Starting in 2015, this new Yamana subsidiary and the operational management, optimization and improvement of its assets will be led by Gil Clausen as Chief Executive Officer. Mr. Clausen is an experienced mining executive with over 30 years of experience in both executive and operational roles within the base and precious metals industry. He most recently held the position of President and Chief Executive Officer of Augusta Resource Corporation ("Augusta"), which was acquired earlier in 2014. Mr. Clausen will be joined by Joseph Longpré as Chief Financial Officer, Lance Newman as Vice President, Technical Services, and Mark Stevens, as Vice President, Exploration, who all most recently held executive positions at Augusta, to form the senior management team given the mandate to maximize value for Yamana and its shareholders from these assets.
AUY recorded 18% increase in production from the second quarter for record ...... grades starting in late 2014, with further grade increases beginning in 2015.
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.
FED done enough on drama of increasing interest and kept USD artificially strong all these days now time has come to stop printing money and increase gold reserve for FED as IMF will count the accountability and CHINA will stop buy treasury bond, US Exports will suffer at world market and unemployment in USA will increse to irreversible stage... Enough FED shall stop this drama for billionaires hedge funds.
The chief executive of Brio will be Gil Clausen, who most recently led Augusta Resource Corp. Mr. Green called this a strong choice, as Mr. Clausen is experienced and respected by the investment community.
Technical review of its giant Agua Rica copper-gold project in Argentina.
The company came up with two development alternatives: integrate it with the nearby Alumbrera mine (at an initial capital cost of US$2.2-billion), or build it as a standalone operation (at a cost of US$3.9-billion).
“In our view, large multi-billion-dollar copper/gold porphyry projects are not currently on anyone’s radar screen, particularly in Argentina which has been a challenging jurisdiction due to currency controls and cost inflation,” he said in a note.
Yamana has hired Credit Suisse to study options for Agua Rica, including a possible sale.
I don't think so cause shorts are working on it to keep low until some option contract sold. Also the P1 too early for decision and long way to go. Mean time OREX might get lift as European Medicines Agency (EMA) has adopted a positive opinion recommending the granting of a centralized marketing authorization for Mysimba.
The Chair must approve any change in the offering rate within the range specified in (i) and any changes to the per-counterparty and overall size limits subject to the limits specified in (iii) and (iv). The System Open Market Account manager will notify the FOMC in advance about any changes to the offering rate, per-counterparty limit, or overall size limit applied to operations. These operations shall be authorized for one additional year beyond the previously authorized end date--that is, through January 29, 2016."
The Committee agreed to maintain the target range for the federal funds rate at 0 to 1/4 percent and to reaffirm the indication in the statement that the Committee's decision about how long to maintain the current target range for the federal funds rate would depend on its assessment of actual and expected progress toward its objectives of maximum employment and 2 percent inflation. Most members agreed to update the Committee's forward guidance with language indicating that it judges that it can be patient in beginning to normalize the stance of monetary policy. In order to avoid the misinterpretation that this new wording reflected a change in the Committee's policy intentions, the statement included a sentence indicating that the Committee sees this guidance as consistent with its previous statement that it likely will be appropriate to maintain the 0 to 1/4 percent target range for the federal funds rate for a considerable time following the end of its asset purchase program in October, especially if projected inflation continues to run below the Committee's 2 percent longer-run goal, and provided that longer-term inflation expectations remain well anchored. Two members thought that this forward guidance did not take sufficient account of the progress that had been made toward the Committee's objectives, while one wanted to strengthen the forward guidance in order to underscore the Committee's commitment to its 2 percent inflation objective. Members agreed that their policy decisions would remain data dependent, and they continued to include wording in the statement noting that if incoming information indicates faster progress toward the Committee's employment and inflation objectives than the Committee now expects, then increases in the target range for the federal funds rate would likely occur sooner than currently anticipated, and, similarly, that if progress proves slower than expected, then increases in the target range would likely occur later than currently anticipated. The Committee decided to maintain its policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities and of rolling over maturing Treasury securities at auction. This policy, by keeping the Committee's holdings of longer-term securities at sizable levels, should help maintain accommodative financial conditions. Finally, the Committee also decided to reiterate its expectation that, even after employment and inflation are near mandate-consistent levels, economic conditions may, for some time, warrant keeping the target federal funds rate below levels the Committee views as normal in the longer run. At the conclusion of the discussion, the Committee voted to authorize and direct the Federal Reserve Bank of New York, until it was instructed otherwise, to execute transactions in the SOMA in accordance with the following domestic policy directive:
"Consistent with its statutory mandate, the Federal Open Market Committee seeks monetary and financial conditions that will foster maximum employment and price stability. In particular, the Committee seeks conditions in reserve markets consistent with federal funds trading in a range from 0 to 1/4 percent. The Committee directs the Desk to undertake open market operations as necessary to maintain such conditions. The Committee directs the Desk to maintain its policy of rolling over maturing Treasury securities into new issues and its policy of reinvesting principal payments on all agency debt and agency mortgage-backed securities in agency mortgage-backed securities. The Committee also directs the Desk to engage in dollar roll and coupon swap transactions as necessary to facilitate settlement of the Federal Reserve's agency mortgage-backed securities transactions. The System Open Market Account manager and the secretary will keep the Committee informed of ongoing developments regarding the System's balance sheet that could affect the attainment over time of the Committee's objectives of maximum employment and price stability."
But with inflation still low, and the economic outlook for the euro zone and Japan darkening, the Fed struggled for how best to square the circle - acknowledging improvement in the United States while not committing to any particular timetable for raising rates
-FED cannot increase Interest as ..18 Trillion will get 21-Trillion by 2105 End.
-US Export is already under pressure with Strong USD.
-Most manufacturing will shift from US leads more unemployment...........
The CHMP opinion will now be sent to the European Commission for the adoption of a decision on an EU-wide marketing authorisation. Once a marketing authorisation has been granted, decisions about price and reimbursement will then take place at the level of each Member State considering the potential use of Mysimba in the context of the national health system of that country.
Given its sheer size, if the interest rate on that debt were to rise by even 1%, the annual federal deficit rises by $180 billion. A 2% increase in interest rate levels would up the federal deficit by $360 billion, and if rates were 5% higher, the annual federal deficit rises by $900 billion.
Now ordinarily if we think about having our debts balloon out of control, we would expect to be making much higher interest payments.
That is, all else being equal, if our debt doubles or triples then our interest payments should double or triple.
As can be seen in the following graph, however, this hasn't been the case for the US government.
Should one of the bolded predictions hit, the travails of Greek and Irish bondholders will be nothing compared to what those unlucky enough to be in possession of US debt in 2015 will have to go through.
US debt in the year 2015 will probably make many stop dead in the their tracks. If anyone thought that $14 trillion in 2010 debt is bad, just wait until we hit $24.5 trillion in total US national debt in 2015. And it gets even more surreal: total US Unfunded Liabilities are estimated at $144 trillion, roughly $1.2 million per taxpayer... Was that a pin dropping?
As Zero Hedge has long been predicting, we anticipate roughly $2 trillion in incremental debt per year. Surprisingly we are not far too off from where the "debt clock" sees US leverage in 5 years. At an estimated $24.5 trillion in federal debt, our $2 trillion per year run rate is spot on. Another thing that is spot on: our prediction that the US will need not one but two debt ceiling increases in 2011. And probably 6-8 over the next 5 years.
Some other observations for the US economy in 2015 simply assuming current conditions persist:
Federal spending will be $3.3 trillion per year, and with federal revenue of $2.3 trillion (this number will be reduced as it also assumes $731 billion in payroll tax, a number which will likely be indefinitely reduced) the result is a budget deficit of $983.7 billion.
Annual Medicare/Medicaid expenses will be just over $1 trillion
US population: 326.8 million
US workforce 131.3 million (and declining)
Officially unemployed: 19.4 million
Actual unemployed: 22.3 million
State/Federal employees: 17.9 million
People on SSN and other retirees: 72.6 million
And the most critical data:
Food stamp recipients: 89.7 million
Foreclosures: 2 million
Social Security Liability: $19 trillion
Medicare Liability: $99 trillion
Total US Unfunded Liabilities: $144 trillion
Gross Debt to GDP: 143%
Should one of the bolded predictions hit, the travails of Greek and Irish bondholders will be nothing compared to what those unlucky enough to be in possession of US debt in 2015 will have to go through............