Marmota to process ore at its neighbour’s mine

By analyst

By Valentina Ruiz Leotaud

South Australian exploration company Marmota Limited (ASX:MEU) announced that it has executed a non-binding Memorandum of Understanding with WPG Resources (ASX:WPG) to process ore from its Aurora Tank gold project at WPG’s Challenger processing plant, given that both sites are located close to each other.

The MoU is another avenue, of the different ones being explored by Marmota, to bring Aurora Tank into production. The gold operation is located at the Woomera Prohibited Defence Area, some 500 kilometres north-west of Adelaide.

Through the agreement, both companies plan to investigate what would be the fairest mechanism to start the processing of the ore, whether by toll treatment, joint venture, profit sharing or other arrangements.

Aurora Tank’s first drilling program took place in September 2016 and it reported outstanding 1m intersections (more than 117) including 101 g/t gold (with duplicate samples at 85 g/t and 93 g/t, averaging 93 g/t). Later on, in October of 2017, the company announced that the first metallurgical test work returned 94% to 97% gold recoveries.

Aurora is situated 50 kilometres NE of WPG’s Challenger Gold Mine, which has produced over 1 million ounces of gold. Revenues are around $1.7 billion at current prices.

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Source:: Infomine

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European investors to fund $53-million bio-coal plant

By analyst

By Valentina Ruiz Leotaud

Baltania OÜ, a 100% owned subsidiary of Dutch private equity investment firm Momentum Capital, announced that it has made a conditional investment decision to commission an industrial-scale torrefaction bio-coal plant in Vägari, Estonia.

The project would be carried out together with the Baltic country’s ministry of environment at a cost of approximately $53 million. Part of the initial investment will be funded by Momentum Capital and other venture capitalists and financial institutions. The European Union will provide a grant of about $30 million.

With the idea of supplying clean energy to utility companies in Nordic countries and Central Europe, the bio-coal plant will rely on a torrefaction technology developed by a Dutch company called Clean Electricity Generation. The goal is to produce and process approximately 160,000 tonnes of torrefied bio-coal pellets per annum.

The bio-coal pellets are obtained from forest residues and the idea is that they partially or fully replace fossil coal in electrical power or heat generation.

The production line includes CEG’s proprietary torrefaction reactor, syngas cleaning equipment (wet scrubbing) and commercial gas engines. The way it works is that syngas derived from the biomass is used to power the gas engines producing renewable electricity. Subsequent to power generation, the hot engine exhaust is used to heat the torrefaction reactor and supplement the biomass material drying. The reactors then utilize vibratory conveying technology to move material within its sealed components. Each reactor is coupled to a bespoke syngas cleaning system for the removal of tars and connected to a gas engine to create a reliable production line.

Although the process is similar to charcoal production, “it takes place in a much lower temperature environment that requires less exotic and less expensive materials, which results in biofuels with more favorable combustion properties, better mechanical and storage properties, and higher energy density,” CEG states on its website.

According to Baltania, the energy density and grind-ability of renewable and sustainable bio-coal pellets are similar to thermal steam coal and significantly higher than that of white wood pellets or wood chips. This also means that logistic costs per tonne transported are lower.

The company expects that its plant helps revitalize the eastern town of Vägari by creating at least 30 jobs in production, 300 jobs in harvesting and logistics, and more than 200 temporary jobs during the construction phase.

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Source:: Infomine

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General Market Commentary – Thu 23 Nov, 2017

By Cory Ned Schmidt Answers Questions On Bonds And Fed QT

Ned Schmidt send an email to subscribers earlier this week outlining some questions he has been receiving from subscribers. The questions focused on how the Fed went about buying bonds during the QE program and how an unwind will actually look. Here are the questions and answers.

Why are they unwinding the balance sheet and what could happen if they did not?

When Fed Res bought bonds from bank it credited electronically the account of the selling bank at Federal Reserve.
Banks hold because of QE roughly $2.3 trillion at the Federal Reserve.
Nothing can stop banks from lending those reserves out.
More than $3.5 trillion of money could be created by lending out those reserves.
That potential amount of money would cause US inflation to rise.

Who holds these bonds?
The bonds are held, owned, by the Federal Reserve.

They are “held” for them electronically by the US Treasury.

No paper US bonds exist.

I suppose to unwind their balance sheet means they will try to flog off some bonds.
They will not sell any bonds.

They will simply let some bonds mature without reinvesting the proceeds.

The money has been “printed” already hasn’t it?

NO money was printed, in any way, when the bonds were bought.

Fed Res simply credited the account of the selling bank at the Federal Reserve when they bought the bonds.

That money was printed was one of the great myths of QE.

ned w. schmidt,cfa
the value view gold report
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Source:: The Korelin Economics Report

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Valuable Insights from Around the Web – Thu 23 Nov, 2017

By Cory

Divorce of Crypto-Austrians and Crypto-Keynesians

I know how much debate there has been regarding crytocurrencies on this site so when I came across this I thought I should re-post and see what everyone thinks. This is not about are cryptos in a bubble but more about the future in terms of scale for economies and investors. As the title says the recent Segwit2X update is taking Bitcoin in a different direction than intended by its founder. Read below to find out more.

Click here to visit the original posting page.

The scaling battle that’s been raging in the Bitcoin ecosystem the past 3 years is finally over. The entire Bitcoin network has spoken and it has spoken for … what exactly?

There are lots of articles that will chronicle for you what’s happened in the past few months and years. If you aren’t familiar with the story so far, please go read this. In this article, I’m going to try to interpret what this whole drama means.

The Great Divorce

The final nail in the coffin of a united community was the abandonment of the 2x hard fork earlier this week, but to be truthful, the Bitcoin community has been divided for a long time.

The past few years has seen the development of separate subreddits, separate forums and now, separate blockchains, but it wasn’t always this way. Back in 2013, there was a single community united against fiat, excited at the prospect of new and exciting features that would take Bitcoin to the next level. Yet here we are 4 years later post-divorce, wondering what happened.

At least nominally, the issue at hand is a block size increase. Specifically, a hard fork to larger blocks that would enable a larger degree of on-chain scaling. In the grand scheme of things, this doesn’t look like a big issue, so the question we have to ask ourselves is, how did this issue become grounds for divorce? What is the real problem here?


Practical men who believe themselves to be quite exempt from any intellectual influence, are usually the slaves of some defunct economist. Madmen in authority, who hear voices in the air, are distilling their frenzy from some academic scribbler of a few years back.

This is a quote from John Keynes, an economist of some renown. I bring up this quote because I believe it to be relevant to the scaling debate. The real conflict over the past several years wasn’t so much about the technical specifics, but about economics.

Before I go on, however, I want to introduce you to a couple of different economic theories. The first is Keynesian, which is named after the economist quoted above. The second is Austrian, which is named after some Austrian economists from the last century.

Keynesian economics looks at the economy at the macro level and …read more

Source:: The Korelin Economics Report

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Brazilian miners up in arms as lawmakers hike iron ore, gold royalties

By analyst

By Cecilia Jamasmie

Mining companies operating in Brazil are warning the government the recent approval of a bill that hikes royalties for iron ore and gold may end costing the country much more than what it would potentially gain.

In a vote Wednesday, Brazil’s lower house of Congress passed a bill that would increase royalty rates on iron ore by 75% and by 50% for gold, while it would cut those for potassium.

If it becomes a law, it would make iron ore producers pay a 3.5% royalty instead of the current 2%. That amount would be calculated off gross revenue instead of net revenue as is presently done, which would notably increase collections.

Miners claim new bill will increase costs and make them less competitive in international markets.

Small or less profitable iron ore producers would be allowed to apply for a rate as low as 2%, the bill indicates.

According to official figures, iron ore represented 58.6% (about $175 million) of the country’s revenue from royalties in the fist half of 2016.

Over the same period, iron ore exports totalled more than $5.5 billion, or 60% of the country’s revenue originated from exported minerals.

While a hike in revenue would be a boon to the state’s coffers, it may hurt iron ore companies cash cost position and their ability to remain profitable, therefore defeating its purpose.

Vale (NYSE:VALE), the world’s largest iron ore miner, said on Thursday the new rate were likely to compromise its ability to maintain high-cost mines, hurting its ability to compete.

The Rio de Janeiro-based company said in a statement to Reuters that it hoped President Michel Temer would veto some of the changes to the proposal made by Congress.

The Brazilian Mining Association has also expressed its concerns. According to the industry body, it won’t be possible to cut costs enough to offset the higher levies.

“Mining companies will feel pressured to pass on this new cost increase to the industrial production chain,” it said in July. “This new condition will increase the risk of loss of competitiveness in the international market for ores.”

The bill passed yesterday sets gold royalties at 1.5%, up from the current 1% and potassium’s at 0.2%, down from 3% to 0.2%. It also creates a new regulatory agency for the industry, the ANM, in a bid to inject new life in the local sector.

Other miners that would be affected by the new royalties rates are AngloGold Ashanti (NYSE:AU), which has two gold-producing complexes in the country (Cuiaba and Corrego do Sitio); Kinross Gold (TSX:K), (NYSE:KGC) has a large open-pit gold mine near the city of Paracutu, about 230 km from the capital of Brasilia; and Yamana Gold’s (TSX:YRI) (NYSE:AUY) which owns the Chapada open-pit gold-copper mine in Goias.

The bill, first proposed by a presidential decree, is part of Temer’ measures to boost the economy and government finances. It must receive full congressional approval by November 28 or face expiry.

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Source:: Infomine

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Legal kerfuffle in Spain around uranium mine environmental assessment

By analyst

By Valentina Ruiz Leotaud

Spain’s National Audience dismissed a series of allegations presented by Berkeley Energia (ASX:BKY) against a legal action filed by a group of environmentalists who oppose the company’s Salamanca uranium project.

The open-pit mine is the Australia-based miner’s flagship project and is located on the Retortillo-Santidad uranium deposit near the town of Retortillo, in northwestern Spain.

Back in April 2016, members of Ecologistas en Acción and the political party Equo started a legal process alleging that Berkeley’s environmental assessment failed to report that the uranium processing activities and nuclear debris disposal at the mine could potentially cause health problems to the residents of surrounding towns.

Such accusations were refuted by the company in a document presented before the National Audience on September 22, 2017. According to EFE news agency, Berkeley stated that their environmental assessment was solid, could not be challenged in any court and, thus, the Audience should ignore the activists’ allegations.

But judges from the Audience’s Administrative Litigation Office considered Berkeley’s arguments were not strong enough and were also identical to those presented before by the Attorney General before the National Audience, which were also dismissed.

Ecologistas en Acción and Equo say this legal development favours their cause. However, in an email statement to, Berkeley said that the dismissal of the allegations is purely an administrative matter.

“The Company and its legal advisors remain strongly of the view that these claims [those of the activists], which have already been dismissed by lower Authorities, have absolutely no foundation and have been lodged solely for the purpose of gaining media coverage. Our experience with the previous claims was that in the build-up to the claims, the Opposition groups made lots of noise, however, when the claims were dismissed, they moved onto the next claim and started the process again.”

Beyond this legal kerfuffle, the uranium project was also a topic of debate this week at the Castilla y León Legislature. According to Europa Press, the spokesman for the regional branch of the leftist Podemos Party, Pablo Fernández, accused the provincial government of “laying a red carpet” -or making things easy- for Berkeley, so that the miner gets the approvals it needs to start operations at the Retortillo site.

However, the president of the Castilla and León government, Juan Vicente Herrera, replied to Fernández saying that he is not either in favour or against the mine and that all he wants is that everything related to the project is done in accordance with the law.

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Source:: Infomine

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John Templeton’s Advice on How to Give Thanks

By Alexander Green Editor’s Note: Happy Thanksgiving! Today, Alex and the rest of the Oxford Club team are giving thanks and chowing down with family. We hope you’re doing the same.

Please enjoy this classic essay from Alex’s Beyond Wealth series. We think you’ll find it fitting for this important holiday.

Two years ago I suffered a “home invasion” when 22 of my relatives showed up for Thanksgiving. (Some of them were actually invited.)

We gave thanks for our health, our friends, each other… and a 26-pound bird stuffed with cornbread dressing and surrounded by cranberry sauce, squash soufflé, parmesan-garlic green beans with almonds and sweet potato casserole.

(No wonder the pilgrims had the Wampanoag tribe over.)

With all our blessings, however, one day of thanks can never really be enough.

In his book Discovering the Laws of Life, famed money manager and philanthropist John Templeton recommended a different approach. He called it thanksliving.

Thanksliving means practicing an attitude of perpetual gratitude.

That’s not hard when times are good. But for many Americans, it’s tough out there right now. The economy is soft. Credit is tight. And middle-class incomes have hardly budged over the last eight years.

Combine these with the financial, personal and health issues that every family encounters from time to time, and an attitude of continual thankfulness becomes a tall order.

Yet Templeton offered a radical perspective. Don’t just give thanks for your blessings. Be grateful for your problems, too.

This seems wildly counterintuitive at first blush. But facing our challenges makes us stronger, smarter, tougher and more valuable as parents, mates, employees… and human beings.

Solving problems is what we’re made for. It’s what makes life worth living.

“Adversity, when overcome, strengthens us,” says Templeton. “So we are giving thanks not for the problem itself but for the strength and knowledge that will come from it. Giving thanks for this growth ahead of time will help you to grow through – not just go through – your challenges.”

Circumstances alone never decide our fate. We have the ability to shape our destiny. And it starts with believing we can.

Worries, regrets and complaints solve nothing. They change nothing. Rather, they undermine your health, your social environment and your quality of life.

Difficult situations are rarely resolved with positive thoughts or gratitude alone, however. It takes another crucial ingredient: sustained action.


Even then, some problems are intractable. Others – like the death of a loved one – are insoluble. In certain circumstances, only an attitude of acceptance moves us forward.

Most of our day-to-day problems, however, are created by the person in the mirror.

We made them. And we can fix them.

According to pastor Preston Bradley…
The world has a way of giving what is demanded of it. If you are frightened and look for failure and poverty, you will get them, no matter how hard you may try to succeed. Lack of faith in yourself, in what life will do for you, cuts you off from the good things in the world. Expect victory and make victory. Nowhere is this truer than in business life, where bravery and faith bring both material …read more

Source:: Investment You

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Canadian producer wants to expand Arizona gold mine

By analyst

By Valentina Ruiz Leotaud

Vancouver-based Northern Vertex Mining (TSX.V: NEE) announced today that it has filed the Preliminary Economic Assessment for its Moss Gold Mine, located in northwestern Arizona.

With the PEA, the company intends to demonstrate the upside of reactivating this historic gold/silver project, whose expected mine life is of 10 years. Company officials also want to show the technical and economic viability of extending the Moss mine to include resources onto the company’s adjacent un-patented mining claims.

Such scenario would imply, however, getting into federal public lands administered by the U.S. Bureau of Land Management. This would require the submission and approval of a Mine Plan of Operations.

“This PEA is further encouragement of the scalability of production in the initial years as well as the potential longevity of the Moss Gold Mine. Eliminating the patented boundary constraints and increasing production to a peak of 60,000 gold equivalent ounces in year four, the PEA indicates the Moss mine project has the potential to measurably improve the economics stated in the Company’s Phase II Feasibility Study published in June 2015,” Kenneth Berry, Northern Vertex’s President and CEO, said in a press release.

According to Berry, management intends to conduct an aggressive exploration and resource expansion program during the first two years of production in order to further expand existing resources. “It’s not out of the question that we have the ability to double our resource,” he said in an interview with Palisade Research.

The Moss operation is a few weeks away from pouring its first bar and Northern Vertex says it has the potential to be “America’s next gold mine.”

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Source:: Infomine

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Escondida to lay off 3% of its workforce

By analyst

By Valentina Ruiz Leotaud

Chile’s Minera Escondida, which operates the world’s largest copper mine, announced today that it will lay off 3% of its workforce, or roughly 120 people, as it moves forwards with a strategy of “adjusting production processes.”

According to several Chilean media outlets, Escondida officials sent out a press release saying that they saw the need to let go some supervisors, operators, and maintenance staff in order to make sure that mine activities would continue to be carried out in a sustainable and safe way.

Escondida, 57.5% of which is owned by BHP Billiton (ASX, NYSE:BHP) (LON:BLT) and 30% by Rio Tinto (LON:RIO), was affected earlier this year by a 43-day strike, the longest private-sector mining strike in the history of the South American country. Estimates put lost copper output at around 120,000 tonnes, which translated into roughly $1 billion in lost revenue for BHP.

Despite this, Escondida quickly shook off the effects of the labour action and reported a 23% increase in copper production, to 268,000 tonnes, during the third quarter of 2017. The hike was mainly due to higher average ore grade, higher amounts of ore processed and the beginning of operations at an extension project.

BHP expects full-year copper output for 2018 to recover by 25–35% as Escondida expansion plans push production at the mine to between 1.13m–1.23m tonnes.

As it stands right now, the operation accounts for about 5% of the world’s total copper output.

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Source:: Infomine

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