is close to bankrupcy
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Iraq Shiite and Sunni MPs sign new 'unity' pact BAGHDAD, Jan 13 (AFP) - Parliamentary blocs representing Sunnis, Shiites and independents on Sunday signed on to a common platform stressing the need for Iraqi national unity and central control over oil reserves. The blocs, should they come together as is expected in a new political alliance, would be a dominant force in the 275-member parliament, with a total of more than 100 seats. Among the signatories are Moqtada al-Sadr, the secular Iraqi National List of former prime minister Iyad Allaw, and Sunni leader Salah al-Mutlak's National Dialogue Front, a joint statement said. ”The parties demanded that oil and gas “and other natural resources should remain Iraqi treasures” and not be allowed to be signed away by regional authorities.
I have just read a news in NY Time about the performance of Tiffany ,the jewelers, for holiday season in US.
"There sales performance in sale of Silver jewelery under $1000 has done very well."
This might be news of interest for those who are bullish in Silver and a signal that Silver might perform better during the slow down.
Bob we are looking for an opportunity from this human tragedy. May be we are selfish. This mistake has shed so much innocent blood unnecessarily that one can call it a crime against humanity. You are right war is war regardless how you pull a trigger or how a sword is swung. In the rush of adrenaline every thing looks ok momentarily but every body finds it's human cost as lasting.
All we want now is that Iraq develop from this devastation quickly and be able to provide at least basic needs to every one of it's citizen. The quickly that will happen the better it will be for our investment too. It is like a penny stock with billion of assets/revenue and it is only a matter of time when it will be one of the respectable currencies. How that will happen? That I do not know. May be LOP or Revaluation or they will let it appreciate the way it is doing at present.
You are right and it signals toward more active parliament rather then one sitting on important bills and doing nothing.
With all the short comings I appreciate the fact that we are inching forward from non operation to some sort of mining operation. Hope we will see pictures of men and machines in operation in Escala very soon. FMNJ has to do a lot of work to win the confidence of skeptical investors. However as Shakespeare said, "that is well that ends well". Until such time PPS is not going to go where we want it to go.
'imanjen13' the latest PR contains wordings like, "crews began placing hydraulic equipment". With my extensive experience in hard rock mining I will consider this statement as insufficient. These days all mining machinery and even equipments are hydraulic ones. It can be hydraulic drilling rigs, mucking equipment like loaders /shovels etc. They can be hydraulic jacks to support the mine roof or scalers too. But question is, why should FMNJ needs these costly equipment right at the start of production that too when you are not sure about the %age of precious metal in the ore. I tell you if I would have to write this PR I would have clearly mention what type of hydraulic equipment we are deploying so as to give investors an idea what direction company is going.
With meager resources and with not that huge production target I would have simply rely on couple of hand drills until we ramp up the production and establish ourselves as real Silver mining company. To me using the word like hydraulic equipment is to give a false impression of being a very established mining company. We need realistic progress report.
For your information I have not lost my hope with this company so far and therefore is no question of selling as yet at 80% loss. I agree with you that this company is going to succeed one day but wish that day is not too far in the future when money will buy stuff like wheel chairs etc.
I like all posters on this board. There is lot of justified criticism based on how management has failed to meet their stated goals so far. Frustration is genuine and there is a lesson for management, if they ever have time to read this board. The best investor among us is the one who jealously guard his investment and thus force the management to rectify their faults. Yes these critics are beneficial for those new investor too who can rightly be warned before they are stuck with their hard earned money like us all. Only thing I hate is some one who is a paid basher and I believe there is none so far on this board.
I believe all criticism will end the day they will provide professional update of what has been accomplished so far and not the vague one they issue so far. According to latest PR they have collected all the lose stuff from the shaft but have not conducted sample testing. Therefore now every body, instead of buying more is waiting to see what will be the Lab report. Now every thing does hinge on that test report. How can one be 100% sure about that report at this stage? I prefer tests should have been performed before starting any sort of operation so that we know about the richness of the ore. All these things have negatively affected this stock. If result comes out according to expectations, then all our worries will be gone. AIMHO I will be off for couple of hours.
How Silver is going to perform in the present and expected economic slow down. I was just listening to an interview of Jeffery Christian from CPM Group on BNN tv. I thought I should share what he said and what I could understand with this board.
According to him Silver will out perform Gold in 2008 like it did in last two years.
Silver has 90% industrial use whereas Gold has 90% use in jewelery and it industrial use is no way affected by economic slow down.
Best way to play Silver is buying Bullion, big and small mining and exploration companies. For investment in small silver companies one has to make sure that those companies are able to perform.
Whether or not he is correct but I have put here what he said for your comments. Since he is Silver Bull, I am sure there will be lot of question to his assertions.
I may not be 100% accurate in reproducing exactly what he said but I tried to be as accurate as possible. Still I do not take any responsibility for what he want us to believe.
'NYBob' I read this news in today's NY times. Good thing is that they have some how settled their differences. Along with all other things, those are going with FMNJ at present, this issue was suppose to make Bolivia as highly unstable and thus risky country for investment. Therefore any potential chances of winning financing in that condition could have been remote.
To uncover the exact relation/status of the relationship between Rothschild and FMNJ, some body may call them on the following number. Following is from a PR dated Oct 25, 2007.
"About GDR Privée: In March 2007, Franklin Mining, Inc. announced an agreement with GDR Privée to assist in securing project financing for mining and energy agreements in Bolivia and an energy contract in Argentina. Additional company information is available by contacting GDR Privée, 16 W. 45th Street, 2nd Floor, New York, NY 10036, (212) 382-3240."
javascript:qm_showNews_7866('6446892', 'FMNJ')
Here the link.
http://www.publinetsrl.com/rev54_4.html
"Specially counting with de Support of M. Gregoire De Rothschild and all the banking, financing and business structure he commands, having authorized 1.2 Billion Dollars US for the implementation of Franklin’s projects in South America, this is the main reason that the company is currently studying various projects"
The above sentence is from the detail interview or introduction published in Bolivia. It is from the the link below you have posted. From above statement one can see that Rothschild has committed 1.2billion for FMNJ. Can you elaborate on this. I have a feeling that FMNJ in some of their recent PR have even ask the investors to call Rothschild on the given number. You know NYBob no financial institution will like to be found associated with any such company that they have not a one 100% trust on.
That only reinforce my hunch that this company might play a very big role in South America. Yes these initial days are very hard for investors.
Every info they have so far produced(in your own words), that was peripheral one and the result we are seeing in the form of our PPS. Two major issues associated with this company are Financing and Production. We know financing is not in their hand to approve. Thus we can not blame management for that since they are trying hard for that.
Second issue is mining. They have taken it upon themselves to start. Whole thing depend upon this activity now. Therefore they need to do it in a way that share holders can see any progress no matter how small it may be in numbers.
Real progress can be achieved by providing well though out professional update about what ever they have accomplished in this period. I know they have not told us what mining method they are going to apply. If they say they are mining, it is not sufficient until it has some numbers to show.
Incomplete update. We need to know whether or not 1st round of blasting was carried out on the mine face? How much ROM has so far been transported out of the mine to the stock yard or to the near by processing plant.
About the tests we were told in last update that tests are being carried out and now we should have been informed about the results. It is a layman language that results are encouraging but still need further testing. We need to know what you were expecting from Escala, what has so far been proven by testing. Please do not tell us "encouraging." This a vague language. We need scientific and professional way of communication here. Otherwise it is taken as yet another fluffy PR.
I am sorry for these people. If actual mining has started that mean they have carried out blasting and we need to know that since Granite rock can not be mined by bare hands.
It is a strange that FMNJ is 2.86%up today and all other underdeveloped silver miner are in deep red. Even SIL is 2.74% down. Though both SIL and FMNJ are on down ward slide from early to mid highs in Nov.
Your analysis is right and I see the latest political upheaval has not even accelerated the trend.
"The fund is due to discuss Iraq's lending requests on December 19."
This line is embedded in the whole news. In my view this will be big loan awarded to any country by IMF. If that will be correct then it will give further boost of confidence to Iraqi dinar. Just watch the news. JMO
Thank u Retro for your comments. Since you call it a big mess, how much it can affect foreign investments particularly our own FMNJ. Anything heard from the horses mouth? How your friends in FMNJ are taking this development?
Hi! Retro why are you so silent. Please give us your 1st hand observations about fresh political upheaval in Bolivia. This talk of Autonomy by 4 provinces seems like scary. May be I am wrong but it is hotly contested issue in Bolivia and as a investor in that country is a matter of interest if not concern.
Thank u Bob I had read all those news already. I actually was wondering whether or not it add more uncertainty to FMNJ future? I know Retro is in much better position to say some thing about this since he is in Santa Cruz. I tried him emailing him but got no response as yet.
NYBob! what is your opinion about changing political situation in Bolivia? This subject is not been raised on FMNJ. Don't know whether it is ignorance or intentional to avoid contentious issue.
Iraq clears debts with IMF early, fund says
Reuters Published: Friday, December 14, 2007
WASHINGTON -- Iraq has cleared its debts with the International Monetary Fund with the early repayment of around $470-million, the IMF said Friday.
"Iraq's ability to repay the IMF ahead of schedule reflects its strong international reserve position against a background of high oil prices," IMF Managing Director Dominique Strauss-Kahn said in a brief statement.
The IMF lent Iraq the money as emergency post-conflict assistance in 2004, a year after the U.S. led invasion to topple Iraq's former leader, Saddam Hussein.
Baghdad repaid the money ahead of a request for a fresh IMF standby arrangement, which is scheduled to be discussed by the IMF board on Wednesday, the IMF said.
Oil-rich Iraq does not really need the money. But it values the IMF seal of approval it gets under the facility as part of a wider effort to modernize the country's economy, despite the challenges of an extremely fragile security situation.
U.S. and Iraqi forces battling a simmering insurgency and sectarian bloodshed have made progress since thousands of extra U.S. troops were rushed to Iraq earlier this year. But indiscriminate violence remains a daily occurrence.
Close
Reader Discussion
http://www.nationalpost.com/news/world/story.html?id=169591
Dumb basher is put to ignore.
He is a naive basher and therefore has no influence over the board. He has come here to save us from ourselves.
Don't worry for us. We know from your ID that you are here with a given or adopted mission to hurt this company.
I only wish one thing and that is that they fully focus on Escala by now. It is possible they might get much more metal from this as it is located where even gold has been reported. Let is be in fully operational and profitable. That will bring credibility to this company as well attract some deep pocket investor. Then it will be a time to look for other sites to develop while stream of income will keep on coming from Escala. JMO
Why he did not buy Google when it was below one hundred? To me he is as able to over look the opportunity as any body else here. He is also prone to blunders like one he did couple of years back by buying silver and lost billion sum.
Last year he invested in Israel and soon after there was war with Hizbullah and his company was in firing range and operation remained suspended. Thus there are several factors for some one like Buffet to take into consideration before putting billions into it. May be he still consider Iraq as a risky investment. Time will prove whether he right or wrong.
If I am not wrong I read some where that according to agreement with COMIBOL, FMNJ will develop the mine by itself. However FMNJ will not pay any thing to COMIBOL until total development cost is recovered from the sale of metals. Once that is done the profit will be shared 51 to 49% between the partners.
Mart, you are right we need to have update about other projects too. But I attach a great importance to what they do with Escala. This will show the world that this management is capable of achieving goals set for themselves. I would like to know more related with Escala like processing results and having their own plant at site to process the ore etc including the net earning.
Once it is fully operational and productive, they will be expected to extend their action to other assets like Cerro Rico or GTL plants. If they can handle all simultaneously, that is ok but that will put tremendous strain on their limited resources and divide their efforts too. IMHO
'Trueheart' have you stop your count down or not. May be you are not sure. May be your count down has forced them to issue today's update. Any way than u for that job.
Out of 9M total, 7M is buy volume. That is enough proof that people or MM are buying this. But question what drag the price down?
I had purchased by dinars from Bank of Nova Scotia here in Toronto. They should be happy to cash the same whenever I like. I have been their customer for couple of years.
There is no bad news, it is your bad intention for the company. You are free to call it your opinion but don't call it a news.
That means you accept that there was a dilution but not on the level, some posters have mentioned here. Do u have any figure that can still justify IQD appreciation from the lows in 2003? There should be some Gov. site providing actual authentic latest figure of M2.
Normally dilution means decrease in value of security or in this case currency. Appreciation on the other hand negates the idea of dilution happening. But in this case appreciation as well as dilution was taking place at the same price. That is a little hard to digest since it negates concept of supply and demand provided there is tremendous demand in the world for that currency.
'strongtower'great point. Reality is that IQD has appreciated since Nov 22,06. Thus we can say that M2 has not at least increased since then.
http://news.bbc.co.uk/go/rss/-/2/hi/americas/7135396.stm
Bolivia assembly approves charter
Bolivia's constituent assembly - 8/12/2007
More than one-third of assembly members boycotted the vote
A special Bolivian constituent assembly has approved a new constitution, despite a boycott by the main opposition party.
Bolivians will now have a chance to vote on the document in a national referendum next year.
The 164 deputies present out of the total of 255 took 13 hours to vote on each article of the new constitution.
The new charter would give greater autonomy to Bolivia's indigenous people and eliminate presidential term limits.
The draft constitution has proved contentious in Bolivia, with strikes and protests against it.
At least three people have been killed in clashes between protesters and police.
President Evo Morales proposed on Wednesday that he step down if "No" votes in the upcoming referendum exceed the vote which elected him in December 2005 - 54%.
Mr Morales - Bolivia's first indigenous president - says the reforms would give greater political representation to marginalised and indigenous groups - who make up 62% of the population.
But the opposition have criticised the plans for allowing the president to seek re-election indefinitely.
Strikes to protest against the reform plans were held in six of Bolivia's nine provinces last month, attracting the strongest support in the gas-rich province of Santa Cruz - an opposition stronghold.
Iran drops dollar from oil deals: report TEHRAN, Dec 8 (AFP): Major crude producer Iran has completely stopped carrying out its oil transactions in dollars, Oil Minister Gholam Hossein Nozari said Saturday, labelling it an unreliable currency. “At the moment selling oil in dollars has been completely halted, in line with the policy of selling crude in non-dollar currencies,” Nozari was quoted as saying by ISNA news agency. “The dollar is an unreliable currency, considering its devaluation and oil exporters' losses,” he added. (Posted @ 14:35 PST)
Retro! thank u for your PM. Let us hope next week brings is good for all of us in this stock.
Thank u NYBob for PM. We the people who always see glass as half full.