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And in the same month of October 2013:
- Buenaventura (BVN) produced a total (including its wholly owned mines and its share of Yanacocha) of 46,059oz of gold and 1,435,273oz of silver.
- Barrick (ABX) at its Lagunas Norte mine produced 53,020 oz gold.
- Southern Copper (SCCO) produced 53.82m lbs copper.
- Further down the scale, Minera IRL (IRL.to) (MIRL.L) at Corihuarmi produced 2,106 oz of gold
This is what they wrote:
TORONTO, ONTARIO--(Marketwired - Dec 13, 2013) - Carpathian Gold Inc. (CPN.TO) (the "Corporation" or "Carpathian") the Corporation, is pleased to announce that its wholly owned subsidiary, Mineração Riacho dos Machados Ltda. ("MRDM"), which owns and operates the RDM gold project, Brazil (the "Project"), has received from SUPRAM, the state environmental agency, the Autorização Provisória de Operação ("APO"), a provisional permit, allowing it to proceed with the full operation of its gold producing facilities. The APO provides the same legal rights as the Licença de Operação ("LO") and allows the Project to proceed in the interim while arrangements are being performed by the government agencies and related entities for the issuance of the LO.
As allowed under the previously granted Licença Instalação ("LI"), the open-pit mining operations have proceeded as planned. A total of 19 million tonnes of material have been extracted with daily rates at approximately 80,000 tonnes. Mining operations have demonstrated that the 7,000 tonnes per day of ore production that was proposed in the Feasibility Study, can easily be exceeded, thereby representing an opportunity to increase gold production due of the extra processing capacity of the process plant that is rated in excess of 9,000 tonnes per day.
Wet commissioning and start-up of the process plant has taken place and, with the granting of the APO, the processing and leaching of ore can commence to produce gold. During the commissioning and start-up phase, the process plant has been operating on a continuous basis at a feed rate of 8,500 to 9,000 tonnes per day, which is well above the initial planned rate of 7,000 tonnes per day. During the start-up period, the grinding mill consumed energy at approximately 65% of the estimated power to generate a final product at the design particle size of 80% passing 53 microns. This reduction in power consumption may represent a major opportunity for a reduction of the estimated operating cost of the plant.
The Corporation will provide further information on its forecasted gold production and cash costs once the operation has ramped up over the next few months. With gold now in the circuit it is anticipated that the first gold pour will be in December and that the project will produce in excess of 100,000 ounces of gold per year.
"While the unfortunate delay in the start-up of the operation may have affected the outlook for the Company and led to a cash shortfall situation, it is nonetheless a pleasure to report that with the receipt of the APO the RDM gold project can now commence gold production and be Brazil's next gold producer", said Dino Titaro, Chairman and CEO. "With the wet commissioning of the mill and process plant, the Project is now ready to receive and process ore from the mine, with the expectation of its first gold pour within two weeks. The entire Corporation is grateful for the support it has received from all of its stakeholders during the last three months of uncertainty. In particular, the financial support of Macquarie Bank through this period has been crucial and is highly appreciated by the management team and the board of directors".
As previously announced, the Corporation is conducting a review of strategic alternative options. Even though the Project is now up and running, this process remains on-going with continued discussions with a number of parties that have indicated an interest, and which are presently carrying out due diligence at all levels, including visits to our operation in Brazil. The Corporation intends to keep moving forward expeditiously with the strategic review process but there can be no assurance that any transaction will result. The Corporation does not intend to disclose further details with respect the process unless and until the Board of Directors has approved a specific transaction or such disclosure is otherwise appropriate.
And this is what it means:
"Look at the gooooold! The shiny shiny gooooold! Don't look at the company financials, look at the beautiful shiny scrummy expensive gooooooooooooooooooooooooold"
UPDATE: See? It's starting already:
He must have taken time out between breakfast one and breakfast two.
1) Blackwater doesn't work at current gold prices, period. At $1.3k Au and $22 Ag we have a 11.3% IRR, all after a capex bill of $1.87Bn? Next, please!2) Rainy River might well turn out to be a better and economically more robust project (a nice way of saying that it has a chance of becoming a mine, unlike Blackwater). Thing is, NGD runs a book value of approx $3Bn as at 3q13, of which $832m is Blackwater and $362m is Rainy River. Write downs, anyone?
"The drop in metals prices has caused a profound crisis in the sector, greatl impacting investment plans in all companies, at a world and regional level. Added to this, the mining industry is not separate from other local economic issues such as the foreign exchange leag, rising costs, the restictions on remitting profits abroad, social conflicts; all these make Argentina an unattractive country for mining investment."
...gold, along with detailed technical analysis:
UPDATE: Gold now at $1,225/oz and TA strikes again! Wheeeee!
With regard to W's comment
You cannot legislate away greed, corruption and incompetence—look to Wall Street for proof. The idea that we should force companies to go thru a second or third review process, require geologists to register and take out liability insurance will only enrich the lawyers and other hangers-on and do little for investor confidence. How many pages of disclaimers do we need and how watered down a document do you want?Mining, and particularly exploration geology are not exact sciences and never will be. In general, geologists and estimators are only dealing with between one millionth to one billionth of the deposit and extrapolating from those data into the unknown between drill holes under jungle cover or barren rock. Conclusions and interpretations are therefore subjective.What it all comes down to, and always will, is the integrity, honesty, competence and experience of the person performing the work—period!In regards to the 43-101 and its value I have to ask, would W want to get back to the good ol’ Bre-X days? I personally find these reports extremely useful and read many every week. Some are very high quality, many sloppy and too many crap, but the ability to make those assessments is critical to forming an investment decision.And now a word about capping. Capping or top cutting an assay is in reality a statement by the estimator that they don’t understand the deposit well enough to incorporate the data as is. Capping is by no means a silver bullet for nuggety deposits, it’s usually an admission that you don’t know what else to do.That’s the way I see it anyway.Brent
And if it wants to keep in line with the action of the last two years and put in yet another higher low, it has to bounce either now or in the very near future.
Hey, you remember that bit about the Euro going to parity as well? That was funny, made me giggle.
South American Silver (SAC.to) is company famous for stuffing their shareholders over the stupidities they performed at Mallku Khota in Bolivia and now re-starting their scam tactics via a bullshit promo with High Desert Gold.
...the gold/silver ratio:
Last week Mineweb ran an article, this
week IKN shares a mail (with permission) from reader W who read the
article and wanted to add to the conversation. This first appeared in
IKN240, last Sunday:
Reader JG is kind enough to give a headsup on this slice of Stockwatch: (which smacks of the well-turned prose from their most excellent Caswell)
Barkerville snowmanFrank Callaghan's Barkerville Gold Corp. (BGM) perked up 3.5 cents to 44 cents on 153,000 shares. The company has reassayed some of its Cow Mountain drill cores, boosting their original grade by 20 per cent. Barkerville attributes the increase to the property's nugget effect. The company awaits approval to start trucking Cow Mountain ore (near Wells, B.C.) to its QR mine and mill near Quesnel. It has resumed mining at QR but has not yet restarted the mill. The company produced two dore bars earlier this year, one in January and one in February. With luck it will pour more soon. Barkerville could use the revenue. After taking into account Eric Sprott's $15-million loan in October, the company should have about negative $2.5-million in working capital. It will not have to begin repaying Mr. Sprott until June. In the meantime, Mr. Callaghan can continue promoting old Cow Mountain, his love of more than two decades. He receives $240,000 a year for his work, which now includes teaching his son, Sean, the business. Mr. Callaghan Jr. was given a nice raise this year; he will receive $72,000, up from $37,000 in 2012. The company has not said exactly what the younger Callaghan does at Barkerville, but he did go to Germany last month to help promote. This month he helped decorate the office door. Barkerville's holiday snowman is wearing a company hat, a Gucci belt
Y'see? You can do far better commentary on the promo scumbags than IKN, and all without resorting to a mouthful of swearing.
In addition to the Capex Update… Investors will likely ask First Quantum tomorrow how they are fostering a good relationship with the Panamanian government and people. A well-read mining blog yesterday (http://incakolanews.blogspot.ca/) reporting a link below that suggest some concerns over lost jobs / broken promises. http://www.mineriaaldia.com/mina-de-cobre-causa-reves-a-economia-de-localidad-panamena/
UPDATE: Reader 'MP' has the right idea:
...is better than yesterday or last week and I'm not complaining.
However, we have seen this movie before and I'd be much more interested if $1,270 shows up, not just ten dollars more interested.
UPDATE: 30 minutes later, $1269 and yes, more interested.
""Mayoral te invita a su despacho con cualquier excusa, te saca una foto y después manda una gacetilla en la que tu empresa aparece comprometida con cientos de millones de dólares de inversión”, dicen los empresarios resignados a cómo termina cada cafecito en Diagonal Sur"
Copper Mine Causes Economic Contraction in Panama RegionThe Cobre Panama mine, that First Quantum bought from the Canadian Inmet company, is causing damage to the province of Coclé instead of benefits according to residents of the area last week that include its governor, Juan Carlos Rodriguez.
The restructuring of the project in the Coclé area by the new owner is causing uncertainty among the population, who have seen a decline in commerce and a series of lay-offs since First Quantum began to cut costs.
Rodriguez said that the mining company has decided not to execute on programmed civil works such as some road building works that that were originally a commitment made by the mining project to the area, with a view to improving its dividends.
According to Coclé residents, the cuts amount to $1Bn of the original $6Bn budget estimated by Inmet which implies a reduction in employment and a drop in local income levels.
The newspaper Panamá América said that a source close to the company reports that 60% of direct employees at the company have been laid off, which means that from an original near 2,000 staff 1,200 have lost their jobs, along with another 450 third party contractors.
Some of the companies that had contracts with the mining company that were cancelled include JV Panamá, Meco, Santa Fe, Cusa and GPP, amongst others.
For this current stage, it was estimated that 10,000 people would be employed at the project but that has not turned out to be the case and the resulting unemployment has had repercussions in the province, which had created a service infrastructure of hotels, hostals and rented houses due to the mine which all now run the risk of bankruptcy.
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 9, 2013) - Coro Mining Corp. ("Coro" or the "Company") (COP.TO) is pleased to announce that it has signed a binding Heads of Agreement ("HOA") with a group comprised of Aterra Investments Ltd. ("Aterra") and Solway Industries Ltd. ("Solway"), (collectively, the "Group") for them to have rights to acquire an interest in the Company's San Jorge project (the "Project"), located in the province of Mendoza, Argentina. The Group has the right to acquire a 70% interest in the Project, with the provision for an early buy-out of Coro's interest subject to Coro's retention of a 2.5% Net Smelter Return ("NSR") on the production of all payable metals from the Project, except gold. Coro and the Group will work diligently to structure and execute a Definitive Agreement ("DA") expeditiously. continues here
IKN240 has just been sent ot subscribers. It says what it has to say and it covers a lot of bases, too.
UPDATE: Your fight photos, courtesy of Globo
Your fight video. Incredibly and very stupidly, the match was only delayed after this and was re-started after a 70 minute break.
The full album:
Music fully and clearly suited to a 21st century Sunday.