Reluctance, by Robert Frost
(first verse, dedicated to EW)
Out through the fields and the woods
And over the walls I have wended;
I have climbed the hills of view
And looked at the world, and descended;
I have come by the highway home,
And lo, it is ended.
Baja Mining Corp. is facing a lawsuit in the Supreme Court of British Columbia from Kendra Low, its former corporate secretary and the daughter of former company president John Greenslade. She complains that the company wrongfully dismissed her from her $250,000-per-year job and that it defamed her by saying she was underqualified and overpaid. She seeks $375,000 in severance pay plus damages for defamation.The suit comes three weeks after the end continues here
...12 months of gold (via GLD), silver (via SLV) and the S&P500 index:
Arequipa: Caylloma District Begins 48 Hour Strike Against Mining CompanyThursday May 31st 2012, 5:40pm
The population demands public works in the region from the Minera Bateas, as the company agreed to fund one large community project per year.
Around 800 members of the population of the district of Caylloma, province of the same name in the Arequipa region, today began a 48 hour strike by way of protest against the Minera Bateas mining company. The protesters blocked the road that connects the districts of Silbayo and Caylloma, causing various vehicles to be blocked.
Meanwhile the director of the district municipality of Caylloma, Óscar Villavicencio, said that the population had joined in this strike action because the mining company had agreed to fund one large public/community project per year, however the company had not kept its word since 2009. He said that technicians from the municipality had presented dossiers and projects for some works (to the company) but the mining company had not funded them or moved them forward.
Here's the chart from the numbers (ht sam quinones)
Rio Alto Has Poured 40k oz Gold Quarter-to-Date: Rio Alto highlighted that so far in Q2, the company has poured a very impressive 40,000 oz gold and have now delivered on their gold prepayment facility commitments through to May 2013. An expansion to 36,000 tonnes of ore to the pad per day is scheduled to begin in late July with 2012 expansion capex expected to be $25 – 27mm (in line with recent guidance but Mark conservatively models $35mm). An updated resource estimate is expected to be completed in September which will be used to develop a new reserve and mine plan. In terms of the sulphide project, the company expects to receive an internal-only feasibility study in H1/2013. However, the plan is to start small and fund the project internally.
Oops, silly me, I meant three point five million shares sold by insiders in the last three days:
| May 30/12 | May 28/12 | Corra, Mark | Control or Direction | Common Shares | 97 - Other | -125,000 | $0.020 |
| May 30/12 | May 28/12 | Garagan, Thomas | Control or Direction | Common Shares | 97 - Other | -125,000 | $0.020 |
| May 30/12 | May 28/12 | Stansbury, Dennis | Direct Ownership | Common Shares | 10 - Disposition in the public market | -250,000 | $3.30 |
| May 30/12 | May 28/12 | Corra, Mark | Direct Ownership | Common Shares | 10 - Disposition in the public market | -500,000 | $3.30 |
| May 30/12 | May 28/12 | Garagan, Thomas | Direct Ownership | Common Shares | 10 - Disposition in the public market | -500,000 | $3.30 |
| May 30/12 | May 28/12 | Richer, Roger | Control or Direction | Common Shares | 97 - Other | -125,000 | $0.020 |
| May 30/12 | May 28/12 | Johnson, Clive Thomas | Control or Direction | Common Shares | 97 - Other | -125,000 | $0.020 |
| May 30/12 | May 28/12 | Johnson, George | Direct Ownership | Common Shares | 10 - Disposition in the public market | -500,000 | $3.30 |
| May 30/12 | May 28/12 | Johnson, George | Direct Ownership | Common Shares | 51 - Exercise of options | 500,000 | $0.020 |
| May 30/12 | May 28/12 | Johnson, George | Direct Ownership | Options from B2Gold Corp. Incentive Plan (Trustee Options) | 51 - Exercise of options | -500,000 | $0.020 |
| May 30/12 | May 28/12 | Johnson, George | Direct Ownership | Options from B2Gold Corp. Incentive Plan (Trustee Options) | 50 - Grant of options | 500,000 | $0.020 |
| May 30/12 | May 28/12 | Richer, Roger | Direct Ownership | Common Shares | 10 - Disposition in the public market | -500,000 | $3.30 |
| May 29/12 | May 28/12 | MacLean, Ian | Direct Ownership | Common Shares | 10 - Disposition in the public market | -250,000 | $3.30 |
| May 30/12 | May 28/12 | Johnson, Clive Thomas | Direct Ownership | Common Shares | 10 - Disposition in the public market | -500,000 | $3.30 |
| May 28/12 | May 28/12 | Cross, Robert Melvin Douglas | Indirect Ownership | Common Shares | 10 - Disposition in the public market | -500,000 | $3.30 |
...copper, 2012:
VANCOUVER, BRITISH COLUMBIA--(Marketwire -05/29/12)- Lumina Copper Corp. (LCC.V) (the "Company" or "Lumina") hereby announces that it has received a loan of up to Cdn.$10 million from Lumina Capital Limited Partnership ("LCLP"). The loan accrues interest at a rate of 10% per annum and will be used for working capital and general corporate purposes.
The loan is repayable on the earlier of: (i) six months from the date of initial advance; (ii) the date of any change of control of Lumina; or (iii) the occurrence of an event of default under the Credit Agreement between Lumina and LCLP.
The loan cannot be converted into, exchanged for or otherwise modified to create any obligation to Lumina to issue, directly or indirectly, any equity or voting securities of Lumina or any subsidiary of Lumina, including with respect to repayment of either principal or interest accruing in respect of the loan. As the loan is not convertible into equity or voting securities of Lumina, there will be no effect on the percentage of securities of Lumina held by LCLP as a result of the loan.
Lumina continues to yada yada continues here
..The Mexican Peso (MXN) versus the US Dollar (USD), three month chart:
President Juan Manuel Santos of Colombia, January 13th 2012:
"We're not going to achieve this million barrels (of production per day) in August of 2014, I believe we're going to get there this month or next month at the latest."
Colombia will reach its target of producing one million barrels of petroleum per day (bpd) in two months' time.... "...we really are very close, we have the oil..."
1) Start with this Reuters report that does a good job in covering the bases and pointing to the issues behind this protest.
2) Peru's government has now declared a state of emergency in the region, which is mainly to stop crowd assemblies and helps de-block roads quickly.
3) Latest reports say that there have been four deaths from the disturbances and plenty of injured, including injuries to around 30 police officers.
4) Yes, as the national level politicos and the company points out, the protests are almost certainly being driven by left wing groups that are the same people behind the Conga protests. And yes, although not perfect (Tintaya has a history of imperfect relations with its local hosts, stretching back to days long before Xstrata bought the asset) the mine does a reasonable job, does contribute to locals and its environmental record is acceptable (the main complaint from locals is less about water contamination and more about the dust that's kicked up by the supply and haulage trucks that go to and from the mine, as the dust clouds affect grazing pastures and animal livestock).
5) However, there's no smoke without fire and the left wing groups pushing this protest have tapped into the feelings of people who are not content with the relationship between themselves (largely poor or very poor) and the mine (a big wealth generator for itself, the State and a small group of locals). Fact is, if you spent years in abject poverty while watching brand new 4X4s speed past you every day then went home to your house with no water or electricity supply to eat a plate of potatoes after 14 hours in the fields, you might get a bit pissed at your neighbours, too.
...three years of the gold/silver ratio.
From yesterday's edition of The IKN Weekly:
Mexico’s election: I am one hundred and thirty-twoWe continue to keep an eye on developments in the Mexico election, with the latest being an upsurge in student and youth interest via an online movement going under the name “Yo Soy 132”, (“I am 132”). In general terms, this started when the PRI candidate and current frontrunner, Enrique Peña Nieto (EPN) spoke at the Iberoamericana University (UIA) on May 11th (yes just 16 days ago, these things spread quickly). At the speech he got into a discussion with students who made a particular point of pressing him on his actions as governor of Mexico State in the town of San Salvador Atenco in 2006 (13) (a famous incident in Mexico of police brutality that ended with two dead, dozens of women sexually assaulted by police and hundreds arrested), when he ordered the repression of protests at the time. The university appearance turned into a PR nightmare when EPN had to be quickly shuffled out the building under cries of “Murderer!” and “Garbage TV Candidate” but his handlers then made it worse. The PRI spin committee decided on a tack of calling the university protesters “a handful of infiltrators and manipulators”, trying to tell the world that the protests weren’t led by real students but extremists who had got into the hall under false pretenses.Big mistake, guys. Like really big.That might have worked ten or 20 years ago, but we now live in a different age of communication and the PRI false spin was quickly returned to them with massive interest on top. The first move was a Youtube video produced by the students who protested in the hall that day called “131 students of the Ibero answer (watch it here (14)) in which 131 protesters that day showed the PRI spin as false by plainly identifying themselves as students of the university, rather than being a handful of infiltrators. The students also noted that the incident wasn’t even reported on pro-PRI news channels such as the national Televisa channel. The video has gone viral, with over 1m hits already, and from it the twitter hashtag #marchayosoy132 immediately sprang up, which means “March, I am 132” and alludes to solidarity with the 131 students by saying that “I am the 132nd person here, count me in too”. This hashtag has gone viral in Mexico too and is a rallying point for student voices in this election and with that we now get to the point of this quick resume of events.The “Yo Soy 132” movement has already been likened to a sort of Arab Spring inside Mexico. Youth and student participation in elections has always been notably apathetic in the country and the 18-29 age group ignored by politicians of all sides. But suddenly young Mexicans find themselves with a platform and a voice, be it as it may a hastily constructed platform, and a newly found mass interest in this election process. It’s taken the political parties by surprise and according to recent reports and commentary by trusted Mexican sources, there’s a sudden change in TV campaigns from all sides to address this young audience. The stakes are high too, with an estimated 24 million Mexicans between the ages of 18 and 29 (i.e. 30% of the total voting population) and at least 20% of them undecided in their vote preference. Those kind of numbers can make a big difference to momentum at a crucial point in the election. The potential big winner from this newfound interest in politics amongst Mexico’s youth is left wing PRD candidate AMLO (though he’s best considered centre-left these days), now running second to EPN and although the gap between 2nd and 1st is hotly debated amongst the somewhat unreliable Mexican pollsters (15) most agree that AMLO is gaining some momentum and come the day of the vote on July 1st things will be closer than they are today (though how much closer is anyone’s guess). We again remind readers that of the three main candidates, AMLO is the one perceived as negative to the Mexican mining industry status quo. We will of course continue to monitor this election closely in the weeks left before the vote.
"The purpose of the dinner (other than to get together and drink enough to forget what our market screens look like!) is to raise funds for the “David J. Coffin Memorial Bursary in Geology” which is being established at UBC."
"There are standard tables at $2000 - that is a cheque written to Cambridge House (a business expense) and the net proceeds of the dinner will go to the Memorial Bursary in Geology at UBC in David’s name. The premium tables are $10000 – that will be a cheque written directly to UBC and is a charitable donation in full. They are not advertising the fact it’s working that way on the Cambridge site which is why I’m sending the email directly. Cambridge can take care of forwarding that and making sure it gets to the right place."
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