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https://www.primicias.ec/noticias/economia/exportaciones-mineras-ecuador-crecen/
This article mentions an agreement with Barrick and also that the National Mining Company (Enami) has had meetings with Rio Tinto with a view of them setting up in the Country. Not as advanced as Barrick.
Hi DBW
Have I missed much of late matey ie anything of real significance?
I've voted re the EGM cr-ap............
I take it nowt else is really happening -
Price took a wacking again I see from the flipping 40p zone - but we're recovering pretty well - and contrary to what the rest of the meerkats are doing - which is definitely re-assuring in an eerie kinda way.......................I take it we're still seeing large trading big buys etc...........and as always its cloak n dagger stuff reported after hours etc..........
R's
BN.c
What's GDKJ and Van Eck got to do with Solgold?
The UK listed constituents of that fund and there are only 4! All of which are producing or in advanced development.
Endeavour, Centamin, Hoc and Greatland gold.
Not sure if any of them have copper, but SOLG is seen more as a 'copper' investment even though the Gold and Silver resources blow most specific Gold miners away. I invested in SOLG based on Copper and the impending electrification of the globe and car industry. The big trade on Friday most likely the Norway Fund. Someone mentioned earlier in week they were at 3.97% up over 1.3% from last year. An increase of 50% in their SOLG holdings in last 6 months so some keen interest and urgency there for sure. All large shareholders in SOLG appear unchanged however blackrock appear to have dropped by 0.4% or that could be on loan.
There are many other small cap funds and ETF's around and Van Eck is just one.
Get ready to Grease that weasel sire!
Note as mentioned above, the sheer amount of buying on Friday would make us a top 25 holding in the GDXJ and that’s before they’ve sold down positions as mentioned in that article. Which surely seems unlikely?
Thanks for the source Zoros!
Do you know when updated holdings are released? https://www.vaneck.com/us/en/investments/junior-gold-miners-etf-gdxj/holdings/ Is still as of 16th
Changes began back in April, when ETF.com reported that GDXJ had gotten too big for MVGDXJ. Essentially, the ETF had become so large that it had “giant stakes in its underlying holdings.” That was a problem for a number of reasons, one of which was that it was struggling to conform with IRS diversification requirements.
To fix that issue and others, VanEck allowed the ETF to take on holdings that were not constituents of MVGDXJ. Then, the firm announced that after June 16, “companies ranking between 60 percent and 98 percent (currently between 80 percent and 98 percent) of the full market capitalization [of the investable gold miner universe would] qualify for inclusion in the MVIS Global Junior Gold Miners Index.”
As The Globe and Mail recently explained, in layman’s terms that means after that point GDXJ will be able to buy gold stocks whose market caps range from $75 million to $2.9 billion; that’s up from the previous range of $75 million to $1.6 billion.
The catch is that to free up cash, the ETF will have to sell more than 50 percent of its shares in the smaller gold companies it currently holds. Unsurprisingly, that news has led to instability in the market — GDXJ shares took a steep fall after the rebalancing was announced, and since then companies held by the ETF have faced volatility
Z
As I said I don't think it's a big deal - just thought if post it after reading it in the newspaper. It was also notable that there is a big protest in Quito against the protest haha. The ordinary people don't seem very happy.
Mining is going to provide better standard of life ,better wages ,new infrastructure huge revenue to the Ecuadorian government all done in an environmental way as the new legislation says and solgold are following it to the book imho
Hence the approach SOLG are adopting with regards to ESIA is absolutely the right one, This plays straight into SOLG hands.
55p Soon then UPWARDS & ONWARDS !!!
Addicknt I’m happy to be proven wrong but pure speculation not rooted in any evidence as far as I can tell. Mickb originally mistook SolGold for already being a constituent, which it is not.
Actually one of their demands is to eliminate mining as per the El Comercial newspaper.
"En tanto que el pedido de eliminar la minería resulta contradictorio porque el Estado necesita muchos recursos para funcionar. Este 2022, las exportaciones mineras llegarían a USD 2 600 millones, según el Ministerio de Energía. Lo que se debería pedir es una minería responsable con el medioambiente, en la que participen las mismas organizaciones opuestas, señaló Jaime Carrera."
There request to eliminate mining is contradictory because the state needs resources. According to the ministry of energy mining exports will raise 2.6 billion usd in 2022. Someone called Jamie Carrera (from the Fiscal Policy Observatory) says they should instead be asking for responsible environmental mining.
Do people actually know it was GDXJ, or is it merely a guess?
Thanks Pbow
Thankfully the protests are largely over increased fuel prices (cost of living in general) and not mining related issues …… roll on the news
Jerry, so are you saying the GDXJ no longer tracks the MVIS global junior gold miner index? VanEck run the GDXJ fund. They’re not the same people who are responsible for the index it tracks no?
Doubt it will impact much but the president of Ecuador has declared a state of emergency in 3 provincies (including imbabura which is where Casabel is), Its because of a national strike by indigenous groups.
I am told that the people who run gdxj were told that their index was too narrow and needed to have many more companies in it so as not to affect their sp too much. So they widened the criteria and many new stocks were added on the close. To create the funds pretty much all original constituents were sold on the close too.
The full article reveals more.
"The country is also set to sign a memorandum of understanding with Barrick Gold (TSX: ABX; NYSE: GOLD) to explore more areas, Vera said. “Only 10% of the entire area of the country has been explored. So, there’s a lot of geological potential,” he added. "
Wonder which region south or north Barrick are going after??
Ecuador hot to trot.
StukeyBlue ,yes found that one trade on another site this morning,I base my target on proven up resources /asset value before mining this continues to increase daily other factors my determine whether this however turns out which I think we may see soon imho .
“President Guillermo Lasso’s government has advocated for the growth of mining projects ever since it took power just over one year ago. While the country currently has two producing mines (EcuaCorriente’s $1.4 billion Mirador copper mine and Lundin Gold’s (TSX: LUG; US-OTC: LUGDF) $700 million Fruta del Norte operation), it aims to push five more into production in the next three years”
https://www.mining.com/pdac-2022-ecuador-hopes-to-churn-its-mining-wheel-despite-opposition/
If you wanted out, paying nearly 35 p to buy your shares seems an odd way to go about it.
could it be a shorter who knows something and who wanted out?
Bubble, my tax says one buy on opening at 2.30 of 1500. That’s it.
On another subject what. Inflation are you applying to your long held view of £1 .32?
DBW, not a clue. Very interesting.
Can't find any trades on tsx atm can anybody see any trades?