Lynas jumps after its critic in Malaysian Gov’t leaves review team

By Cecilia Jamasmie

Shares in rare earths producer Lynas Corporation (ASX:LYC) climbed on Friday, closing 9.2 percent higher, after the Malaysian minister in charge of a committee reviewing the miner’s plant offered to step down following criticism that she would not be impartial.

Deputy Minister to the Prime Minister’s Office Fuziah Salleh, a long-standing critic of Lynas’ plant, said she didn’t want to be used by the company to divert attention from the effects of the plant’s radioactive waste on people and the environment.

Fuziah Salleh, a long-standing critic of Lynas, said she didn’t want to be used by the company to divert attention from the effects of the plant’s radioactive waste.

“If I remain in the committee, I will not be able to provide comments to the media and the public,” Salleh said according to local paper New Straits Times. “When I am no longer chairman [of the review committee], it will be easier for me to make comments and fight from the outside.”

Earlier this month, the Sydney-based miner raised concerns about the impartiality of Salleh and committee member Wong Tack, both long time opponents of having Lynas’ refinery in Malaysia.

The six-year-old facility — known as the Lynas Advance Material Plant (LAMP) — was the centre of relentless attacks from environmental groups and local residents while under construction in 2012. They feared about the impact the low-level radioactive waste the refinery generates could have on the health of those living nearby and the environment.

Lynas is the only major rare earths miner outside China. The metallic elements, crucial in the production of magnets, are extracted in Western Australia, but processed in Malaysia.

The company’s operating license in the country is up for renewal in September next year.

The post Lynas jumps after its critic in Malaysian Gov’t leaves review team appeared first on MINING.com.

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From:: Infomine

Deficits, Rates & Gold To Reach Vertiginous Heights

By Common Stock Warrants

October 10, 2018
by Egon von Greyerz

The end of an empire is a dramatic but also drawn out event with very few willing to face the facts. As the end is getting closer, denial is at its peak. We can probably figure out how it will end but not quite when. Looking at the facts, the beginning of the end is here. The signs are clear. Here we have a country that for the last 27 years has doubled debt every eight years and the trend continues uninhibited. This is a country that for decades has been living above its means by borrowing unlimited amounts. Well, it is not a Banana Republic, nor Argentina or Venezuela but the biggest economy in the world – the soon not so great USA.

The US economy is just like Humpty Dumpty, big, fat and unlikely to recover from the coming fall for a very long time.

US DEBT HAS INCREASED 58 YEARS IN A ROW

The road to perdition normally takes many turns. But not in the case of the US. This has been a straight road to what will be the most spectacular fall in economic history. Since 1960 US debt has increased every single year without fail. There are some who are under the illusion that the debt went down in the 1990s due to surpluses in the Clinton years. But these were fake surpluses and the debt continued to rise also during that period.

In 1960 the debt was $286 billion and it reached $1 trillion when Reagan become president in 1981. This much admired president managed to almost treble US debt during his reign. No wonder he was popular, especially since he also managed to send the Dow up 2.5 times after a decade of sideways markets. He was a hero and that was certainly deserved. But being a hero involves a great deal of luck in timing. Both Reagan and Thatcher were instruments of their time. After a long period of high inflation, high rates and low economic growth, these two individuals were the right leaders to steer their countries towards better times.

BORROW AND SPEND – BORROW AND SPEND

But sadly that also involved spending money that you don’t have. This was Keynesian economics at its best. Borrow and spend and then borrow some more and spend that too. This is when the era of the rich getting richer started in earnest with wealth concentration benefitting an ever decreasing part of the population. At the same time, ordinary workers have experienced a massive 55% decline in real wages since 1974.

US DEBT HAS DOUBLED EVERY 8 YEARS SINCE 1981

Since Reagan became president in 1981, US debt has on average doubled every 8 years. So, when Trump was elected in late 2016, the most obvious forecast was to extrapolate the historical trend. Thus I made the forecast below in December 2016:

The image above is disturbing not only due to the galloping debt level but also because tax revenues are growing at a snail’s pace. Debt is up 23 times from $0.9 trillion in 1981 to $21.5 trillion today in 2018 and tax revenues up only 6 times (Illustration above shows debt forecast to 2021). How does anyone believe that the stagnant or falling tax revenues will ever be sufficient to reduce the debt. History is telling us differently. The US economy is heading towards bankruptcy in no uncertain terms. The Fed’s only remedy will be to print unlimited amounts of money until the dollar has become totally worthless.

US DEBT $40 TRILLION BY 2025

Trump inherited a debt of $20 trillion and whether he or someone else will be there 8 years later, it seems quite a sure bet that debt will at least double to $40 trillion by 2025.

Whether or not the debt will reach $28 trillion at the half way stage in 2021, as I have forecasted in the graph above, we will soon know. That would mean an average deficit of $230 billion per month in the next 28 months. Since the August US deficit was $214 billion, the $28 trillion doesn’t seem too unrealistic. What we know is that debt is already at $21.5 trillion or $1.5 trillion above the level when Trump took over 19 months ago. And remember this is with a booming economy.

But the finances of USA Inc are not that great. In August for example, half of the budget Outlays were financed by debt – a very disturbing trend if it continues.

HIGHER RATES, HIGHER DEFICITS – RECIPE FOR DISASTER

The biggest factors that will send the debt soaring will be higher interest rates and higher deficits. Interest expense on the US debt in Fiscal 2017-18 was $365 billion. As I discussed in last week’s article, interest rates have turned up and are likely to rise to the 1981 high of 16% at least.

As deficits grow and bond prices collapse, the Fed will totally lose control of the long end of the debt market. The biggest creditors, China and Japan will most certainly assist in this process. Falling bond prices and a falling dollar will make them rush to the exit as quickly as possible when there is still some value left.

Let’s say that in the next few years debt reaches $28 trillion and interest rates 10% whilst tax revenue declines by 15%. At that point, all tax revenue will be absorbed by the interest expense.

I realise that these are assumptions that might not sound realistic today. But in my view they are probably too optimistic. The 2007-9 crisis was never solved but only deferred to a later date. …read more

From:: Common Stock Warrants

Golden Arrow Expands into Chile with Agreement to Acquire the Atlantida Copper-Gold Project

By Scott Tibballs

gold outlook free report

Golden Arrow Resources (TSXV:GRG) has announced that it has signed definitive agreements to acquire the 3,450 hectare Atlantida copper-gold projectin Chile’s Atacama region.

The company said that Atlantida is an advanced project which combines mineral rights from two separate owners and includes an extensively drilled copper-gold deposit with an historic resource estimate. By consolidating the land package, Golden Arrow believes there is potential to identify new mineralization and define a significant copper-gold resource.

As quoted in the press release:

Previous exploration at Atlantida resulted in an historic resource estimate of 427 million tonnes averaging 0.43 percent copper equivalent. The resource includes a deep porphyry copper-gold target and a near-surface skarn with higher gold grades which together cover an area of approximately 225 hectares.Situated within the consolidated Atlantida property, this skarn zone is located on the western edge of the claim hosting the historic resource, and extends onto an adjacent claim that has historic workings but has had limited modern exploration. Golden Arrow’s due diligence surface rock samples in this area returned up to 3.7 grams per tonne (g/t) gold and 1.98 percent copper, providing an excellent target for new mineral resources. In addition, based on the preliminary due diligence review, Golden Arrow believes the Project is prospective for discovery of similar targets elsewhere within the consolidated Atlantida properties.

Click here to read the full Golden Arrow Resources (TSXV:GRG) press release.


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The post Golden Arrow Expands into Chile with Agreement to Acquire the Atlantida Copper-Gold Project appeared first on Investing News Network.

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From:: Investing News Network

Mining Industry is “Starved for Capital,” Says Franco-Nevada CEO

By Charlotte McLeod

gold outlook free report



It’s been an underwhelming year for gold, but David Harquail, CEO of Franco-Nevada (TSX:FNV,NYSE:FNV), sees better times ahead for the yellow metal.

“It’s been a tough environment for gold. We’ve had almost every headwind possible with the US dollar, higher interest rates, tariff barriers and some issues at various projects,” he said at the recent Denver Gold Forum. “But despite that gold has been staying steady at $1,200, so that gives me a lot of optimism that we’ll see better gold prices in the future.”

In his opinion, “we’re closer to the bottom of the market” than to the top, which means that Franco-Nevada is currently in the process of deploying capital. “We think the best time to buy things is when you’re at the low ebb of the cycle,” he explained.


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Speaking about where Franco-Nevada will see growth in the coming year, Harquail said it will come from three main areas: the Cobre Panama project, assuming it comes in, the Candelaria project and the company’s oil and gas assets.

“We are now in the position where we paid the largest dividend in the global gold industry last year, $165 million. We increased it for this year to $180 million, [and] we can pay that for the next 35 years doing nothing,” he said. Moving forward the plan will be to build up cash to invest during the next downturn.

Harquail ended by commenting on how Franco-Nevada has responded to new companies entering the royalties space. “A lot of entrants come and go over time. I think the key thing is having the staying power to invest through multiple cycles,” he said, adding that rather than royalties companies his company’s main competition is brokers with bought deals.

“Right now that equity market is very weak, and so it’s actually — there’s more than enough things for us to buy and for our competition to buy as well. The mining industry is starved for capital.”

Click here to see the full Denver Gold Forum playlist on YouTube.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.


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The post Mining Industry is “Starved for Capital,” Says Franco-Nevada CEO appeared first on Investing News Network.

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From:: Investing News Network

Mining M&A Heats Up: Does 3 Deals Make a Trend?

By Charlotte McLeod

gold outlook free report

The last week of September and the first week of October brought three major deals in the precious metals space, with the biggest by far being the US$18.3-billion tie up of Barrick Gold (TSX:ABX,NYSE:ABX) and Randgold Resources (LSE:RRL).

That merger came the same day as Great Panther Silver’s (TSX:GPR,NYSEAMERICAN:GPL) acquisition of Beadell Resources (ASX:BDR) and was followed closely by Americas Silver’s (TSX:USA,NYSEAMERICAN:USAS) purchase of Pershing Gold (TSX:PGLC,NASDAQ:PGLC).

The onslaught of M&A activity has investors wondering if more could be in store — and the general consensus from market watchers seems to be “yes.”


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“It’s funny, there’s been three deals in a week and we haven’t had three deals all year,” Darren Blasutti, president and CEO of Americas Silver, said after his company’s news hit the market.

“I think you’re going to see a lot more intermediates buying juniors and more juniors getting together,” he continued. “[There are] two concepts here: one of them is people have to replace their reserves and resources because they haven’t really been drilling … or they’ve been mining their highest-grade material to try and stay cashflow positive.”

The second is that “there are just too many single-asset companies, and single-asset companies are very inefficient.” For example, he said, single-asset companies “spend $4 to $5 million just being a company — being on the stock exchange, having auditors, all of that kind of stuff.”

He sees more M&A activity coming down the pipe as companies try to combat that problem — “I don’t think you’ll see a lot of big, big deals … but I think you’re going to see another three, four, five, six deals that are going to be at the intermediate level.”

Blasutti’s first point is a problem many in the gold space have identified. Speaking at the recent Denver Gold Forum, during which the Barrick/Randgold deal was announced, Charles Cooper of Metals Focus said that major miners have been losing market share to “the intermediate sector and junior miners.”

He also anticipates further M&A in the sector down the road. “For the gold industry as a whole I think it is a shot in the arm that the industry needs,” he said. “It’s showing that M&A can happen and it can happen in a way where you have a shakeup of an old-style, massive company like Barrick Gold.”

The idea that single-asset companies are the ones that will engage in M&A activity has been voiced by Gabelli Gold Fund analyst Chris Mancini as well. Also speaking at the Denver Gold Forum, he commented, “the market’s just taking any opportunity to slam the stock of a company that’s a single-asset company which doesn’t meet its guidance.”

Mancini added, “even if it’s something that happened for a couple of days during a quarter, the market forecasts that out for the rest of the mine life. And so I think that it is somewhat likely that if the gold price stays here you could see single-asset companies combining to … mitigate that [risk].”

Of course, said Blasutti, in order for further business combinations to be well received it will be important for companies to secure arrangements that make sense.


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“The reception of our deal has been good, the reception of the Barrick deal’s been good. The reception of the Great Panther deal’s been good,” he said. “You haven’t seen stocks go down 20 percent on announcement … I think that bodes well for getting transactions done as long as they make sense. If the market understands why you’re doing it, I think it’s a good time to be doing them.”

With metals prices low and stocks down, that type of engagement with investors has been a key topic of discussion in the precious metals space this year. When asked whether he sees recent M&A activity increasing interest in the industry, Blasutti said it’s only one part of the picture.

In his opinion, to be successful companies will need to make smart decisions — about M&A or otherwise — that show market participants they will be able to make money if they invest. And of course, it would help if gold and silver prices improved.

For his part, he’s fairly optimistic on both counts. “I think the industry’s come a long way from its big spending in the late 2000s and early 2010, 2011 … people are much more focused on being good stewards of shareholders’ capital, and certainly we focus on that every day.”

Looking at prices, he sees silver as the metal with more upside. “I don’t think we have a silver market at $14.50 or $14.75. There’s very few primary silver companies that can make any money at that kind of price,” he said. Conversely, “at $1,200 gold people can make money.”

Blasutti continued, “the industry needs a higher price for silver, whereas with gold you can still find projects that can make really good returns. So I think silver’s got more upside than gold — but ultimately we’ve got to buy projects that can make money at today’s prices, so that’s what we’ve done.”

On the whole it remains to be seen whether M&A activity continues and whether it stokes greater interest in the precious metals space. For now, hopes remain high, and all eyes are on the deals that have already been made — especially the one between Barrick and Randgold.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Great Panther Silver is a client of the Investing News Network. This article is not paid-for content.

The Investing News …read more

From:: Investing News Network

A big graphene industry breakthrough out of Arizona

By Amanda Stutt

In what the company calls an industry breakthrough, Arizona based Urbix Resources has produced the first economically viable graphene-enhanced lightweight concrete.

Urbix’s research and development team created what they call a ‘Graphenesque’ additive that provides a 33% increase in compressive strength, a 32% reduction in CO2 emissions, and at a cost that is over 16% lower than the next best lightweight concrete alternative on the market.

“As the world continues to apply IOT-enabled smart materials, we are creating and opening new market potentials for graphite, directly, positively, impacting graphite demand in the world,” Cuevas said.

The team has been working on the project since 2014, with the simple intent of commercializing graphite out of a mine in Mexico, Urbix Chairman Nicolas Cuevas told Mining.com. With carbon atoms 200 times stronger than steel, it’s pretty much the plastic of now, Cuevas said. It’s pretty much a new revolution in materials

Urbix worked with the University of Arizona’s optical science department on methods of purifying graphite without using high temperature ovens or hydrofluoric acid. Through a trial and error purification process, they were able to make graphene through a microwave reactor the company developed.

Cuevas said graphene is a ‘wonder material’, derived from graphite. Defined as a layer of carbon atoms, global demand for graphene is expected to increase as it has been shown to improve battery technologies.

“With carbon atoms 200 times stronger than steel, it’s pretty much the plastic of now,” Cuevas said. “It’s pretty much a new revolution in materials.”

“The material performance of our solution for lightweight concrete is great,” Urbix Chief Marketing Officer Adam Small said in a statement. “But the low costs and large-scale capabilities are what makes this achievement so profound. By leveraging our existing global graphite mining relationships, we offer near vertical integration, an aspect that is almost mandatory for any company entering the graphene space.”

Testing continues, and Cuevas anticipates that they will bring the technology to market in 2020.

The post A big graphene industry breakthrough out of Arizona appeared first on MINING.com.

…read more

From:: Infomine

Craig Hemke from TF Metals Report – Thu 11 Oct, 2018

By Cory댊 The Factors That Are Driving The Metals Higher – It’s Not Just the US Markets

Craig Hemke, Founder of TFMetalsReport.com joins me to outline some of the factors that are moving precious metals higher over the past couple days. While the falling US markets are one factor there are some other noteworthy reasons investors are touting for this pop.

Download audio file (2018-10-11-Craig-Hemke.mp3)

Click here to visit Craig’s site for more metals commentary.

…read more

From:: The Korelin Economic Report

4 Pillars of Debt in Danger of Collapse

By Nomi Prins

This post 4 Pillars of Debt in Danger of Collapse appeared first on Daily Reckoning.

Last month I was in a series of high-level meetings with members of Congress and the Senate in Washington.

While there’s been major news about the Supreme Court, my discussions were on something that both sides of the aisle are coming to consensus over.

You see, issues that impact your own bottom line are way more about economics than they are about politics. On Capitol Hill, leaders know that. They also know that voters react to what impacts their money. That’s why, behind the scenes, I’ve been discussing issues focused on protecting the economy.

Behind closed doors, we’ve been working on how to shield the economy from Too Big to Fail banks and how the U.S. can better fund infrastructure projects. These are initiatives that all politicians should care about.

Underneath the surface of the economy is a financial system that is heavily influenced by the Federal Reserve. That’s why political figures and the media alike have all tried to understand what direction the system is headed.

Also last week I joined Fox Business at their headquarters to discuss the economy, the Fed and what they all mean for the markets. On camera, we discussed this week’s Federal Reserve meeting and the likely outcomes.

Off camera, we jumped into a similar discussion that those in DC have pressed me on. Charles Payne, the Fox host, asked me what I thought of new Fed chairman, Jerome Powell, in general. Payne knew that I view the entire central bank system as a massive artificial bank and market stimulant.

What I told him is that Powell actually has a good sense of balance in terms of what he does with rates, and the size of the Fed’s book. He understands the repercussion that moving rates too much, too quickly, or selling off the assets, could have on the global economy and the markets.

Savvy investors know that if the U.S. economy falters, because everything is connected, it could reverberate on the world.

That’s why I could forecast that the Fed would raise rates by 25 basis points last week ahead of time. And they did. However, there’s now even less reason to believe the Fed will raise rates at the next meeting in December.

Why is that?

First, Powell has made clear that he doesn’t see inflation heating up as a threat. Second, even though last quarter’s GDP growth figures were relatively high, the reality is that much of that growth came from trade war spending and preparation.

Another big chunk of the GDP growth the U.S. has experienced is based on debt. When considering the real problem of debt, the record consumer debt numbers in the U.S. paints a picture so that you can see how and why the Fed will likely have to reverse course.

At a time when we find ourselves “celebrating” the 10-year anniversary of the collapse of my old firm, Lehman Brothers, and the government bailout of banks, the structure of big banks has really not changed. They remain Too Big to Fail.

The big banks got subsidies and were propped up by quantitative easing (QE) to resurrect themselves into appearing financially healthy. The same cannot be said of all consumers in the country.

It’s consumers that have now piled on debt — and at much higher interest rates than the banks and large corporations have been given.

Indeed, to make ends meet, there have been four main pillars of consumer debt that have hit new records.

According to a recent New York Federal Reserve Bank report, total consumer debt is at higher levels now than going into the financial crisis.

By breaking down what that debt is, you can best understand how to navigate the world of finance, understand your own portfolio better and make more sound investments.

Here they are:

Overall Household Debt.

The state of household debt, which literally takes into account the combined debt within a given household, continues to flash red. According to a 2017 household financial survey by the Fed, “About one-quarter of U.S. adults have no retirement savings. And 41% say they would not have enough savings to cover a $400 emergency expense.”

The overall level of consumer debt has hit a new record. It’s now $618 billion higher than it was at its prior peak at $12.68 trillion during the third quarter of 2008 – right before the onset of the financial crisis.

The total borrowing of Americans hit $13.29 during the second quarter of this year. That’s up $454 billion from a year earlier. The fact is that borrowing has risen for 16 consecutive quarters.

Credit Card Debt.

The total of U.S. credit card loans has increased by $45 billion this year to a massive $829 billion total.

Despite cheap rates for banks, the average credit card interest payment rate is 15.5%. It was at 12.5% only five years ago. And, yet people keep borrowing.

The total revolving credit card debt now stands at a record of $1.04 trillion, higher than its last 2008 peak.

Borrowers have paid a painful $104 billion in credit card interest and fees in just the last year. That figure is up 11% from the prior year, and up 35% over the past five years.

What you should know if you have a credit card is that if the Fed continues to raise rates, that any associated debt will become even more expensive.

Student Loan Debt.

During my meetings in Washington and with even media figures, student debt continues to be a central topic of concern. The fact is, student loans cannot be given bankruptcy status and therefore are much more complex when evaluating the U.S. economy.

Currently, the amount of student loans grew to $1.41 trillion in the second quarter of 2018. That figure has nearly tripled since the beginning of the financial crisis. Student loan debt is now the second highest consumer debt held.

That crippling amount of debt makes it harder for graduates to find jobs that will help them alleviate the costs of their education. It also means that those with student loans will have …read more

From:: Daily Reckoning

Company News – Thu 11 Oct, 2018

By Cory댊 Anaconda Mining Just Reported Record Quarterly Gold Production

Anaconda Mining just reported some more strong quarterly gold production numbers. In Q3 the Company produced 5,099 ounces of gold and recorded $6.9million in revenue. The production numbers continue to be strong for Anaconda which helps to fund the ongoing exploration at the Point Rousse Project as well as Goldboro.

I will be chatting with Dustin Angelo, Anaconda President and CEO regarding this news so if you have any further questions please email me at Fleck@kereport.com.

Click here to listen to the most recent interview between Dustin and I.

…Here’s the news…

TORONTO, Oct. 11, 2018 /CNW/ – Anaconda Mining Inc. (“Anaconda” or the “Company”) (TSX: ANX) (OTCQX: ANXGF) is pleased to announce production results and certain financial information from the three and nine months ended September 30, 2018 (“Q3 2018”). All dollar amounts are in Canadian Dollars. The Company expects to file its third quarter financial statements and management discussion and analysis by November 8, 2018.

In 2017, the Company changed its fiscal year-end to December 31, from its previous fiscal year end of May 31. For comparative purposes, the results for the three and nine months ended September 30, 2018, have been compared to the three and nine months ended August 31, 2017.

Q3 2018 Highlights

  • Anaconda produced a quarterly record of 5,099 ounces of gold during Q3 2018, an 11% increase over the three months ended August 31, 2017, and has produced 14,024 ounces year-to-date in 2018.
  • Anaconda sold 4,314 ounces of gold in Q3 2018, generating metal revenue of $6.9 million at an average realized gold price1 of $1,603 per ounce. As at September 30, 2018, the Company also had over 945 ounces in gold doré and bullion inventory, which was subsequently sold in early October.
  • The Pine Cove Mill processed 120,374 tonnes during Q3 2018, just below the quarterly record of 121,299 tonnes achieved in the previous quarter of 2018. Throughput rates continue to be strong, achieving 1,332 tonnes per day (“tpd”) during the three months ended September 30, 2018.
  • Mill feed during the quarter was comprised of 66,655 tonnes of ore mined from Stog’er Tight, supplemented by 53,719 tonnes of ore stockpiled from the Pine Cove Pit.
  • Mining activity was focused at the Stog’er Tight West Pit in Q3 2018; ore produced from Stog’er Tight during the third quarter was 51,620 tonnes.
  • The Company commenced the 10,000-tonne, underground bulk sample at its 100%-owned Goldboro Gold Project (“Goldboro”) in Nova Scotia in August, with mining activity expected to begin in late October following the completion of decline dewatering and rehabilitation.
  • As at September 30, 2018, the Company had a cash balance of $7.6 million, preliminary working capital1 of $7.2 million, and additional available liquidity of $1,000,000 from an undrawn revolving line of credit facility.

1 Refer to Non-IFRS Measures Section below.

Anaconda is also pleased to welcome to its senior management team Rahim Kassim-Lakha in the role of Vice President, Corporate Development, where he will help drive the Company’s capital markets strategy. Mr. Lakha brings a wealth of knowledge from over 25 years of capital markets experience, having held senior-level positions at bank and non-bank brokerage firms.

“Anaconda continues to demonstrate operational excellence at its Point Rousse Project, achieving record quarterly gold production of 5,099 ounces during the third quarter of 2018. The team is maximizing ore throughput and achieving strong recovery rates. We’ve also transitioned smoothly from the Pine Cove Pit to Stog’er Tight where we are seeing better grade. Having already produced 14,024 ounces through the first nine months of the year, we remain firmly on track to meet our annual guidance of 18,000 ounces of gold production at operating cash costs1 of under C$1,000 per ounce. With the operational foundation at the Point Rousse Project, a high-grade gold development project in Goldboro, a strong balance sheet and an experienced management team, Anaconda is well-positioned in a challenging gold market to continue to execute its business plan to become a high-growth gold producer in Atlantic Canada.”

~Dustin Angelo, President and CEO, Anaconda Mining Inc.

Third Quarter Operating Statistics

Three months
ended

Sept 30, 2018

Three months
ended

Aug 31, 2017

Nine months
ended

Sept 30, 2018

Nine months
ended

Aug 31, 2017

Mine Statistics

Ore production (tonnes)

51,620

158,857

228,293

353,556

Waste production (tonnes)

380,580

364,380

987,354

1,075,843

Total material moved (tonnes)

432,200

523,237

1,215,647

1,429,399

Waste: Ore ratio

7.4

2.3

4.3

3.0

Mill Statistics

Availability (%)

98.2

97.0

96.8

96.4

Dry tonnes processed

120,374

119,401

350,892

335,119

Tonnes per day (“tpd”)

1,332

1,338

1,328

1,269

Grade (grams per tonne)

1.52

1.35

1.45

1.37

Recovery (%)

86.6

86.8

85.9

86.0

Gold Ounces Produced

5,099

4,581

14,024

12,729

Gold Ounces Sold

4,314

4,723

13,170

12,977

Operations Overview for the Three Months Ended September 30, 2018

Anaconda sold 4,314 ounces of gold during the third quarter of 2018, generating gold and silver revenue of $6.9 million, and year-to-date has sold 13,170 ounces to generate revenue of $21.9 million at an average realized gold price1 of C$1,659 per ounce. As at September 30, 2018, the Company also had over 945 ounces of gold doré and bullion inventory, which were sold in early October. The Company continues to be on track to meet its 2018 production guidance of 18,000 ounces at operating cash costs1 of under $1,000per ounce and has now transitioned to processing ore produced at the Stog’er Tight Mine.

Point Rousse Mill Operations – The Pine Cove Mill processing facility remains a cornerstone asset of the Company, achieving quarterly throughput of 120,374 tonnes in Q3 2018, just 1% lower than the quarterly throughput achieved in the second quarter of 2018. Mill throughput was 1,332 tpd in Q3 2018, down slightly from the comparative three months ended August 31, 2017. Availability continues to be strong at 98.2%, and the Company continues to invest in the Pine Cove Mill, making upgrades to the regrind motor and jaw and cone crushers, while continuing to maintain consistent throughput from its crushed ore stockpiles.

Average grade during the third quarter of 2018 was 1.52 g/t, an increase of 10% over the second quarter of 2018 due to a greater proportion of mill feed from Stog’er Tight relative to ore stockpiled from the Pine Cove Pit. Grade performance also reflected a 13% improvement from the comparative three months ended August 31, 2017, reflecting the higher grade ore being mined from …read more

From:: The Korelin Economic Report

Learn How to Earn… and Actually Keep Your Earnings

By Kyle Smith

Robert Kiyosaki

This post Learn How to Earn… and Actually Keep Your Earnings appeared first on Daily Reckoning.

In the U.S. we are obsessed with football—the American kind.

Every year, each of the 32 professional teams perform a draft where they pick the best player from college teams across the country and pay them extraordinary amounts of money. The National Football League Commissioner stands at the podium in front of a live and nationally televised audience and announces their name along with the team they will call home. For some, this is the culmination of a life-long dream.

For these young men in their 20’s, getting signed to a multimillion-dollar contract is also a part of that dream. For most, they will receive more money over the next four or five years than they could ever imagine. Families and friends, and shady advisors, have been waiting for this payday since the moment they started playing the game.

The worst part of this fairytale is that 78 percent of NFL players will go bankrupt within two years of retirement according to Sports Illustrated.

Whether it’s football, the lottery, an inheritance—when people suddenly come into money, more often than not, they are unprepared for how to deal with the windfall.

NFL cornerback Richard Sherman credits Rich Dad Poor Dad for his success with money after receiving a $57.4 million-dollar contract.

“None of us really grew up with… financial literacy,” Sherman told CNBC Make It.

Sherman says he sees players taking more control of their financial future: “People in my sport, in my field, are definitely becoming more educated and trying to be more intelligent with how they play for the money and understanding where their money is going.”

Two Mindsets About Work

My poor dad said, “Job security is the most important thing.”

My rich dad said, “Learning is the most important thing.”

These two statements represent two fundamentally different mindsets about work. When you look at work as simply a way to make money, so you can then do other things, it is impossible to think of it as a means to any other end.

But there are also those who will have a light turn on, realizing that work can be a path to something greater, even if you aren’t paid or are paid very little. In order to be successful, you have to work to learn, not to earn.

It’s all about what your goals actually are, as you put work into something…

In fact, mindset most often is the dividing line between those who are successful in life and those who are not. In the NFL there are many players who do not have the natural skills and talents, but they thrive. They show up, put in the work, and continually learn and grow. They listen to their coaches. They surround themselves with smart people who lift them up instead of pulling them down. They have a mindset of success—the mindset of a pro.

If only players put in as much work to learn about money as they do on the field, more players would be prepared to handle their new-found fame and fortune.

The Learning Mindset

In the movie Jerry Maguire, there are many great one-liners. But there is one that I found particularly truthful. Tom Cruise’s character is leaving his high-paying job to start his own agency after being fired, and he says, “Who wants to come with me?” The whole place is frozen and silent, looking down at him. Finally, one woman pipes up and says, “I’d like to, but I’m due for a promotion in three months.”

Sadly, as mentioned above, this is the mindset of most people when it comes to work. Rather than look at work as an opportunity to grow and learn, they look at work as a necessary evil and try to get as much money from their job as possible.

As a young man, I faced the same decision as the woman in Jerry Maguire. After graduation from the Merchant Marine Academy, I had a good career ahead of me. My first job was on a Standard Oil of California oil-tanker fleet as third-mate. I made a lot of money for the time, $42,000 a year, including overtime, and only had to work seven months of the year. My poor dad was very happy.

After six months, however, I resigned my position with Standard Oil and joined the Marine Corps. My poor dad was devastated, but my rich dad congratulated me.

The reason I joined the Marine Corps was to learn new skills. I wanted to learn how to be a pilot and to learn how to lead others into difficult situations. I knew that the leadership skills I learned in the Corps would benefit me greatly in life and business.

After my tour of duty, I had the opportunity to get a steady paying job as a commercial airline pilot. Instead, however, I took a job with Xerox as a salesman. Again, my poor dad was devastated, and my rich dad was happy. Though I could have had a comfortable life as a pilot, I wanted to learn the skill of sales. I knew that skill, coupled with the leadership skills I learned in the Marine Corps, would make me rich.

Work to Learn Not to Earn

The NFL has a dark and clever nickname: “Not for Long.”

Careers are short-lived. They never know when they’ll get cut or get injured. They can do nothing but hope for a long career.

Luckily the NFL is working hard to educate these young players and prepare them for life after football. They learn about finances, insurance, and how to handle their new lifestyle.

Some take it more seriously than others.

Will you work to earn, holding onto security over opportunity? Or, will you work to learn (and get a financial education), giving up some security to embrace greater opportunity?

Most people will follow the conventional wisdom and choose to work to earn. But if you want to be rich, I recommend that you work for what you want to learn rather than what you want to earn. Figure …read more

From:: Daily Reckoning