We're still waiting for the stampede when the 80 and 60 watters recognize the profit potential here.
But, do you really know any of the claims to be true? Some would require the process outlined in the Military Code of Justice, not merely being shown the door. Maybe you had not considered that. I had and it makes me think "cover story".
Yes, the command level officers being let go is quite troubling particularly in light of the reasoning behind it. Think USMC 29 Palms survey... and giving the wrong answer.
VANCOUVER, Nov. 4, 2013 /PRNewswire/ - Silver Wheaton Corp. ("Silver Wheaton" or the "Company") (TSX: SLW) (NYSE: SLW) is pleased to announce that it has agreed to acquire from Hudbay Minerals Inc. ("Hudbay") (TSX: HBM) (NYSE: HBM) 50% of the life of mine gold production from its Constancia Project ("Constancia"), located in southern Peru, for US$135 million. Silver Wheaton's August 2012 silver stream purchase agreement ("Original Agreement") for 100% of the life of mine silver production from Constancia has now been amended to include 50% of the life of mine gold production ("New Agreement").
Adds to Silver Wheaton's growth profile
Silver Wheaton will receive 50% of the life of mine gold production from Constancia.
Forecast average annual attributable gold production1 from Constancia is anticipated to be approximately 35,000 gold ounces over the first five years, and 18,000 ounces life of mine. The mine life is currently estimated at around 16 years.
Aligns the interests of both companies
Hudbay will retain 50% of gold production.
Timing of the upfront payment is linked to Constancia's capital expenditures.
Maintains conservative balance sheet�������
Silver Wheaton has the option to make the initial upfront payment in either cash or Silver Wheaton shares, calculated at the time the payment is made2.
Updating production guidance
Silver Wheaton has revised 2017 guidance to reflect recent developments.� 2017 guidance is now forecast to be 42.5 million silver equivalent ounces3 including 210 thousand ounces of gold.
2013 silver equivalent production is still expected to exceed 33.5 million ounces3 including 145 thousand ounces of gold.
"We are very encouraged by Constancia's development and the inclusion of Pampacancha into the mine plan," said Randy Smallwood, Silver Wheaton's President and Chief Executive Officer. "Given the higher gold grades present in the Pampacancha deposit, we see this gold stream as an economic opportunity for both parties. Hudbay has proven to be a strong partner both in Canada and in Peru, where we believe they are setting the standard for building strong social license in South America. This gold stream, our second precious metal stream on Constancia, clearly demonstrates the win-win nature of our agreements and further endorses the competitiveness of Silver Wheaton's streaming model."
And, yes, their losses are underwritten by the US taxpayers. The FED really stands to lose nothing in the long term, but longer still, they may find themselves out of a job entirely. Perhaps Henry Ford's statement regarding about the potentiality of blood in the streets has only been delayed insofar as fruition.
RESISTANCE IS NOT FUTILE.
They are likely financing the buys with dollars to reduce their exchange position in light of events here.
It still makes the relationship much more tenuous and with Barrick's financial situation such as it is, the possibility of default has increased.
Silver Wheaton Corp. ("Silver Wheaton" or the "Company") today provides an update and announces an amendment to the silver streaming agreement with Barrick Gold Corporation ("Barrick") regarding the Pascua-Lama project.
As stated in Barrick's Third Quarter Financials news release dated October 31, 2013:
"Barrick has decided to temporarily suspend construction activities at Pascua-Lama, except those required for environmental protection and regulatory compliance... The decision to re-start will depend on improved project economics such as go-forward costs, the outlook for metal prices, and reduced uncertainty associated with legal and other regulatory requirements."
"The ramp down will be carried out in a way that allows for an efficient and effective re-start when conditions warrant. In the meantime, the company will update and refine capital cost estimates and stage the project's remaining development into distinct phases with specific work programs, budgets and objectives. This staged approach will also facilitate more efficient planning and execution, more effective capital deployment, and improved cost control. The company will also continue to explore further opportunities to improve the project's risk-adjusted returns, such as strategic partnerships and royalty or other income streaming agreements. Most importantly, Barrick's decision will maintain the option value of this major world class resource and its potential to generate significant cash flows during its 25 year mine life and beyond."
In Silver Wheaton's original contract with Barrick, throughout 2014 and 2015 Silver Wheaton will be entitled to silver production from three of Barrick's currently producing mines, the Lagunas Norte, Pierina, and Veladero mines (collectively "Barrick's Other Mines"), to the extent of any production shortfall at Pascua-Lama, until Barrick satisfies the completion test.
As part of the newly revised agreement with Barrick, Silver Wheaton will now be entitled to the production from Barrick's Other Mines for an additional year (until the end of 2016) to the extent of any production shortfall at Pascua-Lama.
The original contract with Barrick provided Silver Wheaton with a completion test, requiring Barrick to complete Pascua-Lama to at least 75% of design capacity by December 31, 2015. Silver Wheaton amended the contract earlier this year, as noted in Silver Wheaton'sJuly 1, 2013 news release, to extend the completion test deadline by one year. Given the developments announced today by Barrick and the extra year of silver production to be received from Barrick's Other Mines, Silver Wheaton has agreed to extend the completion test deadline an additional year to December 31, 2017. According to the silver purchase agreement, if the requirements of the completion test have not been satisfied by the amended completion date, the agreement may be terminated by Silver Wheaton. In such an event, Silver Wheaton will be entitled to the return of the upfront cash consideration of $625 million less a credit for any silver delivered up to that date.
"We see Barrick's decision to suspend operations until they have full access to the Pascua-Lama site as a fiscally prudent approach, which under the current circumstances, should enhance the project's capital efficiency and improve the project's economics going forward," said Randy Smallwood, Silver Wheaton's President and Chief Executive Officer. "While we would like to see more certainty regarding Pascua-Lama, we view the additional year of silver revenue from three of Barrick's other mines as adequate compensation to justify extending the outside completion test date by a year. Pascua-Lama is a world class gold and silver project, and we are encouraged by Barrick's approach to ensure better cost containment and continued investment to address social, environmental and regulatory obligations, as we view this strategy as crucial for the project moving forward. We look forward to continuing to work with Barrick."
Silver Wheaton is currently reviewing its 2017 production forecast. Production for 2013 is still expected to exceed 33.5 million silver equivalent ounces.
(Reuters) - Barrick Gold Corp said on Thursday it would suspend construction at its huge Pascua-Lama gold-silver mine.
The company had been expected to raise its estimate of the cost of completing the project, located high in the Andes on the border between Chile and Argentina.
Barrick said it would continue activities needed to comply with regulatory requirements and protect the environment.
Resistance is not futile. Americans, real Americans, that is, should refrain from signing up. The system will fail if they cannot plunder those that can actually afford to buy their coverage.
Add to that the millions that will not sign up and they have a problem. After all, they were counting on the solvent to finance the insolvent.
All of the continuing QE with the backdrop of knowing that they are fully aware that further such stimulus has a net negative impact on the economy.
The emperor really doesn't have any clothes...naked as a jaybird.
It's grand, though, seeing Keynesian economic thought being disproved by those that endorse it.
One day soon the dollar is going to step off the curb and get run over by a bus.
Do not set a great deal of store by anything in Seeking Alpha pieces. Their primary function is manipulation of the price.