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Excerpt from Briefing.com concerning the market drop.
Reportedly, the decline is due to European inflation warnings made by Axel Weber, a European Central Bank Council (ECB) member. Weber stated that although the ECB has temporarily paused its rate hikes, in his opinion the ECB may need to raise rates to a "restrictive" level.
market was overdue for the darkside
anyway, l needed to take the profits....hate to ride up/dn, time was running out & shorts are taking over now.
Broker call on BIDU sent tech
to the shitter
take profits x 2.5 no hubbub just
don't like those drops.
Out QQQJX 50 c
GLD- sets new multi-year high of 74.32
(TECHX) 74.13 +0.77 : Noted the early Oct/previous multi-year high yesterday (73.98) and have seen the GLD gap and hold above this level thus far this morning (session high 74.32). Stocks mentioned yesterday and today gains include: AEM +3.5%, ABX +1.7%, FCX +0.4%, GFI +2.8%, GG +3.2%, KGC +5.6%, NEM +2.2%
Fed.(2)(3) 7day RP + 20.00B [net Drain -10.50B]
Fed.(3) 1day RP + 9.50B
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed.(2)(3) 7day RP + 20.00B [net Drain -10.50B]
Fed.(3) 1day RP + 9.50B
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed.(1) 14day RP + 6.00B [ SoFar
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed.(1) 14day RP + 6.00B [ SoFar
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Grats to frenchee./
l don't get it, who the hell is he trying
to save J6P or the whores on wall st AKA bankers.
They are loading liquidity for the banks to use again, go back and see my Fed post,,,, wait here:
On deck tomo 6B 14day, 24B 7day + 16B todays = 46.00B !!
Fed. 1day RP + 16.00B [net add + 5.50B]
On deck tomo 6B 14day, 24B 7day + 16B todays = 46.00B !!
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed. 1day RP + 16.00B [net add + 5.50B]
On deck tomo 6B 14day, 24B 7day + 16B todays = 46.00B !!
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Real-Time Forex Streamers (2)
http://www.netdania.com/QuoteList.asp
http://www.forex-markets.com/quotes.htm
W@G2 QQQQ 10/10/07 for a 10/12/07 close
53.60 bob3
53.45 frenchee
53.38 DrWorm
Halted, did U short.
Fed. 1day RP + 12.50B [All Giveth]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
Fed. 1day RP + 12.50B [All Giveth]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
4God, keep those cards/letters comming
only got .50 vg, left alot on the table. Thank You !!
Newmont to Acquire Miramar Mining for C$6.25 Cash Per Share; Miramar Board to Unanimously Recommend Offer
Tuesday October 9, 8:30 am ET
http://biz.yahoo.com/prnews/071009/latu092.html?.v=101
DENVER and VANCOUVER, British Columbia, Oct. 9 /PRNewswire-FirstCall/ -- Newmont Mining Corporation (NYSE: NEM - News) and Miramar Mining Corporation (TSX: MAE - News; Amex: MNG - News) announced today that they have entered into a definitive support agreement that provides for the acquisition by Newmont, with the unanimous support of the Miramar board of directors, of all the outstanding common shares of Miramar for C$6.25 cash per common share. The acquisition will be effected through a take-over bid, the full details of which will be contained in Newmont's take-over bid circular that is expected to be mailed to Miramar shareholders by the end of October. The transaction values Miramar at approximately C$1.5 billion on a fully-diluted basis. The offer represents a premium of approximately 29% over Miramar's 20-day volume weighted average trading price on the TSX through October 5, 2007.
Newmont to Acquire Miramar Mining for C$6.25 Cash Per Share; Miramar Board to Unanimously Recommend Offer
Tuesday October 9, 8:30 am ET
http://biz.yahoo.com/prnews/071009/latu092.html?.v=101
DENVER and VANCOUVER, British Columbia, Oct. 9 /PRNewswire-FirstCall/ -- Newmont Mining Corporation (NYSE: NEM - News) and Miramar Mining Corporation (TSX: MAE - News; Amex: MNG - News) announced today that they have entered into a definitive support agreement that provides for the acquisition by Newmont, with the unanimous support of the Miramar board of directors, of all the outstanding common shares of Miramar for C$6.25 cash per common share. The acquisition will be effected through a take-over bid, the full details of which will be contained in Newmont's take-over bid circular that is expected to be mailed to Miramar shareholders by the end of October. The transaction values Miramar at approximately C$1.5 billion on a fully-diluted basis. The offer represents a premium of approximately 29% over Miramar's 20-day volume weighted average trading price on the TSX through October 5, 2007.
Futures (2) + World Indices
http://www.cme.com/dta/del/globex.html
http://money.cnn.com/data/premarket/
=================================
World Indices (2) Mini Charts
Updates every 60sec ~ Watch the dates!!
http://www.wwfn.com/commentary/oscharts.html
http://www.allstocks.com/markets/World_Charts/Asian_Stock_Markets/asian_stock_markets.html
Doc AA is not one l follow but agree
with your assessment 'serial disappointment' l'd hate to start the season off with a loser.
yes, cc 5:00pm
Ameritrade showing no trades QQQQ
49s QQQJW since 14:36pm ....???
Fed. NO Action today.
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
W@G1 QQQQ 10/08/07 for a 10/10/07 close
52.90 frenchee
52.80 anderl
52.70 bob3
Peak Oil: Interesting set of charts from CIBC on oil production and export...
Courtesy...up the stairs @ Dr.Bob on SI
http://research.cibcwm.com/economic_public/download
========================================
Observing the World Pulse: TobagoJack aka
Jay Chen...a nice read !
http://worldmarket.blogspot.com/
World Class Mining Company in the Making
Thursday, October 4, 2007
By David Zurbuchen and Ming Guo
http://www.stockhouse.com/shfn/article.asp?edtID=38470
A mammoth zinc deposit in Mexico bodes well for U.S.-based Metalline Mining. Part one of two.
Fundamental Background Information
Metalline Mining (AMEX: MMG)
Outstanding Shares: 38,690,000
Fully Diluted Share Count: 55,300,000
# Warrants: est. 13,460,000 @ average exercise price of $1.34
# Options: 3,160,000 @ average exercise price of $2.41
Cash: est. $11,000,000
Debt: $nil
The property owned by Metalline Mining (AMEX: MMG, Bullboards) is located in Coahuila, Mexico, in the Sierra Mojada Mining District. The district has high voltage electric power and is accessible by rail lines, a well-maintained gravel airstrip, and 250 kilometers of paved road. The company owns in title 100% of 38,662 acres in and surrounding this district, has already defined a gigantic zinc resource in the southern manto, and is currently busy drilling in the northern polymetallic manto in order to define a significant silver-copper-lead-zinc resource there as well.
Edit, I own some of this stock been under water till now
Since its discovery in 1879, the Mojada district is estimated to have produced over 10 million tons of high-grade ore from its northern polymetallic zone. The grades of this ore were so high that no mill was ever needed to concentrate it. Instead, the ore was shipped directly to the smelters.
Since 1999, management at Metalline has focused its attention on the Southern Sierra Mojada Fault, largely as a result of the positive feasibility study concerning the now operating Skorpion Mine in Namibia. Metalline's mine will be modeled after Skorpion, an ultra-low-cost project that was ramped up to full production in 2004. Currently, Skorpion is producing about 150,000 metric tons of SHG (Super High Grade) zinc per year at about 25 cents/pound, making it one of the lowest cost zinc mines in the world.
Metalline Mining is currently conducting their feasibility study through Green Team International (GTI), the same group who prepared the feasibility study for the Skorpion mine.
We think that Metalline's mine will be constructed to produce 180,000 tonnes of zinc per year. This production rate could vary significantly depending on what the final mine plan calls for. This would affect the results of the calculations we have performed below.
A yearly production rate of 180,000 tonnes zinc translates into 397 million lbs. zinc, allowing for a mine life of probably at least ten years. Currently, the Skorpion mine is producing zinc for about $650/tonne. Meanwhile, zinc is selling in the marketplace for well over $2,500/tonne. This equates to a profit margin of about 4 to 1. Assuming that Metalline's costs are the same as Skorpion's, this would work out to over $330 million in yearly operating revenues, or well over 3x the current market capitalization of the company. It is easy to see how Metalline could command a market capitalization of several billion dollars once in production. Assuming 100% share dilution from the current level to fund construction of the mine, we could easily be looking at a $10+ share price three to four years from now.
Furthermore, this says nothing about the northern polymetallic manto, which is similar in size and contains silver grades as high as 341 ounces per tonne! Over 5,000 samples were taken from the northern manto between 1997 and 1999. These samples graded an average of 300 g/t silver, 0.6% copper, 5.5% zinc, and 2.2% lead. Now that the oxide zinc mineralization is in the feasibility study stage, Metalline is refocusing its attention on this manto structure. This leaves room for an incredible amount of growth, possibly doubling or more the value of Metalline's resources.
Metalline vs. Skorpion
The Skorpion project was 160km from the nearest paved road, 260km to power, and 60km from an adequate water source. Furthermore, it did not have a good labor pool to draw from. Most of the work was contracted to native Namibians, many of whom knew little about mining. There was no underground access, and the entire project had to be drilled from the surface.
Metalline's Sierra Mojada project, in contrast, has a rail line, power, water, a paved road, two local mining towns very nearby, plenty of eager, low-cost workers with mining experience to draw from, underground access, and better metallurgy than Skorpion with very clean, environmentally friendly ore.
Three of the 45 old mine shafts are located directly over the defined zinc resource, and these have been restored for active use. These shafts make access to the underground very easy and facilitate drilling the ore bodies from underground rather than at surface, which is much more difficult. Access to the underground is so prevalent that one can walk over 600 m directly through the proven high-grade zinc ore body. Being able to walk through an ore body of this magnitude is extremely unusual, and it is a testimony to how impressively solid the rock structure is at the project.
In contrast, Skorpion had no underground workings whatsoever, and had to prove out their similar sized ore body using only surface drills.
The Skorpion mine was built between 2001 and 2003 for a cost of about $450 million. While oil, labour, and equipment costs will likely be much higher for Metalline, this may be offset partly by the fact that the Skorpion mine was constructed in a much more remote location. As concerns production costs, Metalline had a bit of a breakthrough in terms of metallurgy in 2006 when they discovered how to reduce acid costs by about 1/3, and produce a shippable zinc concentrate on site.
Metalline also has the full support of the community. The two nearby mining towns of Esmerelda and Sierra Mojada with a total combined population of 3,000 are full of families that have a long history of mining in the area. Recruiting is relatively easy for Metalline, since currently many of the workers in these towns have to commute three hours every day to an iron ore mine. Most would love to give this up for a job at Metalline's zinc project, where the climate is comfortable. Indeed, Metalline is already the largest private sector employer in the area. At the local church in Sierra Mojada, it is reported that every week the Sunday service ends with a prayer for success at Metalline's mine site.
The Advantage of a "Detachable" Refinery
Metalline has found that it will be able to produce a rich enough zinc concentrate on site. This will allow Metalline to build their refinery anywhere in the world that offers the best synergy of low taxes, low electricity costs, low CAPEX, etc. One of Mexico's major disadvantages is a shortage of electricity. Metalline is effectively able to outsource the electricity-intensive refining process to a location where electricity costs are only a fraction of what they are in Mexico. Essentially, Metalline will be trading the cost of transportation for the cost of electricity and the added benefits of lower taxes and a lower CAPEX burden to construct the plant.
Of course, it should be noted that the ultimate advantage with regards to the refinery is not so much that Metalline can "detach" it, but that Metalline will have one at all. Most zinc producers cannot refine their own ore and consequently they are unable to avoid the large smelting fees charged by refining companies when selling their concentrates. Metalline will be able to bypass the smelter middlemen, selling its 99.99% zinc and receiving the full market price for it.
The final part of this two-part series will look more closely at the development of Metalline's zinc project and then further consider the vast exploration potential beyond the current zinc resource.
Both David Zurbuchen and Ming Guo own shares of Metalline Mining.
David Zurbuchen and Ming Guo are Editors for ResourceFortunes.com. Resource Fortunes aims to educate investors concerning the fundamentals and technicals driving the current resource bull market through its various newsletter services. Please consider signing up to our free newsletter or subscribing to our monthly premium newsletter service.
Observing the World Pulse: TobagoJack aka
Jay Chen...a nice read !
http://worldmarket.blogspot.com/
Don Coxe: weekly audio program.
http://events.startcast.com/events/199/B0003/#
Speaks:
Chart S/P, food price inflation, collapse ethanol, again the unknown & knowns Sub prime mess...
Run time 24min.
Peak Oil: Interesting set of charts from CIBC on oil production and export...
Courtesy...up the stairs @ Dr.Bob on SI
http://research.cibcwm.com/economic_public/download/jr_industrials_nyc_oct07.pdf
Fed Ops: 30.00B Matures this week.
Thu:
(1) 6.00B 14day
(2) 24.00B 7day
Float: 34.00B
===================================================
Temp Ops:
Perm Ops:
=========================================================
Public Debt:
New Limit: $9,815,000,000,000.00 T
10/04 ~ ~ ~$9,050,048,079,280.70 T
http://www.treasurydirect.gov/NP/BPDLogin?application=np
Fed Ops: 30.00B Matures this week.
Thu:
(1) 6.00B 14day
(2) 24.00B 7day
Float: 34.00B
===================================================
Temp Ops:
Perm Ops:
=========================================================
Public Debt:
New Limit: $9,815,000,000,000.00 T
10/04 ~ ~ ~$9,050,048,079,280.70 T
http://www.treasurydirect.gov/NP/BPDLogin?application=np
Gold prices surged on the bullion market on Friday on emergence of buying by stockists, who indulged in enlarging their positions to meet coming festival demand and recorded a gain of Rs 100 at Rs 9550 per ten gram.
NEW DELHI-INDIA (6 Oct)
Buying sentiment gathered momentum on increased buying by stockists and jewellery fabricators to meet the demand in the ensuing marriage and festival season starting next week.
The beginning of 'Navratras', an auspicious week for buying new things and marriage season mainly pushed up gold prices, even discounting reports of a fall in its prices in the overseas markets.
Standard gold and ornaments gained Rs 100 each at Rs 9,550 and Rs 9,400 per ten gram respectively, while sovereign was unchanged at Rs 7,800 per piece of eight gram.
Silver ready shot up by Rs 150 at Rs 17,800 per kilo on emergence of buying by coin-makers and consuming industrial units. Gold for weekly-based delivery rose by Rs 300 at Rs 18,300 per kilo on speculative support.
Silver coins, on the other hand, remained unchanged at Rs 24,000 for buying and Rs 24,100 for selling of 100 pieces
Ray for tubberclare !!
MCO alert perfect timing, have cookie )
Fed. No action [net flat ,zip ,nada]
http://www.ny.frb.org/markets/omo/dmm/temp.cfm
1 day 5min