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who is Red Kite?
They have done quite a few loans and offtake agreements. They have a number in New York. Another arm of the company is London is a hedge fund so you can expect some manipulation at times.
Thought I read somewhere the funds come from pension funds looking to invest.
JFF7
"spin out PDI" - is this worth less now with Inmet announced the contract for aggregate?
"I'm guessing the terms of the deal are in line with what industry standards" - some companies got slightly cheaper terms earlier this year but there may have been some warrants involved. The terms look a little on the high side to me but not unreasonable at all. I'm not sure where Investor is getting his rates from....looks like 8.5% (1 minimum plus 7.5) and 9.5% to me.
"Now if the POG/POS will just hang in there we should be fine."
this is the big question for the short term. If markets go down, POG and gold stocks probably go with it again (at least for a short while). POG and gold stocks though would be the first to break back up.
Paying back the PM loans gives them an 18 month break of better reports before they have to start repaying the principal and interest. The real upside though is more exposure to the upside of POG if it takes off.
JFF7
"....it would be deeply unusual for a high net worth individual in Panama to own any sort of asset personally rather than through a corporation or a foundation."
is that because most of the high net workth is old money? or it because of tax reasons ? or a combination of both?
JFF7
You guys need a good old fashioned IRS to sniff out the owners. If people are hiding their financial dealings to that extent, they are probably up to no good.
If transparency is a non-issue in Panama then it is destined to remain in its current status.
IMHO,
JFF7
"Check out the internet "paper" you are quoting. Not even in Panama. "
is there any credible sources in panama? I thought you said they were all politically motivated. It seems foreign reporters that report on Panama often get kicked out of the country. Maybe there is no such thing as factual rpeorting on Panama. There's that banana republic thing again.
I'm not shorting PTQ but I am also not "in" either so there is your chance to paint me as someone angling for cheap shares. I just wish I knew what cheap shares were with PTQ. Facts are few and far between from PTQ and Panama. Everyone is always spinning the story the way they want.
I wouldn't be surprised if a lot of people end up in jail. Judge, jury and executioner all sit in one hand. Oops there's that banana republic thing again.
I actually would be in PTQ at this point for a swing trade with the forthcoming positive news (at least that is is what we hope and that it does not come with any bad news like dilution or delays). But I am staying out until POG shows it is not going to retest 1550 and the markets are not going to retreat on fiscal cliff or debt ceiling woes.
all in my opinion.
JFF7
Martinelli appointee downplays scandal allegations
http://www.newsroompanama.com/panama/5100-martinelli-appointee-downplays-scandal-allegations.html
Attorney General José Ayú Prado has downplayed allegations by Mayte Pellegrini, the main suspect in the embezzlement of funds at Financial Pacific, that President Ricardo Martinelli was connected to the scandal.
Pellegrini said that irregularities in the management of the brokerage firm included the existence of a secret account named High Spirit, which was opened to manipulate shares of Petaquilla Minerals. She said that the account was linked to Martinelli.
Ayú Prado said Thursday, December 27, that he discussed the case with prosecutor Frank Torres, who told him that Pellegrini "had no evidence or clues" that could sustain her assertions.
"The prosecutor informed me, in a colloquial way, that Pellegrini had made statements that he could not verify," Ayú Prado said.
Ayú Prado said that everything was "a rumor she heard." He added that Pellegrini "worked on one floor and the rumor was generated three floors above" and that, therefore, she could not point to anybody in particular.
He also said that it was beyond the authority of the office to investigate the president.
Ayú Prado was appointed earlier this month to the Supreme Court by Martinelli.
where there is smoke there is fire, or so they say.
JFF7
Background to Financial Pacific Scandal
The conditions to develop the mining sector in Panama were created in 2009, when President, Ricardo Martinelli took office says a news story now circling the world via social networks and news outlets.
With only five months in office, the signal was given to Petaquilla Gold to starting to market its products said La Prensa in one of three stories on the latest alleged corruption scandal and published December 26.
The decision was made after having negotiated the "better benefits" for the Panamanian government, said Roberto Henriquez, at that time head of Trade and Industry and now Minister in the Presidency.
Two years later, amid a financial scandal in Financial Pacific stories come to light relating to the mining business and the executive.
Mayte Pellegrini is the prime suspect in an illegal transfer of money on a complaint lodged by the directors of Financial Pacific. She revealed to the prosecutor alleged links between high government officials, and investments of the brokerage firm and the shares of Petaquilla Minerals (holding Petaquilla Gold).
Pellegrini is in custody by order of the Attorney of the Thirteenth Circuit. In an investigation on November 22 she said managers of Financial Pacific and West Clare Ivan Valdes had said publicly that a secret account called High Spirit was opened to "manipulate the stock market with shares of Petaquilla". And it was the president, Ricardo Martinelli. "
Industry executives, faithful believers of anonymity to give confidence to customers, are shy and fearful of the consequences of the case Financial Pacific. They warn that what began as an isolated fraud could pose an imminent threat to market stability asthe alleged facts become known .
The performance of the shares of Petaquilla Minerals is tied to supply and demand for the products of the company, investment policies in the countries where it operates, to its administrative and economic and political environment, as any other company to market conditions.
If someone manages to get insider information and uses to his advantage to make investments, you can expect your money grow over the rest making their moves blindfolded.
And when there are imminent risks that would drop the price of these shares, you can get rid of them and emerge unscathed, while the other investors would lose their money.
Petaquilla share movement
In the hypothetical case that one official has acquired Petaquilla shares knowing that the decisions made by the State would impact the stock price, and could have taken advantage. Let's see why.
Just before the started Petaquilla gold mine started in 2010, the purchase and sale of shares of in Petaquilla Minerals increased.
This unusual movement is observed from the October 26, 2009. To this date the action of Petaquilla Minerals achieved a total traded volume of 2,805,000 was quoted at $ 0.22.
On November 13, 2009 there was another great move reflected in the Toronto Stock Exchange, … a total volume of 5,723,000 thousand shares of Petaquilla Minerals, at $0.25 each.
By the end of December 2009 the action was at $0.80, when the government had already negotiated a new relationship with Petaquilla Gold, to authorize the marketing of their products.
On January 4, 2010 the shares rose to $0.88, the same month that Petaquilla Gold got the backing of the state to export gold.
If an insider has acquired a package is of 100,000 shares at the end of October 2009, for $0.22, each by early 2010 the investment would more than triple..
When the Martinelli administration sanctioned the mining law on 11 February 2011, the sahres was trading at $1.14 or 1.22 Canadian.. Anyone who invested in late 2009 kept winning.
Protests intensified from environmentalists, trade unionists and the opposition, especially the indigenous Ngäbe Bugle, in whose territories major deposits of copper and gold are located
Despite the clashes, which ended with closed streets, injuries and arrests, the Government maintained its position to implement the newly adopted mining code.
With this scenario in favor of mining, on February 15 just five days after the law was enacted, the shares went to $1.20 or 1.27 Canadian, its highest ever.
Those who bought at $0.22 and had succeeded in upgrading their investments by nearly 600%.
The President held the position to not roll back its decision, regardless of the strong criticism and pressures inside the country.
An interesting fact is that on February 23, 2011, when mining code reforms were at a standstill, a volume of 2,216000 shares werw nwgotited at $1.13 each.
On March 3, 2011, President Martinelli pledged to repeal the law that reformed the mining code and on March 7, 2011 the shares that had reached $1.20 collapsed to $0.95.
Roberto Brenes, manager of the Panama Stock Exchange, believes that Pellegrini's claims should initiate an investigation by market regulators in Canada, where shares in Petaquilla Minerals are traded.
In Ontario they can determine whether movements in the purchase and sale of shares took place from Panama and who ultimately handled accounts on behalf of third parties.
"It's awful what is happening," said Brenes.
Ivan Clare, vice president of Financial Pacific, denies the charges of Pellegrini.
On Monday December 17, at 11:30 am, Clare presented his version of fraud in the brokerage to La Prensa
The meeting asked questions, from document to which the newspaper had access about what Pellegrini revealed in the investigative process “Visibly affected Clare said answer he would answer the questions via email.
The questions were:
According to the inquiry rendered by Mayte Pellegrini, the Pacific Financial brokerage had senior government officials as clients. Is the president, Ricardo Martinelli one these clients?
Since when has the president been your client?
Did the brokerage purchase the shares of Petaquilla?
Are the investments of these officials, including the President, also included the sale of shares of Petaquilla?
Who and for what, used the account called High Spirit?
Clare’a reaponse was brief. He replied that "Article 65 [of confidentiality stock] Act 67 of 2011 of securities expressly prohibits answering the questions and revealing customer names, without an express order of a court or regulatory authority, so these questions must be submitted to the regulator."
In the presidential campaign, Ricardo Martinelli in February 11, 2009 commented on how his administration would act on the environment in if he won the election. Page 32 of his government plan said that the main causes of deforestation was open pit metal mining.
In his regular media appearances, Martinelli also promised an audit of all grants, including Petaquilla Gold. To reporters of La Prensa, when still a candidate, he spoke against the environmental practices of Petaquilla. He even said that he would seek sanctions against the company owners. However, as noted by environmentalist Alida Spadafora, these measures were not practiced on December 11, 2009.
In March 25, 2010 the President stated that he was willing to amend the Code of Mineral Resources to facilitate foreign investment. He said the country could not miss a great opportunity and be left behind in mining due to lack of legislation.
During an official visit to Peru on August 27, 2010, the President said the environmental lobby in the world ignores the benefits of responsible mining in the development of a country.
On October 4, 2012, Martinelli announced the creation of a Ministry of Energy and Mines, the importance of these economic activities will have on the country. In 2015 Panama will be "a mining country," he said.
Legal Escape Routes
Carlos Barsallo, ex Securities Commissioner said Panamanian laws only apply when the misuse of inside information or insider trading in securities has been registered with the Panamanian regulator.
Petaquilla Minerals shares are not registered in Panama, which means that even investigation could be prohibited. or.
In criminal law, which is investigating and pursuing the prosecution, the crime of manipulation of information (Art. 251 of the Penal Code) indicates required as in administrative matters, that the value is registered in the regulator.
Panamanian criminal law is applicable even if committed outside the offenses listed in Article 19 of the Penal Code, which does not include financial crimes such as insider trading that is in the title of economic order offenses.
The issue, in any case, could be of paramount concern and competence of administrative authorities and criminal market where the violation occurs, specifically the province of Ontario,Canada where Petaqilla Minerals are traded on the TSX or Toronto Stock Exchange. .
The authorities should,watch the news in Panama, to begin their research and seek assistance from Panama, said Barsallo.
Assistance must be requested through the executive authorities via the Public Ministry today and Ana Belfon, appointed Attorney General by President Martinelli.
http://www.newsroompanama.com/business/5096-background-to-financial-pacific-scandal.html
RIMM
After hours share price went from 7* up to 10% down after they learned there would be a new service fee model going forward with the BB10 phone. No more chicken dinner :(
JFF7
RIMM quarterly results out
beats on top and bottom line....only a .22 per share loss vs expected .35 per share consensus.
cash up 600 million to 2.9 billion.
gross margins up 320 basis point
Up 7% in after hours trading. Conference call in 20 mins.
winner winner...chicken dinner.
unfortunately, the world is making more and more banana republics each year. Panama is trying to climb out and others are slipping in.
JFF7
hmmmm what a coincidence...no HL news from him and none from the company....guess that gives you an idea of how independent his report is.
JFF7
re:FQ 's ability to up bid for Inmet
Raymond James - "We estimate that another two dollars per share could be added to the bid for Inmet before First Quantum would reach 25% share dilution, thus requiring its shareholders to vote on the deal."
JFF7
I agree, movement on the land deal is the best thing that could happen for them money wise. As for believing what IR says, that comes with a big grain of salt. On what terms? The less money they need from the PP, the better the terms will be.
"hopefully PTQ announces something on the PP or will at least let us know what the hell is going on and where we stand. " Ah yes, the hope and pray method. Maybe we will get one of those informative earnings calls broadcast again some day.
JFF7
I don't see FQ offering much more for Inmet. Analysts are saying 80-90 dollars is needed. Even saw one on BNN that said 120 could be possible. Inmet's share price has already moved from lows of 37 dollars in July of this year up to the 70s. That a pretty nice gain already. If it's other properties are not doing that well as the pumper suggested when Inmet was trying to takeover PTQ then Inmet should not be worth much more.
C.P. potential has to be discounted some because it's location in a banana republic. No other bidders have stepped forward either which may be a message in itself.
PTQs share price should improve as a result of the new ball mill and the start up of HL operations. But weighing against that is a falling gold price and questions about how they will finance their increasing Spanish properties. A land deal with Inmet (or FQ if they do takeover Inmet) would go a long way to relieving those concerns. New debt would allow the PM deals to be bought out and free up cashflow. But when will those items get done.
JFF7
"I sure hope we're not getting into the citrus business. Think management has enough on their plate running a PM mine.!! "
they've been in the lemon business for some time already so who knows. (sorry couldn't resist).
JFF7
yes the qtr we are currently in is the one I was referring to. If the fiscal cliff negotiations drag on, the market will not like the unknowns so the markets could fall until clarity is provided. PM could be dragged down with them despite the additional printing going on now.
There is a lot of pressure on the reps and dems to come to a deal because they want people to think their net worth is growing (stock markets kept up and real estate increasing). On the other hand, you know how stubborn the politicians can be. Not worried about doing whats good for the country, only about winning the game of chicken.
JFF7
There's time to close the gap before the quarterly results come out with the impact of the improved production. Stranger things have happened.
JFF7
Buying Opportunity !
Oh wait that is the whole PM sector...
Silly markets. Don't they know. Tricks are for kids!
JFF7
I think your future is closer to reality. But hopefully not.
JFF7
My feeling on PTQ is that it is suffering the overhang of the PP. Until the potential dilution from the PP is known, the overhang continues.
(Yes, yes... I know you feel the warrants will be accreditive and such).
JFF7
It`s finally moving higher (POG). Talk about a muted reaction.
Market management does have its bounds but I suspect we have not seen the last of it wrt POG.
JFF7
ORT.to
Your going to be waiting a long time because there will be so many firsts in the coming years. If this technology works as they hope, they will be ramping up and adding something new every quarter of every coming year.
This is as much a hold-and-mold for a core position as any I have seen. The trading shares will make a lot of money as well.
JFF7
INA.V +.05 +11.83%
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN UNITED STATES
Iona Energy Inc. ("Iona" or the "Company") (TSX VENTURE:INA) is pleased to announce today that the 44/18-T6 ("T6") well has been drilled from the Tyne Gas Field Platform and has successfully encountered a gas filled Carboniferous reservoir section. Completion operations to prepare the well for production are commencing and are expected to be brief. Upon completion, the Company will provide an update regarding initial flow rates. Iona owns a 20 per cent interest in both the Trent & Tyne gas fields with an option to increase interest in both fields to 37.5 per cent.
The well T6 was drilled as a side-track from dormant production well T5 to a location higher up structure and to the north of T5 within the same production compartment. Well T5 had previously produced gas at rates of up to 25MMscf/d from a 50 foot gas column close to the gas water contact ("GWC") and had been shut in due to water encroachment. As planned the T6 side-track encountered top reservoir 57 feet higher than T5 and 107 feet above the regional GWC. T6 was drilled at a high angle through the reservoir and encountered 92ft of gas pay. Pressure testing of the reservoir has confirmed that T6 lies within a different reservoir compartment from production well T3 and will recover new reserves. Gaffney Cline & Associates ("GCA") have estimated the incremental proven plus probable reserves net to Iona to be 4.8 Bcf from T6 at an initial gross flow rate of 20 MMscf/d, with a net upside case of 6.4 Bcf of proven plus probable plus possible reserves (reserves estimates effective as of December 31, 2011). Further drilling opportunities have been identified in the Tyne South, North West, and East compartments.
Iona on acquisition of the 20 percent interest in the Trent & Tyne field committed to the funding of the drilling and completion of the T6 well at a capped net cost exposure to Iona of Pound Sterling21.2 million (approximately USD $32.9 million).
Iona's Chief Executive Officer, Neill Carson, commented: "The delivery of a successful new gas well, drilled from the platform in a short time fits with our plan to monetize new developments at low risk. We recently have realized spot gas prices greater than USD$11/Mcf and feel encouraged to continue to grow by looking for more drilling opportunities of this type on our gas assets."
JFF7
AUN.V commercial production date? Checkmate
where did you get that date from? Didn't see it mentioned in the video unless I missed it.
JFF7
bunch of dummies?
JFF7
It's possible that the Inmet HT was a protection mechanism against FQ's expressed interest as much as it was a genuine attempt so solve their land access issues. Inmet only made half hearted effort to buy PTQ.
Lots of games played.
JFF7
v.MMY latest results and drill results
Monument Reports First Quarter of Fiscal 2013 Results
Gross Revenue of $20.8M with Cash Cost $333/Oz and EPS $0.05
VANCOUVER, Nov. 28, 2012 /CNW/ - Monument Mining Limited (TSXV: MMY) (FSE: D7Q1) "Monument" or the "Company" today announces its first quarter financial and operating results for the three months ending September 30, 2012 and provides an update of activities. All amounts are in United States dollars unless otherwise indicated (refer to www.sedar.com for Q1 full financial results).
First Quarter Highlights include:
Gross revenue of $20.8 million generated from gold sales of 12,552 ounces at an average price of $1,658 per ounce, 44% increase in gross revenue from the corresponding quarter of fiscal 2012;
Gold production of 10,906 ounces produced at an average cash cost of $333 per ounce;
Net profit before other items and before taxes of $13.2 million, 33% higher than in Q1 2012;
Net income attributable to shareholders of $10.8 million or $0.05 per share; and
Completed Selinsing gold treatment facility expansion, increased gold treatment capacity to 1,000,000 tonnes per annum ("tpa") from 400,000 tpa.
Fast track in exploration programs at Selinsing and Mengapur projects.
http://www.newswire.ca/fr/story/1080125/monument-reports-first-quarter-of-fiscal-2013-results
--------------------------------------------------------------
Monument Mining Limited : Monument Intercepts 3.84 g/t Gold over 51 metres in Selinsing Drilling
11/21/2012| 11:14am US/Eastern
Nov 21, 2012
Monument Intercepts 3.84 g/t Gold over 51 metres in Selinsing Drilling
Vancouver, B.C. Monument Mining Limited (TSX-V: MMY and FSE: D7Q1) "Monument" or the "Company" is pleased to report additional drill assay results from its ongoing drilling program at the producing Selinsing open pit gold mine in Pahang, Malaysia.
ASSAY HIGHLIGHTS
• MSMDD035 intersected 51.0m at 3.84 g/t gold;
• MSMDD025 intersected 65.0m at 3.09 g/t gold; and
• MSMCD017 intersected 64.58m at 2.91 g/t gold (uncut) and 2.22 g/t gold (cut to 34.286 g/t gold).
http://www.4-traders.com/MONUMENT-MINING-LIMITED-614735/news/Monument-Mining-Limited-Monument-Intercepts-3-84-g-t-Gold-over-51-metres-in-Selinsing-Drilling-15536077/
JFF7
HWEB - RIMM - holding core and trading volatility (which is very nice).
May sell before qtr earnings call on the 20th.
JFF7
RIMM at 11.77 bucks now
Up about 50% from where I rec'd it. Much more to go.
JFF7
V.MMY table pounder - 47 cents
latest qtr results
http://www.newswire.ca/fr/story/1080125/monument-reports-first-quarter-of-fiscal-2013-results
some highlights...
Total cash cost 330 dollar an ounce
Profit this qtr of 5 cents a share....that's on processing low grade ore of 1.98 g. per tonne as they move thru a transition area. the grade last year was 4.5 g. per tonne.
The latest drill results show over 4 g. per tonne with a thickness of over 50 meters...updated 43-101 pending.
Cash grew from 8 million last qtr to 25 million this qtr even with the grade processed temporarily cut in half.
JFF7
"PTQ's problem is how does not getting a deal done asap effect finalizing the PP or how much the PP should be for?"
Yes there are lingering effects of the HT. The PP proposed in July is nowhere in sight. How will the lack of that funding impact PTQ's plan for increased activity and profitability? Slower development of Spain? Where is that ore that was supposed to be shipped here by the end of the year for processing? Oh well they have another month or so before that is water under the bridge and long forgotten.
Maybe the proposed 200+ million PP was just a defensive posture to slow down the HT when they suspected it was coming. I don't know.
Looking forward to an increased quarter of profitability whenever that gets here. Let the negotiations drag on for another 18 months.
JFF7
POG on the move today. 1800 os the level to watch for. If it can hold and close 1800 dollars an ounce a lot more money will come in to gold stocks. They will go looking for PTQ.
JFF7
I still only own a small amount. Time may be getting close though to buy some more.
Me ask....why?
Don't buy because if you do then I will not be able to buy lower. JK Of course you should be buying! ....Buy, buy buy! Buy till your finger hurts from hitting the buy button or your bank account is empty. Your never going to see a buying opportunity like this again.
Just a good faith answer.
JFF7
Gold heading much higher it looks like. If it takes a run at 1800 and breaks through (which it looks like it might based on recent strong upswing) gold gold stocks will run. Not sure if PTQ can get some positive fundamental news out in time to qualify for a great run with the upswing in POG. Should do well anyways.
JFF7
RIMM Research in Motion recommendation
Buying RIMM now on the dips. Think this phoenix just might rise from the ashes. Lots of value here I think if BB10 has any success. Will be launching in Q1 2013. Trading well below book value ( around 11 bucks) right now at 8 bucks. Upside is 16-30 dollars over the next 12-18 months). A lot depends on how the market reacts to BB10 launch.
The product is getting good reviews from developers which should help address the app shortage which is the biggest bash against them. Carriers are welcoming it as well as they would like some competition (a third player to iPhone and Android). Expectations from analysts are still at their lowest but are turning now (at least three upgrades recently) so the share price is still at a decent entry point. Chart seems to have based and has started climbing.
Sales outside of western world are doing well and increasing. BB10 will bring a competitve product to the high end western world markets. The user experience will be sufficiently unique to differentiate it from other platforms. BB10 will retain their security, BBM and private network advantages. For those that like the proprietary keyboard design, that will also be a selling feature. Platform is positione well for the coming changes in the Machine-to-machine computing world.
I don't make many recommendations but I thought I would share this one.
JFF7
Bingo on both points Traderfan.
I would add I think Chen has probably had to change his trading style somewhat to more of a buy and hold style simply because there is only so much trading you can do with oil and mining juniors without moving the stock price by yourself. The more capital you have to invest/trade, the slower you trade in and out of positions and less frequently as well. The percentage gains per year probably slow down as well but dollar gains more than compensate for that.
I think he is a great stock picker and has great timing when he is free to move in and out of positions. But nobody hits on all of them. If you are getting 1 out of 5 or 6 picks as multibaggers, you can afford to pick some losers.
JFF7
Gold up strongly, stocks muted. Maybe the market is predicting a Obama win which will be good for gold (continue Fed buying) but bad for stocks (divy and cap gains taxed higher).
Interesting.
Good deal for PTQ in the long haul. Recent approval to move ahead in Spain will help. Success of heap leach will also help (if what they are saying is true). burying hatchet with Inmet...priceless.
waiting for gold major to move before thinking about extending gold stock holdings.
JFF7