George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
I would like to see some good 3d diagrams that show the geometrical relationship between the pit walls and bottom, and the high grade shoots. If the Mine Manager and CEO is worth there money, we could be in for pleasant surprises. There is a smart way to develop an underground mine...
Not tohard to show this in a good 3d fly through ...
best to you all
West Indies need some good bowlers and batters...Perhaps thats where Mr T is, putting the pads on and in the nets. Hope he reappears on the real pitch very soon!!!
cheers
the gnome
I am yet to hear and know of any Mine Manager who has preferenced moving waste as opposed to ore. There are generally and logically lots of KPI's aligned against this, not to mention an increasing AISC, reduced profitability and no bonus.
The shape of a pit is determined by decisions a Mine Manager made when the pit was being shaped. Mine Managers have been known to shape a pit to achieve their KPI's and throw problems further down the road, into the next Mine Managers lap. The common phrase is high grading.
As the pit gets deeper, it passes through the hands of many mine managers ...
The Manager at the mid or end of the pit life may have a hard job
Hope you get my thrust
the gnome.
Thanks Cowichan
I think what you describe is just best practices for an incoming management team, replacing a team of ....
I would not hesitate to do this myself?
I would also NOT trust any calculation done by an graduate from an Egyptian University. They learn within a lecture theatre, very little pracical kowledge. Smart enough. Enthusiastic enough, but the education system lets them down, especially in geology as there has been no geology industry outside of petroleum .... which is not that similar to hard rock/ mining.
For those wanting a bit more insight into
1. Precious metals (1901)
https://upload.wikimedia.org/wikipedia/commons/b/b2/A_history_of_the_precious_metals%2C_from_the_earliest_times_to_the_present_%28IA_historyofpreciou00delmrich%29.pdf
2. The science and history of money (1885)
https://www.forumancientcoins.com/dannyjones/General%20Ancient%20Numismatic%20Books/Science%20of%20Money%20-%20del%20Mar.pdf
https://www.heritage-history.com/site/hclass/secret_societies/ebooks/pdf/delmar_ancient.pdf
3. Monetary systems (1901)
https://www.lust-for-life.org/Lust-For-Life/AHistoryOfMonetarySystems/AHistoryOfMonetarySystems.pdf
the gnome, deep in the paper ...
Please follow the linkages..the The dates 1885 and 1901....
Yes, the shipping rates are a good guide. We have a mess in Oz. We have Unions with a new surge of power with a labor govt elected. We have a populus who have worked out
1. they have overcommitted themselves to debt, and now with higher interest rates are battling
2. they have lower disposable income than they have had a for long time
We have a Central Bank that has lost credibility, and spends a good part of its day apologising for its past mistakes. etc
The US is in such a convoluted, conflicted, muddled state, nothing will surprise me. The only thing they have going at the moment for them is the strength of the US$, and then thats not all good for them, but what can they do.
https://www.youtube.com/watch?v=cTN8Jryx5T8
The state of play.
Should be a good era for gold, while the winds of the fiats blow and bellow
best
the gnome.
Fed Could Pencil in Higher Interest Rates Next Year While Slowing Hikes in December
Brisk wage growth could lead officials to consider raising their policy rate above 5% in 2023 to fight inflation
and on the circus goes...where and when it stops I am sure no one knows ...
best
the Gnome
The debate has been going on about the "free and open" press, who are their for the public interest, to provide fair and unibiased reporting. Well its been a joke for a long time, the press caters for the hands that feed them, and are lke the many other 2 legged creatures it would seem.
In Oz about 70% have near totally turned off of main stream media, is one measure of the phenomena. Is there a problem. Is this a problem?
Re coverage on gold, crypto, centralised finance and the future of money, and my position has been to turn out of the main stream media, and turn onto people who have real qualifications, interest and experience in the subject .
The recent farce in the US over the twatter on twitter is intriguing. Is the master promoter, Elon Musk, just trying to drum up controversy and hence readership and membership, by stirring up the first amendment, and releasing all of the twitter "conversations", or is he real patriot?
“Whose side are they on?” The public rightly expects to be the main client. What we’ve seen in the wake of the Twitter story is fury by legacy reporters (in humorously identical language) at an attempt to address public concerns and curiosity, coupled with a lot of weeping on behalf of people like Twitter’s former chief censor, Yoel Roth, who can be seen often, complaining about the “trauma” he and other “content moderators” experienced after events like January 6th. The press, culturally, has been transformed from an institution that reflexively identified with the broad audience, to one whose first instinct is to protect the people they’re meant to cover. That seems an insuperable problem, and a subtext of the discussion below.
Worth a listen to, as are most of the Munk Debates
https://vimeo.com/munkdebates/review/775853977/85003a644c
Munk Debate on Mainstream Media
"Be it Resolved: Don't Trust Mainstream Media"
They should do a lot better. Why do they fail so much?
best
the gnome
Just a few notes from your faithfull correspondence at the bottom end fo the world
Central banks globally have accumulated gold reserves this year at a pace never seen since 1967, when the US dollar was still backed by the precious metal.
In the quarter ending September, demand for gold was up 28% year-on-year, reaching 1,181 tons, according to a new World Gold Council (WGC) report. The demand for gold this year has been primarily driven by a flight towards safer assets amid scorching inflation.
Global central bank purchases leapt to almost 400t in Q3 (+115% q-o-q). This is the largest single quarter of demand from this sector in our records back to 2000 and almost double the previous record of 241t in Q3 2018. It also marks the eighth consecutive quarter of net purchases and lifts the y-t-d total to 673t, higher than any other full year total since 1967. 1
LIKE TO HAVE A GUESS WHY THE CENTRAL BANKS ARE BUYING SO MUCH GOLD ... ? ESPECIALLY SEEING ITS SUCH BARBARIC RELICT OF THE PAST LOL
An interesting book which hints at what might be going on
The Future of Money
A cutting-edge look at how accelerating financial change, from the end of cash to the rise of cryptocurrencies, will transform economies for better and worse.
Money and finance are on the verge of dramatic transformations that will reshape their roles in the lives of ordinary people. This book provides a compelling and authoritative guide to the promise of Fintech and the perils of cryptocurrencies. The author foresees the end of cash, as central banks develop their own digital currencies to compete with Bitcoin and Facebook’s Diem.
https://www.futureofmoneybook.com/
https://www.youtube.com/watch?v=AckahyOQ3kM
Rather an interesting interview, where what was not said what is the ultimate store of value. Although Eswar suggests in the interview the ultimate store of wealth will be the USD, I would contend it has proven to be an untenable by demonstration of the way it has consistently lost its value, and that it is captive one country which has long lost its social not to mention intellectual capital to dominate. I would wathc for gold to emerge, as it is far more equitable and has stood the test of time. REVIEW a us$ issued in 1900 is worth what now? ...the dollar has lost over 96% of its value since 1913
https://seekingalpha.com/article/1100331-a-brief-history-of-u-s-dollar-debasement
Another interesting chat by Eswar on the US$
https://www.youtube.com/watch?v=uFrIjaenEfc
great game of test cricket
Australia V WI
the Gnome
"The mining industry needs to urgently sharpen its focus on exploration... and take bold capital decisions to invest in those high-potential domains where the big discoveries are waiting to be made, "
Interesting..the gold being mined is not being replaced by gold being found, globally. Ditto for Barrick, so what Barrick has done is...
"During the 2012-21 period, Barrick replaced 26.4 million ounces of gold reserves, entirely from M&A.
Barrick remains focused on high-margin, long-life operations and projects clustered in the world's most prospective gold districts, and supporting these with a robust copper business."
Under explored highly propsective terrains would be on the list. READ: Arabian Shield
best
the Gnome
Crysos needs significant energy to run (look at their spec sheets). My remark about a nuclear energy plant is hyperbole on this
Total gold has very little to do with payable gold. You only make money out of the gold one extracts from the rock. Simply "Extractable gold"
It tells you nothing about geoengineering properties, geometallurgy and the other useful information you need to make financial decisions on.
Have a look at the leasing and contractual obligations one must enter into to get the you beaut technology that does not supply mission critical information.
The technology is not at yur mine sight, so same game about sample stewardship.
In a world hopefully trending to an energy transtion to BA, this is a solid step int he worng direction. There are better alternatives. Cheaper, lower CAPEX, OPEX, energy consumption, better sample stewardship etc...
the Gnome
Sydb,
I am so sorry, that is one result I did not consider when positing.
I can recommend some therapy if need be...Electroconvulsive therapy (ECT) is reported to work wonders for "harsh cases" ...
best
the Gnome
Five productive men and a banker are on an otherwise deserted island ....He has provided $1000 of mney at 8% ....
Oliver's (the Bnaker) money circulated on the island. Made simpler by money, trade doubled. Everyone is happy and the banker is greeted with respect and gratitude.
Nevertheless, Tom, the prospector, looks worried. His products are still underground. He has only a few dollars left. How can he reimburse the banker his soon to be expired loan?
After wrestling with his own problem, Tom decided to look at it from the standpoint of the whole community.
“Can the population of the island taken as a whole” he mused, “meet its obligations? Oliver issued a total of $1000. He's asking $1080 in return. But even if we were to bring him every dollar bill on the island, we would still be $80 short. Nobody issued the extra $80. We turn out products, not dollar bills. Oliver can therefore take over the entire island, since we, together as a group, cannot pay back both money and interests.
If those who can afford to pay back do so, without care for the others, some will fail right away and some will survive. But their turn will come and the banker will seize everything. Better to unite now and settle this matter as a group.
Tom had no problem convincing the others that they had been taken in by Oliver. A meeting with Oliver was decided upon.
10. The benevolent banker
Oliver guessed what was on their minds, but he put on his best front. Frank, impulsive as ever, stated their case:
"How can we bring back to you $1080 when there is only $1000 on the entire island?”
“That's because of the interest, my friends. Did your production not increase?"
“Yes, but the money hasn't. And it is money you're asking for, not our products. You are the only one who can make money. But you made only $1000, and yet you ask $1080. This is not possible!”
“Now listen, my friends. For the greater good of the community, bankers always adapt themselves to the conditions of the times. I will require that you pay only the interest, only $80. You will hold on to the capital.”
“Are you going to cancel the $200 each one of us owes you?”
“Oh no! I'm sorry, but a banker never cancels a debt. You still owe me all the money you borrowed. But, each year, you will redeem only the interest. I won't pressure you into paying back the capital. Maybe some of you won't be able to repay even the interest because of the money changing hands among you. But you can organize yourselves into a nation and set up a system of contributions called taxes. Those who have more money will pay higher taxes. The others will pay less. As long as you bring me, collectively, the total amount owed as interests, I shall be satisfied and your nation will thrive.”
The five of them left, somewhat pacified, but still thoughtful.
There is more, easy reading...should be in every course
https://www.michaeljournal.org/articles/social-credit/item/the-money-myth-exploded
Interesting Cowichan
I know of 3 CEO's of Juniors, departed or about to, down in the southern colony. In the Junior space, the CEO's are at best overpaid salespeople. Their job is to hike the SP, grab the bonus, and bolt for the door at the nearest opportunity, preferably soon after discovery. Its what the industry does not like to talk about, but it causes enormous losses for investors, and credibility for the industry. There was an infamous case of a company in the Congo, had bucket loads of copper in a great discovery, shallow, great grade, whatever could go wrong. Well they just conveniently forgot to see how much of the copper one could get out of the rock. Answer when it was far too late, was not much.
[We see now the gold industry worshipping Crysos technology, which needs a nuclear power station to run it, but lets not worry about that detail. The marvelous technology measures the total amount of gold...not what is extractable....and so on we go, just change the names and the commodity, but ...]
Lets have a look at the roll call of honour for write downs nd impairments of varius flavours..Q: How many CEOS lost their jobs at the top end for these ...?
2013 Canada’s Barrick Gold (NYSE:ABX) which took a $8.7 billion hit this week – bringing its year-to-date total impairments to $13 billion. The largest chunk is related to the Chilean Pascua Lama project, which is responsible for $5.1 billion in impairments.
Again in 2013 announced a $5 to $6 billion write-down. Newcrest Mining (TSX:NM) reassured shareholders that it had wide-ranging spending cuts in mind, including a near 50% reduction in exploration expenses
AngloGold Ashanti (NYSE:AU) $2.6 billion. The company has had serious labour issues in South Africa over the past year with unions demanding major wage increases.
Kinross (NYSE:KGC). The company booked a $2.29 billion non-cash write-down
GoldCorp (NYSE:GG) logged a $1.96 billion charge . The write-down is related to the “value of exploration potential” (LOL) at the company’s Peñasquito mine in Mexico.
Newmont Mining (NYSE:NEM) which took a $1.8 billion impairment charge related to two Australian mines in Boddington and Tanami, and that was in one year ...
https://www.businessnews.com.au/article/Westgold-Ramelius-flag-write-downs
McKinsey listed significant impairments totaling $129 billion in 2011 -2019
https://www.mckinsey.com/industries/metals-and-mining/our-insights/can-the-gold-industry-return-to-the-golden-age
CEY has not been perfect ( esp pre-this CEO) but it has not been in the league of those above, and hopefully will never be.
CEY IS RUNNING VERY WELL NOW, IN WHAT IS A DIFFICULT COUNTRY TO WORK IN.
Enjoy your weekend ...
best
the Gnome
Goldman Sachs ; Group Inc.’s asset-management arm agreed Tuesday to pay US$4 million to settle a regulatory investigation into how it managed mutual funds and other products that pick stocks based on environmental, social and governance (ESG) criteria...yawn
The Securities and Exchange Commission said Goldman marketed the ESG funds and a similar investment strategy without always following a consistent framework spelled out in its compliance plans (the consistency was make a buck?). That meant Goldman violated an SEC compliance rule that requires investment advisers to implement plans designed to prevent potential regulatory violations. Goldman neither admitted nor denied the SEC’s allegations.
The crypto evolution has been so badly managed one wonders whether there was not a conspiracy amongst the "regulators " (all asleep at the wheel or otherwise occupied?) to make the whole affair fail? Why given centuries of regulatory construct could not the regulatory bodies construct a regulatory system to manage what was clearly an investment paradigm out of control, and worth $100's billions?
Another example of the wonderful endeavours of those that should know better, but who do get paid handsomly, to do ... well what exactly do they do, and more importantyl what do they achieve? BA
Importantly to them they get paid well ... and are not accountable ....
There are far better investments ...
the gnome
I assume they must get more right than wrong! Berenberg was established in 1590, and today are one of Europe's leading privately owned banks, focusing on the business divisions Wealth and Asset Management, Investment Banking and Corporate Banking.
Its a real yank ?ank in the US in crypto space. It makes me wonder not what they were thinking of, but whether they have any capacity to think. FTX’s new management is expected to recount events leading up to the cryptocurrency platform’s sudden collapse. Governance? Exchange rules?
Elon Musk says his $44 billion Twitter takeover might result in a bankruptcy filing. But there could be other options.
To make the deal work, Mr. Musk has been trying to add subscription revenue (unsuccesfully) and reassure advertisers about the platform’s future (doubtful). Twitter was losing money before Mr. Musk bought the company, and the deal added a debt burden that requires fresh sources of cash.
It is tough to determine the state of the company. Twitter no longer has to file regular financial reports to the Securities and Exchange Commission (LOL), which are crucial tools for determining a company’s financial health.
Away we go ...
best
the Gnome
As predicted, his hat is in the ring, and the next "evolution" or "revoltion" of the USA begins. Donald Trump has announced he will make another bid for the White House and run in the US presidential elections in 2024. “America’s comeback starts right now,” Trump told supporters at his Florida resort on Tuesday night, US time. His speech included personal digs at President Joe Biden, who may stand (if he is fit to stand? and can still stand up) again for the Democrats. Trump’s team filed paperwork with the Federal Election Commission setting up a committee called “Donald J. Trump for President 2024?.
go gold
the gnome
For those wishing to have another look at the fiat system ...
The financial enigma resolved: A debt laden-money system
The Money Myth Exploded, written in 1936, is one of Louis Even's first articles and it remains, to this day, a favorite to explain how money is created. It is available in several languages: English, French, Spanish, Italian, German, Polish and Portuguese. For those that struggle with the understanding of the system, you can go to
https://www.michaeljournal.org/articles/social-credit/item/the-money-myth-exploded
Chapter 1. Shipwreck survivors
An explosion had blown their ship apart. Each one held on to the first bit of wreckage that came to hand. And when it was over, there were five left, five huddled on a raft which the waves carried along aimlessly. As for the other victims of the disaster, there was no sign of them.
For hours, long hours, their eyes searched the horizon. Would a passing ship see them? Would their make-shift raft find its way to some friendly shore?
Suddenly a cry rang out: “Land! Look! Over there, in the direction the waves are taking us!”
And as the shoreline draws nearer, faces brighten up. There are five of them:
Frank, the big and energetic carpenter; it was he who had first cried “Land!”
Paul, a farmer, whom you can see front and left in the picture, kneeling with one hand on the ground, the other gripping the mast of the raft.
Jim, an animal breeder, is the one wearing striped pants, kneeling and gazing in the direction of land.
Harry, a plant specialist, a little plump, is sitting on a trunk salvaged from the wreck.
Tom, a geologist, is the big guy who stands in the back with his hand on the carpenter's shoulder.
There are about another 19 short chapters, very simple writing. Probably 15 -20 minutes read
On the other side
https://famguardian.org/Publications/InThisAgeOfPlenty/plenty.htm
The system we have is flawed, opaque, and favors a small minority
Enjoy!
the gnome ...
For those interested in the role of gold in decarbonisation, please read on.
Gold and climate change: Decarbonising investment portfolios
Key findings
• The findings indicate that holding gold can contribute to
portfolio alignment with climate targets and a Net Zero
scenario. The benefits of gold allocations on a global
multi-asset portfolio (of equities and corporate bonds)
include:
– Reducing the portfolio’s overall carbon footprint
– Increasing portfolio alignment to climate
decarbonisation – Net Zero – pathways
– Reducing the vulnerability of the portfolio to climate
transition risks and shocks, such as the introduction
of a carbon tax
• A range of measures were used to quantify these
impacts, showing a consistent trend.
• We also found that these positive climate impacts
were achieved without adversely affecting the riskreturn profile of the portfolio. In fact, there were strong
indications that an allocation to gold would improve the
performance and risk profile of the portfolio, in addition
to its climate transition benefits.
• While the latter finding needs to be qualified, given
the limited (five-year) time frame of the back-testing
and gold’s relative outperformance during this period,
longer-term testing found that the performance and risk
profile impacts of gold allocations on the portfolio were
similarly favourable, although to a lesser extent.
https://www.sprott.com/media/4496/wgc-gold-and-climate-change-decarbonising-investment-portfolios.pdf
Any comments?
cheers
the gnome
Is this the Marshall Wace you refer to?
https://www.mwam.com/about-us/
Some interesting action in the markets and the "market makers and influencers". Elon Musk is hinting he may have believed his own image one too many times, and his Twitter investment maybe a bit more than he can manage, LOL. Perhaps he is mortal? It might be his "management style" is not as all conquering as what he thinks it is. Love the BBC documentary on him...a hootin tootin $ootin man.
Looks like there might be more investment money looking for a more reputable home (GOLD!), as the crypto world splutters again. Investors began pulling funds from Singapore-based Crypto.com on Monday, questions on the exchange’s handling of a $US400 million ($600 million) transfer, in a sign that the dramatic collapse of FTX.com last week is sparking contagion among more digital asset exchanges. FTX’s offshore status and its willingness to keep American traders off its Bahamas-based exchange (and why would one not do that) in large part shielded the company from strict U.S. laws that govern trading and how investments can be sold to the public (one wonders when the investors are going to wake up to the shonk moves, and we wont mention legislators).
FTX’s implosion last week and reports that it used customer funds to back an affiliate’s risky venture investments have exposed the company and its founder to potential criminal liability?. Again the darling young things thinking they have some sort of divine powers?
The narratives built up around the special powers and superhuman characteristics of some of the market players by the US propaganda press does get a bit tedious? LOL
And to remind everyone of the workings of the press: Tutankhamun's tomb is not inscribed with a curse on those who disturb it. This was a media invention of 20th-century tabloid journalists.
However the Egyptians did have a healthy respect for gold going back a few Millenia, and this continues to this day. "Gold is a good investment at a time when the world is concerned about inflation", Egyptian billionaire Naguib Sawiris recently told CNBC, and this is where his money seems to go. The ancient empire of Egypt, made gold the first official medium of exchange for international trade in about 1500 BC. OLD HABITS DIE HARD?
Sawirus recently created a $1.4b fund to invest in gold abd battery metals. La Mancha’s gold mining assets include a 19.1% stake in Endeavour Mining (TSX, LON: EDV), 33.4% in Golden Star (NYSE, TSX: GSS), and a 35.1% interest in Altus Strategies and another investment in Elemental Royalties [now merged into Elemental Altus Royalties Corp. (ELE on TSX.V)]
happy reading of the press, but please have a few buckets of salt at your side.
go gold!
the gnome.