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"The more I learn, the more I realize how much I don‘t know." (A.E.) | Always Do Your Own Due Diligence.
The 2017 Vancouver Resource Investment Conference (“VRIC”) carried a tone of optimism that wasn’t present a few years ago, and the smiles that lined the faces of both exhibitors and attendees indicated that mining had returned from the depths of the abyss it had slipped into back in 2011.
In fact, famed author and professional investor, Doug Casey, was emphatic that the stratospheric prices we witnessed before the collapse of the last super cycle were bound to return by 2019.
He wasn’t the only one with enthusiastic verve.
Mining investment icon, Frank Giustra, spoke to a full house during his forum on Sunday, leaving his audience with some choice words of wisdom.
The chairman of Franco-Nevada talks gold royalties
Pierre Lassonde, chairman at Franco-Nevada, joins BNN for a look at how the company has been performing and what is next for the gold-royalty company..
Wie es zu erwarten war. Hierzu ein aktueller Bericht vom WSJ:
Freeport-McMoRan Adds 2 Icahn Directors
Move comes day after struggling mining and energy company had cut board by 44%
Freeport-McMoRan Inc. said Wednesday that it added two new independent board members through an agreement with billionaire investor Carl Icahn, a day after the mining and energy company reduced its number of directors by 44%..
Sehr guter Beitrag von meinem Kollegen und Freund Gianni Kovacevic - Kupfer-Experte, Environmentalist, langjähriger Investor und Chairman von CopperBank Corp - der mich btw. auch letzte Woche in München mal wieder besucht und u.a. eine Buch-Präsentation dort hielt:
“When they raid the house of ill repute, they arrest everyone including the piano player”
That colourful sentence could certainly be used to describe the current rout in commodity markets, however, should the entire basket be thrown together, i.e. bulks, precious metals, agriculture and the PhD of the economy, copper? Or, is there in fact a “piano player” in the mix?
Goldman Sachs (GS) released a powerful update to their clients on July 22nd painting a very negative picture for copper prices. GS research is changing course on copper from a previously bullish stance, suggesting that due to slowing growth in China, by far the world’s largest user of most commodities, and a coming copper supply glut, the price of copper is doomed to stay in the ~$2.00/lb range (recently $2.90/lb and one year ago $3.20/lb) all the way to 2020. There is more than one side to this coin, in fact, one should review the various pillars that underpin this bold call.
The prognostication GS has made on copper prices is certainly based on facts and logic supported by their view of supply and demand fundamentals. What is unmistakeable, is that their opinion has significant weight for many global investors, especially the swing traders who often make big differences in turbulent markets. Value investor Ben Graham once said (paraphrasing), “that in the short-term markets are like voting machines, whereas in the long-term they are weighing machines.” I fully agree, and investors the world over have voted with the overwhelmingly bearish sentiment that has put commodities on a one-way trade downward, and perhaps quite rightfully so for the ones that have had an idiotic over-allocation of capital, namely the bulks, and the over-hypothecated precious metals. A strengthening US dollar, negative headlines in Europe, China’s ‘around 7% growth’, Asian stock markets collapsing, just to name a few of the macro problems plaguing global growth, and in-turn, commodities.
Is Copper the piano player in the commodity complex? It’s all about the consumer, and that means the tightness between demand and supply.
Demand.
Copper, unlike other highly traded commodities, namely oil and gold, is not so hypothecated. The end user of copper is just that, a user, and not a speculator. True, there has been some 500,000 tonnes (maybe a bit more) of copper used as ‘money’, however, for the most part, almost all of the ~23 million tonnes of produced copper is consumed. Many of the major end users of copper are now in a very bearish to the short-term copper price – hand-to-mouth mode – and why shouldn’t they be? Just look at China’s State Reserves Bureau (SRB), one of the biggest buyers of copper, who bought 400-700kt’s during 2014. Copper prices have fallen by ~20% since, thus the SRB has paid $100’s of millions more than they could today. So big buyers can wait – hand-to-mouth – and they do.
Consumers are not greedy in a falling price environment, it’s quite the opposite. If material can be readily found and they are quite comfortable there should be no spike in the price, then why allocate precious capital? This will not change until bearish sentiment changes, or more importantly, until tighter supply and demand conditions return. The question then becomes, can a market shortfall for copper happen sooner than GS’s 2020 time period, thus inducing end users to once again become greedy and start buying copper from the offer, other than hand-to-mouth consumption?
Of course what happens in China is important. This must be monitored and global investors and consumers will do just that, but… there are other factors.
Oil is energy, and energy without fossil fuels actually means electricity and electricity demands copper. Traditionally, oil and energy have lead other commodities through most of the big up and down price swings – just look at any 40 or 50 year chart that correlates, oil to gold and/or copper. If there are going to be winners and losers in the future of energy, then oil and coal, to some respect, are the losers, and copper will overwhelmingly be the winner as it takes between three and five times more copper per megawatt of utility, the cleaner and greener we create, utilize and transfer energy. I will suggest the future is now, and that humanity has an incalculable number of ways that we are accelerating the subliminal ways we are using more and more copper. Unless fully appreciated, these dramatic changes could never fit on the pages of any report, let alone the GS document on copper that is perhaps missing all the utility copper plays from an electrifying India all the way to Elon Musk’s Giga Factory.
Supply.
According to their report, GS believes that the top 15 contributors to new copper supply will offer some 1.7 million tonnes of net new copper. On the other side of the coin there is Glencore, one of the biggest producers of copper in the world, and the largest trader of copper, some 50% of traffic, who would seemingly disagree with some of GS’s production forecasts. So who is to be considered more accurate, analysts, or those that are on the pulse of most of the copper operations around the world? Telis Mistakidis, the head of Glencore’s copper division, has suggested that analysts should take a closer look at supply side guidance. In the video archive of their December 2014 Investor Day presentation, he gives a country by country run-down of all the likely new production that should enter the market in the coming years. As he then stated, “we don’t see a supply glut.”
GLENCORE’S COUNTRY BY COUNTRY AUDIT OF COPPER PRODUCTION GUIDANCE
GS is quite correct in stating that there are only a handful of companies that produce global copper. BHP, the world’s largest integrated miner, suggests the inducement price for ~70% of future copper projects is $3.50/lb, and nothing works at sub $2.50/lb. Just recently they gave guidance to the market that their 2016 copper production will fall by 12%. The largest producer of copper, Chile’s CODELCO, is telling the market they could cease to be a copper producer past 2030 without some $25 billion of expansion capital. The achilles heel of copper production is falling grade, and as any miner will tell you, when you are mining 30 or 40 million tonnes per year, in 400 tonne trucks, it’s a big big deal when grade falls by 50%.
What about selling concentrate with big penalties like Toromocho, who the GS report see’s no problem in placing 240kt’s of reliable future product on the market. Sentinel? Katanga? Africa’s copperbelt is seriously power constrained fyi. Chile is having to reconsider social program promises made during the $4.00/lb copper days to the realities of today. Peru?
So who will be more correct? As has been demonstrated in the past, not everyone can be right. I recall in early 2009 when two respected analysts had diametrically opposed views of my then favourite investment, Quadra Mining (early 2009 trading at ~$2.50 per share). One analyst saw weak copper prices into the distant future and as such he placed a $2.50 price target on Quadra. The other analyst, saw stronger copper prices going into 2010 and 2011 and he placed a $21.00 price target. One year later Quadra was $18.00 per share. How could two well respected professionals have such different views?
For now prices for most commodities are falling, and why should that stop. But let us not forget:
“When they raid the house of ill repute, they arrest everyone including the piano player”
Gianni Kovacevic is a co-founder and the Executive Chairman of Copperbank Resources Corp (CSE:CBK). Learn more about Copperbank here.
„Mein Elektriker fährt einen Porsche?“ von Rohstoff-Experte Gianni Kovacevic
Was hat das "Königs"-Industriemetall Kupfer mit den regenerativen Energien, den technologischen Fortschritten und der Elektrizität in der Zukunft am Hut?
Dieser spannenden Frage wurde in einer Buch-Präsentation, einem Info-Video und einem aktuellen Feature auf Focus Online nachgegangen..
Top-News für die Minenbranche. Ein weiterer legendärer Investor sammelt noch mehr Kapital ein, um sich am Boden zu positionieren..
Electrum Special Acquisition Corporation Announces Pricing of Initial Public Offering
NEW YORK, Jun 11, 2015 (BUSINESS WIRE) -- Electrum Special Acquisition Corporation (the "Company") today announced the pricing of its initial public offering of 17,500,000 units at $10.00 per unit. Each unit consists of one ordinary share and one warrant to purchase one-half of one ordinary share for $5.75 per half share, subject to adjustment.
The units are expected to begin trading Thursday, June 11, 2015 on the NASDAQ Capital Market under the symbol "ELECU." Once the securities comprising the units begin separate trading, the ordinary shares and warrants are expected to be listed on the NASDAQ Capital Market under the symbols “ELEC” and “ELECW,” respectively.
The Company is a blank check company formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation with, purchasing all or substantially all of the assets of, entering into contractual arrangements with, or engaging in any other similar business combination with, target businesses. Although the Company’s search for a target business is not limited to a particular industry or geographic region, it intends to focus its search on target businesses that operate in the metals and mining industry, with an emphasis on gold and other precious metals. An affiliate of The Electrum Group LLC, a privately held global natural resources investment management company that manages the assets of Thomas S. Kaplan and other institutional investors, is acting as the Company’s sponsor..
Calibre Mining (TSX-V:CRB) gibt heute weitere postive News bekannt. Das mit Spannung erwartete Diamanten-Bohrprogramm auf dem Minnesota-Goldprojekt wurde zusammen mit dem Projekt-Partner B2Gold (TSX:BTO) gestartet.
Ein kurzer Überblick der jüngsten Explorations-Highlights und ein Ausblick auf den anstehenden Newsflow.
Highlights
On the Minnesota Gold Project soil, rock, channel,
trench and auger sampling has defined a surface gold anomaly more than
three kilometres in length
Recent trenching on the northern area of the
Minnesota gold target intersected 93.5 metres grading 1.65 g/t gold in
an altered intrusive and the zone is open in both directions.
Previous sampling in the central area of the
Minnesota gold target returned channel samples including 8.0 metres
grading 6.35 g/t gold and 9.2 metres grading 4.17 g/t gold open in both
directions
The Phase 1 Drilling Program
will commence at the end of October, 2014 and will include an estimated
1500 metres of diamond drilling in 10 to 12 drill holes
Upcoming
News Flow
Results from the
B2Gold/Calibre Mining Joint Venture (Diamond Drilling UNDERWAY)
Additional Diamond
Drilling Results with IAMGOLD/Calibre on the Eastern Borosi Concessions (Diamond
Drilling UNDERWAY)
Trenching Results on
the 100% owned Montes De Oro Gold Project where trenching results include 33m
grading 2.1 g/t gold, 27m grading 4.9g/t gold and 52m grading 7g/t gold
Nächste Meilensteinnews für Columbus Gold, dem federführenden
Explorer und Developer der Multi-Millionen Goldunzen schweren Paul Isnard Discovery. Es hatte sich bereits angedeutet. Nun wurde es offiziell bestätigt: Der Projektpartner von Columbus Gold (TSX-V:CGT) in Französisch Guyana - der russische und wachstumsstarke Goldproduzent Nordgold (LSE:NORD) - steigt nun auch auf der Equity-Seite ein und übernimmt 9% der Anteilscheine. Zudem ernennt Columbus ein neues Vorstandsmitglied, das von einem Top-Manager von Nordgold besetzt wird (Mr. Oleg Pelevin, Director of Strategy and Corp. Development). Damit untermauen die zwei Firmen ihre enge Kooperation, wodurch indirekt natürlich das Übernahmepotential von Columbus Gold signifikant im Gesamtbild ansteigt. Der Erwerb des stattlichen Aktienpakets wurde via Cross Deals im September am offenen Markt durchgeführt. In diesen Insider-Transaktionen hatte der französische Goldproduzent und Großaktionär Auplata einen Teil seiner Columbus-Aktien an Nordgold verkauft. So gewinnt Columbus Gold binnen weniger Wochen zwei weltklasse Aktionäre, die zusammen knapp 20% der aufstrebenden Junior-Firma jetzt halten. Das sind erstklassige Neuigkeiten.
Nordgold Acquires ~9% Stake in Columbus Gold; Appointment of New Director
Vancouver, British Columbia, Canada, October 14, 2014 - Columbus Gold Corporation (CGT: TSX-V; CBGDF: OTCQX) reports that Nord Gold N.V. (LSE: NORD LI) ("Nordgold") has acquired ~9% of Columbus Gold in open market purchases during the period from September 2013 to August 2014 and Mr. Oleg Pelevin, Director of Strategy and Corporate Development for Nordgold, has been appointed to Columbus Gold's board of directors.
Robert F. Giustra, Chairman & CEO of Columbus Gold stated "We're very pleased with the opportunity to benefit from the exclusive insight that comes with the world's fastest growing gold company being a major shareholder and holding a board seat. As Director of Strategy and Corporate Development, Mr. Pelevin has played an instrumental role in Nordgold's success; his unique knowledge and experience are clearly valuable assets for Columbus Gold shareholders."
Mr. Oleg Pelevin holds the position of Director of Strategy and Corporate Development at Nordgold. He has been with Nordgold since its founding in 2007 as the gold mining division of OJSC Severstal, one of the world's leading vertically integrated steel companies. During his tenure, Nordgold has grown aggressively from an ambitious upstart to a major gold producer, and now operates nine gold mines in four countries. In 2013, Nordgold achieved 924,000 ounces of gold production and generated US$1.3 billion in revenue, earning it the distinction of being the world's fastest growing gold company..
Calibre Mining gehört
zu den ganz wenigen Goldaktien weltweit, die trotz des Einbruchs im
Goldminensektor in den letzten Wochen, eine herausragende Performance abgab.
Der Junior-Goldexplorer CalibreMining (TSX-V:CXB) schreitet mit
großen Schritten in der aufstrebenden Goldminennation von Nicaragua voran. Die
Explorations- und Bohrprogramme laufen nach Vorstellung und lieferten auch in
den letzten Wochen starke Ergebnisse.
Sehen Sie z.B. die News vom 24. September, in der Calibre
eine weitere Entdeckung von hochgradigen Goldmineralisierungen bekanntgab: Calibre Mining Announces Additional
Drilling Results at the Eastern Borosi Gold-Silver Project, Nicaragua,
including 6.5 Metres Grading 16.9 g/t Gold, Link: http://www.calibremining.com/s/News.asp?ReportID=675655
Die starken Resultate in der Projektexploration und die noch
besseren Aussichten auf die Entdeckung hochgradiger Goldvorkommen mit guter Qualität, kurbeln das Interesse an Calibre Mining seit vielen Monaten an. Nicht
ohne Grund sind Goldproduzenten wie B2Gold
Corp. und IAMGOLD als
Projektpartner bereits eingestiegen und investieren zweistellige
Millionensummen in die Exploration.
Mit dem Einstieg von
Branchenlegende Pierre Lassonde
(Gründer und Chairman von Franco-Nevada),
der rund 11% an Calibre mit einer strategischen Finanzierung in Höhe von 2 Mio.
CAD übernahm, hat sich das Interesse an der aussichtsreichen Gold-Story
nochmals schlagartig erhöht.
Die Entwicklung von Calibre's Aktienkurs ist im Vergleich zum Goldminen-Sektor in diesen Tagen eine wahre Augenweide:
Quelle: bigcharts.com
Folgend mein jüngstes Interview mit dem Chairman von Calibre
Mining, Douglas Forster:
Oliver
Gross (OG): Long story short. What are Calibre’s current investment highlights?
Douglas
Forster (DF): Calibre has partnered
with well-known mid-tier producing gold companies, B2Gold and now recently IAMGOLD.
Each partner is currently active and is
spending significant capital to earn-in respective optioned concessions located
in the prolific past producing Mining Triangle of Nicaragua. B2Gold,
Nicaragua’s largest gold producer and Calibre Mining have a (51%/49%) joint
venture.
Calibre
has granted B2Gold an option to increase their project ownership from 51% to
70% interest by spending an additional $6M. B2Gold has also recently increased
their corporate share ownership in Calibre from 10% to 15.2%. B2Gold
is very active on the property with a new gold discovery at the bulk tonnage
gold target, Minnesota Gold Project where trench results have returned 62m
grading 1.76g/t gold. With continued
success Calibre expects a drilling decision and anticipates B2Gold will elect
to drill this target before the end of the year.
IAMGOLD
executed an option agreement on adjacent concessions with Calibre in May 2014
to earn a 51% interest by spending $5M over 3 years with an additional option
to increase to 70% interest by spending another $5M over 3 years. Each option also comes with $450,000 in cash
payments to Calibre.
IAMGOLD
has already initiated a 3400 metre diamond drilling program and the first
results returned 4.8m grading 25.7g/t gold and 6.0m grading 14g/t gold.
OG: Why
should investors buy Calibre now?
DF: Calibre has two very active partners with
potential for significant discovery and both of these, as well as our 100%
owned project, are expected to generate further news flow in 2014. B2Gold is targeting bulk tonnage mineralization
on the Minnesota Gold Project where they are actively trenching and auger
drilling a 1.75km x 1.25km gold in soil anomaly following-up on the initial
discovery trench of 62m grading 1.76g/t gold.
IAMGOLD
is completing a 3,400m diamond drilling program targeting a series of well
defined structural targets with initial results returning 4.8m grading 25g/t
gold and 6.0m grading 14g/t gold. President and CEO, Greg Smith states: “This is a very encouraging start
to the drilling program on the Eastern Borosi Project. Drilling has intersected the mineralized structure
in every drill hole and this first set of assay results includes a number of
high-grade gold intercepts. The drilling
program is progressing on schedule and on budget and additional assay results
will be released when available”.
In
addition, Calibre has a large 100% owned land package with a discovery at the
Montes De Oro gold project where the company has identified a 400m by 650m
anomaly which includes trenches grading 52m at 7.0g/t gold, 27m at 4.9g/t gold
and 33m at 2.1g/t gold. This is a high
priority drill ready target and Calibre is now evaluating options including the
possibility of bringing on another well funded partner.
OG: What can we expect in view of news flow
and progress during the next months?
DF: Calibre and our partners continue to
explore and build on recent discoveries on the Borosi Concessions. This mineral rich district remains
under-explored and has excellent potential for additional gold-silver-copper discoveries.
We expect additional diamond drilling results
from IAMGOLD for the remainder of the Phase I, 3,400 meter, program. B2Gold contunes to advance the Minnesota Gold
Project and we can expect additional trench results and with contriunued
success a drilling decision. Calibre
will be making a decision on how to advance the 100% owned Montes De Oro either
bringing in another new partner or potentially working on the project
ourselves. On-going work at Montes de
Oro includes additional rock sampling and a ground magnetic survey.
OG: Why is Nicaragua a lucrative and save
place to invest?
DF: Nicaragua has a very long mining history
with a strong mining law and pro-mining investment climate. Nicaragua is rated the safest country in
Central America with modern infrastructure. Calibre’s partner B2Gold is one of the major
employers in Nicaragua and is the largest exporter of gold. Finally, from a geological perspective
Nicaragua is one of the most prospective and prolific regions which is now
attracting significant foreign investment from well-known producing gold
companies. The country remains extremely
underexplored.
OG: Junior gold market YTD- the situation for
the most gold companies remains very challenging and your stock is trading near
the 52 weeks high resulted by your strong progress during FY2014. When do you
guess we will see a stronger recovery and how/why will Calibre benefit?
DF: We believe we have adapted appropriately
to the market conditions by partnering our projects with well-known, cash flow
positive mid-tier gold companies. This stategy
has reduced our burn rate ensuring that Calibre will have minimal share
dilution while continuing to advance our projects. Our partners remain confidently optimistic
about the geological potential and are therefore spending significant capital
which provides good news flow for the investors.
We
anticipate markets to remain volatile for several months, however the companies
that have low overhead and active programs with new discoveries will be the
ones that will reap the immediate benefits. We anticipate the junior market to begin its
recovery once gold prices start to break through $1300 and the macro landscape
for hard assets firming up. Once this
begins Calibre will benefit from having significantly advanced projects in a
safe jurisdiction with well-known partners spending capital and creating
exciting news flow.
OG:
Please give us some more insights into
your first-class investor base and your strong story supporters.
DF: First and foremost management is a
significant investor with approximately 10% ownership. Our partner B2Gold not only has an active
program underway on the ground within a joint venture structure but also now
owns 15.2% after recently increasing their equity position over the past few
months. In addition we have significant
institutional ownership and coverage with well-known analysts including
Exploration Insights (Brent Cook) following the company.
Calibre Mining mit Meilenstein-News:
Branchen-Legende Pierre Lassonde kommt an Bord
Der legendäre Branchen-Guru,
Top-Entrepreneur und Drahtzieher von etlichen Erfolgs-Stories - Mr.Pierre Lassonde- kauft sich in Gold-ExplorerCalibre Mining(TSX-V:CXB) ein, der seine Goldprojekte im Mittelamerika-Staat Nicaragua
u.a. mit dem wachtumsstarken GoldproduzentenB2Gold(TSX:BTO) vorantreibt..
New York City (Kitco News) - There is a reason to hold gold but patience is a virtue, said Frank Giustra, renowned resource investor and co-founder of the Clinton Giustra Enterprise Partnership.
"All the reasons why gold went to $2,000 in the first place are still there, and in spades," he said during an interview with Kitco News’ Daniela Cambone at the Clinton Global Initiative annual meeting on Tuesday.
Gold is currently stuck in a 'no one cares phase' but his views on the metal remain unchanged he said on the sidelines of the annual meeting in New York.
"Nothing has changed fundamentally to tell me in any way that one should divest of their gold position," he said. "I just think you have to have some gold in your portfolio because currencies are being devalued by money printing worldwide."
Frank Giustra, co-founder of the Clinton Giustra Enterprise Partnership and CEO of Fiore Financial talks with Kitco News during the 10th annual Clinton Global Initiative annual meeting, in New York City.
Looking ahead, Giustra, who is also the CEO of Fiore Financial, said that he does not expect to see a robust U.S. economy once the Federal Reserve ends its quantitative easing program. Last week, following the Federal Open Market Committee Meeting, Fed Chair Janet Yellen confirmed that central bank intends to end its monthly bond-purchase program in October.
"I think the accommodative policy that's been in place for a number of years now is going to have to continue in some fashion, and that's always good for gold," Giustra argued.
Catching the Canadian investor's attention these days are the gold mining stocks.
"For many years I liked physical [gold]," he said. "But now, what's happened in the last couple of years with this very severe bear market in the mining sector is that the gold stocks are becoming much more interesting," said Giustra who also serves as an advisor for Endeavour Mining.
Giustra, remains optimistic for gold, ending off the interview with one clear message:
"I think we're in the middle of a very long-term bull market in gold […] the situation hasn't improved, in many cases it's gotten much worse, so there is a reason to hold your gold.."
Besonders aussichtsreiche und substanzstarke
Junior-Stories erhalten auch in dieser enorm schwierigen Marktphase Kapital.
Sehr spannende News bei Columbus Gold (TSX-V:CGT). Ein überzeugter und wohlhabender Investor aus den Vereinigten Staaten hat sich mit einer Millionen-Summe (> 5,3 Mio. CAD) eingekauft und hält jetzt rund 10% am Unternehmen.
Es war meines Erachtens genau der richtige Schritt von Columbus, die ursprüngliche Finanzierung zu verringern und nun einen Insider-Deal mit einem starken Investor vorzuziehen. So wandern die neuen Aktien in starke Hände (laut des CEOs Robert Giustra "ein besonnener Langfrist-Anleger") und Columbus erhält das Geld ohne neue Warrants ausgeben zu müssen.
Mit der frischen und für diese Marktverhältnisse definitiv beachtlichen Geldspritze kann auf dem fokussierten Gold/Silber-Projekt in Nevada (Eastside) jetzt ein intensives Bohr- und Explorations-Programm gestartet werden.
Parallel werden die Entwicklungen auf dem Flaggschiff Paul Isnard in Französisch Guyana mit dem Projektpartner Nordgold (LSE:NORD) vorangetrieben. So wird der Newsflow in den nächsten Monaten gewiss nicht abreißen..
Der Aktienkurs explodiert heute und legte binnen 24h um über 20% zu, das Handelsvolumen in den letzten Tagen ist eindrucksvoll.
Quelle: bigcharts.com
Quote:
Columbus Gold: Starker Newsflow - Zwei Company-Maker Gold-Projekte jetzt im Fokus
Columbus Gold (TSX-V:CGT) ist ein Junior-Explorer und Projekt-Entwickler, der im Südamerika-Staat Französisch Guyana und im US-Goldminen-Heimatstaat Nevada seine Projekte exploriert und entwickelt..
Columbus Gold: Drittes Bohrgerät auf Hauptprojekt Paul Isnard in Französisch Guyana ab sofort aktiv
Bei Gold-Explorer Columbus Gold (TSX-V:CGT) hält der starke Newsflow an. Die Explorationsprogramme auf dem Hauptprojekt Paul Isnard, die zu 100% von Projekt-Partner Nordgold (LSE:NORD) finanziert werden, laufen jetzt planmäßig auf Hochtouren: 3 Bohrgeräte sind nun voll aktiv..
Henry Bonner @ Sprott Thoughts mit den neusten und wie immer lesenswerte Zeilen von und über Frank Giustra.
Frank Giustra: I Was Early But I'm Still Buying
Sprott's Thoughts - Friday, September 19, 2014 - Henry Bonner-
A few weeks ago, we heard from Pierre Lassonde of Franco-Nevada on the power of the royalty business model. Just recently, I spoke with another ‘superstar’ of the natural resource industry -- Frank Giustra.
Mr. Giustra started out as an assistant trader and then became a stockbroker at Merrill Lynch in his early career. He later went on to join Yorkton Securities, where he helped launch a new branch geared towards financing resource companies in Europe. He is now an advisor to major gold miner, Endeavour Mining Corporation.
As we discuss in this interview, he’s a serial entrepreneur. In the late 90’s, he founded Lionsgate Entertainment - the company behind The Hunger Games and Michael Moore’s Fahrenheit 9/11. The company had over $2 billion in revenue in 2013, and owns the rights to the hugely successful Twilight movie franchise and The Expendables series, among other big blockbuster titles.
Leaving movies for another day’s topic, we went on to discuss his views on the mining sector, though he did leave me with his quick take: “Making good movies is tough -- more an art than a science. It’s easy to get sucked into bad projects by people in the movie industry. You have to be on your guard.” Probably useful to remember when looking at small-cap mining stocks too.
“What’s your view, as an investor, on the resource market?” I asked.
“Wow, that’s a general question,” he laughed. Luckily, he indulged me with a response: “first off, the market does look like it’s past the bottom. Second, you still have time to implement a ‘simple’ contrarian strategy -- buy real, proven, assets cheaply and wait for them to be re-priced by the market.
“Many assets are on the market today that bear little risk to investors, but are trading well below their fair value because of the severity of the bear market. When an asset has already been studied and understood, analysts can come up with a good estimate for the value of the resource – a mineralized ore body – that is in the ground. In a very bad bear market, these assets trade cheaply – but it has nothing to do with the merits of the asset; it’s all about the market’s attitude towards resources. ‘Buy right, sit tight.’ Once you’ve bought the right assets, just wait for the market to re-value your asset higher.”
Can you buy safely, knowing the bottom is likely behind you?
Unfortunately, even for a veteran, serially successful investor like Mr. Giustra, you can get the call wrong:
“You can never pick absolute tops or absolute bottoms. Nobody can do that. I called the bottom a couple of years too early. What have I done about it? If you pick the bottom at the wrong time, and the market keeps getting cheaper, you can keep buying if you have the cash – but don’t ‘average down’ into bankruptcy. Your approach will depend on your financial situation. In 2013, I had the cash, so I averaged down.”
What about backing exploration companies that are looking for new deposits – the early-stage exploration juniors?
Mr. Giustra said the exploration stocks would be the last ones to rally in a recovery, so he was focusing on developed assets for now. When money begins to enter the resource sector, the first assets to go higher will be low-risk assets that have already been thoroughly explored and delineated. Those assets will get bought up by investors, or taken out by mining companies to get put into production.
“Exploration will have its day later in the cycle, but it’s just way too early for those companies for me,” he said.
What do you do after mining finance and major movie production? I asked whether there were any more major projects in the works.
“Yes,” he said, “for a long time, I’ve been interested in the healthy, natural food sector. I’m trying to tap into a new trend, which is especially popular among a younger generation. There’s demand for food that comes from ‘natural’ farming practices – not the feedlots and heavily industrialized agriculture that uses GMOs, pesticides, hormones and antibiotics. I’m involved in branding, packaging, production of these types of foods – I even started a magazine called Modern Farmer that’s geared towards people in this demographic.”
Mr. Giustra spent part of his childhood in Italy. Now, he owns an olive oil producer that makes olives in Italy and ships them to North America. His brand, called Domenica Fiore, was rated the top olive oil at a global competition in New York. And he ‘eats his own cooking’ – “I’ll use olive oil over butter any day,” he says. “So I make the best olive oil in the world. It’s my own little thing.”
The last subject we touched on was the state of the dollar and bonds, and whether he had any worries about the outlook for the US economy.
“I think that the general stock market, the dollar, and bonds are in for a severe correction,” he ventured. “If there’s one thing I’ve learned from my career it’s that there are consequences to economic decisions. At some point down the road, there will be consequences to massive money printing and bond-buying. For now, those consequences have not been very negative, but there are always adverse effects. There’s a downside, and I think we will experience that in the form of major economic disturbances going forward. Will it come in the form of hyperinflation? Depression? I don’t know. But there is a price to pay – and I think it’s going to be severe.”
Aufstrebende Story im kolumbianischen Ölsektor: Petroamerica Oil - Frank Giustra's Liebling bricht aus Geduld, Durchhaltevermögen und ein starker Fokus auf hohe Qualität inkl. starker Fundamental-Daten zahlen sich im Rohstoff- und Minensektor langfristig nahezu immer aus..