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Thanks Tred Not everyone can do what we do 😃
Column: Funds stampede into copper as price breaks higher
Reuters | March 27, 2024 | 8:54 am Intelligence Markets China Europe Copper
with MMGYS Soundtrack
Check out the full read with charts here
https://www.mining.com/web/column-funds-stampede-into-copper-as-price-breaks-higher/
best to keep eyes on them copper cats !!!
Wall Street Analysts Predict a 26.17% Upside in McEwen Mining (MUX): Here's What You Should Know
https://www.zacks.com/stock/news/2244068/wall-street-analysts-predict-a-2617-upside-in-mcewen-mining-mux-heres-what-you-should-know?art_rec=quote-stock_overview-zacks_news-ID01-txt-2244068
Also a shout to you wshaw, the only other poster here, lol, for bringing value to the table. Amazing the lack of following of a stock with such an amazing potential.
Tred
Thank you JD for all you do to keep us alive here in MUX land during the “down drafts”. Some very patient buyers finally showing their true interest in this stock….once it re reached a convenient buy in level of $6.
Cheers
Tred
Wall Street Analysts Predict a 26.17% Upside in McEwen Mining (MUX): Here's What You Should Know
https://finance.yahoo.com/news/wall-street-analysts-predict-26-135508459.html
The Mining Industry Has To Go Out And Look For New Doors For Capital – Rob McEwen | PDAC 2024
https://nai500.com/blog/2024/03/new-doors-for-capital-for-mining-rob-mcewen-pdac-2024/
Gold hits fifth record high in March on Fed rate-cut view
By Sherin Elizabeth Varghese
March 21, 20243:49 AM MSTUpdated 19 min ago
with MMGYS Soundtrack
Summary
March 21 (Reuters) - Gold prices on Thursday hit record highs for the fifth time this month after the U.S. Federal Reserve signalled it would press ahead with three rate cuts in 2024 despite elevated inflation.
Spot gold was up 1.1% at $2,209.65 per ounce at 1035 GMT after hitting an all-time high of $2,222.39 earlier in the session. U.S. gold futures soared 2.4% to $2,212.40.
"The rally was started by yesterday's Federal Reserve comments, basically confirming their intention to eventually start cutting U.S. interest rates," said Julius Baer analyst Carsten Menke.
"The mood in the gold futures market is very bullish. So your hedge funds or any other short-term traders or trend followers are positioned for higher prices, and I think this is the segment that is in the driving seat while the physical gold market is rather soft."
Despite recent high inflation readings, Fed chair Jerome Powell said the U.S. central bank is still likely to reduce interest rates by three-quarters of a percentage point by the end of 2024, but that it also depends on further economic data.
Fed funds futures traders are now pricing in a 74% probability that the Fed will begin cutting rates in June, up from 60% before the rate decision, according to the CME Group's FedWatch Tool.
The dollar slipped to a one-week low against its rivals, while benchmark U.S. 10-year Treasury yields also dipped.
Lower interest rates decrease the opportunity cost of holding non-yielding bullion and weigh on the dollar, making greenback-priced bullion more appealing for other currency holders.
Spot gold may retest resistance at $2,222 per ounce, a break above which could lead to a gain into the $2,228-$2,234 range, according to Reuters' technical analyst Wang Tao.
Spot silver fell 0.4% to $25.51 per ounce, platinum rose 0.6% to $912.10 and palladium dropped 0.9% to $1,012.22.
https://www.reuters.com/markets/commodities/gold-sprints-record-high-fed-sticks-2024-rate-cut-view-2024-03-21/
This post dedicated to JW@KSC
Precious & base metals supply crunch coming
Gold & Silver supply shortage imminent? Feat. Rob Kientz - LFTV Ep 164
Mar 15, 2024
In this week’s episode of Live from the Vault, Andrew Maguire is joined once more by Rob Kientz of GoldSilverPros, who reveals the trade secrets he just picked up at a major industry event in Canada.
The precious metals experts discuss how a gold and silver supply shortage may coincide with an economic downturn and how investors can prepare for coming challenges by switching to sound money.
Check out Rob: https://www.youtube.com/c/GoldSilverPros
Ask your questions for Andy here: https://forum.kinesis.money/forums/qu...
$MUX 7 Month High So Hot I Think I'm Going To Burst Into Flames !!!!!
I told myself I wasn't going to play any Robin Williams or Wolfman Jack videos until $MUX broke over $10.00
OK But Just this once.........
Go $MUX.......
.....Go Green...........
Go McEwen Copper...........
$MUX CU Copper prices soared on Wednesday to their highest in seven months
Copper price soars to 7-month high on China’s plans to cut output
Staff Writer | March 13, 2024 | 9:29 am Markets China Copper
with MMGYS Soundtrack
China copper smelters raise Q4 treatment charge floor ahead of miner talks
Copper prices soared on Wednesday to their highest in seven months after Chinese smelters, which process half of the world’s mined copper, agreed on a joint production cut.
Benchmark three-month copper on the London Metal Exchange (LME) touched $8,799 a metric ton, the highest since Aug. 1, 2023. It last traded 1.6% up at $8,790 as at 1055 GMT.
Copper for delivery in May rose on the Comex market in New York, touching $4.06 per pound ($8,932 per tonne), up 3.3% compared to Tuesday’s closing.
The rise started on the Shanghai Futures Exchange (SHFE), where copper reached a two-year high of 70,460 yuan ($9,796) per ton.
China’s biggest copper smelters met in Beijing on Wednesday, agreeing on a symbolic cut in loss-making production, without specifying volumes and timing.
“It’s a knee-jerk response to rush in. Interest spiked on SHFE right after the announcement of China’s production cut,” a trader said. “Who will admit they are the first to turn unprofitable?”
Shortages have led to intensifying competition for mined copper concentrates, causing a sharp fall in income for smelters to decade-low levels.
“But it’s important to note that there are around 1.7 million tons per year new ex-China smelter projects that are expected to come online in the second half, which will put more pressure on global concentrate supply,” said Brian Peng, a copper analyst of consultancy CRU.
More global copper smelters were not operating in the first two months of the year than in the same period last year, mainly because of Chinese inactivity, data from satellite surveillance of metal processing plants showed.
However, higher copper prices could further dampen demand in top consumer China, as can be seen in inventories.
Copper inventory in warehouses monitored by SHFE rose steeply to 239,245 tonnes as at March 8 from 30,905 tonnes in the beginning of the year.
Clarity on demand prospects could be provided by China’s loan data due this week, including total social financing numbers, a gauge of future metals consumption.
(With files from Reuters)
https://www.mining.com/copper-price-soars-to-7-month-high-on-chinese-plans-to-cut-output/
Copperline - James Taylor
Copperline was released on the 1991 album "New Moon Shine". During the late 1980s, he had began touring regularly, especially on the summer amphitheater circuit. His later concerts featured songs from throughout his career.
Taylor had thoughts of retiring by the time he played the massive Rock in Rio festival in Rio de Janeiro in January 1985. He was encouraged by the nascent democracy in Brazil at the time, buoyed by the positive reception he got from the large crowd and other musicians, and musically energized by the sounds and nature of Brazilian music. Lyrics follow:
Even the old folks never knew
Why they call it like they do
I was wondering since the age of two
Down on copperline
Copper head, copper beech
Copper kettles sitting side by each
Copper coil, cup o'georgia peach
Down on copperline
Half a mile down to morgan creek
Leaning heavy on the end of the week
Hercules and a hog-nosed snake
Down on copperline
We were down on copperline.
One summer night on the copperline
Slip away past supper time
Wood smoke and moonshine
Down on copperline
One time I saw my daddy dance
Watched him moving like a man in a trance
He brought it back from the war in france
Down onto copperline
Branch water and tomato wine
Creosote and turpentine
Sour mash and new moon shine
Down on copperline
Down on copperline.
First kiss ever I took
Like a page from a romance book
The sky opened and the earth shook
Down on copperline
Down on copperline
Took a fall from a windy height
I only knew how to hold on tight
And pray for love enough to last all night
Down on copperline
Day breaks and the boys wakes up
And the dog barks and the birds sings
And the sap rises and the angels sigh, yeah.
I tried to go back, as if I could
All spec house and plywood
Tore up and tore up good
Down on copperline
It doesn't come as a surprise to me
It doesn't touch my memory
Man I'm lifting up and rising free
Down on over copperline
Half a mile down to morgan creek
I'm only living for the end of the week
Hercules and a hog-nosed snake
Down on copperline, yeah
Take me down on copperline
Oh, down on copperline
Take me down on copperline.
MCEWEN MINING | Red Cloud's Pre-PDAC 2024
Mar 5, 2024
Rob McEwen, Chairman & Chief Owner, Michael Meding, VP & GM, McEwen Copper, Stefan Spears, VP, Corporate Development, McEwen Mining joined us at Red Cloud's Pre-PDAC 2024, brought to you by Red Cloud Financial Services.
$MUX
McEwen Mining Inc. (NYSE:MUX) Q4 2023 Earnings Call Transcript
https://www.insidermonkey.com/blog/mcewen-mining-inc-nysemux-q4-2023-earnings-call-transcript-1268683/#q-and-a-session
$MUX hit the top 8th place on the junior miners network list.
MARKET MOVERS
COMPANY +CHANGE% LAST TRADE
Royal Gold 3.02 2.94 $105.65
Franco-Nevada 3.02 2.13 $145.11
Agnico Eagle Mines 2.19 3.36 $67.28
Cameco 1.91 3.47 $56.91
Sigma Lithium 1.71 12.03 $15.93
Contango ORE 1.32 7.80 $18.25
Endeavour Mining 1.32 5.92 $23.63
McEwen Mining 1.01 12.21 $9.28
Wheaton Precious Metals 1.00 1.79 $56.93
Torex Gold Resources 0.95 6.69 $15.15
Ero Copper 0.95 4.11 $24.07
NexGen Energy 0.91 9.51 $10.48
Piedmont Lithium 0.87 5.98 $15.43
Gold Fields 0.79 6.06 $13.83
Osisko Gold Royalties 0.73 3.68 $20.55
HIGH VOLUME
COMPANY VOLUME LAST TRADE
Uranium Energy 11,011,798 $6.95
B2Gold 5,717,650 $3.48
NexGen Energy 4,782,433 $10.48
Fission Uranium 4,126,731 $1.06
Calibre Mining 3,544,085 $1.63
Kinross Gold 3,275,852 $6.88
OceanaGold 2,978,863 $2.44
First Quantum Minerals 2,710,568 $12.90
Argonaut Gold 2,561,600 $0.24
Sigma Lithium 2,487,056 $15.93
Omai Gold Mines 2,260,256 $0.11
Euro Sun Mining 2,227,843 $0.07
New Gold 2,047,172 $1.82
Pelangio Exploration 2,039,000 $0.02
Guanajuato Silver 1,992,656 $0.16
Whelp I'm bout done on the old hub, don't think I'm doing anybody any good anymore
Feeling I'm knocking on heavens door
Have a good one everybody and Thanks
McEwen Mining Inc. Reports Strong Year-End and Q4 Results with Net Income Surge
https://finance.yahoo.com/news/mcewen-mining-inc-reports-strong-145139036.html
Whistlin Past The $MUX Geopolitical Graveyard
Milei's economic reforms stall in Argentina Congress
Argentine President Javier Milei was dealt a major setback in parliament Tuesday (February 6) when his deeply controversial deregulatory reform package was prevented from advancing and sent back for a rewrite, legislators said.
Latest $MUX Stock Update
McEwen drills 121.5 g/t over 0.4 metre at Stock gold mine
Staff Writer | February 28, 2024 | 8:04 am Exploration Canada Gold
The Stock East zone could be an early source of more ore for the Fox complex. Credit: McEwen Mining
McEwen Mining (TSX: MUX; NYSE: MUX) says gold resources are up 31% year-over-year at both the Stock West and Stock Main zones. The past-producing Stock mine is part of the company’s Fox complex near Timmins, Ontario.
The mineralization has been traced at depth. Geological interpretation suggests that there are two principal plunging structures, and drilling along these structures accounts to about half the 31% increases in resources. Both structures remain highly prospective for additional growth, said McEwen.
The Stock East zone is also emerging as a potential new source of near-term production. Here are the true width highlights of the recent assays:
Hole SEZ24-86: 121.5 g/t gold over 0.4 metre
Hole SEZ24-84: 6.5 g/t gold over 10.2 metres
Hole SEZ24-88: 4.5 g/t gold over 10.4 metres
Infill drilling at the Stock East zone has intersected mineable widths and grades. Drilling has also identified two plunge directions at Stock East.
McEwen says the location of the Stock East zone is strategic for several reasons. It lies close to the splay point of the Nighthawk Lake fault, and such splays are known to be good traps for gold mineralization. It is located only 700 metres east of the existing Fox mill, and because it is shallow it could be quickly and relatively inexpensive to develop.
The current drill program aims to upgrade most of the inferred mineralization to the indicated category and target the high-grade sections of the zone.
McEwen Mining produced 128,650 oz. of gold and 2.2 million oz. of silver in 2023, or 154,600 gold-equivalent ounces. The Fox complex was responsible for producing 44,450 gold-equivalent oz. or roughly 29% of the output.
https://www.mining.com/mcewen-drills-121-5-g-t-over-0-4-metre-at-stock-gold-mine/
Javier Milei to take on Argentina’s Economic Crisis
February 7, 2024 MJEInternational Economics
Written by Gabi Breuer
In late October, Argentina held presidential elections, crucial in determining how the country would handle its economic turmoil. Since the nineties, Argentina has struggled with such hardships: having substantial debts, falling into deep recession periods, and facing extraordinary inflation. This most recent election was critical to ensure Argentinians were put on the proper path to fix decades of poor economic decisions.
On November 19th, Argentina’s run-off election day, Javier Milei faced Sergio Massa after neither candidate received the necessary votes to win the first round. Milei won with 56% of the votes primarily due to his radical economic plan, which gave many Argentinians hope (Eliott, 2023). Even with the majority vote, people were anxious about the immediate ramifications their newly elected president would have on the peso. As of October 2023, inflation reached a 143% high, resulting in four in ten people living in poverty and the nation heading towards its sixth recession in a decade (Gillespie, 2023).
The morning after the election, Argentinians were most concerned with the “blue dollar” value. The blue dollar is a parallel rate to the dollar commonly used in backroom financial houses. Although the blue dollar is an unofficial exchange rate, news sites track the exchange in real-time due to its popularity. Starting his presidency with the blue dollar’s value increasing by 13%, Milei’s time in office began on a celebratory note (Biller, Politi, 2023). Compared to the bank-set price of 356 pesos to the dollar, the blue dollar exchange is almost triple that. The rate increase was an immediate positive sign for the newly elected president and possibly a beacon of hope that his economic plan could lead the country out of a recession.
Milei’s campaign was built upon perhaps the boldest plan any candidate has proposed in some time. The “Hail Mary” looks to dismantle the Argentine peso entirely and put into effect the US Dollar as the national currency. By dollarizing the economy, the national bank would set an exchange rate and buy back pesos.
Although the idea may seem far-fetched, it has been successfully implemented in Ecuador and Panama. It is important to highlight that both these countries have significantly smaller economies, whereas Argentina remains the third-largest economy in Latin America despite its economic difficulties (Gura, Martin, 2023). Argentina’s size will play a major part in the outcome of Milei’s plan as it faces the tedious process of buying back pesos from its 45 million citizens.
In addition to the nation’s size, Argentina faces a more significant problem. Likely, they do not have enough dollars to replace the peso, at least without causing an expansive currency shortage. Currently, the country owes the International Monetary Fund $44 billion and has $7.5 billion less than that in its reserves (Gura, Martin, 2023). It is improbable Argentina can find the funds to properly buy back all its pesos.
Even if the government did have the funds, Milei would need to convince over 45 million people to exchange their money in large quantities. This alone is an immense obstacle to face. With this being said, the Argentinian people feel a sense of safety with the US dollar, which could help ease the transition. Seeing that the peso loses value rapidly, Argentinians prefer to save money in American cash because of its reliability. As a result, 10% of all globally circulating US dollars are held in Argentina (Nica et al., 2023). This sense of safety helped Milei’s plan appeal to many and gain him their vote.
If Milei successfully dolarizes the economy, Argentina will lose autonomy over its currency and will depend entirely on the US for monetary policy. The US Federal Reserve would continue to make decisions based on what benefits the American economy, regardless of the impact on Argentina. Argentina would also lose its power to print money, an act done repeatedly over the last few decades in hopes of solving its crisis (Velde, Veracierto, 2023). Ultimately, money would be printed in the US.
Roughly two weeks after his election, Milei took the first step towards a new page in Argentine economics. The president appointed Luis Caputo as his economic minister. Caputo formerly served as the country’s finance minister and is known for his connections with Wall Street. Milei’s decision to appoint Caputo is a relatively calm choice compared to his alternatives. Previously, Milei had mentioned naming Emilio Ocampo, a strong supporter of dollarisation, but Ocampo backed out of the role (Nugent, 2023). Caputo’s appointment has many believing Milei will put aside his dollarization plan and focus on other issues first, like putting an immediate halt on printing excess money.
It is difficult to tell precisely what direction Milei will take in his first months as president, but it is clear that whatever decides, his attack must be aggressive. Javier Milei is set to take office officially on December 10th.
Works Cited
Biller, David, and Daniel Politi. “After the Dollar-Loving Milei Wins the Presidency, Argentines Anxiously Watch the Exchange Rate.” AP News, November 21, 2023. https://apnews.com/article/milei-argentina-dollar-peso-exchange-bb61f9e9a6108ba0ced63f89b2cfd431.
“Dollarization in Argentina.” Federal Reserve Cank of Chicago, 1999. https://www.chicagofed.org/publications/chicago-fed-letter/1999/june-142.
Elliott, Larry. “Would Javier Milei’s Dollar Plan for Argentina Be an Economic Experiment Too Far?” The Guardian, November 20, 2023. https://www.theguardian.com/world/2023/nov/20/javier-milei-dollar-plan-argentina-economy.
Gillespie, Patrick. “Argentina Inflation Hits 143% in Final Release before Presidential Election.” Bloomberg.com, November 13, 2023. https://www.bloomberg.com/news/articles/2023-11-13/argentina-s-inflation-hits-143-in-final-release-before-election?embedded-checkout=true.
Martin, Michel, and David Gura. “Argentina’s President-Elect Javier Milei Has a Plan to Fight Inflation: Dollarization.” NPR, November 22, 2023. https://www.npr.org/2023/11/22/1214619380/argentinas-president-elect-javier-mile-has-a-plan-to-fight-inflation-dollarizati.
Nicas, Jack, Natalie Alcoba, and Lucía Cholakian Herrera. “In Country Where Houses Are Bought in $100 Bills, Plans for Sweeping Change.” The New York Times, November 24, 2023. https://www.nytimes.com/2023/11/24/world/americas/argentina-economy-peso-dollar-javier-milei.html#:~:text=As%20a%20result%2C%20about%2010,to%20%243%2C100%20for%20every%20American.
Nugent, Ciara. Argentina’s Javier Milei names moderate ex-trader as economy minister, November 29, 2023. https://www.ft.com/content/330bd3fb-b418-458f-9b2b-31718b52f935.
https://sites.lsa.umich.edu/mje/2024/02/07/javier-milei-to-take-on-argentinas-economic-crisis/
...............................
with Mining & Metals GraveYard Shift Soundtrack
Tom Waits - Whistlin´ Past The Graveyard
Well I come in on a night train
With an arm full of box cars
On the wings of a magpie
Cross a hooligan night
And I busted up a chifforobe
Way out by the Cocomo
Cooked up a mess a mulligan
And got into a fight
Whistlin past the graveyard
Steppin' on a crack
I'm a mean Mother Hubbard
Papa one eyed jack
You probably seen me sleepin'
Out by the railroad tracks
Go on and ask the prince of darkness
What about all that smoke
Come from the stack
Sometimes I kill myself a jacket
Suck out all the blood
Steal myself a station wagon
Drivin' through the mud
Whistlin past the graveyard
Steppin' on a crack
I'm a mean Mother Hubbard
Papa one eyed jack
I know you seen my headlights
And the honkin' of my horn
I'm callin' out my bloodhounds
Chase the devil through the corn
Last night I chugged the Mississippi
Now that suckers dry as a bone
Born in a taxi cab
I'm never comin' home
Whistlin past the graveyard
Steppin' on a crack
I'm a mean Mother Hubbard
Papa one eyed jack
My eyes have seen the glory
Of the draining of the ditch
I only come to baton rouge
To find myself a witch
I'm-ona snatch me up a
Couple of em every time it rains
You see a locomotive
Probably thinkin' its a train
Whistlin past the graveyard
Steppin' on a crack
I'm a mean Mother Hubbard
Papa one eyed jack
What you think is the sunshine
Is just a twinkle in my eye
That ring around my fingers
Just the fourth of July
When I get a little bit lonesome
And a tear falls from my cheek
There's gonna be an ocean in
The middle of the week
Whistlin past the graveyard
Steppin' on a crack
I'm a mean Mother Hubbard
Papa one eyed jack
I rode into town on a night train
With an arm full of box cars
On the wings of a magpie
Cross a hooligan night
I'm-ona tear me off a rainbow
And wear it for a tie
I never told the truth
So I can never tell a lie
Whistlin past the graveyard
Steppin' on a crack
I'm a mean Mother Hubbard
Papa one eyed jack
,,,,,,,,,
McEwen Copper: Update on Assay Results at Los Azules
https://finance.yahoo.com/news/mcewen-copper-assay-results-los-150000449.html
McEwen Copper Reports Improved Copper Recovery
https://finance.yahoo.com/news/mcewen-copper-reports-improved-copper-182400528.html
Counting The Numbers Down The Waterline MUX
$MUX Jump Financial LLC Sells 21,877 Shares of McEwen Mining Inc (NYSE:MUX)
Posted by AM Reporter Staff on Feb 17th, 2024
with MMGYS Soundtrack
Jump Financial LLC lessened its holdings in shares of McEwen Mining Inc (NYSE:MUX – Free Report) (TSE:MUX) by 42.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 29,243 shares of the basic materials company’s stock after selling 21,877 shares during the quarter. Jump Financial LLC owned approximately 0.06% of McEwen Mining worth $190,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of MUX. UBS Group AG increased its position in McEwen Mining by 37.3% during the second quarter. UBS Group AG now owns 83,005 shares of the basic materials company’s stock worth $36,000 after buying an additional 22,541 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of McEwen Mining by 968.2% in the second quarter. Tower Research Capital LLC TRC now owns 5,950 shares of the basic materials company’s stock valued at $43,000 after purchasing an additional 5,393 shares during the last quarter. Citigroup Inc. acquired a new position in shares of McEwen Mining in the second quarter valued at approximately $45,000. Jane Street Group LLC grew its position in shares of McEwen Mining by 47.1% in the second quarter. Jane Street Group LLC now owns 121,791 shares of the basic materials company’s stock valued at $53,000 after purchasing an additional 38,985 shares during the last quarter. Finally, Bank of America Corp DE grew its position in shares of McEwen Mining by 221.4% in the first quarter. Bank of America Corp DE now owns 7,544 shares of the basic materials company’s stock valued at $64,000 after purchasing an additional 5,197 shares during the last quarter. Institutional investors and hedge funds own 19.63% of the company’s stock.
other news
Feb 15, 2024 #Copper #Gold #Investing
Rob McEwen of McEwen Mining and Michael Meding of McEwen Copper discuss their respective companies and share their thoughts on gold and copper in the year ahead. For McEwen, the price trajectory for both metals is "higher."
He also spoke about the disconnect between the gold price and gold stocks, commenting, "I find this is time to be buying, and I have been buying juniors and adding to positions in companies. You just need to bear in mind it's cyclical, and when it wants to run there are some very attractive gains to be made — and the stocks are cheap right now."
This interview was filmed on February 8, 2024.
#Investing #Gold #Copper
McEwen Mining: 2023 Production and Guidance for 2024
https://finance.yahoo.com/news/mcewen-mining-2023-production-guidance-210000695.html
Thanks. Good information. I am looking forward to the Q Report.
Argentina lawmakers debate Milei’s ‘omnibus’ economic reform bill
Opposition has pledged to block the president’s mega-bill to reform the economy, politics and even some aspects of private life.
https://www.aljazeera.com/news/2024/1/31/argentina-lawmakers-debate-mileis-omnibus-economic-reform-bill
$MUX Rob McEwen seeks $100 million for Argentina copper mine as Milei boosts prospects
Bloomberg News | January 30, 2024 | 10:19 am Top Companies Latin America Copper
McEwen lines up copper partner as surging prices spur interest
Canadian entrepreneur Rob McEwen is in talks to raise about $100 million for a copper project in Argentina, at a time when miners are betting that deregulation by the new government of Javier Milei will boost prospects for the industry.
His closely-held firm, McEwen Copper Inc., is speaking with existing holders — which include automaker Stellantis NV and a Rio Tinto Group venture — as well as prospective new investors, he said in an interview. The idea is to secure fresh funds within six months for feasibility and engineering work. Longer-term options include partnering with a major mining company.
SIGN UP FOR THE COPPER DIGEST
“We’re socializing the concept,” McEwen said Monday. “Just getting in front of a lot of people who finance large projects, not only for our immediate needs but for the longer term.”
The industry veteran who founded Goldcorp Inc. is hoping President Milei’s efforts to free up Argentina’s tightly controlled economy will help unlock vast copper deposits in San Juan province. That’s where McEwen wants to build the $2.5 billion Los Azules mine that would start up toward the end of the decade, when demand for the wiring metal is expected to accelerate in the shift away from fossil fuels.
Milei, a libertarian who took office on Dec. 10, wants to cut red tape as well as do away with customs and capital restrictions. If he can win over congressional opposition, such changes would reduce risks for investors, who remain optimistic yet cautious, McEwen said. The challenge for Milei is to move swiftly because metal markets are cyclical and financing windows can shut quickly, he said.
Los Azules isn’t waiting around for change. It already has 21 drill rigs on site, and it’s working on a renewable-energy supply deal from YPF Luz and a leaching method that would help it to be carbon neutral. It hopes to obtain an environmental permit this year, have a feasibility study ready in early 2025 and do pre-construction work from 2026, Michael Meding, who heads McEwen Copper, said in the same interview.
McEwen’s copper unit had planned to go public, but it’s now focusing on raising money privately since market conditions aren’t ripe for an IPO, McEwen said. He and Meding recognized that the investment climate for mining generally is tough, but said that tax incentives proposed for large Argentine infrastructure projects in Milei’s signature legislation could help lure partners.
“We think that we would classify as a large-scale infrastructure project and that would generate additional taxation stability,” Meding said. “And that would be very helpful in future financing discussions with the international community.”
(By James Attwood and Jonathan Gilbert)
https://www.mining.com/web/rob-mcewen-seeks-100-million-for-argentina-copper-mine-as-milei-boosts-prospects/
6.88 buying here for a quick buck
again......
Obviously $MUX has bottomed out
2023 Mining World was pulled in all directions [
The biggest global mining news of 2023
with MMGYS Soundtrack
What’s bleeding the junior market dry: Predatory short-selling.
Can beaten-up junior miners fight illegal short-selling?
with MMGYS Soundtrack
Alisha Hiyate | December 22, 2023 | 7:33 am Careers Education Markets Canada
Terry Lynch began to notice unusual price movements in Power Nickel (TSXV: PNPN; US-OTC: PNPNF)’s stock (then called Chilean Metals) years ago.
The shares consistently traded down at the end of the day, regardless of news, with late day trades often made anonymously.
Now the stock is stuck in a range of C25¢ to C30¢ — despite a recently released initial nickel-sulphide resource for the company’s optioned Nisk project in Quebec, and a staged deal with battery and defence supplier CVMR to fund engineering studies.
It’s not unusual for a junior mining CEO to be unhappy with his share price, but Lynch says Power Nickel isn’t alone and something is amiss in the junior sector. The disconnect between the commodity markets and the junior mining-heavy TSX Venture Index, which is at an all-time low, has reached its widest point.
“When I first started talking about this, people thought, Terry, you should have a tinfoil hat on your head. They thought I was a crazy conspiracy theorist,” he told The Northern Miner in early December. “But you know what? I got proof. Man, this is really happening and I’m not the only one that sees it.”
In search of answers to the sector’s woes, he formed the Save Canadian Mining group in 2019, recruiting big names like Eric Sprott, Rob McEwen and Sean Roosen as supporters. Now, he can point to exactly what’s bleeding the junior market dry: Predatory short-selling.
“We’re in a market where the governments, to their credit, federally and provincially, have put out some amazing incentives for miners to actually get out there and explore and develop mines,” he said. “So really, we should be in our glory years and we’re instead about to go extinct.”
Short selling is a legal way for traders to profit from a falling stock price. Traders sell borrowed shares in the hope of buying them on the market at a lower price. It serves an important function in helping the market discover the true value of a company’s shares and has even helped uncover frauds like Enron. But it can also be done illegally, if traders don’t “cover” their position — meaning the trader is selling shares they haven’t borrowed, located, or confirmed are available for them to buy.
Lynch and others say “naked” shorting is a widespread and destructive problem in the junior mining sector. Last week he filed a formal complaint with the Canadian Investment Regulatory Organization (CIRO) and FINRA (Financial Industry Regulatory Authority) in the United States asking them to act on illegal short selling and restore investor confidence in the market.
‘Neverending bear market’
Any sector with declining values will attract short selling, which plays an important role in ensuring overvalued stocks don’t stay that way.
But veteran junior mining investors say that the removal of the “tick test” restrictions on short selling in 2012 have unleashed algorithmic trading programs onto the market that prey on both companies and retail investors. The “tick test” or uptick rule only allowed short sales at a price that was higher than the last sales price of a security.
Often this activity happens in the shadows, in places only institutions like banks and their clients can access, said long-time junior mining analyst John Kaiser of Kaiser Research Online.
“Banks and professional traders are selling stock they don’t even have a means to borrow,” he said in December. “With no downtick rule to get in the way, they just lean into the bid and then everybody’s who’s been a ‘long,’ they get this feeling of despair and they sell.”
Kaiser said these traders take advantage of the share volume rise that happens when companies release news, depressing any rallies.
Any new investors are left with nothing but buyers’ regret — and juniors are stuck in a “neverending” bear market.
Kaiser said a lot of this trading must be predatory because junior mining stock is not easy to borrow.
“None of it’s high enough to be marginable and margin accounts probably don’t own this sort of stuff,” he said. And large shareholders aren’t likely to make stock available to short-sellers.
“Properly covered short selling, if that was enforced, would not be that big a problem.”
Meanwhile, junior mining CEOs, many of whom are geologists with a distaste for or lack of knowledge of the capital markets, have proven hapless and helpless.
John Feneck, an Arizona-based technical analyst and consultant who helps mining companies raise their profiles, said many CEOs believe they can let their drill results speak for themselves. But that hasn’t been the case for the last couple of years.
“Our sector is really thinly traded,” he explained in a phone interview in early December. “Certain stocks are susceptible to larger moves based on their daily trading volume – many trade less than 100,000 shares a day.”
Feneck said better disclosure could help market transparency. He notes that in the U.S., FINRA requires short-selling information to be reported only twice a month. The long gap allows for potentially deceptive activities to take place.
“It’s whatever happens between those reports that’s frustrating people,” he said.
What are the regulators doing?
Regulators have looked at the issue of naked short-selling many times over the past decade. But they’ve found scant evidence that there’s a widespread problem.
In August 2022, CIRO predecessor IIROC did clarify that naked short selling is in fact illegal in Canada. Guidance issued at the time stated that entering into a short order without “reasonable expectation” the trader will be able to access enough securities to settle it within two trading days is prohibited, and considered manipulative and deceptive behaviour.
CIRO’s latest review concluded in November without recommending any regulatory changes.
But it does expect to publish new proposals outlining how it can further “clarify and support” the reasonable expectation requirement in early 2024.
Finally, CIRO and the Canadian Securities Administrators are forming a working group early in the year to study short selling in Canada, including an analysis of stronger requirements to settle trades when they’re due. It will also look more closely at suggestions raised in the previous consultation, including the imposition of “pre-borrow” requirements before a short sale can be entered, and whether short selling of junior stocks should be treated differently. In a response to emailed questions, a CIRO spokesperson confirmed there would also be discussion around suggestions it received to bring back the tick test.
Investor protection momentum
In early 2023, several small-cap companies in the U.S. announced plans to take legal action against short-sellers targeting their stocks.
In November, South Korea placed a temporary ban on short selling until next June. The move was supported by the country’s powerful lobby of retail investors, who believe big banks are suppressing share values through short selling. Over a quarter of the nation’s population invest in the stock market.
And in September, a judge in the Harrington Global Opportunity Fund market manipulation case against CIBC and big banks in the U.S. denied the defendants’ motion to dismiss the case. In her decision, she found that banks and brokerage firms can be held liable for their clients’ illegal trading, if they fail to provide proper oversight.
Banks have previously argued that they’re not responsible for clients’ illegal trading.
Lynch is encouraged by the momentum.
During an “emergency” Save Canadian Mining virtual event in late November, Sprott exhorted junior executives to take action to protect their share prices. “CEOs must realize almost everyone’s working against you,” he said. “If the price sucks, why don’t you wake up and do something about it!”
While Lynch doesn’t want to take the banks to court, he wants to let them know industry is willing to go that far.
“Nobody wants to really fight them, but we need to show them, hey, we’ve got the evidence,” he said. “The banks and the regulators, once they decide they want to do something, they can move very swiftly. They can change all these rules overnight.”
That could usher in the biggest mining boom in human history, he posited.
To the banks, he offers this message:
“The money on the shorting side of this business is almost done. You’ve almost killed us. You need to invest in the long side, and then everyone’s gonna make out like crazy.”
https://www.mining.com/can-beaten-up-junior-miners-fight-illegal-short-selling/
Mog’s Christmas Calamity
Merry Christmas
$MUX
Pulling back the curtain on the global trade of precious metals and debate what drives the industry forward.
Gold doesn’t follow, it leads Feat. Michael Oliver - LFTV Ep 154
Kinesis Money
Dec 22, 2023
In this year’s final episode of Live from the Vault, Andrew Maguire is joined by Michael Oliver, creator of Momentum Structural Analysis, to pull back the curtain on the global trade of precious metals and debate what drives the industry forward.
The experts discuss the Fed’s interest rate policy decisions and a prospective pivot to rate cuts in 2024, before analysing how precious metals stand strong while the integrity of the US government bond market hangs in the balance.
FOUR STAGES OF A MAN'S LIFE
1. You believe in Santa.
2. You don't believe in Santa.
3. You are Santa.
4. You look like Santa.
$MUX
Thanks wshaw14 Happy Holidays and Merry Christmas to you and all the Gals and Gents here
and from all of us on the McEwen Mining board
Happy Holidays and Merry Christmas
May 2024 be our year and
Happy New Year to all
..................Go $MUX.................
...........Go Green...............................
.....Go McEwen Copper........................
♥️😄💯
Thanks. Very insightful video.
McEwen pours $22 million into Timmins-area exploration, mine development
https://www.timminstoday.com/local-news/mcewen-pours-22-million-into-timmins-area-exploration-mine-development-8002564
Rob McEwen: To me, these are opportune times
GOLDINVEST
Premiered 22 hours ago #robmcewen #mining #miningstocks
In this extensive Goldinvest.de interview with mining legend, Goldcorp founder, and McEwen Mining CEO Rob McEwen we talk about the state of the (gold) mining industry and the need for changes in the sector to be able to attract sufficient funding going forward, to continue fulfilling its essential role in modern society.
Rob also tells us, why he is investing in the junior mining / exploration space and we talk about two interesting companies in particular that we at Goldinvest.de are following, too.
Was gold price spike a warning shot? - LFTV Ep 153
Kinesis Money
Dec 15, 2023
In this week’s episode of Live from the Vault, Andrew Maguire answers the audience’s burning questions, shining light on the recent gold price spike and reversal before revealing whether this was a warning shot from the weaponisation he’s been warning us about.
The precious metals expert and whistleblower examines what would happen if the paper market suddenly stopped trading, before taking listeners through what’s driving the ongoing gold and silver price action.
McEwen Mining Appoints a New Director
https://finance.yahoo.com/news/mcewen-mining-appoints-director-214200592.html
Wow we were 6.78 a cup of coffee ago
How I Learned to Stop Worrying and Love the Bubble
with MMGYS Soundtrack
"As a dog returns to its vomit, so a fool returns to his folly. "
Proverbs 26:11
"And in some ways, it creates this false illusion that there are people out there looking out for the interest of taxpayers, the checks and balances that are built into the system are operational, when in fact they're not. And what you're going to see and what we are seeing is it'll be a breakdown of those governmental institutions. And you'll see governments that continue to have policies that feed the interests of -- and I don't want to get clichéd, but the one percent or the .1 percent -- to the detriment of everyone else."
Neil Barofsky, 2012 interview with Bill Moyers
"Now why don't you just take it easy, Group Captain, and please make me a drink of grain alcohol and rainwater, and help yourself to whatever you'd like."
General Jack D. Ripper (Sterling Hayden), Dr. Strangelove
"Where are the leaders? Has our political process become so compromised by powerful interest groups and the threat of character assassination that even the best among us will not dare to speak honestly about the solutions that might bring us back to common sense and fundamental fairness?"
Senator Jim Webb, A Time to Fight, 2008
"General Turgidson, I find this very difficult to understand. I was under the impression that I was the only one in authority to order the use of nuclear weapons."
President Merkin Muffley, Dr. Strangelove
From Wall Street to the White House, it's all about serving the oligarchy, the 1 percent, while maintaing plausible deniability.
The market came in broadly expecting a whipsaw, with the FOMC standing pat with dovish verbiage, and then Jay Powell coming in and raining on the parade with skeptical cautions.
No way Zimbabwe Jay.
Although it must be said that the Street took it much further than he allowed. It reminded me of a college friend who kept seeing 'signs' from a girl for which he pined, but would not actually approach.
I think it would have been interesting to see the FOMC commentary on bubblevision performed by the voice-over actor from The Curse of Oak Island.
Stocks rallied very hard, parabolically surpassing their bubble peaks.
The Dollar dropped off a cliff.
Gold and silver rallied like rockets.
And there is the second phase of the wash and rinse.
VIX did not drop but marked time in place.
Stock option expiration on Friday.
I can feel the hammer getting closer, and closer, to the retail bulls.
But give it some time.
This is not sour grapes. I snagged some serious coin in the miners today, buying them into this recent pounding down the last two days. It was just too contrived and cliché.
Pretty much like all the official 'verbiage' we get these days.
You know how they ran gold up to a new high, ran all the short stops, and then smashed it down into yesterday?
Patented move.
And I think they may have the same play in store for stocks.
But timing and leverage are everything.
Meanwhile, we've got two wars a leaping.
Changed my mind about not using twitter.
Have a pleasant evening.
https://jessescrossroadscafe.blogspot.com/
200,000 million is a lot of coin. This must be prepping for the next stages down in Argentina.
$MUX McEwen Mining: Stable Gold Production and Huge Upside with Los Azules Copper Project
Swiss Resource Capital AG
Nov 27, 2023 #Gold #Copper #Kupfer
Interview with Chairman and Chief Owner Rob McEwen at the Precious Metals Summit 2023 in Zurich. McEwen Mining is a gold producer with several mines in North and South America and will reach the guidance of 150,000 ounces in 2023. However, the company's great potential lies in the spun-out copper project McEwen Copper, in which McEwen Mining holds a 47.7% stake and which is one of the largest undeveloped copper projects in the world. McEwen Mining shares bucked the trend, reflecting the company's success with McEwen Copper.
Company overview:
McEwen Mining Inc. https://mcewenmining.com/
Rob McEwen, CEO & Chief Owner of McEwen Mining, presenting at the 2023 Precious Metals Summit Zurich
McEwen Mining
Nov 20, 2023
Thanks Tred Happy Thanksgiving to you and all 😊
McEwen Mining intends to offer 1.9M flow-through units
https://www.msn.com/en-us/money/companies/mcewen-mining-intends-to-offer-19m-flow-through-units/ar-AA1km4T7
Great interview JD. Every time you think you have heard it all from Rob he surprises yet again. I particularly like the concept (after a jewel box or two gets found of course) of yearly, quarterly, monthly dividends. This seems to be a stock one should just buy and plan on giving to their grandkids.
Cheers
How To Build a Multi-Billion-Dollar Enterprise with Mining Titan Rob McEwen
Machai Productions
Nov 9, 2023
Today we sat down with Mining magnate Rob McEwen.
Socials:
/ machaicapital
/ machai-capital
/ machaiproductions
Rob McEwen, is a Canadian businessman. He is the chairman and chief executive officer of McEwen Mining and was the founder and former chairman and chief executive officer of Goldcorp. In January 2019, Goldcorp merged with Newmont creating Newmont Goldcorp Corporation, the second largest gold mining company in the world. McEwen followed his father into the investment industry and also developed a passion for gold. As of 2016 he is one of the top one-hundred wealthiest Canadians, with an estimated personal net worth over $800 million.
Transcript
Follow along using the transcript.
click video for transcript
MCEWEN MINING | Red Cloud's Fall Mining Showcase 2023
Red Cloud TV
3 days ago
Rob McEwen, Chairman & Chief Owner, Stefan Spears, V.P. Corporate Development, McEwen Mining joined us at Red Cloud's Fall Mining Showcase 2023, brought to you by Red Cloud Financial Services.
Im not sure if it will have some more attractions but if Rob would announce some of those “jewel boxes” the interviewer mentioned in the podcast that would be most excellente!
Need something to make this a game changer and have a breakout.
Wonder if Los Azules jewel city with hotel will have some other major attractions like the Cresta run.
Hey they got the ice ! hehe
The Cresta Run 125th Anniversary Film
I think thats Rob in green skeleton suit at 2:42 ish mark haha
$MUX
Nice interview. Amazing with all that is going on, rather quickly, in the Middle East how gold is able to maintain a price per ounce below $2,000 on a trillion dollar annual U.S. debt servicing. Its almost as believable as those, which Rob briefly touches on, that believe they can control the climate in the world.
Truth is truth and I believe there is a lot of manufactured half truths floating around.
Rob McEwen Discusses Mining And McEwen Mining
RocksAndStocksNews
Nov 10, 2023
Rob McEwen has had a stellar career in mining, in this interview he shares his insights into what the mining industry needs and efforts they are making at McEwen Mining to be a leader of change.
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