JD400
2 weeks ago
Thanks Man ! $MUX starting it's run.........
Panic short-covering ignites Comex copper as shipments fail to arrive
Reuters | July 5, 2024 | 9:31 am Markets USA Copper
CME cobalt contract use soars above LME as big players join
Credit: CME Group
Comex copper futures surged on Friday as some players bought back bearish, or short, positions to reduce their exposure due to expected shipments of copper failing to arrive in the United States, traders and analysts said.
A frenzied rally based on speculative buying sent copper futures on both Comex and the London Metal Exchange (LME) to record peaks in May, partly due to a short squeeze on Comex
Since then copper prices have slid, partly due to expectations that shipments of material would arrive in the United States allowing the cover of exposed short positions.
Short positions can be bets on lower prices or producers hedging their output. A short squeeze occurs when parties holding such positions are forced to buy them back at a loss or deliver physical copper to close them out.
“Some participants cannot stomach the volatility and there is certainly some panic covering to avoid the moves we saw last time around,” a trader said.
“But if anything the situation could potentially be more volatile due to the lack of usual participants.”
The Comex buying has led to a wide spread or arbitrage between prices on the two exchanges, with the Comex premium doubling to more than $300 a metric ton over the past two days.
August futures on Comex on Friday climbed to a five-week high of $4.6965 a pound or $10,354 a metric ton and was up 2.5% at 1500 GMT. The market hit a record of $5.1015 a pound on May 21.
That compares to an intraday peak of LME three month copper of $10,000 and a gain of 0.7%.
“Inventory that was supposed to come to the US clearly hasn’t arrived,” said Dan Smith, head of research at Amalgamated Metal Trading.
It was unclear what was causing the delay in shipments to the United States.
The lack of shipments is evident in copper inventories in CME warehouses, which have tumbled 71% since late March to 8,947 tons, the lowest since 2008, data shows.
“People have already been burned on this once, so they’re much more cautious now, but we’re all a bit nervous it’s going to blow out again,” Smith added.
During the May short squeeze commodity traders Trafigura and IXM were looking to buy physical copper to deliver against large short positions, but it was unclear which participants were covering positions at the moment.
Comex is owned by the CME Group while the LME is owned by owned by Hong Kong Exchanges and Clearing Ltd.
(By Eric Onstad; Editing by Veronica Brown and David Evans)
https://www.mining.com/web/panic-short-covering-ignites-comex-copper-as-shipments-fail-to-arrive/
Bon Jovi - Runaway HQ
Hope Y'all had a good holiday ☺️
JD400
3 weeks ago
Ross Norman: Gold is defying gravity
Submitted by admin on Tue, 2024-07-02 19:12 Section: Daily Dispatches
7:13p ET Tuesday, July 2, 2024
Dear Friend of GATA and Gold:
Ross Norman, former proprietor of London bullion dealer Sharps Pixley, now CEO of Metals Daily, writes today that the price of gold has been rising not because of genuine physical demand but because of options buying on the Shanghai Futures Exchange.
Norman writes: "The initial effect on spot gold -- intended or not -- was to bring about a 'gamma squeeze.' The Chinese buying gold calls (on the expectation prices would rise) leaves the other side to the trade (bullion banks) temporarily short (gamma) or gold and vulnerable to a rise in prices.
"Typically on granting those calls the bullion banks would purchase the equivalent to about half their exposure. Problem is, if these positions are sufficiently large, then their buying/hedging itself drives gold prices higher and so they have to purchase more gold to more fully hedge themselves as gold moves towards the strike price -- which pushes prices higher again, and so on.
"You become trapped in a self-fueling cycle that pushes gold onto an entirely new orbit divorced from its fundamentals ... or even reality. This might also explain why gold is yo-yo-ing in a range well above what most investors would consider 'fair value' ... while physical demand is through the floor.
"In short, gold is defying gravity."
Norman's analysis is headlined "Gold Price -- Out of This World?" and it's posted at Metals Daily here:
https://www.metalsdaily.com/archive/ross-norman-gold-price-out-of-this-world-/356660
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
https://www.gata.org/node/23277
Independence Day
JD400
3 weeks ago
And now a word from former queen Argentine President Cristina Fernández de Kirchner
I was curious what her take on President Javier Milei new plan for Argentina was.
So here it is, Quite the contrast and some interesting points of view.
CFK: The Libertarians' zero deficit is a fabrication
Monday, July 1st 2024 -
Former Argentine President Cristina Fernández de Kirchner (2007-2015 / CFK) said during an interview on the internet streaming channel Gelatina outside mainstream media that the Liberal administration's “fiscal surplus is increasingly trumped up.”
Hence, what President Javier Milei and Economy Minister Luis Toto Caputo boast as a milestone achievement would be nothing short of a fabrication. “The fiscal surplus is more and more a fraud,” CFK stressed in her first appearance after the parliamentarian passing of the so-called Bases Law around which the ruling party's economic plan is said to hinge.
“The energy companies are asking to be paid and the provinces are not paying anything, zero pesos; they do not buy food; they do not buy medicines; they suspended 3,000 public works and, therefore, their payment, so it is trumped up, but besides being trumped up, it is unsustainable,” CFK argued about Milei's government.
The incumbent President “is only supported by capital, because he proposes unusual things, which would not be working,” CFK also explained when addressing the so-called Incentive Regime for Large Investments (RIGI) with which Milei intends to lure large-size investors (mostly from abroad) at the expense of local SMEs. However, CFK made it clear that she did not want Milei's plan “to fail” but insisted corrections were needed. It remained to be seen whether they would be implemented by Milei or by somebody else.
Regarding Milei's foreign policy, CFK stressed that “we cannot continue thinking that the threat is communism, because you seem dissociated from reality. I hope facts will prevail.” Milei is clinging to “a world that no longer exists,” CFK pointed out.
In CFK's view, Argentina's main problem is not the deficit, but “the lack of dollars and indebtedness.” And with the RIGI no dollars will be arriving shortly besides those the agricultural sector might provide. “The only one who thinks that the problem is the deficit is the President,” the populist leader who also completed a term as Vice President on Dec. 9, 2023, under Alberto Fernández, also told interviewer Pedro Rosemblat.
“The market knows how to add up and knows that there are zero dollars. The problem is the shortage and the debt. The maturities that are coming...,” she added while noting that the lack of dollars is not compensated with the surplus Milei repeatedly highlights.
“At times when the tectonic plates of currencies begin to move, people go to gold as a sure thing. In that world, we cannot continue thinking that the threat is communism, because you seem dissociated from reality. The facts will force us to get in touch with reality,” CFK also forecasted. The BRICS (the multinational group Argentina refused to join under Milei after being invited to during the previous administration) “is going to start leaving the dollar and the Arabs are already trading without dollars,” CFK also noted.
https://en.mercopress.com/2024/07/01/cfk-the-libertarians-zero-deficit-is-a-fabrication
Mountain ~ Mississippi Queen (remaster)
JD400
3 weeks ago
Golden Nugget
Friday, 6/28/2024 09:01
So much smarter than the other gold bugs...
GOLD is misunderstood, but the misunderstanding extends to those critical of others for misunderstanding it, writes Gary Tanashian in his Notes from the Rabbit Hole.
Because in Wonderland what is, it wouldn't be.
The subject of this post has been made anonymous, as I've decided to release it to a wider audience. Said subject anonymized those he was critical of and so, turnabout is fair play.
Elliott Wave technical analyst Mr.Anonymous (Mr.A) has an article explaining his view of why gold is misunderstood by analysts that claim it is a hedge against inflation and a hedge against stock market weakness. On the surface, he is correct. You cannot argue with facts and the facts are that gold has been a less than stellar inflation hedge (under certain inflationary circumstances) and it did go down significantly during Armageddon '08 and the 2020 pandemic crash.
As noted more times than I care to remember, there are far better hedges against inflation than gold when the inflation manufactured by policymakers is working, albeit temporarily, in support of the economy. Mr.A is also correct in noting that gold went down in the market crash of 2008 and the lesser crash in 2020.
So what is my beef here?
Well, we have yet another analyst discussing gold as if it were simply an asset among other assets, focusing on its nominal performance rather than its long-term value and importantly, its relative value when marked up or marked down, as the anti-bubble to most other asset markets, which have been sustained for decades now by a bubble in aggressive and inflationary policy-making.
It is a bubble that I believe has ended, although it doesn't consciously know it yet, with policy-propped asset markets now little more dead men walking. That assertion is based on several macro indicators I use, but none are more visually striking than the decades long trend break in the 30-year Treasury yield Continuum.
Among other things, that trend break implies that the ease with which policymakers were able to inflate the system at every crisis or even hint of crisis is a thing of the past. The sedate bond market signaling gentle disinflation gave license to inflationary policy at every sharp downward turn of the Continuum. That ease and simplicity is history now, and hence the odds have increased that the bubble is done (although still stumbling forward trying to make its way to or through the US presidential election with several fiscal initiatives beyond the scope of this article in play).
But here is the key point: Gold is the anti-bubble. Its positive correlation with bubble beneficiary markets since it ended its post-2020 corrective phase in Q4, 2022 is one of two things: cause for concern about the nominal gold price when stock markets take the next bear, or the beginning of the new macro as gold looks ahead to the obvious end of the policy-induced bubble. When stock markets take the bear, I would not bet on gold merrily going up. So there again, on the surface Mr. A is correct. However, it sure as shootin’ will outperform.
Let’s take a few quotes and rebut, shall we?
I do not have to go back terribly far in history to prove this premise as being an outright falsehood. First, let’s start with early 2020. As the SPX proceeded to crash during the Covid outbreak, did gold rally? Nope. Did gold at least remain stagnant? Nope. In fact, gold proceeded to drop by 15% during that time. Silver was even worse as it lost almost 40% of its value during that same timeframe.
Now, if you are still not convinced, well, let’s go back a bit further to the Great Financial Crisis of 2008. Again, did gold rally during this financial upheaval during which the perceived “safety” of gold was sorely needed? Nope. Did gold at least remain stagnant? Nope. Gold lost 30% of its value, which clearly outlined that you cannot rely upon gold as a hedge against stock market upheaval. And, again, silver was much worse as it lost 60% of its value during this time.
Gold got hammered during Armageddon ’08 (which for stocks, actually extended to Q1, 2009), but in relative terms it rose strongly vs. SPX and rocketed higher vs. cyclical commodities like oil and base metals. It then went on to out and under perform periodically as cyclical inflation manifested out of the 2008 policy panic and subsequent years of Zero Interest Rate Policy (the financial blight known as ZIRP).
Gold is not supposed to rally in nominal terms during crises. It is supposed to retain relative value. Here is what gold did in relative terms to SPX during that crisis. After its relatively moderate nominal decline, gold led most markets out of the abyss before the inflationary bailout operations of central banks and governments set it up for a long correction as cyclical markets regained footing. That was as it should be for the anti-bubble.
As for silver, it is not gold. I don’t know why it is even included in this conversation. Silver is even further from an effective disaster hedge than gold, as it has more cyclical industrial qualities than gold (although it can be a better inflation hedge).
But, clearly, history did not teach this lesson to everyone, as many completely ignored what occurred during this timeframe, and again expected gold to save them during the Covid crisis. And, the many that have still not learned this lesson now come back to prognosticate that gold will provide safety in the event the stock market turns down.
What is most interesting is that most of these same folks also maintain a world view that gold will not rally alongside the equity market. In fact, I just read another article which outlined this erroneous commonly held view, and claim surprise when it does rally alongside the equity market.
The point with gold is its relative performance. Nominally, it is going to go up or down as the prevailing winds and varied macro inputs (economic, policy both monetary and fiscal, inflation/deflation, disinflation, psychological/sentiment, etc.) dictate. But the big picture macro is what is important. Where has it been? Where is it going? What is it indicating? As for the “surprise” of gold being correlated with asset markets lately, it is already noted above that gold is either being set up for price pressure when a broad bear market ensues or it is diverging to indicate the new macro.
Mr. A goes on to discuss what I have harped upon for many years, that gold is not usually an effective inflation hedge, at least during the pro-cyclical previous several decades. Let’s not dig that up again. Anyone who bothered to look beyond the standard gold bug dogma already knows that. Let’s however, rebut one final point.
My friends, at some point, one has to open their eyes and look at markets objectively. Gold is not driven by inflation. Nor is it driven by deflation. Nor is it driven by the dollar. Nor does it fall when the equity market rallies or vice versa. Gold is driven by market sentiment. And, it is the only constant in the gold market which allows one to maintain an objective perspective on the price trend in gold, and be able to prognosticate that trend in any reliable and consistent manner.
Gold’s case should not be simplified to only sentiment unless we are discussing the very big macro picture. While sentiment is an important tool in managing an inherently emotional sector like the precious metals, it is far from the only consideration. Mr. A is writing in linear fashion, as if the decades of the Continuum’s downtrend were still intact. The gold market going forward will respond to policy initiatives and constraints, economic acceleration or more likely in the few years ahead, deceleration. Gold market sentiment is a knock on effect of what is already happening. That is what sentiment is, a tail chasing the dog. The dog being macro fundamentals and technicals.
Notice I did not mention war, pestilence (the hard post-pandemic correction for gold was in the bag by mid-2020 due to damaging hype), China/India buying or any of the other common themes put forth as fundamentals for gold? Boiling it down, gold is about policy and sentiment. Aside from being a very long-term holder of real monetary value gold is a barometer to mass confidence or lack thereof in policymakers in government and finance trying to regulate the economy and associated markets to desired and by definition, manipulated ends.
So yes, gold is about sentiment. But it is about big picture sentiment on a societal level. That is why a significant change in the long-term macro is so important. It is going to feed sentiment on a mass scale in the years ahead. My rebuttal seeks to add layers and detail to another analyst’s opinion, rather than express outright criticism.
https://www.bullionvault.com/gold-news/history/gold-inflation-stock-market-hedge-062820241
The Jimi Hendrix Experience - All Along The Watchtower (Official Audio)
JD400
4 weeks ago
Video: McEwen aims to build copper industry’s ‘jewel’ at Los Azules in Argentina
Northern Miner Staff | May 28, 2024 | 10:33 am News Latin America Copper
Mining entrepreneur Rob McEwen wants to build the Los Azules copper project in Argentina’s high desert with advanced mining facilities, a hotel and visitor’s centre blending into the landscape.
“I’d like to put a jewel on the side of the mountain and to shock people into seeing how mining really is today,” the founder and CEO of McEwen Mining (TSX: MUX; NYSE: MUX) told the Energy Transition Metals Sumit in Washington, D.C. in late April.
SIGN UP FOR THE COPPER DIGEST
McEwen envisions Los Azules as a leader in sustainability, innovation and economic viability. The mine would use less than a quarter of the water required by conventional copper processing methods, emit less than half the carbon and consume less than half the power. Additionally, all the electricity is to come from renewable sources. The CEO forecasts a production cost of $1.07 per lb. copper.
The project being built by subsidiary McEwen Copper has the notable backing of Nuton, a Rio Tinto (NYSE: RIO; LSE: RIO; ASX: RIO) venture that has developed a propriety copper heap leaching technology. Rio and automaker Stellantis, which holds Fiat Chrysler and Peugeot, each hold 14.2% of McEwen Copper, while McEwen owns 13.8%.
The Northern Miner Group event ran in coordination with Precious Metals Summit Conferences. Watch the full presentation below.
Click here
https://www.mining.com/video-mcewen-aims-to-build-copper-industrys-jewel-at-los-azules-in-argentina/
JD400
4 weeks ago
Los Azules Hotel won't be the first Jewel in the desert !
check out "The Little Daisy "
Tour This OLD 40-Room MINING HOTEL Turned PRIVATE HOME! The Little Daisy in Jerome, Arizona!
Take a tour of this old, 40-room mining hotel turned private home! The Little Daisy was built in 1919 in Jerome, Arizona to house miners. Eventually, it fell into disrepair and was stripped down to a concrete shell. The Acker's purchased the property in the 1990's and rebuilt it using the original blueprints. Now, the hotel-turned-house features 12,000 square feet of indoor living space, a 2,900-square-foot wraparound porch, a 9,000-square-foot rooftop garden and a 2,600-square-foot garage. An iconic piece of Arizona history has new life!
JD400
4 weeks ago
Friedland, McEwen back Power Nickel’s “oversubscribed” $15m funding
Cecilia Jamasmie | June 24, 2024 | 3:39 am Battery Metals Canada Cobalt Copper Nickel Palladium
Canadian explorer Power Nickel (TSX-V: PNPN) has closed its recent C$20 million ($15m) “oversubscribed” financing round, backed by well-known personalities including billionaire investor Robert Friedland and mining veteran Rob McEwen.
The Toronto-based junior said the funds will be use to expand exploration on its 80%-owned NISK property in Quebec, adding it hopes to take advantage of Canada’s federal tax credit for critical mineral exploration.
Power Nickel, which entered the project in 2021, noted it plans to deploy additional drilling rigs and advance exploration over the summer.
NISK, in Quebec’s James Bay region, is expected to become Canada’s first carbon-neutral nickel mine by using carbon capture and hydroelectric power.
The company has partnered with Australia-based Fleet Space Technologies to use ambient noise tomography to explore for nickel. The method uses satellites and hand-held devices to capture background vibrations and develop 3D images of the subsurface down to 2 km in depth.
Historic nickel source
Inco, now a part of Vale (NYSE: VALE), discovered nickel on the area in 1962. Golden Goose Resources produced a historical resource for NISK in 2008 of 2 million measured and indicated tonnes and 783,000 inferred tonnes. Critical Elements Lithium (TXS-V: CRE) bought the site in 2014, but little work was done.
NISK holds 4.9 million indicated tonnes underground grading 0.78% nickel, 0.05% cobalt, 0.42% copper, 0.78 gram palladium per tonne for 38,300 tonnes nickel, 2,400 tonnes cobalt, 20,500 tonnes copper and 123,100 tonnes palladium, according to a recent filing from Power Nickel.
Open pit resources total 519,000 indicated tonnes at 0.63% nickel, 0.04% cobalt, 0.3% copper and 0.56 gram palladium for 3,300 tonnes nickel, 200 tonnes cobalt, 1,600 tonnes copper and 9,400 tonnes palladium.
Shares in Power Nickel have soared 267% so far this year, with most of the growth experienced since April 15, when it reported initial drill results. The stock gained 23 Canadian cents on Friday, closing at C$0.88, which gives the company a market value of C$150 million ($109m).
Power Nickel also owns significant land packages in Canada’s British Colombia and Chile.
https://www.mining.com/friedland-mcewen-back-power-nickels-oversubscribed-15m-funding/
JD400
1 month ago
The company has news out today
The Miner
Fox Complex: Extending Mine Life; A New Mine at the Stock Property; Exploration Has Driven the Prospect of Earlier Cash Flow
June 20, 2024
Download this Press Release PDF Format (opens in new window)
TORONTO, June 20th, 2024 (GLOBE NEWSWIRE) -- McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) is pleased to report on the progress at the Fox Complex, where we are advancing a new mine on the Stock Property. Production is planned to start in the second half of 2025. Pre-construction activities of the Stock portal have commenced, which will allow access to mining of the three gold zones, West, Main and East. In addition, the portal will provide cost-effective underground drill platforms to enable testing for expected depth extensions of these three zones. Recent exploration resulted in a 29% increase in the estimated gold resources for Stock’s East Zone. The Fox Complex is comprised of several properties, including Stock, and has Measured and Indicated gold resources of 1,905,000 ounces at average grade of 4.20 g/t Au and Inferred gold resources of 549,000 ounces at average grade of 3.60 g/t Au.
continues https://www.mcewenmining.com/investor-relations/press-releases/press-release-details/2024/Fox-Complex-Extending-Mine-Life-A-New-Mine-at-the-Stock-Property-Exploration-Has-Driven-the-Prospect-of-Earlier-Cash-Flow/default.aspx
The Bank
Options expiration ‘triple witching’ and index rebalancing could create volatility Friday
Some mechanical deadlines in the stock market could give Friday’s trading an extra jolt of volatility.
June 21 is this quarter’s so-called “triple witching,” when stock futures and index options contracts expire on the same day as many highly traded individual stock options.
Triple witching can sometimes lead to abnormally high volatility as traders try to close out their options positions.
Friday is also the final day before the rebalance of many indexes followed by major funds takes effect. That includes CrowdStrike
joining the S&P 500, and a big shift in the weights of Nvidia
and Apple
in the Technology Select Sector Index. One ETF will need to acquire more than $10 billion worth of Nvidia to align with the new index weights.
https://www.cnbc.com/2024/06/20/stock-market-today-live-updates.html
Witchy Woman (2013 Remaster)
JD400
1 month ago
Column: Funds keep faith with copper even as squeeze fades
Reuters | June 4, 2024 | 9:46 am Intelligence Markets Europe USA Copper
The vicious squeeze on the CME copper contract appears to have largely passed but fund managers are sticking with their bullish convictions on both US and London markets.
There has been some light profit-taking as the price has retreated from last month’s record highs but fund long positioning remains elevated both on the CME and London Metal Exchange (LME).
The money surge into copper is part and parcel of a broader rotation of funds into the base metals sector but copper’s super-charged rally to a CME peak of 5.20 cents per lb and an LME high of $11,404.50 per ton has made it the star attraction.
However, Doctor Copper’s new investor friends may find their bullish resolve tested in the days ahead.
With the short-covering momentum on the CME contract now abating, fund longs are left waiting for fundamentals to catch up with their price expectations.
Fund positioning on the CME copper contract
Long and strong
Fund managers trimmed their long positions on the CME copper contract by 7.4% over the week to May 28, according to the latest Commitments of Traders Report (COTR).
However, bets on higher prices amounted to a hefty 128,344 contracts, which is still the largest bull commitment since January 2018.
The net collective long position is lower at 63,787 contracts. There has been no short capitulation. Indeed outright money manager short positions edged up by 2.0% to 64,557 contracts.
However, it’s clear that the bulk of the recent investment flow remains sitting on the long side of the market.
The situation is similar in London, where the record investment long position shrank only marginally in the week to May 20. At 105,262 contracts, it is still by some margin higher than anything seen since the LME launched its own COTR in 2018.
Squeeze dissipates
The upwards price momentum has faded as the CME squeeze has steadily dissipated, LME three-month metal currently consolidating just above the $10,000 level.
There remain pockets of tightness across nearby CME time-spreads but the immediate panic appears to be over and the cash premium over the London contract has shrunk from over $1,000 per ton in the middle of May to around $250.
Short positions have either been covered or rolled with a view to delivering physical copper.
The explosion in the arbitrage with the LME is expected to draw metal to CME warehouses in the United States.
Some 100,000 tons of copper are reported to be on their way, although nothing has yet arrived.
CME registered stocks fell another 2,256 short tons last week to a six-month low of 16,607 tons.
Chinese glut
Outside of the United States, though, copper stocks have been building.
LME headline inventory has edged up from an early-May low of 103,100 tons to a current 116,000 tons. The ratio of metal awaiting physical load-out has shrunk from 20% at the start of May to just 5%, or 6,025 tons.
The stocks build in China has been more pronounced.
Shanghai Futures Exchange warehouses hold 321,695 tons of copper, the most since April 2020.
This year has seen the usual seasonal surge around the Chinese New Year holidays but not the usual post-holiday decline. Stocks have simply continued climbing, up another 20,731 tons over the course of last week.
Local data provider Shanghai Metal Market estimates bonded warehouse stocks have also risen from under 10,000 tons at the start of the year to 76,000 tons.
Clearly, no-one is short of copper in China right now.
Waiting game
Copper’s recent rally to all-time highs has been accompanied by a profusion of headlines about the lack of supply growth relative to strong energy-transition demand.
The bull narrative has spread far beyond the closeted world of industrial metal traders to the retail investment crowd.
Fear of missing out has played its part in the buying frenzy and it’s understandable given the ever higher price forecasts being bandied around.
Hedge fund manager Pierre Andurand has grabbed the super-bull crown, telling the Financial Times he expects copper to nearly quadruple in price to $40,000 over the coming years.
It’s worth stressing the extended time-frame around that prediction because right now copper dynamics don’t look quite so bullish.
The extent of the stocks build in China is a major discrepancy in copper’s bull narrative.
The country is the world’s largest buyer of the metal but shows every sign of entering a de-stocking cycle in response to the recent price surge and still-stuttering demand.
Bullish fund managers may face a tense wait for supply-chain reality to catch up with copper’s elevated price.
(The opinions expressed here are those of the author, Andy Home, a columnist for Reuters.)
(Editing by David Evans)
https://www.mining.com/web/funds-keep-faith-with-copper-even-as-squeeze-fades/
I'm back from vacation and looking for the Mooooola
JD400
3 months ago
Argentina power supplier Central Puerto eyes stake in McEwen’s copper project
Bloomberg | May 6, 2024 | 6:47 am Latin America Copper
Two of McEwen Mining top execs step down
Central Puerto SA, Argentina’s biggest power supplier, is in talks to invest in Canadian miner McEwen Copper Inc.’s Los Azules project, according to people familiar with the matter.
After recently signing a deal for a stake in the Diablillos silver-gold project in Salta province, Central Puerto is committed to getting involved in a second mining venture, according to one person, who like others didn’t want to be named discussing private negotiations. The company is eyeing Los Azules as well as other gold and silver sites.
Los Azules, in San Juan province, is one of several Argentine copper projects in different stages of development that could turn the country into a major supplier of the wiring metal in a decade. McEwen wants to start construction of its open pit in 2026, but first it is seeking a capital injection of $130 million to keep exploration work on track.
Billionaire Eduardo Eurnekian’s group, Corporacion America SA, has also been looking at Los Azules, according to people familiar.
Central Puerto produced 15% of all of Argentina’s electricity last year, more than any other company, according to its annual report. It continues to spend on new power plants, but has also been diversifying its commodities portfolio with investments in forestry and, now, mining. About 27% of the company is owned by a handful of wealthy Argentines — Guillermo Pablo Reca and Eduardo Jose Escasany, from the banking industry, and the Miguens Bemberg family led by Carlos Jose Miguens, who already has mining interests.
The power supplier’s incursion into mining comes amid a broader push by local outfits. Recent investment activity by Argentines includes real-estate mogul Eduardo Elsztain’s purchase last month of a stake in a gold project; Jose Luis Manzano’s winning offer to revive a former Vale SA potash site, a tender in which Corporacion America also bid; and moves into lithium by three national oil drillers.
Argentina shares vast mineral resources in the Andes with Chile, the world’s biggest copper exporter. But a mix of unpredictable politics and environmental opposition has prevented Argentina from unearthing many resources on its side of the mountains.
President Javier Milei, who took office in December on a platform to open up business, is seeking legislative approval for tax, currency and customs benefits for big, long-term investments like mining projects. Milei also wanted to scale back protections for glaciers, which impede some exploration in the Andes, but scrapped the plans as part of a bid to make his aggressive reforms more palatable.
https://www.mining.com/web/argentina-power-supplier-central-puerto-eyes-stake-in-mcewens-copper-project/
Two top McEwen Mining execs step down
Cecilia Jamasmie | May 6, 2022 | 6:05 am Careers News Canada Copper Gold
Two of McEwen Mining top execs step down
The Los Azules copper project sits in the Andes Mountains at an elevation of 3,500 metres. Credit: McEwen Mining.
Canada’s McEwen Mining (TSX, NYSE: MUX) on Friday announced that two of its top suite executives were leaving the company for personal reasons.
Chief financial officer Anna Ladd-Kruger will retire to focus on her health and family, the company said. She will depart after reporting is complete and an “orderly transition” is in place.
Perry Y. Ing, former McEwen CFO who had the same role at Kirkland Lake Gold and Mountain Province Diamonds, will assume the post on an interim basis.
Chief operating officer Peter Mah is also stepping down for personal reasons effective June 3, McEwen said. His responsibilities will be assumed on an interim basis by William (Bill) Shaver, currently the company’s director.
The Toronto-based miner said that transition plans and a search for candidates for both roles are underway.
“The focus of the company going forward is on stabilizing its operations after a challenging period, divesting certain assets, and advancing our most significant value driver, the giant Los Azules copper project,” McEwen said in a statement.
https://www.mining.com/two-of-mcewen-mining-top-execs-step-down/
JD400
3 months ago
Fascinating interview with Steve de Jong on Kitco
A decade of pain and three months of 'beautiful times' - Steve de Jong on mining's long cycles
Apr 23, 2024 Kitco Mining Interviews
Resource investors are living in the "best environment", noted Steve de Jong, CEO of VRIFY.
Last week Jeremy Szafron, anchor at Kitco News, interviewed de Jong.
De Jong discussed the impacts of high commodity prices on mining equities, the complexities surrounding mining permits, and potential increases in mergers and acquisitions.
The metal sector has been on an upswing with gold hitting several all-time highs in 2024 and copper prices rallying. De Jong noted that the cycles are long.
"Those of us been in the sector for enough years...you get three months of beautiful times and then 9 3/4 years of absolute pain," said de Jong. "Last year was just another one of those years. I'm an internal optimist. You have to be in this sector, but seeing these commodity prices take off...you hear a lot of chatter about how come the equities aren't reacting to the commodity prices. To me that's the best environment in the world because that is your opportunity. The upside is shrinking by the moment," said de Jong.
VRIFY is a technology platform that helps resource companies present their businesses. VRIFY, which is based in Vancouver, serves over 130 clients across 70 countries, including mineral exploration companies Southern Cross Gold and Integra Resources, as well as major mining companies Teck and Kinross Gold. Last year the company announced a $6 million series-A raise.
Prior to VRIFY, de Jong was president and CEO of Integra Gold, a Quebec-focused resource exploration company focused on advancing the Lamaque Gold Project. De Jong led the business from a C$10 million valuation in 2012 to a C$590 million acquisition by Eldorado Gold Corporation in 2017. The Lamaque Gold Project is now a fully operational mine which produces approximately 200,000 ounces of gold per year and employs more than 400 people from the local community.
The conversation also covered how technological advancements are reshaping exploration and investment within the mining industry, offering insights into the macro-outlook for 2024 amid rising metal prices and evolving market dynamics.
0:00 - Introduction and State of the Mining Sector
02:15 - High Commodity Prices and Their Impact on Equities
04:07 - Retail Interest and Investment Trends in Mining
06:01 - Permitting Risks and Political Impacts on Mining
08:06 - Technological Advancements and Efficiency in Mining
10:21 - The Future of Mining Exploration with AI and Tech
13:06 - Mergers and Acquisitions: Current Landscape and Predictions
16:28 - Closing Remarks and Outlook for 2024
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tredenwater2
2 weeks ago
