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Bullit posted on April 20 that trucking for the 2nd ship wouldn't begin for a couple of weeks-so at least another week from now. Depending on how much ore of the 2 different sizes/2 different contracts has been fully processed,not sure which of the 2 sizes will be shipped next.
Kriton arrival is a matter of interest for several reasons-confirmation of transit time etc for this relatively slow 11.3 knot if I remember ship. Also if they use the Kriton on its return for another load.
As the 1st shipload it would have extra human interest.
The PR's have stated the load was CFR.
And they PR'd they would be acquiring additional excavators as a result of Kriton leaving.
Also ,there was a PR re Kriton leaving,whereas only a blog for its arrival.
Valuation for tax purposes often bears little relation to market value. I already gave 1 example.
Another example-shares are usually valued on company reports(for company tax etc purposes) at .001 or .0001 or .00001 even though market pps is thousands of times higher.
The ore was tested numerous times by CWRN and the buyer-no need for a test load of a whole shipload. When there are test loads they are much smaller than that.
I am not familiar w the regime or fiction used to set value on the report you reference,but such fictions are not unusual. As I said there are many indications the Contract was within 10% of market value.
Since it costs the Chinese 150/ton to domestically produce their very low iron content ore they would not even bother if they could get the ore much cheaper.
Agmetalminer said 12-13-10 that that internal Chinese cost of production of 150 sets the FLOOR for iron prices.
The contract was set Dec or early Jan based on spot at the time and consideration of Libya unrest re fuel prices. Contract could not be older than Sept or Oct because contract and perhaps buyer changed from 50-125 m ore to 1-18 mm ore during that time so that is the relevant time period and spot was greatly above 80 throughout the time period.
Yes -despite delays which are SOP for pennies and many others-CWRN has made excellent progress since August-if one just steps back and looks at the big picture. Junior miners typically take years to get up to production and always in my experience have delays. The reward to risk ratio is very good.
It is completely illogical to think the sale price was 80 when the spot price was ca 180/ton at the signing of the 32 million dollar DLC contract.
Temeku was told or otherwise had info to believe the profit was 130/ton-which seems confirmed by the sticky article re junior miner costs.
Another dd poster estimates contract 184/ton.
Without knowing on what basis they tax the iron it is ridiculous to assume 80/ton sale price. Nobody would sell at that price in this market.
Example:for tax purposes in the U.S. we receive an official valuation of our homes/land. That valuation is usually in my experience far below the market value of the home,even in states where by statute the official valuation is required to be at 100% market value. Theres no concrete explanation for it -its just the way it is done.
CWRN like other companies is pricing based on spot and spot was ca 180/ton at time of the 32 million DLC contract.
Almost all penny companies and many blue chips(somebody mentioned the Boeing Dreamliner )regularly miss deadlines. That is SOP.In fact many formerly solid blue chips no longer exist in this recession.
That is not what is important and focusing on that is merely misdirection by special interest groups.
What is important is the follow though-which most pennies never achieve.
CWRN is following through- producing and shipping about the highest profit margin product around-iron.
The best info we have indicates CWRN was probably paid ca 5 days after shipment. Shipment was April 2.
Bullit said 1st shipment would more than pay the debt.
So once investors are paid-which has logically occurred -any such restricted shares are retired. And what is the difference if investors have not been paid yet? Nothing!
If they haven't been paid it would only be because investors haven't wanted to be paid back yet(which is illogical)and those restricted shares remain restricted and cannot be used now that money is available to pay investors as per investors timing-which is logically after CWRN receives payment for Kriton.
Now that Baja 14 is self supporting investors probably want to focus on the new larger S central Baja concession as intimated by 2-28 PR.
Some have indicated restricted shares were issued to investors as extra collateral. Any such shares would logically be retired once the investors were paid. Since investors are apparently paid by now those restricted shares would be retired,logically leaving current O/S considerably below the A/S.
That previous LOI AND ANY OTHER PREVIOUS ARE ALL HISTORY MADE OBSOLETE FOR MANY REASONS,as I've noted several times.
It is a completely different market -both as to pricing and contracts-than when those previous LOI's were made.
As I noted before the company of the previous LOI was trying to use a poster to influence CWRN to give them a contract-not knowing the poster had no such influence.
It would be the steel of a century to get a contract at 145/ton.
As agmetalminer stated 12-13-10,the Chinese domestic cost of production-which is 150/ton- sets a FLOOR of 150/ton for iron prices.
If China could buy ore at 80/ton they would stop producing internally.
Common sense.
They have 3 or 4 mag separators for the 1-3mm superfines. The custom separator for the 3-18 mm fines can do 1000 mt/hr,or a Kriton in just 3 days-so that is not a problem.
They are acquiring additional excavators as per the recent PR.
As I've pointed out this was an old funding regime-several funding regimes ago -that never came to pass. Debt is less than the profit from the Kriton iron as Bullit indicated the debt would be more than paid off from the 1st ship.
The regsho lists say otherwise. A great # of stocks are shorted even down to .0002 as they try to suck the last drop out of every company..
This one of the posts I received from people to educate me re this:
"on the OTC .. i'm *highly suspect* of the no.s reported
twice monthly .. imo those are garbage .. the daily reg
sho reported by finra at 5:30 pm does indeed cover short vol
and yep some are indeed covered over X no. of days .. what
is *missed* imo by many is what is bypassed (not shown) and
also what is *reset* or never covered .. just swapped back
and forth between entities ~ what is bypassed is done via
ex clearing and other means .. patrick byrne wrote a great
piece on it for the NY TIMES back in april 2009
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=49584255&txt2find=patrick|byrne
there are so many tricks in their arsenal it's unreal
People a lot more knowing than me about mm games have posted to me at least 12 ways mm's hide the actual # of shorts and that thus shorts are higher than posted. How much of that actually changed w new rules I don't know but once a hider always a hider.
From regsho.org shows 23.35 million shorted-a significant %.
20110420|CWRN|23358790|0|51718976|O
How is your defense going? Cute.
The more complaints the SEC etc receives the more likely they are to look into it.
Can't people infer from the blog yesterday and the PR's and present pics of production that more ships will be coming and financials posted etc. The PR's have already told us these things-though I agree w you that many apparently have a short memory.
read masscommuters post about this that I re-posted in answer to this question today and cowboys post today re same. There have been 100's of posts on at least scores of stocks complaining about Scottrade ever since Scottrade changed their policy on penny stocks fall 2009.
etrade has been doing this since last summer when things started moving at CWRN after financing was obtained ca June. Last fall I and others already noted the in our experience unprecedented in length of time etc manipulation by etrade(etmm). Often seems to be coordinated w a rash of cry wolf postings. It is too continuous to be random.
They even raise the pps to a RSI of 100 sometimes to get people to set stop losses higher and then purposefully crash the stop losses to try to create a panic.
I don't know but you know the types of groups(disgruntled ex's, competitors etc)that would have the motive to be so persistent.
As financials are posted/uplisting etc and ships leave on a regular schedule their ability to sway will diminish as market forces increasingly prevail.
The vast majority of pennies never break out and thus their pps just goes down-that situation eliminates some groups from profiting.
CWRN is a rare penny to transition to substantial revenues w very high profit margin and has already been a 100 bagger for some as they openly claim. Many penny traders are easily moved by special interest groups obviously-thus all the cry wolf "the ship sunk CWRN will never ship" etc postings.
People have posted charts about people buying CWRN high and selling low. You can only do that w a company that has fundamentals to support a repeated recovery from the periodic dips resulting from cry wolf raids.
personally I believe CWRN has more potential than any other I've seen to give significant returns from the undervalued pps.
People have left CWRN for greener pastures and invested in other stocks and I have watched as those other stocks have crashed 50% in recent weeks-its a tough market.
The other junior transitioning is also ce and hasn't had financials for a year and it filed a NT form for late financials 3-31 and hasn't produced them last I checked this morning and doesn't have revenues yet and imo is in a higher risk area. This is pretty much SOP for pennies.
CWRN has potential and not just potential now(revenues etc)so it is ripe for EVERY group to profit off-thus the tug of war for the minds of nellies until market forces prevail.
Every stock w potential that I have seen has been viciously attacked by the cry wolf crowd to prevent nellies from EVER profiting.
As to etmm's apparent unprecedented manipulation nobody knows what their motive is.
Not likely. Special interest groups have already convinced many that shares are maxed out-very unlikely especially as collateral restricted shares issued to the financial backers would be retired now that the debt has been paid off. And they almost always ignore the production/revenue side of the equation.
And the audited statements will result in removal of the cry wolf ce and bring in a bigger pool of investors moved more by fundamentals than games.
I believe this is in MaxShockers compilation.
There is no question re ownership and PR's repeat the sub(pinksheets even lists the Mexican company as CWRN'S subsidiary) is held in trust by and for CWRN-due to Mexican law that prevents direct foreign ownership -so all companies have to go thru this process to operate companies in Mexico.
The only reason the Mexican company was created by CWRN was to comply with Mexican mining laws. The Mexican company is private. It does not have stock of its own-so the only place the revenue CAN go is to CWRN shareholders. It is de facto a wholly owned sub though CWRN sometimes calls it an affilate presumably to comply w Mexican mining law.
Many PR'S include the following language:
"The Baja Pacific -- "Mina Guadalupe" is operated by Panamerican Minerals Ventures, S.A. de C.V., Ensenada, Baja California, under contract with CWRN and held in trust for CWRN by its principal officers and directors, Robert L. Cotton and Sharon Vazquez.
Who is CWRN? CWRN is the stockholders.
So this contract/trust is for the benefit of all CWRN stockholders.
As you can see from the pictures Bob and Sharon are happily married and working w each other.
Sharon is Pres of Mexican company with Bob as VP-to comply with Mexican law -since Sharon is a Mexican national.
Bob and Sharon have CONTRACTUALLY REPRESENTED to CWRN shareholders that via the contractual relationship tying the 2 companies together that all revenues will inure to CWRN shareholders-which include Bob and families closely held 1.75 B shares.
They have represented this continually and consistently so they are BARRED/ESTOPPED from denying or breaking this contractual relationship w CWRN stockholders.
So there is a CONTRACT. Violation of the contract would bring legal sanction.
There is a TRUST. All property of the privately held Mexican company legally/contractually belongs to the parent CWRN VIA THIS TRUST.
If you make a will or trust to pass on your property,the courts will enforce that will/trust/contract absent considerations that are not relevant here.
By representing this relationship and even noting it in PR's,this also separately forms a de facto contract w every CWRN stockholder,each of whom could sue for violation of contract.
So,for Bob and/or Sharon to do anything else re the revenue would subject them to legal sanction. If they were to take the money they would be lifelong fugitives-which makes no sense since it took their entire lives to find this successful formula-and many entrepreneurs never find the formula.
And CWRN would still exist and keep operating w a new Mexican national "overseer" and revenues would still inure/belong to CWRN stockholders. And Bob/Sharon would forfeit their shares so CWRN float holders would have final say in the operations etc.
All "western" companies recognize and enforce private property rights. Nobody has disproved the info in this post.Questions re ownership etc come from special interest groups to take your money.
Ever since 2009 when Scottrade changed its policy on pennies hundreds of posts on scores of stocks have reported problems w Scottrade.
Inter alia,see masscommuters Dec 10 post as follows:
Scottrade: customer service explains no-buy CWRN restriction
Bottom line: if you want to buy at Scottrade, ask for Compliance Desk & just persist with questions. I think they will buy CWRN.
Their stated reasons for"no buy" restrictions are bogus, invalid, won't hold up in Scottrade's customer-centric culture. Just keep questioning.
Scottrade's Compliance guy (customer service) first told me that DTC[C] had placed a "Global Lock" on trading CWRN.
I called DTCC (888-382-2721, hit 4, then 3).
The lady who looked up CWRN, via CUSIP # 221737 307, said: "There's no 'chill' on this. No problems, no recent problems, CWRN is trading A-OK."
On my call back to Scottrade, I learned that they have CWRN flagged with the code "NSCC Illiquid."
I explained that DTCC has No Problems with CWRN.
Compliance guy couldn't answer why it's restricted, talked about "additional capital requirements" but agreed that didn't make sense with DTCC's clean bill of health. He said he'd look into it.
NSCC regulations do call for "additional capital" when a broker has a threshold percentage of unsettled trades. If that's the case at Scottrade, maybe they're behind the massive short volume in CWRN.
Quote:We were getting reports about members here not being able to buy through Scottrade a long time ago. Either way, I personally don't believe into having a broker that would restrict my trades after I pay them to do those in the first place.
Will probably start rising next week in anticipation of PR/news/financials etc. And no market on Good Friday. I would not expect to see these ridiculous levels again.
Are they suppose to post daily?
They just posted a blog yesterday.
Just had a PR April 5.
Ship just left April 2 and is due in China Apr 25.
Pictures of current operations are posted on a regular basis.
They don't stop producing on days they don't post. Except for infrequent rain days they are producing everyday and adding more equipment.
If people compared this with other pennies -who are all late in fulfilling their promises due to murphys law etc they would not be nervous.
This is one of the reasons they themselves look forward to up listing where a bigger pool of investors who are moved by fundamentals and not emotion.
No junior miner that I know of-and I have researched thousands of pennies-has this much communication w the stockholders. Their non- financial communication is unprecedented among junior miners and they are working on the financials.
The other late on financials companies (even those w over 1 yr of missing financials) who were due to post April 1(and CWRN only forecast Apr 15) have not posted yet-saying tax season has delayed accountants/lawyers ability to finish.
Happens for a lot of reasons. One of them is when a big buyer wants to accumulate off the books or the lot (outside of public view during trading hours)without pushing up the price. Small trades for other reasons.
They arent necessarily facts,especially when a former position changes so dramatically and contradicts their own previous posts and those who have used their info for months without anything being said until suddenly-so a lot of people question...
imo if one cant make money w this stock as a long then longs can no longer make money in a market controlled by special interest groups and those who believe them.
Nobody has even attempted to answer my months long challenge to show me a stock w better potential. There was one answer re another junior miner who is about to start producing but has no revenue yet and its price is now much higher than CWRN.
You cant find-I havent- a stock w these fundamentals -a producing miner w high profit margin at anywhere near this pps. This illogical fall is all emotion precipitated by those w questionable motives.
The article is in the sticky re mining costs.
The spot price is public knowledge and so on.
Temeku says 130/ton profit after visiting mine and Bob,which is confirmed by the sticky article which says some junior miners have negative cost because they get $5/ton extra for every % over 62% and CWRN has premium -over 62% after separation and some over 62% before separation. But I havent devoted my life to destroying CWRN only to presenting truth.
But why are you worried-as you said scores of times for many reasons CWRN will never ship (for those who don't know CWRN has shipped and will continue to ship).
That is the logical scenario and the logical interpretation of Emilys email that there was no problem with the trucks and all parties were proceeding as per the contract.
People who suddenly change course have an agenda also even if they are blinded to it because they are essentially not the same person.
As others have reported, smart money is watching and taking advantage of these ridiculously low prices. They are aware of the fundamentals whether published or not yet.
Fine. Its always good to be a proper steward of what we are given. Even though iron is very high profit margin the extra revenue stream never hurts.
They mean a lot as shown by chart activity when new pics are presented. A lot of junior miners don't get pics, emails, PR's or financials. So pics and until recently a regular flow of emails/contacts gave us a lot of info not available with other junior miners etc.
Mexican legal load limit absent extra permits etc is 48.5 tons.
Trucks CWRN's been using are heavy duty 5 load bearing axles built for punishing Mexican roads so they can reportedly handle much more than the rated 40 plus ton capacity.
Iron is so dense that at rated capacity only fills trucks ca 1/3 full somebody reported so it easy to fill them greater than rated capacity and we had reliable reports of up to xx tons/load.
Our guy at the port had given possible round trip times etc which suggested that IF those logistics were followed CWRN could ship every 2 weeks-and I believe he was talking about Panamax.
Last reported # of trucks was 18(itmd 15 and increasing ca Feb 3 and then poster said 18 later)-though they apparently had been using far less than 18 much of time-not sure. But with 18 trucks at the logistics supplied IF those logistics were followed they could truck ca 3400 tons/day w 18 trucks.
So would need just 24 trucks to eventually ship 100k/month as forecast by fall PR's.
Extra excavating equipment noted in recent PR would allow production increase to 70k/month some time this qtr.
I agree,but short term this is almost 100% emotion based on the culture of fear created by some groups-and you cant chart or predict emotion-at least I haven't been able to.
Thus I've never been very good at flipping-just finding an undiscovered stock(since most are unable or unwilling to do the necessary dd researching thousands of stocks) and holding -waiting for logic and market forces to eventually prevail.
Frustrated by the game by which special interest groups cycle the pps to steal from longs ,at one point I tried to flip a small portion of my holdings-and lost millions of shares in the process. Because the particular broker I was using for that pulled some stunt and said I could not trade it til next day-by which time the pps was 85% higher. So there are significant timing risks in trying to flip also.
The dd on equipment cost and profit from shipment-both of which have been posted several times -confirms what Bullit said.
Some may not understand why they've been consolidating and finishing processing on 1-3mm ore. They have tracked equipment as Bob has noted which can be moved to various places onsite. So the smaller ore pile are pics of those localized locations which are trucked to more central locations.
Yes. We keep forgetting about the 3rd revenue stream of topsoil-could you remind us in more detail-I think you posted earlier once about this.
There are several definitions for Handymax(30-35k or more and avg 33' draft) and Panamax(60k up to 75k and avg 39' draft which was pushing it at the port due to infilling(as port site officially claimed 40' before dredging).
Flyer says next ship 50k.
Port dredging was reported as finished in Jan-w 14.5 meters now plus 16 meters in navigation areas as shown by port website. Though somebody else reported additional(apparently follow up)dredging recently. After the dredging our guy at the port said the port could now handle up to 105k ton ships-but I wouldn't count on CWRN using bigger than 75k for near future. Pr's last fall indicated they would be using ca 75 k Panamax in the future.