Tuesday, December 18, 2018

DJIA plunge getting serious

Saturday, December 1, 2018

First Majestic Silver Corp - FR.t

First Majestic Silver Corp - FR.t is focused on silver production in Mexico. The Company owns and operates six producing silver mines; the La Parrilla, San Martin, La Encantada, La Guitarra, Del Toro, and the Santa Elena Silver Mine. Production is projected to be between 12.0 to 13.2 million silver ounces or 20.5 to 22.6 million silver equivalent ounces in 2018.

On November 7, 2018 the company released Numbers

"FIRST MAJESTIC SILVER CORP. (AG: NYSE; FR: TSX) (the "Company" or “First Majestic”) is pleased to announce the unaudited interim consolidated financial results of the Company for the third quarter ended September 30, 2018. The full version of the financial statements and the management discussion and analysis can be viewed on the Company's website at www.firstmajestic.com or on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All amounts are in U.S. dollars unless stated otherwise.
  • Record silver equivalent production of 6.7 million ounces, a 31% increase compared to Q2 2018
  • Record silver production of 3.5 million ounces, a 27% increase compared to Q2 2018
  • Revenues of $88.5 million, an 11% increase compared to Q2 2018
  • Mine operating earnings of ($0.1) million




Monday, November 26, 2018

GM closing all operations in Oshawa

GM’s history in Canada dates back more than 100 years.
General Motors is planning to close all operations in Oshawa, affecting thousands of high-paying jobs.

The announcement is expected shortly. Oshawa is a city of about 159,000 people located roughly 60 km east of Toronto. Sources say the Oshawa closures are part of a global restructuring. There are about 2,500 union positions and roughly 300 salaried employees in the Oshawa area.
GM merged with McLaughlin Buicks in 1918. The Oshawa Assembly Plant opened in 1953.

Thursday, November 15, 2018

Bitcoin in serious correction

Wednesday, November 14, 2018

Tahoe Resources Inc. - THO.t

Tahoe Resources Inc. - THO.t operates the shuttered Escobal project, a high-grade silver discovery located about 70 km southeast of Guatemala City, the La Arena and Shahuindo gold mines in Peru and the Timmins West and Bell Creek gold mines in Canada.
On November 14, 2018 the company released News

Pan American Silver Corp. and Tahoe Resources Inc. have entered into a definitive agreement for Pan American to acquire all of the outstanding shares of Tahoe pursuant to a plan of arrangement.

Pursuant to the arrangement, Tahoe shareholders may elect to receive $3.40 (U.S.) in cash or 0.2403 Pan American share for each Tahoe share, subject in each case to proration based on a maximum cash consideration of $275-million (U.S.) and a maximum number of Pan American shares issued of 56.0 million, totalling $1,067-million (U.S.). The base purchase price represents a premium of 34.9 per cent to Tahoe's volume weighted average price (VWAP) for the 20-day period ending on Nov. 13, 2018.

In addition, Tahoe shareholders will receive contingent consideration in the form of contingent value rights (CVRs), that will be exchanged for 0.0497 Pan American share for each Tahoe share, currently valued at $221-million (U.S.), and payable upon first commercial shipment of concentrate following restart of operations at the Escobal mine.
On November 6, 2018 the company released News

Tahoe Resources loses $190-million in Q3 2018

Tahoe Resources Inc. has released financial and operating results for the thirdquarter ended Sept. 30, 2018. The company produced 91,200 ounces of gold during the quarter at total cash costs and all-insustaining costs (AISC) of $807 and $1,263 per ounce, respectively.

Sunday, November 11, 2018

Magma Copper smelter chimney stack falls

Resolution Copper, a joint venture between giants Rio Tinto and BHP Billiton, demolished a 94-year-old copper smelter stack near the Arizonian town of Superior, some 60 miles east of downtown Phoenix.

The proposed Resolution Copper Mine, which is believed to host one of the biggest copper deposits in the world, is a project slated to produce 9 billion tonnes of copper during its mine life of 40 years. Production is forecast to start in about 10 years. The project has already consumed nearly $1.2 billion of Rio’s and BHP’s capital.

Wednesday, October 31, 2018

Anton Billis - Update II

We're perusing the latest financials and shall update soon. Billis and crew made a large cash distribution of $ 3.50 to Tribune holders and $ 1.25 to Rand shareholders, selling down the Perth gold hoard to do it. The boyz did this just 4 days after the regulator gave notice of it's findings and months BEFORE any penalty was imposed. Cos are doing well financially with Tribune booking a $ 42m year for 2017. Film at 11:00
The takeovers regulator has ordered the forced sale of a $60 million stake in WA gold miner Tribune Resources as part of penalties handed down for long-running disclosure breaches. Six weeks after declaring unacceptable circumstances in relation to Tribune’s affairs, the Takeovers Panel has ordered that the company’s sister company Rand Mining vest nearly all of its 26 per cent cross-shareholding in Tribune for sale with the Australian Securities and Investments Commission.

The 12.02 million shares, representing most of Rand’s last reported holding of 13.16 million shares in the tightly traded Tribune, are worth $60 million at today’s current share price of $5.
Mr. Anthony Byron Billis, 'Anton' serves as the CEO and Managing Director of RAND Mining Ltd. Billis has been an Executive Director of Tribune Resources Limited since February 22, 2003 and RAND since January 22, 2003. Both are ASX listed producers. Are they typical? Not exactly.

The East Kundana Joint Venture (Northern Star Resources 51%, Rand and Tribune 49%) is an operational underground gold mining project located in the Eastern Goldfields of Western Australia, 25 km north-west of Kalgoorlie. The project comprises four producing underground deposits, Raleigh, Rubicon, Hornet and Pegasus.

The addition of Pegasus has meant good production with costs somewhere around $400 to $600 per, meaning operations are highly profitable and have been for many years. And there's the rub. What 'happens' to the gold? Something around $315 million 'worth' of bullion from the two enterprises is stacked at the Perth Mint, but that gold is booked at 'cost' (around 200m) not 'market value'.

In April 2013 the twins were then trading on a PE multiple of two. At $85 million, their combined market cap was described by Anton Billis as "about right".
Billis owns minimal stock in his own name but he has managed to control both companies with an iron grip for over 20 years. He says unnamed and mysterious Europeans are behind Yarri Mining Ltd, Transglobal Capital, Sierra Gold, Lake Grace Exploration, and Resource Capital. There are interlocking shareholdings. Tribune owns 44 per cent of Rand, and Rand owns 23 per cent of Tribune, and together with the European holdings, Billis controls 57 per cent of Tribune and some 70 per cent of Rand.

Billis was one of three who won a record-breaking defamation suit against Terence McLernon in 2016 over claims accusing the trio of corporate theft and corruption. Billis led one-time payday lender Oliver Douglas and former company director Paul Matich, who has just recently rejoined the BoD.
A Supreme Court writ was lodged by Billis’ lawyers claiming McLernon is in contempt of court and should be jailed. Shortly after that came revelations of fraud from Croatian mechanical engineer Franjo Bozic. For years he was shown as a Tribune director, although he never attended any meetings. Bozic sought details of share dealings in Tribune and Rand by one of their biggest shareholders, mystery, very private Seychelles company Trans Global Capital. Trans Global owns 16.9 per cent of Tribune and 13.1 per cent of Rand. Bozic says he is owed 1 million Tribune shares by Billis and his 'wife' Phanatchankorn Wichaikul, now worth millions.
Michael Giovinazzo, right, greets ASIC investigators in April 2000Croatian born Anthony Byron Billis, Anton Billis, was sentenced to 29 months in 1996 for attempting to sell Rand shares while in bankruptcy, thus defrauding his creditors. Within days of his bankruptcy order Billis tried to sell a block of Rand (then Tern Minerals) to an associate at a deep discount. In 2004 a 4 year ASIC probe collapsed after laws used to charge Billis were repealed. 6 out of 7 charges were dropped. In June 2006 he was found not guilty on the last charges which included falsification of books and records.

In July 2013 Rand and Tribune were sitting on 106k ozs of physical gold valued at $170m. The two companies combined had a market cap of $ 85m. By July 2017 that hoard was 207,305 ozs. Supposing 250,000 ozs today we are talking about a growing $312m gold hoard.

Michael Giovinazzo and Anthony Byron Billis
Today Rand (RND) has 60m outstanding giving a market cap of $162.4m. Tribune (TBR) has 50m outstanding giving a mc of $ 320m. Financially the past 5 years have been kind to the Rand/Tribune duo.
Terence McLernon watching a pair of boneyard dogs
Last fiscal year ended in June. Appears next numbers, audited, come at end of September.It's been a pleasant $40m per year for Tribune and Rand ($16m) the last couple and the JV is doing just fine with another 1.5m+ ozs in the P&P pipeline at 5 to 8 gms/ton. Duo's stack of bullion (any way valued) is growing, up 21% year over year.

A recent note to annual disclosures reveals Billis had filed false reports and actually has an interest in 12.9m shares. Billis was revealed as the sole director of Sierra Gold and Trans Global, with his wife as the sole shareholder. In essence Billis has admitted to securities fraud extending years. The Australian regulator is reviewing the matter.