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Global Mining Observer interviews David Garofalo of Goldcorp (GG)

Even by GMO's high standards this is one humdinger of an interview. The intrepid AW makes it to Vancouver and sits down with Garofalo, head cheese of Goldcorp (GG) and gets a whole stack of inside track on how the company's new boss sees his company's direction.

Go read Breakfast in Vancouver with David Garofalo. As for all you other mining bosses out there, you too would look a whole lot better in the eyes of the investment public if you did this kind of Q&A, instead of the normal fawning BS ego-massage stuff you all seem to prefer. Applause due to Garofalo.


The top three most visited IKN posts this week are... reverse order:

Third Place: "The junior mining shakedown, as explained in the year 1377". I'm glad this one just managed to squeeze into the frame as it's by far my favourite thing of the week. What has been will be again, what has been done will be done again; there is nothing new under the sun.

Second Place: "Avino (ASM.v) (ASM) 3q16 production". A short post with just a single chart, but clearly on a company around which people are sniffing. There's more details on ASM's quarter of production and other things in the Weekly out tomorrow, subbers.

First Place: "Gary Tanashian...". I think this one became the most viewed post of the week because Gary linked back to it from his place (and he gets a lot of hits, quite right too). But for whatever reason it's a fitting top spot, he's been calling the market very well recently as this shout-out post documented. You really should subscribe to his weekly missive, I read it every week without fail because it's excellent (though for full disclosure I don't pay, we do barter on each others' work...and I get the better end of that deal).


Hey, I wonder why Metanor (MTO.v) left it until late on a Friday to file its annuals?

Is it the 75m shares added in the year?
Is it the $0.78m negative working cap?

Or is it this, the accountancy violin concerto?

During the quarter ended June 30, 2016, the operating income totaled $6,162,768 compared to a loss of $1,503,017 in 2015. The revenue, cost of sales and gross loss totaled $15,492,036, $15,636,711 and $144,675 respectively compared to $13,989,447, $14,424,851 and $435,404 in 2015. This increase of $7,665,785 is mainly explained by the reversal of an impairment charge on exploration and evaluation assets of $10,586,490 and the impairment of property, plant and equipment of $3,050,000.

The paid pumpers who'll shove this in your face on Monday, example Jay Taylor and Thibault Laputain*, will skip over the bullshit asset re-rating and point to a non-existent paper profit. The single worst gold mining company in Canada, anyone owning this needs specialist psychiatric help. Eric Sprott and Nolan Watson, step forward.

*i think that's how you spell it :-)

The Friday OT: BT; Indivism

BT is out with a new album, called _

Yes, seriously, it's called "_", as in "underbar". So we now have an artist with a two letter name and a single minor keystroke for his latest work. So be it, but a rose by any other etc because this three suite album is just plain fabbo. Here's the second suite in its entirety, called Indivism.

Youtube here.

It's been a good week...

...for the portfolio (assuming  a relatively smooth run in the next four hours this Friday) and I just noticed, while doing some preliminary work on numbers for The IKN Weekly for Sunday that of the 14 stocks we currently cover, a full 13 are up on the week, including one up 25+%, three others up 12% and a whole gaggle in the 6% to 8% range. So it's fun to note (this end at least) that the only stock I've received mail on this week has been the one loser of the 14. Such is the way of the the job, I suppose :-)

However, content here on the blog has been light. That's probably because it gets tougher to be snarky about the sector when things are going well. Then again, it's going to be even thinner next week, what with the four day trip I'm on. Have a pleasant weekend.


The Muck Pile: Teddy Salad is growing on me already

This is my kind of blogger. Muckpile Mike I salute you, you've found an excellent voice to take over the space. Teddy Salad I doff my cap, you are a welcome and much-needed addition to the blogosphere, sir.


50 years.

Wesdome ( trading

I've heard more rumours than I've had hot dinners about Wesdome ( in the last couple of days, most of them centred around the pending drill numbers from Kiena, apparently about to hit any day now. So it's interesting to see the PPS fall off a mini cliff a few minutes ago, there are some fun'n'games going on in this stock now, it seems.

On seeing the share price getting thrown around like that I was reminded of the larger players in the stock that had their plans rebuffed and promptly withdrew chunks of their cash to put it into...IMPACT Silver at a buck. Oops.

Well Mister Ogilvie, I think this is probably wise under the circumstances

From the Ruby Con NR just out:

"The Company plans to commence Phase 1 of a comprehensive exploration program following the successful completion of the Restructuring Transaction and after a period of transition. The goal of the exploration program is to gain a better understanding of the geology of the F2 Gold Deposit..."

That and the "we dilute existing shareholders to 5%" are the funniest bits.

Inspired by reader JM, this:

The junior mining shakedown, as explained in the year 1377

Dear IKN reader, promise to read the quote in this one because it's simply wonderful. 

One of IKN's fave readers and mailpals (so shy he doesn't even like to see his initials) sent in a quote from The Muqaddimah, written in 1377 by Ibn Khaldun, that he found used in a professional study book The 48 Rules of Power, by Robert Greene. For more on The Muqaddimah and its author do what I've been doing this morning and check out this fascinating wikipedia page but we'll get straight to the quote, you'll see just why my mailpal thought of the junior mining world.

"Many weak-minded persons in cities hope to discover  property under the surface of the earth and to make some profit from it. In the Maghrib there are many Berber "students" who are unable to make a living by natural ways and means. They approach well-to-do people with papers that have torn margins and contain either non-Arabic writing or what they claim to be the translation of a document written by the owner of buried treasures, giving the clue to the hiding place. In this way. they try to get sustenance by (persuading the well-to-do) to send them out to dig and hunt for treasure. Occasionally one of these treasure hunters displays strange information or some remarkable trick of magic with which he fools people into believing his other claims, although, in fact, he knows nothing of magic and its procedures...

"The things that have been said about (treasure hunting) have no scientific basis, nor are they based upon (factual) information. It should be realized that although treasures are found, this happens rarely and by chance, not by systematic search... Those who are deluded or afflicted by these things must take refuge in God from their inability to make a living and their laziness in this respect. They should not occupy themselves with absurdities and untrue stories."

1332 - 1406

And that's the best thing I'm going to do on the blog today all week this year. Many thanks, A. Person.


Nothing Stands Out Quite Like a Cadillac Eldorado in South America

Here's the Road & Track report and here's the video that goes with it.

Geology, too. Enjoy.

Regarding Chubut and the possible referendum on mining

This op-ed is exactly right. Extract here (translated)

To stay outside such a traumatic and politically incorrect decision the government has passed the ball over to the population. If the referendum is positive for mining, the governor will say that "The majority decision must be respected"....if the decision is a negative Das Neves with his best "It wasn't me" face will tell Macri, "Sorry Mau, I wanted it but the people said no".

Full thing here. Go read it all, practice your Spanish and find out just why Chubut governor Mario das Neves is one of the most astute political animals in his country.