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How the current board of directors at Minera IRL ( (MIRL.L) wastes money

Yesterday October 6th, the newspaper USA Today ran a supplement in its dead tree edition. The 12 page supplement is called "Our World" and was about Peru. If you'd like to see the thing online, you can go to this link and then on the right near the top click on the link to the PDF edition dated October 6th in the "Country Reports" banner, which looks like this:

Then when your PDF is downloaded, go to page five and you'll see this quarter-page advert for Minera IRL:

There's no other mention of IRL in the publication.

The Hodges Lackeys Board of Directors paid U$33,000 cash to place that single advert. Thirty-three thousand United States Dollars.

Then again, they get it placed for free on IKN.

UPDATE: Reader 'BB' makes a good point:
"What makes this even more of a waste of money, if that's possible, IMO, is that if anyone decided to check out the company after seeing the ad, they'd see that trading has been halted etc etc. Embarrassing."

Standard T(r)olling (TON.v): A quick Ottotrans

A part of this NR:

Mr. Leonard Clough, President and CEO of Standard, commented "The fundamental basis of this transaction lies in our collective belief that gradually ramping up and fully optimizing one processing plant is better than operating two plants below full capacity at potentially non-optimized margins. While the capital cost to complete construction at the Northern gold plant is relatively modest, the challenges associated with achieving sustainable margins, commissioning costs, potential export licencing delays, and time associated with recovering the 18% IGV/VAT, all in a capital-starved market, increase uncertainty, and make the commissioning exercise seem somewhat unrealistic at this time. While the business opportunity of toll processing remains solid, staying power is critical, and we believe a combination with Inca One helps achieve that. I look forward to assisting Edward Kelly and his team in sharing the new story, one of free cash flow, sustainability, and calculated expansion."

Translation: "We couldn't raise the money".

And another promising company is crushed by the wheels of industry. So it goes.

Franco Nevada's (FNV) deal with Antamina

That's one helluva good deal, Pierre.


Timmins Gold (TGD) Reader 'RW' and your humble scribe are in complete agreement about...'s news from TMM regarding the departure of (now erstwhile) CEO Bruce Bragagnolo.

We both think it's amazing that Steve Letwin is still boss at IAMGOLD.

As for the TMM news, the stock is 10% up on strong volume. And that's all the commentary you'll ever need. Bye bye Bruce.

The undoubted genius of sellside anal ysts

Gold's up, the stocks are popping higher, we're suddenly all smart again.

So it goes.


Another Gran Colombia Gold ( murder

What fun. The need-to-know is:

Fernando Augusto Silva Henao, 45, one of the leaders of the miners working for Gran Colombia Gold ( was shot dead last Thursday after leaving his home on the way to work. He took six bullets. Suspicion has fallen on the ultra-right-wing Urabeños paramilitary group in the area, because the workers have refused to pay them any more protection money. The approximate 1,500 workers are now on strike t protest the insecurity under which they work.

Link here.

OT: Regarding advertising revenues and ad blocking software

In the last three months I've watched as the advertising revenue from the ads run here at IKN has dropped off considerably. Here's a chart that shows the monthly US Dollar earnings from those ads since 2012:

It's always been around U$150/month from the ads (nobody's idea of a king's ransom, but it pays a few bills) but now and for the first time since 2009 I've had months that score less than U$100. The last two months, to be precise. As blog visitor numbers haven't dropped off in the period (in fact they've been growing) the only thing that comes to mind is the recent rise in the use of advert blocking software such as Adblock (which for the record i use too) or Ghostery (which i also use and for me is the better of the two). There's been some sort of critical mass reached with the popularity of ad-blocking in these recent months, i see the subject discussed a lot over the interwebz, things of that sort. From my admittedly anecdotal evidence, there may be a surprise in store in the quarterly results of companes that rely on this income far more than your humble scribe will ever do for his hundred or hundred-fifty.

UPDATE: In an ironic twist, reader SB writes in to say that...

"...the chart on this page doesn’t show up unless you turn off adblock."

Gotta laugh.

New Gold (NGD) ( escape velocity

It's about to run.

U$3 here we come. And yes, I own a few.