Per Global Business Reports 6/12/2013 Re: Mexico
Extortion, however, has been on the increase, with 36% of companies raising the issue this year compared with 16% in 2011. Companies are now spending between 2% and 4% of their budget on security. Many mining firms protesting against the government’s proposed 5% royalty on pre-tax profits claim they already have to fork out for a “security tax” to protect themselves against the cartels. First Majestic, as an example, claims it is now investing 10% of its annual budget on security, employing armed guards to protect its assets and workforce. Last year, the company had silver concentrates worth $4 million hijacked from trucks and now chooses to fly its heavier bars out of the country. Riverside Resources, on the other hand, is simply moving 30% of its business outside of Mexico, claiming that the security costs simply are not worth it.
Mining companies can now insure themselves against the threat of the cartels through newly tailored “narco insurance policies,” such as that launched by Marsh Brockman and Schuh last month, which covers up to $25 million for losses sustained as a result of organized crime as well as police actions against organized crime. Many firms also have a risk management plan in place whereby they employ security firms such as Control Risks to provide specialized risk management services: they review the location of the project and coordinate a plan of how to transport workers and goods safely to and from the site.
MUX got hit again just a couple of days ago. Agout 900Kg of Au concentrate. They had insurance of course.
"Management is reviewing its security procedures and will implement additional and more robust systems in the near future."
Safe jurisdictions indeed.
From In SightCrime:
Criminal organizations now control the right to mine in at least five Mexico states, according to those working in the sector, in another example of illegal groups expanding into resource exploitation in areas where state presence is weak.
Dozens of mining companies -- including multinationals -- are being extorted by criminal groups in the states of Tamaulipas, Chihuahua, Guerrero, Morelos, and Michoacan, leading some companies to appeal to the federal government to take action, reported 24 horas.
According to sources consulted by 24 Horas, the situation is particularly grave in mineral-rich Michoacan, where both local companies and international companies from countries such as the United States, Canada, China and India must pay for the right to extract and transport metals including iron, gold, silver, and copper. The sources said government efforts to tackle the issue by setting up military checkpoints throughout the state have so far failed.
InSight Crime Analysis
The involvement of Mexican criminal groups in resource extraction has been a problem for some time and not just through extortion -- earlier this year the accounts of 12 mining companies accused of ties to drug traffickers were frozen as authorities investigated claims of money laundering, tax evasion and breach of federal regulations.
Too bad Adamson did not play ball with BMO in the early innings. The score might be different at this point. I think your theory regarding BMO has creedance.
They took the bat and ball when RBY did not play by their rules. Left them swinging for the fences instead of playing small ball.
The beauty of Youtube for me allows for the discovery of music not played under the direction of AOR managers. All one ever hears, if at all, is Whiter Shade of Pale. They were good songwriters and musicians. Had a good guitarist as you know by the the name of Trower.
It is nice to discover music of an era I love which I have never heard. I keep on digging and finding more musical gold nuggets.
HB 483 was sent to Gov. Abbott 6/1. Awaiting his signature.
The gold investment was purchased by the Univ. of Texas Investment Mgmt Co.
“We are not talking Fort Knox,” Capriglione said. “But when I first announced this, I got so many emails and phone calls from people literally all over the world who said they want to store their gold … in a Texas depository.
“People have this image of Texas as big and powerful … so for a lot of people, this is exactly where they would want to go with their gold.” And other precious metals.
House Bill 483 would let the Texas comptroller’s office establish the state’s first bullion depository at a location yet to be determined.
Capriglione’s changes to the bill must be approved by Monday, the last day of the 84th legislative session.
The goal is to create a secure facility that would allow the state to bring home more than $1 billion in gold bars that are owned by the University of Texas Investment Management Co. and are now housed at the Hong Kong and Shanghai Bank in New York.
“The depository would be an agency of the state located in the Office of the Comptroller, directed by an administrator appointed by the Comptroller with the advice and consent of the Governor, Lieutenant Governor and Senate,” according to a fiscal analysis of the bill.
The depository could also hold deposits of gold and other precious metals from financial institutions, cities, school districts, businesses, individuals and countries.
“This will allow for bullion to be deposited here, as well as any other investments that … any state agencies, businesses or individuals have,” Capriglione said.
Storage fees will be charged, perhaps generating revenue for the state. For instance, Texas pays about $1 million a year to store its gold in New York, Capriglione said.
The industry reports May U.S. car and truck sales Tuesday, and some forecasters expect the annual rate to exceed 17 million units, a level not seen since the height of the housing bubble a decade ago.
Experian also reported that leasing continues to rise, hitting a record of 31.5% of all new-vehicle transactions in the first quarter of this year, up from 30.2% a year earlier. Leasing enables many consumers to drive away with a more expensive vehicle while keeping their monthly payment within their budgets.
However, the resurgence of leasing will have an effect in the next few years because an increasing number of vehicles coming to auction at the end of leases will drive down used-vehicle prices. That means that the value that people who own vehicles get upon trade-in will drop, requiring them to borrow more, possibly at higher interest rates, or settle for a less expensive car.
Per USA Today.
The average net worth does not mean anything, when 95% of the $85 trillion went to the .01% think about it if one person is worth $1mil and 100 people are worth $10 each the average net worth is $9,911.
AUSTIN – Gov. Greg Abbott (R-Texas) signed House Bill 483 into law on Friday, which will establish a state gold bullion depository.
According to the governor's office, the law will repatriate $1 billion in gold from the Federal Reserve in New York to the new state depository.
The Officer of the Comptroller will administer the depository, which will serve "as the custodian, guardian and administrator of bullion" that will come to the State of Texas, the release said.
"Today I signed HB 483 to provide a secure facility for the State of Texas, state agencies and Texas citizens to store gold bullion and other precious metals," said Abbott in the release. "With the passage of this bill, the Texas Bullion Depository will become the first state-level facility of its kind in the nation, increasing the security and stability of our gold reserves and keeping taxpayer funds from leaving Texas to pay for fees to store gold in facilities outside our state."
National flag is symbolic as well but means quite a bit to billions of people.
As long as they are the symbolic representation of peoples of global economies, yes.
This answer was vague so let me elaborate;
1. I am from Scandanavia...hence Thor.
2. I have undergone a transsexed transformation...hence Tran.
3. This began in 2004.