Gold prices have increased 10% in 2016 due to increased volatility in the global equity markets and concerns regarding economic growth, leading to an increase in gold long positions.
The volatility in the stock market will encourage investors to buy more gold since it is considered as a safe haven investment, which is why prices might increase to $1,400/ounce.
FCX’s gold sales are expected to rise 44% in 2016 and 2017, which will have a positive impact on its margins due to improved pricing.
For each $50/ounce increase in gold prices, FCX’s EBITDA increases by $110 million and operating cash flow increases by $65 million, indicating that its key metrics will get better.
Thus, apart from a recovery in the copper market, gold will also play a key role in enhancing Freeport-McMoRan's financial performance this year. So, in my opinion, investors should continue holding Freeport stock as it is capable of delivering upside going forward.
Anglo American and Antofagasta down 9%.
Biesheuvel (Bloomberg) | 9 February 2016 14:25
Metals and mining stocks slumped as Goldman Sachs Group said a recent rally was unjustified.
The FTSE 350 Mining Index fell as much 6.2%. Anglo American, the world’s biggest diamond and platinum miner, and copper producer Antofagasta sank about 9%. All six of the main metals traded in London dropped, with copper sliding 1.6%.
Miners rallied late last week on the weakening dollar and optimism that prices had falling too far, too fast. Analysts at Jefferies and Investec cautioned that rebound wouldn’t last.
"We view this rally as unjustified given the supply- demand picture remains unchanged," Goldman said in a note to investors. "Although the quantum of price decline we forecast is less than that of last year, we expect its impact to be painful, as most companies are at the point of operational and financial leverage."
©2016 Bloomberg News
Is share price an opportunity?
Prashant Nair, Citi - Analyst 
Okay, thanks. And just one quick follow up, although probably not a primary use of cash given the dividend cut are there any thoughts about maybe buying back a little bit of incremental equity to add value to unitholders while they wait for future cash flows from asset acquisitions?
Angeliki Frangou, Navios Maritime Partners - Chairman, CEO 
Actually this is one of the considerations that I will be reviewing as an option.
Prashant Nair, Citi - Analyst 
Okay, should we expect this is something - sort of could you help us prioritize where this is sort of in the list of issues of uses of cash after asset acquisition and sort of debt considerations, what are the uses of cash?
Angeliki Frangou, Navios Maritime Partners - Chairman, CEO 
I think is part of the considerations, we review with the Board and come to a decision, we come back with a decision.
finance yahoo_c_m news edited-transcript-nmm-earnings-conference
BDI should be in the bottoming process. Negative interest rate talk should turn into infrastructure investment talk and commodity use. NMM stock has been playing with the lower Bollinger Band's the last 2 days.
As of 08:02:02 ET on 02/04/2016
298.00 - 298.00
World's Biggest Containership "Hard Aground" As Baltic Dry Crashes Below 300 For First Time Ever...Zero Hedge
Before this year the lowest level The Baltic Dry Index had reached was 556 in August of 1986 and the highest was in June 2008 at a stunning 11,612. Today saw the freight index hit a new milestone however, crashing through the 300 barrier for the first time ever - at 298, this is almost 50% below the previous record low.
The statement may help put a floor in at $1.98 when ONVO tests support. It pushed through the upper Bollinger band today. Goods news may be in the wind or some shorts got punch drunk.
ORGANOVO HOLDINGS, INC. filed this Form S-8 on 02/04/2016
Organovo Holdings, Inc.
6275 Nancy Ridge Drive, Suite 110
San Diego, CA 92121
Re: Registration Statement on Form S-8
Relating to 6,000,000 Shares of Common Stock
Ladies and Gentlemen:
We refer to the registration statement on Form S-8 (the “Registration Statement”) to be filed by Organovo Holdings, Inc., a Delaware corporation (the “Company”), in connection with the registration under the Securities
Act of 1933, as amended (the “Act”), of an aggregate of 6,000,000 shares of the Company’s common stock, $0.001 par value per share (the “Shares”) issuable under the Organovo Holdings, Inc. Amended and Restated 2012 Equity Incentive Plan (the “Plan”).
per share (2)
offering price (2)
Common stock, par value $0.001 per share
Amended and Restated 2012 Equity Incentive Plan
Freeport-McMoRan beats by $0.11, misses on revenue
Jan 26 2016, 08:10 ET | About: Freeport-McMoRan Inc. (FCX) |
Freeport-McMoRan (NYSE:FCX): Q4 EPS of -$0.02 beats by $0.11.Revenue of $3.8B (-27.5% Y/Y) misses by
$90M.Shares +5.3% PM.
4:51p ET Saturday, January 23, 2016
Dear Friend of GATA and Gold:
Having helped to cripple the economy of the gold- and commodity-producing South American country of Suriname, the International Monetary Fund is on the way there to put a mortgage on the little multi-racial democracy's vastly undervalued natural resources.
The IMF and Suriname's government announced the mission this week. Appended are the IMF's press release and a ham-handed English translation of a news report in De Ware Tijd (The True Times), the country's largest newspaper, based in the capital city, Paramaribo. (As Suriname is the former Dutch Guyana, Dutch remains the official language.)
Suriname's economy is built on gold and bauxite mining and oil extraction and exploration -- Iamgold, Newmont, and Alcoa have operations there -- and the recent collapse of commodity prices has almost wiped out the country's foreign exchange reserves.
But the spectacular hypocrisy here is that the IMF itself is a primary perpetrator of Suriname's problem, as the IMF long has been a crucial part of the gold price suppression scheme of Western central banks. The IMF's participation in the scheme was disclosed three years ago by GATA's publication of the agency's secret March 1999 staff report, which described how the agency was allowing its member central banks to conceal their gold swaps and leases to facilitate their secret interventions in the gold and currency markets:
Filing Date Trans Date Insider Name Ownership Type Securities Nature of transaction Volume or Value Price Jan 22/16 Jan 18/16 Kumoi, Glenn Yoshiaki Direct Ownership RSU "Phantom" 56 - Grant of rights 1,751,820
Jan 22/16 Jan 18/16 Kumoi, Glenn Yoshiaki Direct Ownership RSU 56 - Grant of rights 1,751,820
Jan 22/16 Jan 18/16 Shand, William Direct Ownership RSU "Phantom" 56 - Grant of rights 837,900
Jan 22/16 Jan 18/16 Shand, William Direct Ownership RSU 56 - Grant of rights 837,900
Jan 22/16 Jan 18/16 Nikolakakis, Nicholas Direct Ownership RSU "Phantom" 56 - Grant of rights 1,965,600
Jan 22/16 Jan 18/16 Nikolakakis, Nicholas Direct Ownership RSU 56 - Grant of rights 1,965,600
Jan 22/16 Jan 18/16 Candelario, Allan Raymund Direct Ownership RSU "Phantom" 56 - Grant of rights 972,000 Jan 21/16 Jan 18/16 Candelario, Allan Raymund Direct Ownership RSU 56 - Grant of rights 972,000
summary from SEDI Exercise price 0.025 The Exercise or Maturity date is 2019-01-18
Dec 8/15 Dec 4/15 Thomas, Alexander Direct Ownership Common Shares 10 - Acquisition in the public market 219,600 $0.150
Dec 3/15 Nov 30/15 Thomas, Alexander Direct Ownership Common Shares 10 - Acquisition in the public market 8,000 $0.173
- See more at canadian insider RMX
Mr. Peter Thomas George, P.Geo., admitted producing two substandard technical reports for Rubicon Minerals.
Was he responsible for the misses on the SRK Mineral Resource Estimates?
Is there resource sandbagging going on, to deliver Ruby into another companies portfolio?
This is an article about the Campbell mine in Canada and how a small group of mine managers rose up the ranks of the industry. It is also about relationships and how over $1bn of shareholder funds has been handed-out, between former colleagues
Snippet from article...Campbell's general manager Michael Winship is CEO of Rubicon Minerals. And Campbell's former mine superintendent Bill Shand is Rubicon's head of operations.
continued at....globalminingobserver royal-gold-placer-dome-club-152
321 gold... Bob Moriarty doesn't have anything good to say about Lewtin.
I wrote about Sanatana last back in April of 2015 when they announced a court order requiring Iamgold to repay their legal expenses in the Watershed fiasco where Stephen Letwin tried to steal the Watershed property from Sanatana. The incredibly dubious legal theory of Iamgold was that by filing an easement request claiming that they needed the surface rights to the ground held in a Joint Venture with Sanatana they could pick up control of the ground that STA had invested $9 million in exploration. It was one of those really great theories - as #$%$ theories go.
When the court finally got through laughing at the request of Iamgold, they scheduled a hearing in November of 2014. Iamgold didn?t have the guts to claim in open court what they claimed on paper so they folded. I said so and I know at least one person read the article I wrote because Iamgold fell apart like a cheap sweater.
In the latest and perhaps final chapter in the saga, it seems Stephen Letwin couldn?t steal the property legally so he?s trying to steal the property by bankrupting Sanatana.
Docket 902 page 11 of 13
37. SRK has an outstanding prepetition unsecured claim in the amount of $88,995.86 scheduled by the debtors. SRK has agreed not to seek payment on the claim against the Debtors and will write-off that amount.
38. SRK will maintain an ongoing inquiry regarding potential parties of interest and, if necessary, will promptly file any supplemental disclosure with the court.
39. As a result, the Committee believes that the employment of SRK as the Committee's mining expert is appropriate and in the best interest of the Committee, the Debtors creditors and their estates. The Committee requests that SRK's retention as it's mining expert in connection with the Chapter 11 Cases be approved, effective as of July 16, 2015, because SRK was selected as the Committee mining expert and commenced providing services to the Committee on that date.
Prime Clerk Allied Nevada case 15-10503-MFW
That valuation is going to be hard to sweep under the rug. An over conservative under estimate would be great for a party in waiting. Allied Nevada had a swap go bad going into gold's lows, not to mention the Sarbanes Oxley violations. SRK was given the job as mining expert during the chapterr 11 filing. Appeal is in progress.
Rubicon Minerals (RBY -68.7%) shares collapse after the miner cuts its estimate for gold reserves at its Phoenix mine in Ontario by 86%
and says it is evaluating strategic options including a sale.RBY now says inferred gold reserves at the mine totals ~300K oz., citing new
drilling information and changes in modeling; it had estimated 2.2M oz. of inferred gold reserves in 2013.Analysts at Mackie Research say
they are "totally shocked... particularly after so many engineering firms have reviewed the data. Not only is this a huge negative
development for RMX, but is it also a huge black eye for the industry."
Nov 12/15 Nov 10/15 Prins, Darren Direct Ownership Common Shares 10 - Acquisition in the public market 100,000 $0.200
Nov 10/15 Nov 9/15 Kapusianyk, Leslie Direct Ownership Common Shares 10 - Acquisition in the public market 25,000 $0.25
Conclusion for Investors
In summary, we have owned shares of Timmins Gold for quite a bit, but at this point, we see some serious questions that the company has to answer before we buy any more. But at this point, we don't think it is prudent to sell shares at this valuation considering the quality the Ana Paula project and the new management shift. Finally, at a $40 million market capitalization, the valuation is extremely low considering it owns one extremely high-margin asset (Ana Paula) and another production ready asset (San Francisco) if gold prices rise over $1,300 per ounce. In a nutshell, it is probably a hold for existing investors and not a buy for new investors until some questions are answered.
What we are looking for moving forward that would cause us either to buy or sell shares is the following:
Share purchases by the new CEO
Refinancing or the extinguishment of the Sprott loan
An answer on how the company will develop Ana Paula
We've already gone over these items in detail, but in summary, if we see a major share purchase by the new CEO Mark Backens, it would be a significant event as the company is priced for bankruptcy, and executive confidence should also add to investor confidence that the company will make it through these tight financial times.
Refinancing the $10 million Sprott loan also will speak to the ability of the company to survive as it is a significant short-term financial burden. Even paying off the loan and exhausting cash would save the company significant of interest payments and it would simply have to live off next year's cash flow which should be close to $20 million depending on the gold price.
Finally, the answer of how the company will develop Ana Paula is key to the future of Timmins Gold as it transitions from a producer to a developer. As we have shown when comparing the deal to Premier's Trans-Canada deal with Centerra, it would be reasonable for Timmins...continued