And I bet that the voices in your head confirm that your "contact in Chile" is correct.
LOL Your relationship problems really have nothing to do with a mining project.
I think you misunderstand. The Chilean Supreme Court ruling yesterday is exactly the positive outcome that ABX wanted. The Court ruled that the environmental licenses could not be revoked as the Daiguita Indians wanted. It means that the fines that Barrick already paid and the construction already required by the environmental regulatory agency are sufficient for ABX to move the mine to production. No other "add-on" requirements can be imposed. The ruling is the best possible result for Barrick given the circumstances, and given that the ruling is by the Supreme Court, it can not be reversed. This ruling is very pro-mining.
Per Reuters: "The ruling dispels a significant uncertainty surrounding the controversial project, which now essentially has to complete a water management system issued by the environmental regulator to likely be re-activated."
"This (ruling) is positive for the project," said Juan Carlos Guajardo, head of mining think tank CESCO in Chile, who said a cancellation of the environmental license would have been "the most complicated scenario" for Pascua-Lama. "This lessens one uncertainty," he added."
The Diaguita Indians had taken ABX to the Chilean Supreme Court to seek revocation of their Environmental Permits. If the Diaguita had won, Barrick would have had to start over and prepare an entirely new environmental impact study and present it for approval and relicensing. This would have delayed the Pascua Lama project even further.
The Supreme Court confirmed the suspension to correct the deficiences is legal as is and that no reevaluation of the environment permits need to be done.
Headline in the WSJ reads: Chile Supreme Court Rejects Permanent Shutdown of Barrick's Pascua Lama Gold Mine
Today, according to ZH, BAC took off its silver short stating that their previously bearish view was incorrect.
Not for profit seller. No one who wants to get the most money for his shares would dump 140,000 shares of NVAX on the market in a minute, twice.
Maybe large short trying to cover at a lower price, maybe someone trying to get a lower price to get long.
Did you watch the video? Very strange. All the video was from Pascua Lama and since Pueblo Viejo is already in production a "delay" seems like a bizarre word to use. I think Bloomberg may be confused.
You have a good sense of humor. I appreciate that. I truly do enjoying laughing.
Since you asked.... Michelle Bachelet is favored to win the November election for President of Chile by a large margin. She is in a splendid position without any help from Barrick. She is very popular.
According to Reuters, "Around 44 percent of Chileans are rooting for former center-left President Michelle Bachelet to make a comeback in this year's election against a weakened right-wing candidate, a poll showed on Thursday. Only 12 percent of those polled favor Evelyn Matthei, a fiery former labor minister, the fractured right's front-runner. A fifth of those polled said they did not know or declined to say who they would like to win November's election, according to pollster CEP. Four percent are keen on Franco Parisi, an independent economist who appeals to some more centrist Chileans, and another four percent on Marco Enriquez-Ominami, a left-leaning politician."
Second, the Protocol is unnecessary until ore starts moving between Chile and Argentina. It will be at least 2 years until the water diversion construction and the pre-stripping on the Chilean side of Pascua Lama are complete. There is plenty of time to amend the Protocol, IF necessary, before production starts. As indicated in the article you posted the other day, "But we must speak in the conditional because none of this is proven."
Third, in the best possible world for JL (I don't include MSX because, IMO, they will never exercise the option to buy 50% of the Amarillo claims), the Amarillo claims will be excised from the protocol and JL can mine them with his "picks and llamas". He will get a settlement of $150,000 american, which will be offset completely against his unpaid fine for his 2003 Canadian internet libel conviction against Barrick. And Barrick will mine Pascua Lama under an amended protocol given that none of the PL mine is on the disputed Amarillo claims. Under the worst possible outcome for JL, all his lawsuits will be found without merit and he walks away with nothing.
From zero hedge commenter: I don't always sell 200,000 ounces of gold.
But when I do, I like to sell it all at once and get the worst possible price for it. - Buckaroo Banzai
The halt has been issued because MSX hasn't managed to file their Annual Financial Statements and MD&A from April 30, 2013 in the required five months since their year end although they have no income except one gas well.
They did however file their August Monthly Progress Report to CNSX yesterday in which MSX finally disclosed the terms of extending the Option Agreement to May 2014. Yes, they owe JL ANOTHER 2000 ounces of gold for the extension of an additional year. Altogether that means they owe JL in total, 6000 ounces of gold for the privilege of having the opportunity of buy half of JL's Amarillo claims - 2000 for the original option agreement, which expired in May 2012, and 2000 each for the yearly extensions to May 2013 and May 2014. Even using a lowball price of $1300/oz, MSX owes JL $5,200,000 for the extensions, plus the $3 million they paid for the original year. In total, MSX has paid JL $3,381,481 (as of the last financial information filed January 31, 2013) so they seem a little in arrears on the payments.
Since MSX is presently trying to raise $150,000 for general corporate purposed by offering one share/one warrant units for $.16 each, it seems they might have a wee bit of difficulty in raising the $4.8 million they still owe JL for the Option Agreement. Let's do the math. At $.16 each, it will take the sale of 30 million shares to raise $4.8 million. No wonder MSX states the following in their Monthly Progress Report, "As of the date of this report, the Company has not completed all the payments in accordance with the Pascua Agreement and the extension agreements described above. The Company is currently renegotiating the terms of these payments with Mr. Lopehandia."
And that doesn't even consider the $1.64 Billion (calculated @ $1300/oz au) necessary to actually exercise the option.
Stay tuned for the next exciting episode of the MSX follies.