|British Columbia's public auto insurer has driven over a financial cliff and the damage is far worse than anyone had predicted or feared. The financial crisis at British Columbia's public auto insurer ICBC is quickly deepening, with $1.3 billion in net losses projected by the end of the current fiscal year.|
The Insurance Corporation of B.C. said the "sizable and significant loss" is from a rapid increase in the number of collisions in the province, as well as the rising costs of those claims."The number of claims we are receiving is growing by thousands each year," the corporation said in a news release on Sunday. The cost of injury claims is closing in on $3 billion annually.
Sunday, January 28, 2018
B.C. public auto insurer posts $935M loss in nine months
Wednesday, January 24, 2018
Ethiopia sitting on world's great untapped gold deposits?
|To the west of Ethiopia near the border with Sudan lies a place called the Asosa zone. This may be the location of the oldest gold mine in the world. 6,000 years ago, it provided a key source of gold to the ancient Egyptians. It may even have supplied the Queen of Sheba with her lavish gifts of gold when she visited King Solomon.||Locals panning for gold.|
|The Asosa zone is made up of flatlands, rugged valleys, mountainous ridges, streams and rivers. It is densely vegetated by bamboo and incense trees, with remnants of tropical rainforests along the river valleys. The zone, which is part of Ethiopia's Benishangul-Gumuz region, is spotted with archaeological sites. Several mines are up and running, neither of them in Asosa. One is at Lega Dembi slightly to the east, owned by Saudi interests.|
The other, at Tigray in the north of the country, is owned by Newmont, and just started production late last year.
|Field observations and panning suggest that gold should be generally abundant across the Asoza zone – both in quartz veins but also in the schist and pegmatite rocks in which they are located. There are also signs of substantial graphite deposits.|
Monday, January 22, 2018
Pan American Silver Corp. - PAAS.t
|Pan American Silver Corp. - PAAS.t is the second largest primary silver mining company in the world, with eight operating silver mines in Peru, Mexico, Argentina and Bolivia.|
The Company produced 26.1 million ounces of silver and 161,500 ounces of gold in 2015 at AISC of $14.92 Oz Ag.
Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAAS) ("Pan American Silver", or the "Company") today announced preliminary operating results for the fourth quarter ("Q4") and full year 2017, with annual silver production within the targeted range and consolidated cash costs per payable ounce of silver, net of by-product credits, ("Cash Costs") below guidance. Today, the Company also provided its 2018 guidance and three-year outlook for production and costs. "The Company achieved decade-low consolidated cash costs of $4.55 per ounce in 2017, with silver production as targeted of 25 million ounces, exemplifying the high quality of our silver mining assets."
"Consolidated Preliminary 2017 Operating Results
Fourth Quarter 2017
Silver (million ounces)
24.5 - 26.0
Gold (thousand ounces)
155.0 - 165.0
Zinc (thousand tonnes)
56.5 - 58.5
Lead (thousand tonnes)
19.0 - 20.0
Copper (thousand tonnes)
8.8 - 9.3
Cash Costs(2) ($/ounce)
6.45 - 7.45
Saturday, January 20, 2018
Canada Goose Holdings Inc. - GOOS
|Canada Goose Holdings Inc. - GOOS.t was founded in a small Toronto warehouse 60 years ago. Canada Goose has grown into a highly coveted global outerwear brand that helps people from all corners of the globe embrace the elements and make their adventures possible.|
- Total revenue increased
$44.4 million to $172.3 million, representing year-over-year growth of 34.7%
- Gross margin expanded to 50.5% from 46.4% in the prior year
- Adjusted EBITDA was
$46.4 million, compared to $33.8 millionin the prior year, representing year-over-year growth of 37.3%
- Net income was
$37.1 million, or $0.33per diluted share, and adjusted net income was $32.9 million, or $0.29per diluted share
Canada Goose Holdings Inc. (“Canada Goose” or the “Company”) today announced the pricing of its initial public offering of 20,000,000 subordinate voting shares, including 13,691,846 subordinate voting shares to be sold by the selling shareholders, at a price to the public of C$17.00 per share. In addition, the underwriters have been granted a 30 day option to purchase up to an additional 3,000,000 subordinate voting shares from the selling shareholders. The Company will use the net proceeds it receives to repay a portion of outstanding indebtedness and will not receive any proceeds from the subordinate voting shares sold by the selling shareholders.
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