Mina Pascua when acquired from LAC to date were and are sulpho salts & nitrates concessions.
Mr. Lopehandia laid the first metallic claims as early as 1996 on record.
Barrick retorted Feb 28th, 1997 with its employee HECTOR UNDA LLANOS to claim TESOROS concessions, over and above LAC´S 1994 concessions.
At that time, since 1996, AMARILLOS 1-3000 the LAC 1994 concessions to Barrick, were mostly covered by AMRILLOS SUR of Mr. Lopehandia.
Why did Barrickpromise business to Lopehandia 1996 and then jumped his claims 1997?
Mr Lopehandia is on record as saying he has access to financial sources to develop MINA PASCUA Chile.
in my crystal ball MWR is the annointed lucky corp, that shall benefit from Mr. Lopehandia´s Pascua mine with financing... it appears MWR is an excellent way to make the fight public before SEC.
Mr. Lopehandia is on record at 2011, one of the largest private mining holdings steward & miner, in Chile.
Barrick dupped its shareholders to suit its bank/SEC fraud by villifying anything Mr. Lopehandia did or does worldwide.
Indulgence of Barrick knows no limit, yet Mr. Lopehandia has demonstrated that not even the mighty crooks of Barrick are able to steal one inch of Mina Pascua on title, only by crooked press such as MINEWEB ' STOCKWATCH and others.
The last line of defense in an investment strategy - when all else fails; MWR speculators can always "HOPE".............. however, with MWR seemingly abandoning their fiduciary duty to file financial statements in a TIMELY MANNER, even hope looks like a loosing strategy now, IMO.
Although I agree with you that this is taking a while longer I am thinking that perhaps something has been submitted and maybe they (regulators) are going through the material very carefully as this could be a very big deal so DD by all is probably what is taking things to drag on. MRW is still halted and am now wondering really what the outcome will look like
I would be very interested in hearing about the response you get from the Ontario Teachers and/or Barrick.
In my opinion, the DD is difficult to conduct for the Pascua Lama ore body. Based on my own review of ABX's annual reports, it appears they have not disclosed legal problems regarding this land package. However, I would encourage you to check for yourself, as I may have missed something. Chile is also a non-english speaking country, therefore, it is easy for a story such as this to be marginalized.
From my understanding, the legal battle over Pascua Lama/Mina Pascua has been going on for over 10 years. I would surmise that a big and powerful corporation, such as ABX, would have the belief that they would eventually win either through some type of legal rangling in which they pull a rabbit out of a hat, or by bankrupting the party that is opposing them. It appears neither of these scenarios panned out, as the Supreme Court of Chile ruled that Jorge Lophendia is the owner of the ore body for Pascua Lama/Mina Pascua.
No problem, my opinion is only one position in the investment spectrum.
I agree with what you say.
Unfortuneatly on this board it highly unlikely that you will come across very many "Mature" posts.
There is very little credibility here. Most of the time when I read something, all I can think of is a giant playground full of adult sized children.
So far, MWR has failed to file both the 30 day update required by policy 5.3 section 5.6 of the exchange, which was due by May 18th at the latest, and the 3rd biweekly default update, which was due May 25th. MWR has also missed the self-imposed May 31st deadline to file their financial statements, currently in default for noncompliance to exchange rules. Indeed, the silence from MWR has been deafening. They have issued nothing since their 2nd biweekly default update issued 2 days late on May 13th that stated that nothing had changed.
Despite assertions that MWR is in the midst of a major "acquisition", the former press notices have spelled out that MWR is attempting to reach an agreement for security for the advances it gave to JL. While they are hoping that the security will be the mining claims, there is explicitly no guarantee that any agreement will be reached.
Without an agreement for security, it is going to be difficult to justify to its shareholders the $900k+ of money they gave to JL. I really do want to read the footnotes to the financial statements to see how they explain it, but who knows when, or if, the statements will be issued.
As to your supposition as to whether MWR will not trade again, shrug, I wouldn't bet against it.
In response to gfchile,
Thanxs for taking the time to respond to my query. New info is always good.
As for your advise that I consult a "qualified and credible Investment Advisor" ...well...with due respect... my problem with that is that for every 5 that argue one strategy, 5 more experts will argue the opposite.
And..if by chance... they were all to agree on the same strategy...quite frankly....my inclination would be to run for my life and to do the opposite.
My respect for the Ontario Teachers Pension Fund is that they have a reputation of being activist shareholders and claim that they only invest in companies that are ethical.
Afterall, they look after the life savings of retired teachers who have dedicated their lives to helping children.
That's why I gave them some credibility.
I may very well sell my shares of ABX for ethical reasons but I plan to take these issues up with them first.
Maybe they shouldn't be going on BNN and hyping ABX with all that is going on at the African Barrick Project in Tanzania, not to mention the Chile stuff and the possible lack of full disclosure and theft by ABX.
Thanks again for your thoughtful response.
Here is an excellent post to read up on. It will definitely provide some insight to you.
Have a nice day. :-)
In response to au_an_79,
You have a very valid query. Just a few points, at the end of the day, I suggest that you have a conversation with a qualified and credible Investment Advisor about your investment strategy.
1). Analysts gather as much information about a company as they can. Often the source of this information is from the company its self. As this is a publicly traded company, there is a certain amount of "Trust" that is assumed....
2). ABX is involved in mining projects on a global setting. Different countries, different people, different governments. You can expect news items such as you describe.
3). "Mina Pascua is 100% owned by Jorge Lopehandia." This very bold statement has been posted several times. THere are press releases out there that intimate this as well as a website created by Jorge Lopehandia backing up his claim with scanned copies of documents proving this fact.
4). MWR - Mountain West Resources - trading has been halted pending "Major Acquisition". Well known and discussed in PR's with MWR that they are in the midst of negotiation with Jorge. This stock would not be halted unless they had tangible proof of their claim and intent. ( In my opinion ) Information around the halt is available on www.tmx.com (the website for the Toronto Stock Exchange)
5). Just because a Pension Fund buys in does not mean it is a sound investment. They obviously have developed a strategy around how to hedge the gold boom. They probably picked ABX due to its undervalued position. Made a risk decision to buy in, no doubt they hedged their position with derivatives.....
6). I cant stress this enough. There is now enough information flowing on the internet to back up what I have said. What we are waiting on right now is a Press Release and news validating all of this via the appropriate security exchanges. It will take time.
In my opinion, my recommendation to you is to sell off your ABX position. I would then as I suggested before, consult an IA and make the appropriate decisions from there. Nothing is ever guaranteed.
This is a message board. Everything posted on here is not vetted, is someone elses opinion, etc...
Good luck to you in your investing.
Maybe becuase Jorge is better suited for writing novels, IMO...
I have a query,
OK....so....I'm new to this message board and this issue seems so complicated.
I've traded abx for years but always believed what they said on their web site that they practiced good mining practices and that they are "mining angels."
So...it seems incredible to me that they don't own these Pascua Lama claims and that there is no hint of that on their home page web site.
But...I've learned of recent allegations that some members of their security forces are being investigated for raping local village woman at an African Barrick project that they control in Tanzania where also recently 800 locals attacked the mine with guns and knives.
And..also....I had no idea that an arms dealer was involed in setting up this company.
I learned most of this on this site.
Recently..before learning all this stuff...I bought back into abx after I heard on BNN that the two biggest holdings of the Ontario Teachers Pension Fund in Canada are Barrick Gold and Potash Corp of Sask.
So I bought both as I've often read that the best managed pension plan in Canada is the Ontario Teachers Pension Fund.
Now please answer me this query..
With all the high priced researchers and lawyers that they have at the Ontario Teachers Pension Fund how could they have missed and/or dismissed that Barrick may not own these substantial claims?
And there are lots of other pension funds and mutual funds in Canada that hold Barrick??
That's my query.