Yamana has clearly indicated that it believes the assessment to "be a gross miscalculation of [Minera Alumbrera's] actual value." Yamana also believes that it has successfully found errors in the assessed value because of the arbitrator using inappropriate methodologies to calculate the value of the property, leading to significant price inflation. As a result Yamana and its subsidiary are actively pursuing an annulment of the assessment.
Yes! Mgt screwing common share holders as first they said defend against a $244 million judgment in favor of Ricardo Auriemma over Minera Alumbrera. In any case such payment will come up in late 2016 not before that, why they issued shares now?
I'd like to see the award cut by half if not more. This drama has been going on for a while and should not impact share prices. Auriemma started pursuing legal action around 2003/2004. Auriemma lost the case and appealed in 2008. Just last year Auriemma won a decision in an Argentinean appeals court. While we may have completed the appeals process at this juncture, the damage assessment can and will be fought. This will take time, but Yamana has clearly indicated that it believes the assessment to "be a gross miscalculation of [Minera Alumbrera's] actual value." Yamana also believes that it has successfully found errors in the assessed value because of the arbitrator using inappropriate methodologies to calculate the value of the property, leading to significant price inflation. As a result Yamana and its subsidiary are actively pursuing an annulment of the assessment. Given how long the saga has gone on for, I would not expect to hear much on this matter, at least in terms of a judicial ruling until late this year if not into 2016.
Ricardo Auriemma v. 0805346 B.C. Ltd. (formally Northern Orion Resources Inc., now a subsidiary of the Company). This assessment of damages relates to a contested agreement providing for a preemptive right for Auriemma to participate in the acquisition of Minera Alumbrera Inc. made by Northern Orion Resources Inc. in 2003. The court appointed arbitrator delivered an assessment of the value of the lost opportunity to Auriemma at $244 million.
The Company's subsidiary will vigorously defend its position in this case and the Company provides the following additional information:
The Company believes the assessment to be a gross miscalculation of the actual value.
The Company has identified significant errors in this assessment of value resulting from the arbitrator's use of improper valuation methodologies and his failure to follow the court's instructions causing the assessment to be significantly inflated.
The Company's subsidiary will seek an annulment of this assessment through the judicial process.
Despite the determination by the Argentine court on the existence of this preemptive right, the Company believes there is no valid basis for the claim and the Company's subsidiary will continue to utilize all legal remedies and forums to vigorously defend against this claim including any action taken to enforce the assessment against the Company's subsidiary.
The Offering is expected to close on or about February 3, 2015 and is subject to the Company receiving all necessary regulatory approvals.
Lawyers are preparing class actions to bring stay orders on under priced offerings to syndicates of Hedge funds Institutions.
It wasn't required at this moment as they already appealed for the Argentinian ruling and this could have been done some where in June/July - AUY was just getting momentum better than all other miners with GOLD setting new high, WAS IT REALLY NECESSARY AT THIS TIME MR. CEO ? or CEO was given 50Million under the table?
To me at this time company offered shares for short sellers to close their short position. CEO must be bribed heavily out of this proceeds on the promise that the Hedge funds will consider this as an IPO and take this from here to a new High.
I'd like to focus on one precious metal in particular, gold.
Now, in the book, you reveal how China has successfully manipulated gold's price to keep it low, while they stockpile it in their reserves.
But you're bullish on it moving forward.
However, you do write that people may be taking a dangerous approach to gold investing.
It has become fashionable in recent years to invest in gold ETFs.
The GLD ticker is the headliner.
The logic on the surface makes sense, you can secure gold without having to acquire it physically and store it.
You can even, theoretically – at least, they tell you – you can cash in your ETF shares for physical gold if you so choose in the future.
This is the problem – that's not true.
The everyday American does not have that ability.
No wonder CHINA , RUSSIA and SAUDI's can take Gold to $1300 tomorrow to convert OIL -GOLD SDR currency from present PETRO DOLLARS .
We know the Russians and Chinese are working together.
So is it any surprise that when the Russians started dumping…
The Chinese started dumping also?
Does the Intelligence Community have the ability to defend our country in the event that this escalates even further?
Believe it or not, there's an intelligence unit inside the Treasury.
And they actually have a war room.
That tells you that financial warfare is here and it's real.
So if the Russians are dumping…
The Chinese are dumping…
Who is going to buy all this debt?
Well, a mystery buyer has shown up.
$4 Trillion Peak for China’s Stockpile of Foreign Currency May Free PBOC’s Hands
By Bloomberg News Jan 12, 2015 1:39 AM ET
China’s stockpile, the world’s largest since 2006, will be $3.5 trillion to $4 trillion or lower at the end of 2015, according to 12 of 18 economists in a Bloomberg survey. Eleven said the $3.99 trillion posted on June 30 was the peak.
As it moves towards a more market-driven economy, China has stopped regular foreign-currency purchases and is freeing up restrictions on the flow of money in and out of the country. Fewer foreign-asset purchases lowers the need to print and then lock away the local currency, giving more room to spur an economy that grew last year at the slowest pace since 1990, according to economists’ projections.
“For China’s central bank, it means the single most important source of liquidity is gone,” said Xi Junyang, a finance professor at Shanghai University of Finance and Economics. “It means the central bank has to find other sources to inject liquidity -- it has to cut the required reserves, it has to create more open-market tools.”
China’s reserves as at Dec. 31 were $3.9 trillion, according to the median economist forecast ahead of data due this week.