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Growing bipartisan opposition to US Steel purchase by Japanese might not be enough to block deal
with MMGYS A,I. Soundtrack U,S. Steels new Japan theme song "World is Mine"
New York (CNN) — Bipartisan opposition is growing to the proposed $14.1 billion acquisition of US Steel by Japan’s largest steelmaker, but that is unlikely to be enough to block the purchase, according to an expert in foreign investment deals.
Posted 12:18 p.m. Today - Updated 12:17 p.m. Today
By Matt Egan and Chris Isidore, CNN
New York (CNN) — Bipartisan opposition is growing to the proposed $14.1 billion acquisition of US Steel by Japan’s largest steelmaker, but that is unlikely to be enough to block the purchase, according to an expert in foreign investment deals.
A trio of Republican senators Tuesday called for a panel of US officials to block Nippon Steel’s takeover of US Steel due to national security concerns.
WRAL News Brief
Sens. JD Vance, Josh Hawley and Marco Rubio wrote Treasury Secretary Janet Yellen a letter on Tuesday warning the US Steel deal has “dire implications for the industrial base of the United States” and “was not entered into with US national security in mind.”
Yellen chairs the Committee on Foreign Investment in the United States (CFIUS), an interagency panel empowered to review transactions involving foreign investment in America to determine the impact on national security. CFIUS members include the heads of the Department of Defense, State, Homeland Security and Justice.
CFIUS “can and should block the acquisition of US Steel by NSC, a company whose allegiances clearly lie with a foreign state and whose record in the United States is deeply flawed,” Vance, Hawley and Rubio said. They argued CFIUS should launch a review of the deal unilaterally, especially because US Steel received competitive bids from American companies.
The lawmakers note that domestic steel production is “vital to US national security” and cited steps taken by Republican and Democratic administrations to bolster the steel industry. Vance is the junior senator from Ohio, while Hawley and Rubio represent Missouri and Florida, respectively.
“Allowing foreign companies to buy out American companies and enjoy our trade protections subverts the very purpose for which those protections were put in place,” the Republican lawmakers wrote.
Vance, Hawley and Rubio cautioned that Nippon Steel “does not share US Steel’s storied connection to the United States and its financial interests are tied to those of Japan.” The lawmakers note that Nippon has previously been found guilty of unlawfully dumping flat-rolled steel products in the United States.
Ohio’s other senator, Democrat Sherrod Brown, also issued a statement Monday opposing the deal.
“A foreign company should not be able to swoop in, ignore the voices of union workers, and buy a major American steel manufacturer behind closed doors,” said Brown, who faces reelection in 2024. “Nippon and US Steel have insulted American steelworkers by refusing to give them a seat at the table and raised grave concerns about their commitment to the future of the American steel industry.”
Brown said that if US Steel is going to be sold, it should be purchased by Ohio-based Cleveland Cliffs, which had the support of the United Steelworkers union in its failed effort earlier this year to buy US Steel.
Sen. Joe Manchin, the West Virginia Democrat who is not seeking reelection but is still considering an independent campaign for president, also attacked the sale of the company to a foreign rival.
“This is a major blow to the American steel industry which has been instrumental in making us the superpower of the world and a direct threat to our national security,” he said in a statement Tuesday. “At a time when domestic manufacturing – including in the US steel market – is facing increased competition from unfair trade, we must be doing everything we can to prevent any further deterioration of American ownership
Sen. John Fetterman, a Pennsylvania Democrat, also decried the proposed sale.
“It’s absolutely outrageous that US Steel has agreed to sell themselves to a foreign company,” Fetterman said Monday in a statement. “Steel is always about security – both our national security and the economic security of our steel communities. I am committed to doing anything I can do, using my platform and my position, to block this foreign sale.”
And the United Steelworkers union is also on record opposing the deal.
The proposed deal “demonstrates the same greedy, shortsighted attitude that has guided US Steel for far too long,” said USW President David McCall. “We remained open throughout this process to working with US Steel to keep this iconic American company domestically owned and operated, but instead it chose to push aside the concerns of its dedicated workforce and sell to a foreign-owned company.”
Blocking deal still is ‘quite unlikely’
Despite the growing political opposition to the deal from politicians and the United Steelworkers union, it is unlikely that CFIUS would block the deal by a close US ally such as Japan, said Michael Leiter, head of the CFIUS and national security practices at law firm Skadden, Arps.
“This has never happened before for a Japanese buyer of a US business - even in the height of US-Japan trade tensions in the 1980s and 1990s - and it seems quite unlikely that it would do so here,” he told CNN.
No matter the recommendation of CFIUS, the final decision rests with the president, Leiter said. Even with the political pressure from the both parties and the importance of Ohio and Pennsylvania in next year’s election, Leiter doesn’t think Biden would act to block the deal.
“Were President Biden to reject the deal this would immediately create a significant issue with our Japanese allies given the importance of collaboration on other critical issues such as China and semiconductor production and supply chains,” he said.
Representatives from US Steel did not respond to requests for comment on the letter or Brown and Fetterman’s objections. Treasury declined to comment.
US Steel officials touted the deal on Monday, arguing it’s in the best interest of all parties, including the United States. And they said they are confident it will be able to win regulatory approval.
Although US Steel was once the world’s most valuable company, it has been in decline for decades along with the broader domestic steel industry
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https://www.wral.com/story/growing-bipartisan-opposition-to-us-steel-purchase-by-japanese-might-not-be-enough-to-block-deal/21202784/
American's furious after biggest auto steel supplier sold off to Japan
Sorry America loses U S Steel
with MMGYS Soundtrack
Continuing full coverage
US Steel accepts $14.1 billion Nippon bid after rejecting Cliffs
Bloomberg News | December 18, 2023 | 6:48 am Markets Asia USA Iron Ore
Credit: US Steel
Nippon Steel Corp. will buy United States Steel Corp. for $14.1 billion to create the world’s second-largest steel company — and the biggest outside of China — with a key role in supplying American manufacturers and automakers.
The deal caps months of uncertainty over the future of US Steel, an icon of American industry, which has been considering potential transactions since it rejected an offer from rival Cleveland-Cliffs Inc. for $7.25 billion in mid-August.
For Nippon, Japan’s biggest steel producer, the transaction provides a large foothold in the American steel industry at a time when domestic demand is poised to benefit from rising infrastructure spending. US Steel is a key supplier to the lucrative automotive market in particular. The Japanese company has been seeking growth overseas to offset a litany of challenges facing its current operations.
Nippon will pay $55 a share in cash, the companies said in a statement. The deal announced Monday is a 142% premium to US Steel’s share price on the last trading day before it announced the review and Cliffs revealed it had made a bid. The company’s shares jumped 25% to $49.30 at 9:36 a.m. in New York. Cliffs was up 7.2%.
The deal would create a steel giant with plants stretching from Slovakia to Osaka to Pennsylvania. It would be the world’s second-biggest steelmaker with more than 86 million tons of capacity, leapfrogging Luxembourg-headquartered ArcelorMittal SA, according to a company presentation and Bloomberg calculations. Only China’s state-owned China Baowu Steel Group Corp. would have more.
Nippon has been seeking growth abroad as it struggles with a slowdown in domestic demand, the rapidly weakening yen and a surge in competition across Asia. The firm has been shutting blast furnaces in Japan due to weak needs.
In a presentation, Nippon said it was expanding its US presence to benefit from a growing population, cheap energy and renewed focus on building infrastructure. The company said it had secured commitments to finance the transaction from Japanese banks.
For American industry, the takeover will mark the end of an era. US Steel traces its roots back to 1901 when J. Pierpont Morgan merged a collection of assets with Andrew Carnegie’s Carnegie Steel Co.
It has undergone a dramatic shift in recent years under CEO David B. Burritt, as its investment focus pivoted away from traditional blast-furnace production of steel from iron ore, toward more modern and less-polluting plants that remelt metal scrap instead.
The company took center stage in the global steel industry in August, when it revealed it had rejected an offer from Cliffs and begun a strategic review.
The announcement kicked off a dramatic few weeks, as the influential United Steelworkers union threw its support behind Cliffs’ pugnacious chief executive, while a little-known buyer startled the industry with an even larger offer, before abruptly pulling its interest days later.
As US Steel considered its options, analysts have speculated certain buyers would be more focused the firm’s Big River Steel plant in Arkansas, which uses the greener and more efficient modern electric arc furnaces, while seeking to offload the older blast furnace assets.
Nippon Steel executive vice president Takahiro Mori said Nippon’s plan is to continue with US Steel’s existing plans for the company, including completing the Big River project and continuing to operate the legacy steelmaking assets. Mori didn’t rule out changes down the road.
“We are supportive of US Steel’s plan,” Miro said in an interview. “After a few years we may think in another way, but at this moment we are just following the current plan.”
Passing CFIUS
The deal requires US Steel shareholder approval, and will need to clear regulators, including the Committee on Foreign Investment in the US, or CFIUS. Some US politicians had already come out criticizing the idea of a foreign purchaser of the iconic American company while US Steel was assessing potential bids.
Nippon’s Mori said he is confident on clearing the hurdle, pointing to Japan’s strong relationship with the US. “I don’t have any concern about passing CFIUS,” he said.
The two companies have agreed that US Steel will keep its name and headquarters. Nippon also said it will honor all agreements US Steel has with the USW, which has repeatedly said it won’t support any foreign bidders.
Relations between the USW and US Steel have remained strained. USW president David McCall said he received a call at 6 a.m. New York time from US Steel CEO Burritt, who left a voicemail. McCall said it would have been the first time he had spoken to the executive since becoming the union’s top official in September, following the death of former president Tom Conway.
“This is not how this is going to work,” McCall said in an interview. “We don’t know Nippon.”
The union has a transferable right — which it has said it would pass on to Cliffs — to counterbid after an offer for US Steel as part of its collective bargaining agreement.
However, Cliffs said in a statement it congratulated US Steel on the deal and wished it well with the transaction. Cliffs will refocus its capital allocation priorities towards more aggressive share buybacks, CEO Lourenco Goncalves said.
Citigroup Inc. is acting as financial adviser to Nippon Steel, while Barclays Plc, Goldman Sachs Group Inc. and Evercore Inc. are advising US Steel.
(By Joe Deaux, Eddie Spence and Stephen Stapczynski)
https://www.mining.com/web/nippon-steel-agrees-to-buy-us-steel-for-14-1-billion/
United Steelworkers union blasts $15B U.S. Steel-Nippon deal
by Nathan Bomey
, author of
Axios Closer
The United Steelworkers (USW) union on Monday ripped U.S. Steel and its proposed acquirer, Nippon Steel, for agreeing to a $15 billion deal without its approval.
Why it matters: The USW's response sets the stage for a fight over the transaction. The union has said previously that its contract with U.S. Steel requires any prospective buyer to agree to a new labor deal before a sale can be finalized.
Driving the news: On Monday, Japan-based Nippon's announced a bid for U.S. Steel — an iconic American company that powered the nation's building boom in the 1900s, but later became a symbol of industrial decline.
However, the deal is likely to attract tough regulatory scrutiny, especially given the prospective buyer is not US-based.
Anti-trust scrutiny is not a concern "because they have very little footprint in North America," CFRA Research's Matthew Miller tells Axios.
But, he adds, the deal could face scrutiny from the U.S. government over the fact that a foreign company would be acquiring critical American assets.
What they're saying: USW President David McCall hammered the deal as "greedy" and "shortsighted" and pledged to "exercise the full measure of our agreements to ensure that whatever happens next with U.S. Steel, we protect the good, family-sustaining jobs we bargained."
"Neither U.S. Steel nor Nippon reached out to our union regarding the deal, which is in itself a violation of our partnership agreement that requires U.S. Steel to notify us of a change in control or business conditions," McCall said.
"Based on this alone, the USW does not believe that Nippon understands the full breadth of the obligations of all our agreements, and we do not know whether it has the capacity to live up to our existing contract."
He also criticized U.S. Steel for arranging a deal to "sell to a foreign-owned company."
Flashback: Earlier this year, U.S. Steel rejected a bid by U.S.-based Cleveland-Cliffs, and said it would explore strategic alternatives.
Potential rival bids by Esmark and ArcelorMittal never came to fruition after the USW said it had transferred its bidding rights to Cleveland-Cliffs.
The Cleveland-Cliffs deal also faced opposition from the auto industry, one of the steel sector's biggest clients.
The other side: Representatives from U.S. Steel and Nippon Steel did not immediately respond to Axios' requests for comment on the USW's statement.
The big question: Whether U.S. Steel get this deal across the finish line amid opposition from the USW and political scrutiny.
2024 "is a presidential election year, and this is going to be a political lightning rod," Miller says. "You don't want to be on the wrong side of that."
https://www.axios.com/2023/12/18/ussteel-nippon-usw-steelworkers
This has some shades of the teck deal will go on well into 2024
but no worries..... I have the juke box all keyed up ....hehe
Nippon Steel Corporation (NSC) to Acquire U. S. Steel, Moving Forward Together as the ‘Best Steelmaker with World-Leading Capabilities’
https://investors.ussteel.com/news-events/news-releases/detail/659/nippon-steel-corporation-nsc-to-acquire-u-s-steel
Friedland says $15,000/t copper price needed to spur new mines
with MMGYS Soundtrack
Bloomberg News | December 15, 2023 | 11:13 am Markets Top Companies Latin America Copper
Friedland’s Ivanhoe Electric Seeks as Much as $180 Million in IPO
Robert Friedland, founder and chairman of Ivanhoe Mines. (Image: Screenshot from PENDA Productions video | Vimeo)
Copper prices need to nearly double in order to prompt mining companies to build costly mines to meet rising demand for critical materials, according to billionaire Robert Friedland.
The mining magnate said that forecasts of copper prices reaching $9,000 a metric ton next year isn’t enough to stimulate the industry to take on risks of building huge, capital intensive mines, especially in Latin America.
“We probably need about $15,000 a ton, stable for a long period of time, before the industry can really gear up and build those giant mines,” Ivanhoe Mines Ltd.’s founder and executive co-chairman said Friday in an interview on Bloomberg Television.
Demand for metals like copper is set to jump as nations mandate cleaner energy technology while vying to develop their own supply chains. Meanwhile, a slew of major setbacks at key mining operations is seen tightening the market for the wiring-metal in the coming year, erasing a large surplus that analysts had been expecting going into 2024.
Copper prices on the London Metal Exchange traded at $8,531 a ton on Friday.
(By Alix Steel, Dani Burger and Jacob Lorinc)
Read More: The world’s copper supply is suddenly looking scarce
https://www.mining.com/web/friedland-says-15000-t-copper-price-needed-to-spur-new-mines/
Copper prices could run as high as $5 per pound in 2024, says Ellis Martin
Kitco Mining
Dec 15, 2023
Next year will be a breakout year for copper, said Ellis Martin, founder of The Ellis Martin Report.
In late-November Martin was interviewed at Resourcing Tomorrow held in London, UK.
“I think we're going to see something we've never really seen before at least in a sustained fashion. We're going to see a rise in the copper market,” said Martin, predicting that the red metal could go as high as $5 a pound next year. “It’s going to be very good for the equities and I believe you'll see more of a consolidation between the majors, the mid- tiers and the juniors.”
Martin cited Rio Tinto’s (NYSE:RIO) recent CAD$6 million investment into Western Copper & Gold’s (TSX:WRN) Casino project as an example. The greenfield copper and gold property, located in the Canadian Yukon territory, is at the feasibility stage.
Regarding the seeming lack of interest by large copper miners in smaller companies, Martin said the former are waiting to time it right.
“They’ve had their eyeballs on everything for a long time, they’ve never taken their eyes off… they’d like to know that there's no more downside, and some signal that this energy transition is going to hold. People will continue to build and manufacture batteries and electric vehicles, and also there's some sort of turn in the general economy of the world which we haven't really seen yet.”
In this bear market, Martin urged resource investors to load up on cheap stocks.
“This is the time where you can hit that five-bagger, 10-bagger, and maybe 20-bagger. If you're patient, you can wait one to two to five years. Now’s the time,” he said.
The interview was sponsored by Aris Mining (TSX:ARIS).
______________
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.
Aluminium High Grade Dec '23 (Q8Z23)
2,162.75s +64.65 (+3.08%) 12/14/23 [LME]
QUOTE OVERVIEW for Thu, Dec 14th, 2023
https://www.barchart.com/futures/quotes/Q8Z23
Slouching Back to Babylon
with MMGYS Soundtrack
"We live in an age when breaking the rules for personal profit, cheating if you will, and telling lies about it has become an accepted means of acting in public, quietly fashionable, almost admirable to some, provided that the lying is done skillfully, more as a distortion than an outright whopper, and with style.
What is truth? This could be the vulgar motto for the generation that is passing. Truth is whatever we say it is, and woe to any who dare to disagree with the lie, or bring any light to our fanciful imaginings. The children of the darkness of this world will hate them for it. For they are given over to greed and power, not truth."
Jesse, What Is Truth, 15 June 2016
“The more power a government has, the more it can act arbitrarily according to the whims and desires of the elite, the more it will make war on others and murder its foreign and domestic subjects. And for the elite to sufficiently coalesce to commit itself to murdering its own citizens, there must be a near fanatical, driving interest.
Power can now achieve its potential. Where also the elite have built up frustrations regarding those who have lost power or nonetheless feel threatened by them, where they see them as outside the moral universe, where they have dehumanized them, where the outgroup is culturally or ethnically distinct and the elite perceive them as inferior, or where any other such factors are present, Power will achieve its murderous potential. It simply waits for an excuse, an event of some sort, an assassination, a massacre in a neighboring country, an attempted coup, a famine, or a natural disaster, that will justify beginning the murder en masse.
R. J. Rummel, Death By Government, 1994
“Religion used to be the opium of the people. To those suffering humiliation, pain, illness, and serfdom, religion promised the reward of an after life. But now, we are witnessing a transformation: a true opium of the people is the belief in nothingness after death, the huge solace, the huge comfort of thinking that for our betrayals, our greed, our cowardice, our murders, we are not going to be judged.”
Czeslaw Milosz, Discreet Charm of Nihilism
The equity rally fizzled in the big dogs, aka The Magnificent Seven of tech, grandchildren of the Nifty Fifty, but did spread to the lesser knowns of the Russell 2000.
Gold and silver rallied again, as the The Dollar weakened further.
Gold did give up quite a bit of its gain, but silver stood firm impressively.
VIX bounced a little but remains subdued.
Stock Index option expiration in a triple witch tomorrow.
At some point the most recent gold pool is going to collapse, and the metal may see $100+ rally days.
But until then we can only watch the elites attempting to breath some life back into an obvious equity bubble.
Is this for the year end, a traditional hand off to the bigger fools, or something presaging a miraculous 'soft landing' in which inflation subsides while the economy grows with vigor.
Will otherwise good, educated people throw away their morals, and join the forces of pillage and murder?
Be as mindful of your own soul as your coin purse and stock portfolio, for that is what this is all about.
Have a pleasant evening.
https://jessescrossroadscafe.blogspot.com/
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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/
Hunting for Gold & Water In My Abandoned Ghost Town!
Ghost Town Living
Premiered 20 hours ago #15 on Trending
Hello there! This past month was a great one up here at Cerro Gordo! We had a lot of experts come to look for things like water, gold, and wood. We made progress on a lot of projects and even started some new ones.
The Most Valuable Plot Of Land In America
Canadian Gold Corp.
Announces Final Closing of Private Placement
and Drilling Update at Tartan Gold Mine
Toronto, Ontario – November 30, 2023 –
Canadian Gold Corp. (TSXV: CGC (“Canadian Gold” or the “Company”) announces the completion of the final tranche closing of its private placement offering,
resulting in aggregate gross proceeds of $2,515,750 (see news releases dated November 6, and November 16, 2023).
Overall, a total of $1,699,296 was raised by the issuance of flow through shares (all tranches of flow through shares) at a price of $0.205 per flow through share,
and $816,454 was raised by the issuance of all units, at a price of $0.14 per unit. Each unit is comprised of one common share and one purchase warrant
entitling the holder to acquire one additional common share at a price of $0.215 per share for 18 months.
The final tranche closing, included in the above, resulted in the issuance of: (i) 536,585 flow through shares for gross proceeds of $110,000; and (ii) 350,000 units
at a price of $0.14 per unit, for gross proceeds of $49,000.
The proceeds from the issuance of flow through shares shall be used allowing investors to claim deductions for the Company’s Canadian Exploration
Expenditures (CEE), reducing an investor's Canadian taxes.
Officers, directors, and other insiders subscribed for an aggregate $643,657 of the gross proceeds, which resulted in related party considerations pursuant to
TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). Canadian
Gold Corp. relied on the exemptions contained in section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(a) of MI
61- 101 for an exemption from the minority approval requirement as the fair market value of the securities distributed under the offering, insofar as it involved
interested parties, did not exceed 25% of the Company’s market capitalization.
In connection with all closings for this placement, the Company paid an aggregate $108,824 in finders fees to eligible finders.
As announced on November 8, 2023, the Phase 2 drilling program is still ongoing, with two holes completed to date (950 metres in total), each of which
successfully intersected the Main Zone.
For Further Information, Please Contact:
Ed Huebert
President and Chief Executive Officer
Canadian Gold Corp.
ed@canadiangoldcorp.com
204-771-2180
About Canadian Gold Corp.
Canadian Gold Corp. is a Toronto-based mineral exploration and development company whose objective is to expand the high-grade gold resource at the past
producing Tartan Mine, located in Flin Flon, Manitoba.
The Company holds a 100% interest in greenfields exploration properties in Ontario and Quebec adjacent to some of Canada’s largest gold mines and
development projects, specifically, the Canadian Malartic Mine (QC), the Hemlo Mine (ON) and Hammond Reef Project (ON).
The Company is 36.6% owned by Robert McEwen, who was the founder and CEO of Goldcorp and is Chairman and CEO of McEwen Mining.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of Company contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Canadian Gold’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
Central Banks On Course For "Colossal" Year Of Gold Buying
Tyler Durden's Photo
BY TYLER DURDEN
FRIDAY, NOV 03, 2023 - 04:20 AM
Via SchiffGold.com,
After setting a record through the first half of the year, central banks continued to gobble up gold in the third quarter.
https://www.zerohedge.com/commodities/central-banks-course-colossal-year-gold-buying
Gold Breaks Out of Inside Day: Bullish Momentum Building
By: Bruce Powers | November 3, 2023
• Amid strong upward movement, gold targets a breakout above the trend high, setting the stage for a possible new record monthly close in November.
Navigating Gold’s Rise: Breakouts, Retracements, and Long-Term Potential
By: Bruce Powers | November 30, 2023
• Gold, after a stellar rally, takes a breather with a short-term pullback, but signs point to a continuation, with record monthly close reinforcing its upward trajectory.
Gold pulls back slightly today as it drops below yesterday’s low of 2,035 and it very well may close weak, below yesterday’s low. Wednesday’s high of 2,052 completed a 13.3% rally from the October 6 swing low, so it wouldn’t be surprising to see two or more days of a pullback before gold is ready to continue its uptrend. Nevertheless, once a retracement is complete higher targets remain valid.
Canadian Gold Corp. Announces Exploration and Financing Update
October 31, 2023
Toronto, Ontario – October 31, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to announce the completion of its regional field exploration program, and that planning for a November, 2023 phase 2 drill program at the 100%-owned Tartan Mine, situated in the prolific Flin Flon-Snow Lake Greenstone Belt, Manitoba, is currently underway.
https://canadiangoldcorp.com/news-2023/
Canadian Gold Corp. Announces Non-Brokered $2.25 Million Financing, Lead order from Rob McEwen the Company’s Largest Shareholder
October 18, 2023
Toronto, Ontario – October 18, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) announces that it has initiated a non-brokered private placement offering of up to $2,225,000, by the issuance of both flow-through common shares and non-flow through Units. Rob McEwen, the Company’s largest shareholder (37.6% of the outstanding common shares) has committed to purchase $500,000 of the Units.
Edward Huebert Appointed President and CEO
October 18, 2023
Toronto, Ontario – October 18, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to announce, with the endorsement of Rob McEwen (the Company’s largest shareholder – 37.6% of the outstanding common shares), the appointment of Edward (Ed) Huebert, as President, Chief Executive Officer, and director. Ed will be replacing Ian Ball, who was serving as Interim President and CEO.
Phase 1 Exploration & Development Update at Tartan Mine
September 27, 2023
Toronto, Ontario – September 27, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to announce additional drill results from its Phase 1 Exploration Program at the Tartan Mine, located near Flin Flon, Manitoba, which builds on the earlier drill holes that are targeting resource growth at depth (click here August 23, 2023 news release). The results to date indicate the potential for a larger discovery below the current resource estimate, which remains open for meaningful expansion. The Company is also providing an update on its regional field work at the Tartan Mine, where high-grade gold samples have been identified approximately 1.4 kilometres (km) from the mine, with the goal of discovering a third zone close to the existing infrastructure, and an update on its engineering review, specifically around the process plant design and potential mine reopening.
Phase 1 Exploration at Tartan Mine Significantly Expands High-Grade Mineralization Below Resource Limit Indicating Potential for Larger Discovery at Depth
August 23, 2023
Toronto, Ontario – August 23, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to announce initial results from its Phase 1 Exploration Program at the Tartan Mine, located near Flin Flon, Manitoba, including its first test at depth. Drilling has intersected one of the best holes in the mine’s history, 325 metres below the lower limit of the current resource estimate, increasing the vertical extent of the high-grade mineralization by 61% compared to the resource (Fig. 1). Hole TLMZ23-26 returned 12.0 gpt gold over 8.0 metres, inside the widest interval ever at the Tartan Mine, 4.2 gpt gold over 53.7 metres, and has outlined the potential for a larger discovery at depth. The drill highlights for the first three holes can be seen in Table 1.
Robert McEwen Appoints Jim Downey to Board of Directors Long Serving Member of Provincial Legislature
August 1, 2023
Toronto, Ontario – August 1, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) announces that Robert McEwen, the Company’s largest shareholder (owning 37.6% of the outstanding common shares), has exercised his option and appointed Jim Downey as his second board nominee. Mr. Downey’s appointment will help strengthen the Company’s connection with Manitoba as it advances the Tartan Mine, near Flin Flon.
Update to Shareholders on Tartan Mine Tax Incentives
July 25, 2023
Toronto, Ontario – July 25, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to announce that Manitoba Finance has confirmed that the Company’s Tartan Mine, located near Flin Flon, would be considered a “Major Expansion” and eligible for a tax holiday should the mine re-enter production. Under the Mining Tax Act, companies need to meet certain requirements to receive the tax holiday. Based on the Company’s review and meetings with Manitoba Finance, the Tartan Mine should meet all requirements.
Tartan Mine: Looking To Improve Financial Returns & Sustainability
June 5, 2023
Toronto, Ontario – June 5, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to outline several initiatives the Company is undertaking at the Tartan Mine (Flin Flon, Manitoba) to improve potential future returns, while focused on sustainability. In addition to the items outlined in this news release, the most important driver for the Company will be the discovery of additional high-grade gold resources.
Phase 1 Exploration Program to Begin at Tartan Mine Main Objective: Extend High-Grade Gold at Depth Property Wide Exploration Potential Outlined
May 12, 2023
Toronto, Ontario – May 12, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to announce that its Phase 1 exploration program at the 100%-owned Tartan Mine near Flin Flon, Manitoba will begin on June 1, 2023. The Company is using this opportunity to highlight for shareholders the discovery potential on the property, specifically at the mine, and at its recently acquired projects adjacent to Agnico Eagle’s Hammond Reef Gold Deposit (Ontario) and Barrick’s Hemlo Gold Mine (Ontario). The Company plans to update shareholders in the coming weeks on its various initiatives designed to improve the economics of the Tartan Mine and its future advancement.
Satori Resources Name Change to Canadian Gold Corp. New Ticker Symbol “CGC” ON TSX Venture Exchange
May 4, 2023
Toronto, Ontario – May 4, 2023 – Canadian Gold Corp. (the “Company”) (BUD – TSX-V) (formerly Satori Resources Inc.) is pleased to announce that its corporate name change has been completed and trading of the Company’s common shares on the TSX-V will commence under the ticker symbol “CGC”, as of tomorrow, Friday, May 5, 2023.
Ian Ball Appointed Interim President & CEO Satori Resources
April 27, 2023
Toronto, Ontario – April 27, 2023 – Satori Resources Inc. (“Satori” or the “Company”) (BUD – TSX-V) is pleased to announce Ian Ball has been appointed interim President and CEO effective today. Ian will replace Jennifer Boyle, who is continuing with the Company as Executive Vice-President and Director.
Satori Closes Acquisition of Rob McEwen’s Apollo Exploration Resulting in Rob McEwen Holding 37.6% of the Company
April 25, 2023
Toronto, Ontario – April 25, 2023 – Satori Resources Inc. (“Satori” or the “Company”) (BUD – TSX-V) is pleased to announce that it has completed the acquisition of Rob McEwen’s 100% owned private exploration company, Apollo Exploration Inc. (“Apollo”). Rob McEwen is now the Company’s largest shareholder representing 37.6% of the Company. Satori has approximately $2,000,000 in cash, no debt, and in addition to the Tartan Lake Mine, now owns exploration properties in Ontario and Quebec surrounding some of Canada’s largest gold mines and development projects (see news releases dated February 4, 2023 and March 31, 2023).
Satori Shareholders Approve Acquisition of Rob McEwen’s Apollo Exploration, Resulting in Rob McEwen holding a 37.6% of the Company – New Company proposed to be Named Canadian Gold Corp.
March 31, 2023
Toronto, Ontario – March 31, 2023 – Satori Resources Inc. (“Satori” or the “Company”) (BUD – TSX-V) is pleased to announce that shareholders have approved the acquisition of Rob McEwen’s 100% owned private exploration company, Apollo Exploration Inc. (“Apollo”). Apollo has been acquiring key exploration projects around Canada’s largest gold mines and development projects, including the Canadian Malartic Mine (Agnico Eagle), the Hemlo Mine (Barrick Gold) and the Hammond Reef Project (Agnico Eagle). At closing, the combined company will have approximately CDN$2.2 million and no debt.
Rob McEwen to Acquire 37.6% of Satori Resources
February 6, 2023
Toronto, Ontario – February 6, 2023 – Satori Resources Inc. (TSXV:BUD) (“Satori” or the “Company”) is pleased to announce that the founder and former Goldcorp Inc. Chairman and CEO, Rob McEwen, will become Satori’s largest shareholder owning 37.6% of the Company with the objective of expanding the high-grade gold zones at the past producing Tartan Lake Gold Mine in Flin Flon, Manitoba. Satori is proposing to acquire Rob McEwen’s 100% owned private exploration company, Apollo Exploration Inc. (“Apollo”), that has been acquiring key exploration projects around Canada’s largest gold mines and development projects, including Canadian Malartic Mine (Agnico Eagle), the Hemlo Mine (Barrick Gold) and the Hammond Reef Project (Agnico Eagle) (Fig. 1, 2 & 3). Upon closing, Apollo will also have approx. CDN$1.5 million in cash and no debt.
$GOLD PRICES HIT ALL TIME HIGH IN AUSTRALIA, JAPAN, CHINA, TAIWAN | CNBC TV18
WATCH
https://www.bitchute.com/video/ePabMYIGyaoh/
$GOLD HUGE! This Is the BIGGEST $Gold News in 50 Years, It's Time to Go All-In - Andy Schectman
Finance Log
15.8K subscribers
Gold Speaks Uncomfortable Truths
with MMGYS soundtrack
"For the game had never been fair, the dice were loaded. They were swindlers and thieves of pennies and dimes, and they had been trapped and put out of the way by the swindlers and thieves of millions of dollars."
Upton Sinclair, The Jungle
"Gold has worked down from Alexander's time. When something holds good for two thousand years I do not believe it can be so because of prejudice or mistaken theory."
Bernard Baruch
“Absolute power does not corrupt absolutely, absolute power attracts the corruptible.”
Frank Herbert, Children of Dune
“Sometimes people hold a core belief that is very strong. When they are presented with evidence that works against that belief, the new evidence cannot be accepted. It would create a feeling that is extremely uncomfortable, called cognitive dissonance. And because it is so important to protect the core belief, they will rationalize, ignore and even deny anything that doesn't fit in with the core belief.”
Frantz Fanon
"The press is the hired agent of a monied system, and set up for no other purpose than to tell lies where their interests are involved."
Henry Adams, The Letters of Henry Adams
The equity markets were divergent today, with the SP500 moving higher, but the tech heavy NDX finishing decidedly lower.
Gold fell, as the Dollar rose sharply.
Silver rallied once again, in step more with the SP 500. It has the appearance of a short squeeze.
VIX fell.
Have a pleasant evening.
https://jessescrossroadscafe.blogspot.com/
more cards here
“Right Now is When You Can Make 5x-10x Your Money Just Catching the Cycle” says $FURY CEO Tim Clark
MiningStockEducation.com
Nov 30, 2023 #gold #goldstocks #goldinvesting
“Right Now is When You Can Make 5x-10x Your Money Just Catching the Cycle” says Fury Gold CEO Tim Clark. “The problem here is the market. The problem is the lack of liquidity in the junior space. But that will change. And I think my message to investors now is: I’m not asking you to go out and buy a huge chunk of $FURY. But I think you’d be prudent to buy some. Because once this market moves, because of a lack of liquidity, you’ll have a hard time getting in at a reasonable price and you’ll be sitting there doubting yourself as it is up 50% wondering if it is going to go up 100%. And if it goes up 100% you are going to be killing yourself that you did not get in.”
Currently $FURY has a C$78m market cap with a $61m treasury in $DV.v shares ($53m) and cash ($8m). So unlike most gold explorers now, the company does not have financing risk. Functionally, $FURY is currently a call option on Dolly Varden Silver ($DV.v).
SVP Exploration Bryan Atkinson reviews the just-released positive infill drill results from the Hinge Target at the high-grade Eau Claire gold project located in the Eeyou Istchee Territory in the James Bay region of Quebec. The Hinge Target infill program has increased confidence in the geological model and potential for expansion of the Eau Claire resource to the west. Drilling continues to intercept multiple zones of gold mineralization including 5.5 metres (m) of 4.52g/t gold and 3.0m of 3.34g/t gold from 23EC-069; 1.0m of 20.20g/t gold and 3.5m of 3.51g/t gold from 23EC-070; 1.0m of 19.55g/t gold from 23EC-066; and 3.5m of 3.82g/t gold from 23EC-067.
Mining The Deep Sea Offers Green Energy Potential But Environmental Risk
Scripps News
Nov 27, 2023
From the Pacific Islands to the Arctic Circle, “In Real Life” goes to the frontlines of the debate over deep sea mining. As companies rush to the bottom of the oceans to mine rare earth minerals that could power future technology, conservationists push back on impacts on fragile marine ecosystems.
Refining Pure Gold From An 1800s Gold Mine!
Ghost Town Two
Nov 15, 2023
I took a trip to Washington state to meet up with my friend Jason at his gold mine from the 1800s. He is reopening the mine and was nice enough to allow us to take a tour and do some mining! We spent the day chipping out gold from the walls and refining it back at Jason's shop.
Happy Thanksgiving
Why the FED will revalue gold 2024 - LFTV Ep 149
Kinesis Money
Nov 17, 2023
In this week’s episode of Live from the Vault, Andrew Maguire reveals the Federal Reserve’s Achilles Heel: the exchange of deflating dollars to undervalued bullion, ask asks why anyone would buy treasuries when they could buy gold.
Andrew explains how global central banks are accruing physical gold ahead of this game-changing event. The precious metals expert and whistleblower reveals there may be only 35 trading days until a possible gold revaluation.
“Unless You Need the Money, Don’t Sell Junior Gold Stocks Here” says Fund Manager Dave Kranzler
Mining Stock Education
Nov 14, 2023 #goldstocks #miningstocks #resourceinvesting
“Unless You Need the Money, Don’t Sell Junior Gold Stocks Here” says fund manager Dave Kranzler in this MSE episode. Dave is the editor of the Mining Stock Journal. He returns to the program to provide his commentary on precious metals and reveal some junior gold stock picks. Dave holds an MBA from the University of Chicago with a concentration in accounting and finance. Over the years he has worked in various analytic and trading jobs on Wall Street. For nine years of those years he traded junk bonds for a large bank. For the past 16 years, Dave has been an avid student of the precious metals markets and steadfast proponent of holding physical gold and silver in one’s portfolio. Currently, he co-manages a precious metals and mining stock investment fund in Denver. Dave’s stated goal is to help people understand and analyze what is really going on in our financial system and economy.
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
$STRRF Approval of $300,000 Grant From Manitoba Mineral Development Fund (MMDF)
Increases Company’s Exploration Funding
Toronto, Ontario – November 13, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to announce that it has been approved for a $300,000 grant from the Manitoba Mineral Development Fund (“MMDF”) as announced at the CCMEC Mineral Conference held in Winnipeg, Manitoba last week. This grant, when combined with the Company’s treasury and pending final tranche closing of the current financing, will increase Canadian Gold’s total capital to approximately $3.5 million.
Canadian Gold CEO Ed Huebert said, “We wish to thank the MMDF for supporting our exploration program at the Tartan Mine near Flin Flon, Manitoba. This funding will help advance the ongoing (2023/24) 2,500 metre diamond drill program” (Click HERE to see the Company’s news release dated November 8, 2023 for further details).
Canadian Gold Corp. acknowledges the significant impact that the MMDF has on mineral exploration in Manitoba, which augments economic development and regional investment across the province. The MMDF program and the Manitoba Mineral Exploration Tax Credit (“MMETC”) make Manitoba a strong destination for mineral exploration. Manitobans may avail themselves of unique tax incentives when investing in eligible Manitoba mineral exploration projects, such as the Tartan Mine.
The MMETC provides Manitoba residents with some of the most advantageous tax credits in Canada, when compared to other provinces. Being able to access this funding for future exploration programs should allow the Company to lower its cost of capital when raising equity, and to help limit dilution, thereby better preserving each shareholder’s percentage ownership in Canadian Gold. Additional details regarding MMETC tax credits for Manitoba residents can be found on the Prospectors & Developers Association of Canada (“PDAC”) website by clicking HERE.
About Canadian Gold Corp.
Canadian Gold Corp. is a Toronto-based mineral exploration and development company whose objective is to expand the high-grade gold resource at the past producing Tartan Mine, located in Flin Flon, Manitoba. The Company holds a 100% interest in greenfields exploration properties in Ontario and Quebec adjacent to some of Canada’s largest gold mines and development projects, specifically, the Canadian Malartic Mine (QC), the Hemlo Mine (ON) and Hammond Reef Project (ON). The Company is 38.8% owned by Robert McEwen, who was the founder and CEO of Goldcorp and is Chairman and CEO of McEwen Mining.
On behalf of the Canadian Gold Corp. Board of Directors.
For Further Information, Please Contact:
Ed Huebert
Chief Executive Officer
Canadian Gold Corp.
(204) 771-2180
info@canadiangoldcorp.com
Jennifer Boyle
Director
Canadian Gold Corp.
(416) 904-2714
jennifer@capexgroupinc.com
https://canadiangoldcorp.com/approval-of-300000-grant-from-manitoba-mineral-development-fund-mmdf/
Pics of the hotel jewel mining models for $MUX
9:28 mark
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.
Go $MUX.......
........Go Green......
Go McEwen Copper...
Five Reasons Why Junior Mining Investors Fail explains Bill Powers (#4 blindsides newbies)
MiningStockEducation.com
Nov 11, 2023 #smallcapstocks #miningstocks #resourceinvesting
Bill Powers explains five reasons why junior mining investors fail in this MSE episode. He shares numerous insights gained by firsthand experience over the past eight years of focused investing in junior resources stocks. Learn and heed all five warnings, if you have not already. Number four frequently blindsides newbies.
Video mentioned at 7:13 “Discerning Mining Promoter Claims”:
• Discerning Mining Promoter Claims wit...
Video mentioned at 8:47 “Discerning Bias”:
• Discerning Bias in the Mining Investm...
Video mentioned at 19:37 “Bre-X Scam”:
• Warren Irwin | Discerning Mining Stoc...
Video mentioned at 19:48 “Mining Scams”:
• Don’t Fall for Mining Stock Scams War...
Rob McEwen discusses hotel jewel at Los Azules
watch the interview here
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=173199718
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
$STRRF Phase 2 Drill Program Begins at the Tartan Mine
Toronto, Ontario – November 8, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to announce the commencement of its Phase 2 drilling program at the Company’s 100% held Tartan Mine in the prolific Flin Flon-Snow Lake Greenstone belt, Manitoba.
The phase 2 drill program is currently underway and anticipated to occur over the next several months with a minimum of 2,500 metres of drilling planned. The objective of the program is to further test the continuity of gold mineralization within the Main Zone “MZ” to establish its potential size for resource estimation and mine planning purposes. The phase 1 drilling program conducted earlier this year successfully extended the MZ 325 m below the lower limit of the current mineral resource estimate, and increased the vertical extent of the gold mineralization by 61%1.
The MZ mineralization remains open for expansion, and the primary objective of this phase 2 drill program is to target the extension of high-grade mineralization around drill holes TLMZ23-26 and TLMZ21-12 (see Figure 1) by wedging from existing drill holes to reduce overall costs.
TLMZ23-26 (Target 1) – Hole TLMZ23-26 intersected the widest zone of continuous gold mineralization at the Tartan Mine, and returned 12.0 gpt gold over 8.0 m within 4.2 gpt gold over 53.7 m (see News Release August 23, 2023). This intersection is the deepest drilled on the MZ and has indicated the potential for a larger discovery at depth below the current resource estimate. The phase 2 drilling will test east and below this intersection which remains open for meaningful expansion (see Figure 1).
TLMZ21-12 (Target 2) – Hole TLMZ21-12 intersected a hanging wall zone “HWZ” that returned 23.8 gpt gold over 12.6 m including 47.6 gpt gold over 5.8 m (see News Release December 6, 2021). The phase 2 drilling will test the high-grade mineralization to the west and at depth with the use of directional drilling (see Figure 1).
1Indicated mineral resource of 1,180,000 tonnes at 6.3 gpt gold for 240 koz gold and inferred mineral resource of 240,000 tonnes at 4.9 gpt gold for 37 koz gold, both using a 3 gpt gold cutoff (Tartan NI 43-101 Technical Report authored by Mining Plus, April 2017, www.sedarplus.ca).
Figure 1: Main Zone long section illustrating Phase II drill targets.
https://canadiangoldcorp.com/phase-2-drill-program-begins-at-the-tartan-mine/
McEwen Mining shares jump despite Q3 loss
with MMGYS sound track
by
Staff Writer | November 9, 2023 | 9:17 am Markets Canada Copper Gold
McEwen Mining NYSE: MUXTSX: $MUX shares are lifting off despite reporting on Wednesday a loss of C$18.5 million in the third quarter of 2023.
The Toronto-based company said it had a loss of C$0.39 per share, versus the Zacks Consensus Estimate of a loss of C$0.77. This compares to loss of C$0.21 per share a year ago.
The gold and silver mining company posted revenue of C$38.4 million in the period.
According to the miner, consolidated gold equivalent ounce (GEO) production in Q3 improved by 8% compared to both Q2 2023 and Q3 2022. McEwen produced 38,500 GEOs in Q3, and 104,400 GEOs for the nine months ended September 30.
The Fox mine complex in Ontario produced 11,200 oz. of gold and remains on track to meet guidance of 42,000 to 48,000 oz. for the year. The Gold Bar mine in Nevada produced 9,500 oz. of gold, an increase of 20% compared to Q2 2023. The San José mine in Argentina produced 17,800 GEOs, an increase of 3% over last quarter.
The company said it continues to advance exploration at Los Azules in Argentina, aiming to deliver all information required for the feasibility study.
During Q3, it completed planning and preparation work for the 2023-2024 drilling campaign, which has a target of 48,000 meters and includes additional exploration, infill, geotech, hydrological and hydrogeological drilling. The project is anticipated to produce an annual average of 322 million lb. of copper cathode over a 27-year life of mine.
McEwen invested C$18.5 million in Los Azules copper project during the quarter, primarily to build a winter camp, further improve road access, and to construct a logistics facility in San Juan.
The company reiterated its consolidated production guidance at the lower end of a range of 150,000 to 170,000 GEOs for the year.
Shares of McEwen surged 12.7% by 12:14 p.m. EDT Thursday. The company has a market capitalization of C$301 million ($218.5m).
https://www.mining.com/mcewen-mining-shares-jump-despite-q3-loss/
☺️
Gold, Bitcoin rally over? Santa coming early for the S&P?
with MMGYS soundtrack
by
Jonathan Da Silva
Wednesday November 08, 2023 09:08
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Commentaries & ViewsShare this article:
I was wrong about gold consolidating for a quick upward move to its all-time high, but prices are still correcting via time rather than volatility.
The 4-hour chart below shows the breakdown from the flag, which sent the price down another $20 in a hurry. The yellow highlighted box is the same support zone I showed when I originally suggested gold was looking droopy on the daily timeframe before flipping and winding up wrong. I’m not sure the price gets all the way down there, though. I would give bulls the benefit of the doubt still, as I expect this sideways period to lead to a move higher, regardless.
As far as stocks are concerned, more specifically the S&P, I remain bullish. Notwithstanding the suggestion for a long at the exact bottom last week, the chart is providing every reason to stay long. Price looks ready to get up to the top of the Bollinger band range. Looking at momentum, there’s plenty of fuel to propel the move.
The Bitcoin 4-hour chart has the same look to it as gold did before breaking down, but thus far HODLers are proving resilient. I would beware of a correction such as is transpiring in gold if Bitcoin were to break below the bottom of the range shown in the chart below
Of course, like with gold, my view on Bitcoin as far as stacking it has not changed. For that reason - I would also give Bitcoin bulls the benefit of the doubt; that is, dips are to be bought, in my opinion.
https://www.kitco.com/commentaries/2023-11-08/Gold-Bitcoin-rally-over-Santa-coming-early-for-the-S-P.html
Rhyming - Busts and Bubbles
with MMGYS movie scenes
"It was around July 2020, when we were all locked down and not knowing what was going on with our lives, our personal economies, our health, and our families, when I realized that the Federal Reserve had doubled the size – or even more so — of its book of assets. It had created about $5 trillion worth of money in a very short period of time.
During that time, the markets went from being very afraid and down to being very, very high. A lot of people said, well, we’re all at home using Zoom, so therefore the market just rebounded by so much. But that was just a small part of it. The bigger part was that money became available at such an immense level and therefore the distortion between where money goes in the financial markets and where it doesn’t go in the real economy became permanent. At that moment I saw that this can happen in any amount, at any time. There’s no restriction, no transparency, no responsibility."
Nomi Prins, You’re Living in a World Wrought by the Fed, 17 November 2022
"Unless one has placed oneself on the side of the oppressed, to feel with them, one cannot understand. As soon as men know that they can kill without fear of punishment or blame, they kill; or at least they encourage killers, with approving smiles. Evil when we are in its power is not felt as evil, but as a necessity, or even a duty."
Simone Weil
"Once central banks unleashed monetary policy to accommodate mega-banks, subsidize Wall Street financiers, and bolster global markets, the very idea of free and open markets and laissez-faire investing died. No one wanted to call the Fed’s QE a Ponzi scheme. But it was.
Whether it was done to soothe a stock market crash, a ruptured subprime housing market bubble, or a pandemic, the Fed’s response to the financial crisis of 2008 and later crises has confirmed that it will always seek a way to grease the wheels of capitalism for its wealthiest participants and private banks. The results speak for themselves."
Nomi Prins, Permanent Distortion: How the Financial Markets Abandoned the Real Economy, October 11, 2022
As you may have likely heard the economic data this morning from the Non-Farm Payrolls report was a big miss, but apparently not great enough to swing the fear vector all the way around.
Hence, we have the 'goldilocks' effect.
Stocks roared higher, on expectations of no more Fed rate increases anytime soon.
And wistful yearnings for a rate cut.
The Dollar tanked.
Gold and silver rallied. Gold was held below the optic resistance at $2000.
VIX fell again, showing some abandonment of risk concerns, and a generally happy-go-lucky attitude, at least compared to the short term.
I rewatched the movie Margin Call last night. I think the last time was closer to its release around 2011. Has it really been that long?
My son said it was a good movie to watch. I said I had seen it, and had lived it. And the crash before that. And that. And that.
A stunning cast illuminates a realistic but somewhat spare depiction of unbridled greed going badly, for some. It was spare, perhaps, reflecting the characters who were really that banal.
The same sorts of people make the same egregious errors and fiduciary lapses, again and again, and are richly rewarded and rarely punished, pleading ignorance and benign intentions.
Bubbles and busts are acts of nature, right? Maybe the unnatural nature.
Who could have seen it coming— with their eyes closed and their greedy maws open?
Have a pleasant weekend.
https://jessescrossroadscafe.blogspot.com/
Gold lacks the juice to break through $2,000 next week, but analysts don't recommend shorting it
with MMGYS soundtrack
by
Neils Christensen
Friday November 03, 2023 15:43
(Kitco News) - Gold’s inability to convincingly break above $2,000 an ounce is creating some cautious sentiment in the marketplace, with some analysts saying that prices might need to consolidate in the near term before the precious metal takes a run at its all-time highs.
While analysts are not looking to short gold in the environment, some have said its price action is disappointing as gold has not benefited from a sharp drop in yields and weakness in the U.S. dollar.
Currently, at $1,999, gold has ended a three-week winning streak as it looks to close the week roughly unchanged from last Friday. However, prices are down nearly 1% from its opening gap at the start of the week.
Commodity analysts have said that gold continues to be driven by global geopolitical factors as waning fear in the marketplace takes its toll on the precious metal’s safe-haven allure. Although Israel’s war with Hamas continues to rage, the conflict remains within Gaza, keeping the ongoing chaos in the Middle East in check.
"The geopolitical crisis that has fueled gold’s rally is becoming exhausted,” said Christopher Vecchio.
Vecchio said that while a geopolitical event can provide the gold market with tradeable momentum, it does nothing to attract long-term investors. He noted that a gold rally based on a specific geopolitical event needs to see constant escalation to maintain its safe-haven bid.
Vecchio said he exited his gold position last week and will remain on the sidelines in the near-term as he expects prices to consolidate.
"The bulk of gold’s big move is done. But I would not want to short gold as the fundamental backdrop of a weaker dollar and lower bond yields are positive for gold,” he said. "I think gold can continue to grind higher, but it will be a frustrating grind for potential traders.”
David Morrison, senior market analyst at Trade Nation, described gold as a market that is in search of a new catalyst.
Ole Hansen, head of commodity strategy at Saxo Bank, said that he is neutral on gold; he also noted that a consolidation around current levels would be healthy. The neutral outlook comes after gold saw a nearly 7% rally in October, its best monthly performance since March.
"Gold has paused after rallying almost 200 dollars last month after profit-taking emerged once again above $2,000 per ounce. Having rallied so hard in a short space of time, the market needs consolidating, but so far, the correction has been relatively shallow, with support appearing at $1,953, ahead of $1,933, the 200-day moving average and 38.2% retracement of the mentioned rally,” said Hansen.
On the downside, Hansen said that gold prices would have to fall back to $1,900 an ounce to put this new uptrend at risk.
With little economic data on the docket next week, analysts have said investors will continue to digest the Federal Reserve’s monetary policy decision.
The Fed's monetary policy is irrelevant and won't stop gold's push above $2,000 - abrdn's Robert Minter
Although the U.S. central bank left interest rates unchanged for the second consecutive time in this tightening cycle, Federal Reserve Chair Jerome Powell maintained his tightening bias.
"Is monetary policy restrictive enough to bring inflation down to 2%? That is what we are asking ourselves," said Powell in his press conference following the monetary policy decision.
"The Fed has left the door open to another rate hike. Even though we are confident that interest rates have already peaked, market participants are nonetheless likely to remain cautious in this respect. Assuming there is no further escalation in the Middle East, the upside potential for the gold price will probably be severely limited,” said Barbara Lambrecht, commodity analyst at Commerzbank.
Markets will get a chance to hear more from Powell as he participates in a panel discussion on "Monetary Challenges in a Global Economy" at a conference in Washington.
The only major economic report to be released next week will be the University of Michigan’s preliminary consumer sentiment survey.
Last month’s revision to the survey surprised markets as one-year consumer inflation expectations rose 4.2%. Powell, during his press conference, dismissed the reading, saying it was an outlier and most consumer surveys show inflation expectations remain "well anchored.”
Next week’s data
Monday: Reserve Bank of Australia monetary policy decision
Thursday: Weekly U.S. unemployment claims; Powell participates in a panel discussion
Friday: University of Michigan preliminary consumer sentiment
https://www.kitco.com/news/2023-11-03/Gold-lacks-the-juice-to-break-through-2-000-next-week-but-analysts-don-t-recommend-shorting-it.html
Canadian Gold Corp. Announces Exploration and Financing Update
October 31, 2023
Toronto, Ontario – October 31, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to announce the completion of its regional field exploration program, and that planning for a November, 2023 phase 2 drill program at the 100%-owned Tartan Mine, situated in the prolific Flin Flon-Snow Lake Greenstone Belt, Manitoba, is currently underway.
https://canadiangoldcorp.com/news-2023/
Canadian Gold Corp. Announces Non-Brokered $2.25 Million Financing, Lead order from Rob McEwen the Company’s Largest Shareholder
October 18, 2023
Toronto, Ontario – October 18, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) announces that it has initiated a non-brokered private placement offering of up to $2,225,000, by the issuance of both flow-through common shares and non-flow through Units. Rob McEwen, the Company’s largest shareholder (37.6% of the outstanding common shares) has committed to purchase $500,000 of the Units.
Edward Huebert Appointed President and CEO
October 18, 2023
Toronto, Ontario – October 18, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to announce, with the endorsement of Rob McEwen (the Company’s largest shareholder – 37.6% of the outstanding common shares), the appointment of Edward (Ed) Huebert, as President, Chief Executive Officer, and director. Ed will be replacing Ian Ball, who was serving as Interim President and CEO.
Phase 1 Exploration & Development Update at Tartan Mine
September 27, 2023
Toronto, Ontario – September 27, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to announce additional drill results from its Phase 1 Exploration Program at the Tartan Mine, located near Flin Flon, Manitoba, which builds on the earlier drill holes that are targeting resource growth at depth (click here August 23, 2023 news release). The results to date indicate the potential for a larger discovery below the current resource estimate, which remains open for meaningful expansion. The Company is also providing an update on its regional field work at the Tartan Mine, where high-grade gold samples have been identified approximately 1.4 kilometres (km) from the mine, with the goal of discovering a third zone close to the existing infrastructure, and an update on its engineering review, specifically around the process plant design and potential mine reopening.
Phase 1 Exploration at Tartan Mine Significantly Expands High-Grade Mineralization Below Resource Limit Indicating Potential for Larger Discovery at Depth
August 23, 2023
Toronto, Ontario – August 23, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to announce initial results from its Phase 1 Exploration Program at the Tartan Mine, located near Flin Flon, Manitoba, including its first test at depth. Drilling has intersected one of the best holes in the mine’s history, 325 metres below the lower limit of the current resource estimate, increasing the vertical extent of the high-grade mineralization by 61% compared to the resource (Fig. 1). Hole TLMZ23-26 returned 12.0 gpt gold over 8.0 metres, inside the widest interval ever at the Tartan Mine, 4.2 gpt gold over 53.7 metres, and has outlined the potential for a larger discovery at depth. The drill highlights for the first three holes can be seen in Table 1.
Robert McEwen Appoints Jim Downey to Board of Directors Long Serving Member of Provincial Legislature
August 1, 2023
Toronto, Ontario – August 1, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) announces that Robert McEwen, the Company’s largest shareholder (owning 37.6% of the outstanding common shares), has exercised his option and appointed Jim Downey as his second board nominee. Mr. Downey’s appointment will help strengthen the Company’s connection with Manitoba as it advances the Tartan Mine, near Flin Flon.
Update to Shareholders on Tartan Mine Tax Incentives
July 25, 2023
Toronto, Ontario – July 25, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to announce that Manitoba Finance has confirmed that the Company’s Tartan Mine, located near Flin Flon, would be considered a “Major Expansion” and eligible for a tax holiday should the mine re-enter production. Under the Mining Tax Act, companies need to meet certain requirements to receive the tax holiday. Based on the Company’s review and meetings with Manitoba Finance, the Tartan Mine should meet all requirements.
Tartan Mine: Looking To Improve Financial Returns & Sustainability
June 5, 2023
Toronto, Ontario – June 5, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to outline several initiatives the Company is undertaking at the Tartan Mine (Flin Flon, Manitoba) to improve potential future returns, while focused on sustainability. In addition to the items outlined in this news release, the most important driver for the Company will be the discovery of additional high-grade gold resources.
Phase 1 Exploration Program to Begin at Tartan Mine Main Objective: Extend High-Grade Gold at Depth Property Wide Exploration Potential Outlined
May 12, 2023
Toronto, Ontario – May 12, 2023 – Canadian Gold Corp. (TSXV: CGC) (“Canadian Gold” or the “Company”) is pleased to announce that its Phase 1 exploration program at the 100%-owned Tartan Mine near Flin Flon, Manitoba will begin on June 1, 2023. The Company is using this opportunity to highlight for shareholders the discovery potential on the property, specifically at the mine, and at its recently acquired projects adjacent to Agnico Eagle’s Hammond Reef Gold Deposit (Ontario) and Barrick’s Hemlo Gold Mine (Ontario). The Company plans to update shareholders in the coming weeks on its various initiatives designed to improve the economics of the Tartan Mine and its future advancement.
Satori Resources Name Change to Canadian Gold Corp. New Ticker Symbol “CGC” ON TSX Venture Exchange
May 4, 2023
Toronto, Ontario – May 4, 2023 – Canadian Gold Corp. (the “Company”) (BUD – TSX-V) (formerly Satori Resources Inc.) is pleased to announce that its corporate name change has been completed and trading of the Company’s common shares on the TSX-V will commence under the ticker symbol “CGC”, as of tomorrow, Friday, May 5, 2023.
Ian Ball Appointed Interim President & CEO Satori Resources
April 27, 2023
Toronto, Ontario – April 27, 2023 – Satori Resources Inc. (“Satori” or the “Company”) (BUD – TSX-V) is pleased to announce Ian Ball has been appointed interim President and CEO effective today. Ian will replace Jennifer Boyle, who is continuing with the Company as Executive Vice-President and Director.
Satori Closes Acquisition of Rob McEwen’s Apollo Exploration Resulting in Rob McEwen Holding 37.6% of the Company
April 25, 2023
Toronto, Ontario – April 25, 2023 – Satori Resources Inc. (“Satori” or the “Company”) (BUD – TSX-V) is pleased to announce that it has completed the acquisition of Rob McEwen’s 100% owned private exploration company, Apollo Exploration Inc. (“Apollo”). Rob McEwen is now the Company’s largest shareholder representing 37.6% of the Company. Satori has approximately $2,000,000 in cash, no debt, and in addition to the Tartan Lake Mine, now owns exploration properties in Ontario and Quebec surrounding some of Canada’s largest gold mines and development projects (see news releases dated February 4, 2023 and March 31, 2023).
Satori Shareholders Approve Acquisition of Rob McEwen’s Apollo Exploration, Resulting in Rob McEwen holding a 37.6% of the Company – New Company proposed to be Named Canadian Gold Corp.
March 31, 2023
Toronto, Ontario – March 31, 2023 – Satori Resources Inc. (“Satori” or the “Company”) (BUD – TSX-V) is pleased to announce that shareholders have approved the acquisition of Rob McEwen’s 100% owned private exploration company, Apollo Exploration Inc. (“Apollo”). Apollo has been acquiring key exploration projects around Canada’s largest gold mines and development projects, including the Canadian Malartic Mine (Agnico Eagle), the Hemlo Mine (Barrick Gold) and the Hammond Reef Project (Agnico Eagle). At closing, the combined company will have approximately CDN$2.2 million and no debt.
Rob McEwen to Acquire 37.6% of Satori Resources
February 6, 2023
Toronto, Ontario – February 6, 2023 – Satori Resources Inc. (TSXV:BUD) (“Satori” or the “Company”) is pleased to announce that the founder and former Goldcorp Inc. Chairman and CEO, Rob McEwen, will become Satori’s largest shareholder owning 37.6% of the Company with the objective of expanding the high-grade gold zones at the past producing Tartan Lake Gold Mine in Flin Flon, Manitoba. Satori is proposing to acquire Rob McEwen’s 100% owned private exploration company, Apollo Exploration Inc. (“Apollo”), that has been acquiring key exploration projects around Canada’s largest gold mines and development projects, including Canadian Malartic Mine (Agnico Eagle), the Hemlo Mine (Barrick Gold) and the Hammond Reef Project (Agnico Eagle) (Fig. 1, 2 & 3). Upon closing, Apollo will also have approx. CDN$1.5 million in cash and no debt.
$Gold Legal Tender GOD'S Real Money -
$GOD We Trust - Real Money - AU Safety 6000yrs
$Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -[
Prayers TIA.
http://www.biblebelievers.org.au/monie.htm
https://www.usdebtclock.org/
God Bless
Amen
Haunted gold mine? Is there any ghosts or spirits? Halloween
McEwen Mining Inc (NYSE:MUX) Shares Sold by Van ECK Associates Corp
$MUX ETF Machine Report
with MMGYS soundtrack
McEwen Mining Inc (NYSE:MUX) Shares Sold by Van ECK Associates Corp
Posted by MarketBeat News on Oct 29th, 2023
McEwen Mining logoVan ECK Associates Corp trimmed its position in McEwen Mining Inc (NYSE:MUX – Free Report) (TSE:MUX) by 8.4% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,997,841 shares of the basic materials company’s stock after selling 182,159 shares during the period. Van ECK Associates Corp owned 4.21% of McEwen Mining worth $14,364,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of the company. BlackRock Inc. grew its stake in McEwen Mining by 11.1% in the first quarter. BlackRock Inc. now owns 9,331,628 shares of the basic materials company’s stock worth $7,854,000 after purchasing an additional 930,532 shares in the last quarter. Vanguard Group Inc. grew its stake in McEwen Mining by 1.4% in the first quarter. Vanguard Group Inc. now owns 6,406,958 shares of the basic materials company’s stock worth $5,393,000 after purchasing an additional 86,204 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in McEwen Mining by 2.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 1,957,476 shares of the basic materials company’s stock worth $1,648,000 after purchasing an additional 47,610 shares in the last quarter. Renaissance Technologies LLC grew its stake in McEwen Mining by 428.2% in the first quarter. Renaissance Technologies LLC now owns 1,421,300 shares of the basic materials company’s stock worth $1,196,000 after purchasing an additional 1,152,200 shares in the last quarter. Finally, Swiss National Bank grew its stake in McEwen Mining by 7.3% in the first quarter. Swiss National Bank now owns 922,931 shares of the basic materials company’s stock worth $777,000 after purchasing an additional 62,400 shares in the last quarter. 19.63% of the stock is currently owned by institutional investors and hedge funds.
https://www.etfdailynews.com/2023/10/29/mcewen-mining-inc-nysemux-shares-sold-by-van-eck-associates-corp/
I've Been Living In A Ghost Town For Almost 4 Years!
We're all in World Series shock here in Az.
Ever since that electrifying miracle 3rd inning
Diamondbacks Hit 4 Home Runs in ONE INNING | 2023 MLB Postseason
Enjoy the series everybody :)
Disconnect between $Gold and the $USD underway? Look:
$USD - https://finviz.com/futures_charts.ashx?t=DX&p=d
$Gold - https://finviz.com/futures_charts.ashx?t=GC&p=d
Why have all Chinese banks disappeared from the LBMA Gold Price auction?
Date 24 Oct 2023 01:12
There has been an unprecedented departure of all the Chinese banks from the LBMA Gold Price auctions.
These departures have gone uncommented by the LBMA, the FCA, the mainstream media, the auction administrator ICE Benchmark Administration, and by the Chinese banks themselves.
The exit of the Chinese banks raises questions as to what this has done to the auction liquidity and price discovery as the auctions are not reflecting supply and demand of gold from China – the world’s largest gold miner, gold importer and gold consumer.
Fox Guarding the Henhouse
When the twice daily LBMA Gold Price auction was launched on 20 March 2015 to replace the infamous and London Gold Fixing, one of the mantras from the ‘Fox Guarding the Henhouse’ at that time was that the new improved auction would include an expanded list of participants beyond the old ‘Gang of 5’ cartel of Fixers which had been Barclays, HSBC, Société Générale Scotia and Deutsche Bank.
Fantastic research column continues here>>>>>
https://www.bullionstar.com/blogs/ronan-manly/why-have-all-chinese-banks-disappeared-from-the-lbma-gold-price-auction/
Gold market analysis for October 25 - key intra-day price entry levels for active traders
Jim Wyckoff
Wednesday October 25, 2023 07:51
(Kitco News) - This 5-minute bar chart for Comex gold futures can be a valuable analytical and trading tool for the active intra-day gold futures trader/market watcher. The 5-minute bar chart for the active gold futures contract shows key short-term moving averages (10- and 20-period), which the trader can use for crossover buy and sell signals. Also, based on key short-term technical support and resistance levels, I show potential buy and sell price entry points. (Remember, most successful traders buy on early price strength and sell on early price weakness.) If you are an active intra-day trader of gold, you definitely want to check out this unique and exclusive daily trading/analytical tool found only at Kitco.
Junior Miners Have Capitulated & Slingshot Move Coming Soon says Pro Mining Investor David Erfle
MiningStockEducation.com
Oct 24, 2023 #miningstocks #resourceinvesting #goldinvesting
In this interview pro mining investor David Erfle provides his commentary on the gold price and junior gold stock sector. He explains why he believes the junior miners have already capitulated and that a slingshot move upwards is coming. David Erfle is a self-taught mining sector investor. He stumbled upon the mining space in 2003 as he was looking to invest into a growing sector of the market. After researching the gains made from the 2001 bottom in the tiny gold and silver complex, he became fascinated with this niche market. So much so that in 2005 he decided to sell his home and invest the entire proceeds from the sale into junior mining companies. When his account had tripled by September, 2007, he decided to quit his job as the Telecommunications Equipment Buyer at UCLA and make investing in this sector his full-time job. David founded the Junior Miner Junky subscription-based newsletter in April, 2017 and writes a weekly column for precious metals news service Kitco.com, whose website attracts nearly a million visits every day.
Why a real physical gold price will rise from the Cartels ashes in 2024 - LFTV Ep 145
Kinesis Money
Oct 20, 2023
In this week’s episode of Live from the Vault, Andrew Maguire kicks off with a discussion about the synthetic disconnect between the speculators and the COMEX, before delving into the behind-the-scenes moves affecting gold prices.
The precious metals expert takes listeners through the current bullish market behaviour and what’s driving it as we approach the end of 2023, harkening back to his start of the year predictions about the impact of Basel III NSFR compliance.
Rob McEwen invests in junior gold explorer McFarlane Lake
with MMGYS soundtrack
Staff Writer | October 17, 2023 | 2:38 pm Exploration Markets Canada Gold
Canadian gold explorer McFarlane Lake Mining (NEO: MLM) announced Tuesday that it intends raise C$4.5 million through the sale of a combination of units and flow-through shares of the company, with McEwen chairman Rob McEwen acting as the lead investor.
In total, McFarlane Lake intends to issue 50 million units priced at C$0.05 each and approximately 33.3 million flow-through shares priced at C$0.06 apiece. McEwen, who has been associated with the gold industry throughout his career, has agreed to subscribe for C$1 million worth of the securities.
Shares of McFarlane Lake soared by 30.8% to C$0.085 at market close, giving the junior gold miner a market capitalization of C$9.6 million.
Net proceeds will be used by the company to further explore the High Lake gold property, which straddles the Ontario-Manitoba border and could potentially be developed together with its West Hawk Lake project located on the Manitoba side.
Exploration on the High Lake property has led to the identification of a mineralized zone with potential for open-pit mining. To date, the deposit contains an estimated indicated resource of 152,000 tonnes grading 9.38 g/t gold and inferred resource of 287,000 tonnes at 10.43 g/t gold.
“We are delighted that Rob McEwen is participating in the offering and look forward to working with him as we continue to build out our gold resources at High Lake and develop our Canadian gold properties,” Mark Trevisiol, CEO of McFarlane Lake, said in a news release.
McEwen’s company currently holds three producing mines in Nevada, Ontario, and Argentina, as well as a 68% interest in the large Los Azules copper project in Argentina.
“I was attracted to McFarlane Lake because of its terrific high-grade intercepts and the fact that it is in Canada and located close to where Goldcorp Inc. enjoyed such phenomenal exploration success and profitability,” McEwen said in a statement.
https://www.mining.com/rob-mcewen-invests-in-junior-gold-explorer-mcfarlane-lake/
Absurdly astonishing - https://www.usdebtclock.org - $33.55trillion national debt.
McEwen Copper Announces an Additional US$10 Million Investment by Nuton, a Rio Tinto Venture
$MUX
TORONTO, Oct. 11, 2023 (GLOBE NEWSWIRE) -- McEwen Copper Inc., a subsidiary of McEwen Mining Inc. (NYSE: MUX) (TSX: MUX), is pleased to announce abinding agreement for an additional $10.0 million investment by Nuton LLC, a Rio Tinto Venture, and existing McEwen Copper shareholder.
Nuton has agreed to invest US$10.0 million to acquire shares of McEwen Copper in a two-part transaction expected to close by October 19th, 2023 (the “Nuton Transaction”) consisting of a private placement of 152,615 McEwen Copper common shares, and the purchase of 232,000 common shares owned by McEwen Mining in a secondary sale. Proceeds of the subscription and purchase are expected to be approximately $4.0 million to McEwen Copper and $6.0 million to McEwen Mining, respectively. The proceeds of the private placement will be used to advance the development of the Los Azules copper project in San Juan, Argentina, and for general corporate purposes.
After closing, Nuton will own 14.5% of McEwen Copper on a fully diluted basis, and McEwen Mining will own 47.7%. The transaction values McEwen Copper at approximately US$800 million.
In connection with the Transaction, McEwen Copper and certain of its affiliates agreed to amend the Nuton Collaboration Agreement to extend the period of exclusivity over novel, trade secret or patented copper heap leach technologies until February 1st, 2025.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Nuton
Nuton is an innovative new venture that aims to help grow Rio Tinto’s copper business. At the core of Nuton is a portfolio of proprietary copper leach-related technologies and capability – a product of almost 30 years of research and development. Nuton™ Technologies offer the potential to economically unlock copper sulphide resources, copper bearing waste and tailings, and achieve higher copper recoveries on oxide and transitional material, allowing for a significantly increased copper production. One of the key differentiators of Nuton is the potential to deliver leading environmental performance, including more efficient water usage, lower carbon emissions, and the ability to reclaim mine sites by reprocessing mine waste.
About McEwen Copper
McEwen Copper Inc. holds a 100% interest in the Los Azules copper project in San Juan, Argentina and the Elder Creek project in Nevada, USA.
Los Azules was ranked in the top 10 largest undeveloped copper deposits in the world by Mining Intelligence (2022). Its current copper resources are estimated at 10.9 billion pounds at a grade of 0.40% Cu (Indicated category) and an additional 26.7 billion pounds at a grade of 0.31% Cu (Inferred category). A PEA published in June 2023 estimated a $2.7 billion after-tax NPV8% at $3.75/lb Cu and a 27-year mine life.
https://www.mcewenmining.com/investor-relations/press-releases/press-release-details/2023/McEwen-Copper-Announces-an-Additional-US10-Million-Investment-by-Nuton-a-Rio-Tinto-Venture/default.aspx
Copper prices pressured by weak demand, sentiment, rising inventories — report
with MMGYS soundtrack
MINING.com Editor | October 10, 2023 | 4:23 pm Markets China Copper
Copper price falls as China’s reopening boost loses power
Fitch Solutions is revising down its 2023 average annual copper price forecast to $8,550/tonne, from $8,800/tonne previously as US dollar strength and market fears of another US Fed rate hike places a cap on price growth.
Simultaneously, Mainland China’s service-led recovery, along with weak global demand continue to pressure prices along with investor sentiment towards industrial metals, including copper.
Although Fitch expects prices to improve slightly from current levels in 2023, the analyst does not expect a return to the highs seen in 2022 as China’s real estate sector remains in doldrums.
Prices have averaged $8,628/tonne in the year to date as of September 19 2023, lower than the average of $8,788/tonne seen in full year 2022, on the back of subdued global demand in the main, the analyst said in its latest market report.
Prices have been on a steady downward trend since mid-January 2023, after peaking at $9,356/tonne on January 23 2023 on the back of expectations of a strong rebound in Chinese demand.
Prices were hovering around $8,293/tonne as of September 19, down 11% from the year to date high of $9,356/tonne.
The forecast of $8,550/ tonne for 2023 means Fitch expects prices to remain under significant pressure in Q4 as weak demand and rising inventory levels hammer prices.
Production
Globally, Fitch forecasts refined copper production to remain in growth territory over the coming decade despite some short-term supply disruptions from outside Mainland China, as a number of smelters undergo maintenance that will ultimately reduce total annual output volumes.
The analyst also expects supply issues in Latin America to hamper copper concentrate supply growth, leaving the market tight and putting pressure on refined copper supply in the coming months.
Fitch forecasts global refined copper output to climb from 27.3mnt in 2023 to 35.2mnt by 2032, averaging 3.1% annual growth.
Consumption
The analyst predicts global copper consumption growth to rise in 2023 by 2.9% to 27mnt, amid an uneven economic recovery in China and a drag from other markets.
Fitch notes that the green energy transition will partially offset this downside pressure. Over the rest of the decade, the firm anticipates strong demand growth driven by the renewables and autos construction industries. The analyst expects global copper demand to increase from 27mnt in 2023 to 36mnt in 2032, averaging 3.3% annual growth.
Read the full report here.
https://www.mining.com/copper-prices-pressured-by-weak-demand-sentiment-rising-inventories-report/
A war starts in Israel (false flag?) so metals, bonds, stocks and oil jump… a lot… WTH???
Metal trader misery undercuts supercycle hype as losses pile up
with MMGYS soundtrack
Bloomberg News | October 8, 2023 | 11:35 am Intelligence Markets Top Companies Australia China Latin America USA Aluminum Cobalt Copper Nickel
The world’s metal traders are enduring one of their toughest periods in years, even as an international race for minerals thrusts the industry into the geopolitical spotlight like never before.
From top copper trader Trafigura Group to the largest metals-specialist hedge fund, a who’s-who of powerful and high-profile names have lost money, cut staff or suffered other setbacks in the past year.
It’s a disconnect that’s likely to dominate conversations as thousands of traders, financiers and investors descend on London for the annual LME Week gathering that kicks off Sunday: on the one hand, governments around the world are growing increasingly concerned about future availability of metals like copper, nickel and cobalt that will be critical to the energy transition. Yet for the past year, weak industrial demand has kept prices under pressure, leaving traders struggling to eke out profits from sluggish metals markets.
“It’s dawning on people they’ve talked themselves into a supercycle that isn’t happening,” said Concord Resources chief executive officer Mark Hansen, whose company reported its first-ever loss last year. “The environment is the most complicated and tricky for metals trading that I’ve ever seen.”
The Orion Commodities Fund – the largest metals-focused hedge fund – was down 4% in the year through August, according to an industry report. Its assets under management have dropped by more than a third in the past year to $1 billion.
Operating profits at Trafigura’s metals unit were down 68% year-on-year in the 12 months to March as it recorded a loss of nearly $600 million as the victim of a massive alleged nickel fraud. Its metals division is expected to take further hits when it reports results for the half year that ended in September, people familiar with the matter said. A person close to the company said that the underlying performance of its metals and minerals trading remains good.
The challenges aren’t just a function of a lackluster economy. While demand has disappointed expectations, including in top consumer China, it hasn’t yet fallen off a cliff. The result is a lukewarm market that is neither strong nor weak enough to create lucrative trading opportunities. And rising interest rates are dramatically lifting costs and hurting traders who signed long-term deals before the hiking cycle began. What’s more, a series of alleged frauds and deals gone wrong has shaken some of the best-known names in metals trading.
The mounting pressure also has significance beyond the traders themselves — the industry forms a vital link in the web of miners, processors and end-users like manufacturers and builders, which all rely on the companies to buy, sell and transport metals around the world.
Trickier year
Some of the industry’s big players have continued to notch up solid gains, but they too have acknowledged a downturn in profitability.
“It has been a trickier year and you’ve seen lower margins in metals trading,” Gary Nagle, chief executive of Glencore Plc, which vies with Trafigura for the title of the world’s largest metals trader, told journalists in August. Earnings before interest and tax at Glencore’s metals and minerals trading unit were down 36% year-on-year to $1.5 billion in the 12 months through June, the weakest 12-month period since 2019.
IXM, the third-largest metals trader, reported net profit of about $19 million last year, the weakest in more than a decade, although it has recovered somewhat — reporting profits of just over $40 million in the first half of this year.
Smaller firms have been harder hit. Bloomberg reported last month that several senior traders were leaving historic trading house Gerald Group, while earlier this year the company discovered it had been the victim of a suspected fraud in tin, people familiar with the matter said.
Transamine Trading SA, a specialist in trading metal ores known as concentrates, had a problem in Brazil earlier this year, according to people familiar with the company. Transamine is reorganizing its copper team, one of the people said.
“The trade is not easy — Australian copper concentrates cannot go to China, some companies are taking very aggressive positions and some big mining companies are now also trading. But it is not a bad year, we have had good business,” said Transamine director Jean-Pierre Adamian.
Concord, a mid-sized merchant specializing in aluminum which also owns an alumina plant in Louisiana, reported its first-ever loss in its 2022 results filed at Companies House in what it described as a “very challenging year,” while Ocean Partners, another concentrates trader, said net profits dropped 65%.
Still, many remain optimistic about the future, and some trading companies are seeking to expand in metals even now. Energy trader Gunvor Group Ltd. is re-entering the market and has hired veteran trader Ivan Petev to run its base-metals business, Bloomberg reported last month.
“Is that something that’s here to stay?” asked Glencore’s Nagle, about the subdued metal trading conditions. “No, I don’t think so. I think it’s an indication of market conditions today,” he said. “I don’t think that’s an indication of the future necessarily.”
(By Archie Hunter, Jack Farchy and Yvonne Yue Li, with assistance from Nishant Kumar, Mark Burton and Liz Yee Xing Ng)
https://www.mining.com/web/metal-trader-misery-undercuts-supercycle-hype-as-losses-pile-up/
Gold Down $100? This Really Shouldn't Be A Surprise
Big dose of reality here
Geocentric Resources
Zero Hedge Goldquote Mining & Metals Silver Doctors Goldseek
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