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The Rising Tide of Resource Nationalism

Mon, 02 May 2011 21:00:35 +0000

You know the old film The Treasure of the Sierra Madre? Three men set off into the hinterlands of Mexico to strike gold. They find it, but then greed sets in and they start to mistrust each other. Things go badly from there. I am really simplifying a great movie, but I couldn’t help but [...]

The Rising Tide of Resource Nationalism originally appeared in the Daily Reckoning. The Daily Reckoning recently featured articles on stagflation, best libertarian books, and QE2 .

South African Platinum Supply to Rise 5%

Mineweb - Daily news headlines — Wed, 18 Nov 2009 06:59:47 +0000

Supply of platinum from South Africa, the world's top source of the precious metal, will rise by 5 percent this year, with the sale of stocks countering lower output, a leading metal refiner said on Tuesday. The producer of four fifths of the world's platinum, will see supply rise by 210,000 ounces to 4.73 million ounces in 2009 mainly due to sales of the metal produced last year, but were unsold until this year, Johnson Matthey (JM) said in its Platinum 2009 Interim Review.

Junior Mining Stocks Ready to Breakout

Jeff Nielson — Tue, 17 Nov 2009 17:42:49 +0000

Like all commentators, I am somewhat constrained in what I write about: it has to be a subject in which people have interest. Sure, I could write about Greek mythology or backpacking in Bolivia, but if no one reads it, it becomes a fruitless exercise � and raises that clich� question �if a tree falls in a forest...?�

Mines Management, Inc. Stock

Mining News — Tue, 17 Nov 2009 10:34:34 +0000

MINES MANAGEMENT, INC. announced today that it has withdrawn its previously announced public offering of 6,000,000 shares of common stock. The terms presented by the underwriters did not meet the minimum expectation of net proceeds. The Company�s President and Chief Executive Officer, Mr. Glenn M. Dobbs, stated, �While we were gratified with the strong support for the offering, potential pricing would have required unacceptable levels of dilution to current stockholders. We are fortunate that our balance sheet remains strong as we work to advance the Montanore Silver-Copper Project, with approximately US$14 million in cash and cash equivalents, and no material debt. We will continue to focus our efforts on preparations for the underground drilling program and re-permitting efforts as we advance the Montanore toward development.�

Goldcorp to buy Canplats

Mineweb - Daily news headlines — Tue, 17 Nov 2009 08:01:12 +0000

Canada's Goldcorp Inc (G.TO: Quote) said on Monday it has agreed to acquire junior gold miner Canplats Resources Corp (CPQ.V: Quote) for about C$238 million ($229 million) as it tries to establish a network of satellite mines around its Penasquito gold project in Mexico. Goldcorp plans to acquire all the outstanding shares of Canplats and then spin off all of Canplats' assets, other than its Camino Rojo project, into a new gold-exploration company.

Newmont Peru Gold Mine

Mineweb - Daily news headlines — Fri, 13 Nov 2009 08:14:50 +0000

Newmont Mining Corp (NEM.N: Quote) said on Thursday it expects output at Yanacocha -- one of Latin America's largest gold mines -- to hold steady in the next few years, contradicting an earlier forecast made by its partner. Yanacocha, run jointly by U.S.-based Newmont and Peruvian precious metals miner Buenaventura (BUEv.LM: Quote) (BVN.N: Quote), reported sales of 1.8 million ounces of gold last year. "This year, we're going to have something similar to 2008 production ... and for the next few years, we're going to maintain levels of around 1.8, 1.9 million ounces," Carlos Santa Cruz, Newmont's vice president of South American operations, told reporters.

Top 100 Mining Stocks

Mineweb - Daily news headlines — Thu, 12 Nov 2009 16:08:54 +0000

Stock markets are flying just about everywhere; the MSCI world equities USD index is trading at 12-month highs, along with the MSCI emerging markets USD, as are the Dow Jones Industrial, S+P 500, and DJ Stoxx 600; some markets are lagging a little, as seen in China's CSI 300, and given general buoyancy there has been some profit-taking as seen in Russia's Micex Russia and the India Nifty. Most equities subsectors are also doing very well; in general, buying has the air of indiscrimination about it, with value-seeking discernible at the margin. Any kind of positive sign or story, and chances are that a stock dressed in the fashions of the moment will fly. A year ago, of course, the world was cluttered to paralysis with almost universal predictions that the world would end under the weight of a Great Depression of fatal proportions.

Robex Resources Inc. on the Nampala

Mining News — Thu, 12 Nov 2009 15:05:39 +0000

Robex Resources Inc. announce that it has completed the preparatory phase of the drilling campaign planned for the Nampala gold deposit located on the Mininko permit, in the Republic of Mali. Robex is now preparing to commence its drilling campaign with the intent of increasing the quality of the resources contained within a portion of the Nampala deposit.

Virginia Mines Inc.: Secures $2.4 M Private Placement

Mining News — Thu, 12 Nov 2009 14:57:08 +0000

Virginia Mines Inc. announces that it has negotiated a private placement that consists of 279,124 flow-through common shares at a price of $8.67 per share, which represents 69% premium to the last 10 days volume weighted average price for gross proceeds of CA$2,420,000. Casimir Capital L.P. (�Casimir�) acts as the agent for the financing. At the closing, Virginia agrees to pay Casimir a finder�s fee equal to 6% of the gross proceeds of the financing and non-transferable broker warrants entitling Casimir to subscribe for such number of common shares of Virginia equal to 6% of the number of flow-through common share that will be issued. The warrants will be struck at $6.58 and will have a term of 24 months from closing.

Junior Gold Miners ETF

Mineweb - Daily news headlines — Thu, 12 Nov 2009 07:46:11 +0000

U.S. asset manager Van Eck Global said on Wednesday it has launched a junior gold miners exchange-traded fund (ETF) on the New York Stock Exchange, focusing on small- and mid-cap gold deposit developers. The New York-based company said the Market Vectors Junior Gold Miners ETF GDXJ has started trading under the ticker symbol GDXJ on Wednesday on the NYSE Arca platform, where many other ETFs are listed.