dream of making the S&P500 by 2015 takes a bit of a setback, verdad? An expected 19.9m shares for sale due to the Russell 3000 dropping MUX, which is roughly 7X average daily volume.
- Vista Gold (VGZ): This one has 5.6m shares on the block, which is around 13X daily vols.
- Midway Gold (MDW). The market will see the sudden arrival of 1.5m shares, about 3X daily vols.
- Goldenstar Reosurces (GSS). This one is estimated to be putting 23.8m shares on the market, about 8X daily volumes.
The mouse roars again. Ecuador has rescinded its ATPDEA trade deal with the USA. Here's a translation of that link
Ecuador today announced that it has irrevocably renounced its trade barrier incentives (ATPDEA, its acronym in English) that the USA awarded the country as compensation for its fight against drugs, and that its would not accept pressure or threats from anybody.
This according to Communication Secretary Fernando Alvarado, who said in a press conference that, "Ecuador does not accept pressure or threats from anybody and does not do deals with its principles, neither does it submit to market interests no matter how important they might be.
UPDATE: Reuters EngLang is on it now.
...and here's a link to a much better and easily read PDF version from the Univision website.
PS: All rather strange, with the NYT reporting that Ecuador denies giving Snowden a travel document.
...Stealth Minerals (SML.v), which has a price chart as wonderful as this...
...but even more wonderfully wonderful is this page of its website, linked right here. Posterity screenshot for you:
Your author deeply thanks reader R for the headsup.
...has been sent to subscribers on this fine and crisp Wednesday morning, pre-opening bell.
Chinese tightening brings forward our projected surplusCopper prices have sold off heavily over the past three weeks, predominantly reflecting concerns about Chinese and EM economic growth. In the very near term we believe that the market is susceptible to short covering rallies given the extreme positioning, evidenced by Comex net and outright short positions reaching record highs last week. Catalysts for covering rallies include potential policy easing by the PBOC, more details of China’s plan for an urbanization renaissance, purchases of physical copper by China’s State Reserve’s Bureau, non-conventional easing by the ECB, and other global easing by policy makers in the face of deteriorating global growth prospects.
Having said this, we believe the copper market is in a broader transition to a surplus market, and slower near-term demand growth in the world’s biggest copper consumer is likely to close the current 'window' of physical copper tightness sooner than we previously expected. In particular, the recent tightening of Chinese financial conditions resulted in our economists downgrading their China GDP forecasts to 7.4% (from 7.8%) for 2013 and 7.7% (from 8.4%) for 2014. This development, together with a sooner-than-anticipated weakening in copper-intensive late-cycle Chinese construction completions - China's biggest end-use copper market, and increased downside risks to ex-Chinese copper consumption, have led us to downgrade our global copper consumption growth forecast for 2013- from 3.8% to 2.9%. In turn, we now forecast a small copper market surplus of c.250kt (2H13 based, with 1H13 in balance to small deficit), heading into a 2014 surplus of c.400kt. Given our broader outlook of a market heading into surplus with risks to global demand growth increasingly skewed to the downside, we recommend producers take the opportunity to hedge into any near-term short covering rallies.
While we have been forecasting a significant copper market surplus in 2014 for some time, our new 2H13 surplus forecast suggests that the 12-month price outlook is incrementally bearish (owing to a higher cumulative surplus). Specifically, our new 3-mo, 6-mo, and 12-mo forecasts are $7,000/t (from $7,500/t), $6,600/t (from $8,000/t), and $6,600/t (from $7,000/t) respectively, with our new 2013 and 2014 annual average forecasts at $7,216/t (from $7,600/t, -5.0%), and $6,600/t (from $6,925/t, - 4.7%). In our base case we expect substantial fundamental support to 'kick in' in the low-mid $6,000/t range - our 2014 forecast price low is $6,200/t.
There's going to be plenty of fallout from this NR just hit, but let's just cut to the chase. Here's the paydirt:
RPM.v has done well however, with $10m cash from the deal and 3.4% of the gross proceeds of 40m oz Ag (over the years to come), which I'm going to estimate at $3m a year over five years 2014 to 2019*. RPM also raised decent working cap money on the back of the hoohah in early 2012 and has one claim given over by CDE. Sadly, when you divide that estimated $25m into the 138.3m shares out, there's really not that much to make the PPS pop. Eighteen cents, to be clear. But as usual the real winners are the lawyers on both sides. So to make it clear:
UPDATE: Holy crap, it dumped like there was no tomorrow. Open down 28% (which goes to show just how closely I (haven't) followed this story.
UPDATE 2: Iwnattos names and shames some of the impeccable market voices who led their respective flocks up the garden path, the ones that can't even claim to be wrong for the right reasons, that's cos these are the ones that said RPM would clean up on the Coeur deal, the "pocking money up off the sidewalk" crew. There are more.
*before you start mailing in, i'm the first to admit this is really ballpark and the timescale may be way off
Bachelet Will Raise Taxes on Companies in Chile25 June 2013
The ex-President and Chilean presidential candidate for the Socialist Party, Michelle Bachelet, announced that she would raise corporate tax from its current 20% to 25% if she is elected President of the country in the election to be held on November 17th.
The candidate's plans include a scaled rise in taxes during the four years of her mandate. The money raised would be used to finance free education in the country. The tax reform proposed by the ex-President would generate, according to her, extra income of U$8.2Bn, largely from the mining sector.
The right wing government of Sebastián Piñera raised corporate tax from 17% to 20% in 2012, with the objective being to finance public educaton. Bachelet hopes to be elected as the left wing coalition candidate in the primary elections to be held next Sunday.
*care to bet against that call?
"It's rather foolish, colleagues, because a temporary suppy problem can't stand up to the supreme value that is having a Fatherland. The Fatherland isn't measured in a supermarket, but in the conscience of the men and women who live in a nation."So let's think some more on this......
Nope, still an easy one, Elías
Here's a screenshot of the hack for posterity:
Sambahack's "We want a fair World Cup", a dancing Blatter and then this message, "Forced evictions and human rights violations overshadow the preparations for the World Cup. Share the hack and find out more on our Website." are all part of the fun. Go see for yourself right here (while it still lasts)
We like this.
Especially for Iwnattos.
Yup, that's 1m oz Au M+I, 4m oz inferred. Kinda shy of that there super duper 100m oz potential, no?