"...Peru's State news agency gets to trumpet the whole process, everybody happy, merry navidad and a prosperous año nuevo for all, right? And later down the line, when SCCO gets its EIA permit (because that's a given now) everybody will swear blind that the locals approved of the mine plan back in 2013. They'll also scratch their heads and wonder just why they're all suddenly protesting against the development, blocking roads, causing mayhem etc when SCCO tries to start the build-out."
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This is the USGS page link, here's a screenshot:
As well as the main 7.8mag event, there have been at least 15 aftershocks of 5.0 and over.
The death toll is already over 750, that will unfortunately and inevitably grow.
- More than 1,000 people have been reported dead after a huge 7.9 magnitude earthquake hit Nepal
- The country’s deputy prime minister, Bamdev Gautam, has declared a state of emergency and appealed for humanitarian assistance across the region.
- 18 climbers were found dead on Mount Everest after the tremor triggered an avalanche. Many more are trapped.
- The total death toll has risen quickly throughout the day, and is now thought to include at least 634 in the Kathmandu Valley and 300 more in the capital.
- 36 people have also been reported dead India, 12 in China, four in Bangladesh and six in Tibet.
- The quake caused dozens of buildings in Kathmandu to collapse, including the historic Dharahara Tower.
- The city’s main hospital is overwhelmed by casualties and residents are facing a night on the streets with nowhere to go.
- Indian prime minister Narendra Modi has ordered an immediate dispatch of relief and medical teams to Nepal, and the evacuation of Indian tourists.
- UK foreign secretary Philip Hammond said the government was in close contact with the Nepal and the British Embassy in the country is offering assistance to the authorities and British Nationals.
...this one, "Things that annoy Sandstorm (SAND) (SSL.to) versus things that don't annoy Sandstorm". It's also one that got a lot of mail feedback. Come to think of it, it's one that was written because of mail feedback. It's also one that I linked to via a second post, which always boosts the hit count on an individual post.
Here's the link to the Reuters report on what Peru's Minister of Energy and Mining, Rosa María Ortiz, said to press today about Southern Copper (SCCO) and its Tia Maria project, and here's a segment:
(Reuters) - Peru's energy and mines minister said on Friday that the government could ask Southern Copper Corp to make additional changes to its $1.4 billion Tia Maria project after protests by farmers turned deadly this week.
Rosa Maria Ortiz said the government was focused on negotiations with the project's opponents, who fear it will pollute surrounding agricultural valleys in the southern region of Arequipa.
One protester died from a bullet wound during clashes with police on Wednesday as a month-long protest spread in the region.
The government could ask for more modifications to the project's environmental impact study if it felt it was necessary, Ortiz said.
"Every environmental impact study is improveable," Ortiz said at a press conference with foreign media.
PS: A pity the reporters present at that presser didn't realize what she meant, they might have then asked the right follow-up question.
Mortality is a tough moment, but it's also something that ultimately should be celebrated.
UPDATE Friday afternoon. Pleasant to see how much inspiration Gwen Preston gets from this humble corner of cyberspace.
UPDATE: Iwnattos gives you videos of Calbuco going ka-boom instead of a photo and a map, because he loves you more.
Among the Donors to the Clinton FoundationFrank Giustra$31.3 million and a pledge for $100 million moreHe built a company that later merged with Uranium One.Ian Telfer$2.35 millionMining investor who was chairman of Uranium One when an arm of the Russian government, Rosatom, acquired it.Paul Reynolds$1 million to $5 millionAdviser on 2007 UrAsia-Uranium One merger. Later helped raise $260 million for the company.Frank Holmes$250,000 to $500,000Chief Executive of U.S. Global Investors Inc., which held $4.7 million in Uranium One shares in the first quarter of 2011.Neil Woodyer$50,000 to $100,000Adviser to Uranium One. Founded Endeavour Mining with Mr. Giustra.GMP Securities Ltd.Donating portion of profitsWorked on debt issue that raised $260 million for Uranium One.
"They have arrested a kid who is spoofing the market with a few thousand e-mini contracts and hence taken money from the front-running computers whose real goal is to rip you (real investors) off. They have made the world safe for the conventional high-frequency traders at a real cost to the investing public."
VANCOUVER , April 23, 2015 /CNW/ - NovaCopper Inc. (TSX, NYSE-MKT: NCQ) ("NovaCopper") and Sunward Resources Ltd. (TSX: SWD; OTCQX: SNWRF) ("Sunward") are pleased to announce that they have entered into a definitive arrangement agreement (the "Arrangement Agreement") pursuant to which NovaCopper has agreed to acquire all of the issued and outstanding common shares of Sunward by way of a court approved plan of arrangement (the "Arrangement").
The combination of NovaCopper and Sunward will create a leading exploration and development company with a strong balance sheet of approximately US$23 million in cash for the advancement of the Arctic and Bornite deposits located in the Ambler mining district of Alaska , USA. The company plans to advance the Arctic deposit towards feasibility with a US$8-10 million field program this summer. Meanwhile, plans are underway to maximize shareholder value at the Titiribi exploration asset in Colombia. Sunward has focused on community engagement at its Titiribi project and with its talented and experienced Colombian management team, has built a strong reputation with local communities.
Under the terms of the Arrangement, Sunward shareholders will receive 0.3 (the "Exchange Ratio") of a NovaCopper common share ("NovaCopper Share") for each Sunward common share ("Sunward Share") held. The Exchange Ratio represents the equivalent of US$0.1841 per Sunward Share based on yada yada numbers stuff and VWAP and all sorts of wonderful business-speak continues here
This a translation of this report from a local news service, just out:
Confirmation Of First Death After Confrontations in Tambo Valley
Victoriano Huayna Nina, 61, became the first mortality of the strike action in the Tambo Valley, protesting against the Tia Maria mine project.
The victim was injured during the confrontations this afternoon between farmers in the valley and police officers in the area around the Pampa Blanca bridge in the Cocachacra district
The injured man was taken to the Manuel Torres Muñoz hospital in Mollendo, where he arrived in a critical state, where he later died. He body was taken to the hospital morgue.
The head of the Islay Health Service, Walter Vera, confirmed the time of death at around 5:40pm. The victim died of wounds to the right leg.
UPDATE: Señor Huayna Nina died from shotgun pellet injuries, apparently. And new reports put his age at 62.
UPDATE 2: Now national news
UPDATE 3: According to the police general in charge of the regional police force (quote unquote), "...Victoriano Huayna did not suffer bullet or pellet impacts. According to the police chief, the victim fractured his leg and the bone cut through an artery." Which may be true. If so we can add it to the impressive number of unlucky accidents protesters tend to have around Peruvian police officers.
UPDATE: From the document: This is wonderful, a case example of how an Environmental Permit is awarded by a government bureau:
If you read Spanish you'll need no prompting, but basically: "We weren't sure whether to award the permit because we'd heard things weren't great between SCCO and the locals, even though they'd already done some workshops and things. So we asked SCCO to do some more. So SCCO did some workshops and now everyone in the area knows what's going on. Therefore this problem is solved. No problems."
"Some CEOs like Nolan Watson do not have formal (or informal) training in mine exploration or mine engineering. Despite the lack of mining expertise, they do not hire mining professionals onto their staff. These are the people who make really dumb investments. So far, every single Nolan Watson investment in Sandstorm Metals and Energy has turned out to be a disaster. Likewise, institutional investors generally have no idea what they’re doing when it comes to valuing mining assets. They are also the fish at the poker table. Usually these people are easy to spot because it is easy to get biographical information on the people involved (e.g. what did these people study in university, did they ever work as an explorationist or mine engineer, etc.)."
Argentina 2015 is going to be one special political showtime.
A sad day. A most remarkable man has passed on. News release here.
Courtney Chamberlain, R.I.P.
PS: The second movement of Aranjuez, as posted yesterday, is sadly apt for today.
UPDATE: The second movement, in which de Lucía breaks your heart and then mends it again, starts at 5:46.
BELO HORIZONTE, BRAZIL--(April 20, 2015) - Brazil Minerals, Inc. (OTC: BMIX) (the "Company" or "BMIX") announced today that it had been featured in TCR, a well-regarded mining newsletter, with a price target for its common stock approximately eight times greater than the last closing price. TCR specializes in smaller capitalization companies in the minerals space, and is read by influential industry members. The Company does not have any affiliation with TCR, and was unaware that it would be featured.
Thom Calandra, the publisher of TCR, publicly disclosed on Friday, April 17, that he had bought an initial small position in the common stock of BMIX through open market trades. He has no affiliation of any type with the Company but had the opportunity to meet with BMIX’s CEO in 2013 and 2014. Mr. Calandra has decades of investment experience in mining companies.
The current management of the Company, in place since December 2012, has never sold a single share of their BMIX stock. The Company's CEO, Head of Brazilian Operations, Chief Mining Officer, and General Counsel, all receive partial compensation in the form of restricted BMIX stock in lieu of cash payments.
Absolutely adorable. A couple of points to make:
1) "...a price target for its common stock approximately eight times greater than the last closing price" refers to the fact that BMIX shares closed Friday at 0.0026 and Thom Calandra has slapped a 2c target price on this paper.
2) It's absolutely true that, "Mr. Calandra has decades of investment experience in mining companies". Take for example this link to an SEC litigation filing as evidence. It starts like this:
The Securities and Exchange Commission today brought and settled civil fraud charges against Thom Calandra, a former columnist for the Internet website CBS MarketWatch.com. The Commission alleges that Calandra profited by secretly selling stocks shortly after his investment newsletter's positive recommendations of the stocks caused their prices to rise. In settling the matter, Calandra, who lives in Sausalito, California, will pay over $540,000 in disgorgement and penalties.
Company officials were advised by the authors of the report that a computational error was discovered in the formula pertaining to one section of the report. The error resulted in a portion of the projected revenue not being accounted for in early years of the project, which, together with consequent adjustments to estimates for tax liabilities, resulted in an adjustment to the NPV and IRR results. After correction for this calculation, the Company reports the following amendments to the summary provided on April 13:
- Pre-tax NPV of US$ 875 million with an IRR of 16.6% (previously reported as US$ 821 million with an IRR of 15.7%)
- After-tax NPV of US$ 606 million with an IRR of 14.6% (previously reported as US$ 562 million with an IRR of 13.9%)
There were no additional changes to the PEA.
- Average pre-tax cash flow of US$ 178 million (previously reported as US$ 177 million).
The beauty of this is that we can now file this one under "For Retail Only" and laugh at everything else they ever do.
And here's the amended filing for the same quarter that was re-filed at SEDAR last Friday:
Oh we love this one, Bobby.
And how, you ask, did the re-filed balance sheet manage to move from negative to positive equity? Simple, all it did was to assign a new value to its newly purchased assets, namely WoodEx Industries, Kootenay Wood Preservers (KWP), and Prairie Holdings Inc (PHI). And to make the transaction nice and clear, we're going to do it by bullet point:
- When JFI.v bought WoodEx, KWP and PHI it paid the vendors in shares of JFI.v
- It paid 12m shares for the three properties, to be exact.
- Those shares were valued at $2.25m
- It just so happens that two of the directors of JFI.v are Mike Jenks and Georgina Martin, who also happen to be 50% owners of the three properties sold to JFI.v (WoodEx, KWP, PHI)
- The transaction happened on June 5th 2014
- Then suddenly, just four and a half months later, in a re-filing of its company quarterly financials, the three properties bought with $2.25m worth of shares have boosted JFI's asset value by over $14m.
The magic of accountancy.
And if you're up for some longform read this by Gore Vidal, The Meaning of Timothy McVeigh. Written as a polemic (of course), parts of it can and should be taken with the normal Vidal pinch of salt but there's plenty to consider in retrospect, too. Not least because it was written around the time of McVeigh's execution in early 2001 and was the front page story of the September 2001 edition of Vanity Fair. And then everything changed.
Nothing like a common enemy to gird a country and prevent internal wars from breaking out, is there?