Monday 28th September 2020

Resource Clips


Posts tagged ‘mexico’

Over three years later, the BCSC rules on geo’s tip-off, wife’s insider trading

April 13th, 2015

by Greg Klein | April 13, 2015

News from her geologist husband helped Amina Weicker swing a $40,000 profit through insider trading, the British Columbia Securities Commission found. On April 10 the BCSC stated the investor’s husband, Robert Weicker, “tipped his wife” and that she consequently “engaged in illegal insider trading.”

Over three years later, the BCSC rules on geo’s tip-off, wife’s insider trading

The circumstances go back to 2011, when Geo Minerals Ltd, then trading on the Venture, was in takeover talks with New Gold TSX:NGD. Between September 12 and October 11 of that year—while negotiations progressed, a non-binding letter of intent was received and lock-up agreements were signed—Amina Weicker bought a total of 729,945 shares at prices between $0.10 and $0.11. The two companies announced the takeover on October 17, 2011. Seven weeks later Amina Weicker sold at $0.16, realizing an approximately $40,000 profit.

During that time Robert Weicker was a consulting geologist for Geo.

A BCSC panel found “he informed his wife of material information that had not been generally disclosed regarding the acquisition of that company. Amina Weicker then used this information, prior to its public disclosure, to purchase securities of Geo Minerals.”

The panel concluded that Amina Weicker committed insider trading and Robert Weicker disclosed material facts by someone in a special relationship with an issuer.

An allegation of insider trading against Robert Weicker was dismissed.

The parties have until next month to make submissions on the sanctions to be levied by the commission.

Speaking to ResourceClips.com, BCSC media relations manager Richard Gilhooley said he can’t comment on how and when the commission learned about the case. As for the time it took to come before a panel, “These investigations tend to be quite complex and there are a lot of moving parts, particularly with an insider trading investigation,” he stated. “So I think it’s down to the complexity of these cases.”

The Geo acquisition and coinciding takeover of Silver Quest Resources expanded New Gold’s Blackwater claims in central B.C. The company, which operates mines in B.C., Mexico, California and New South Wales, took Blackwater to feasibility in December 2013.

Unflappably unfazed, Rob McEwen discusses the 7,000-ounce gold heist

April 10th, 2015

by Greg Klein | April 10, 2015

If you like your mining CEOs calm, confident, soft-spoken and even smiling in the face of calamity, Rob McEwen’s your man. Speaking with BNN’s Andrew Bell on April 9, the McEwen Mining TSX:MUX boss presented a model of poise, at times smiling broadly as he discussed the 7,000-ounce gold robbery two days earlier at his El Gallo 1 refinery in Sinaloa, Mexico. McEwen owns a 25% stake in the company, and therefore any loss.

Unflappably unfazed, Rob McEwen discusses the 7,000-ounce gold heist

McEwen: “Um, it’s not funny to laugh at.”

Bell told him, “Some people might say, ‘How could this happen?’ I mean, it’s $8 million worth of gold.”

McEwen laughed as he replied, “Yeah, I was saying that too.” Quickly regaining composure, he conceded, “Um, it’s not funny to laugh at.”

His demeanour might have sometimes suggested otherwise but McEwen’s statements did express concern. He assured Bell that no serious injuries were suffered, although security staff might have been emotionally scarred. McEwen also expressed confidence in state government and local police. Nor has he written off the loot. Insurance would cover some of it but, he said, “We hope we’re not going to lose anything because we hope to recover the gold.”

As for the facility’s future security arrangements, he said, “It’ll look like Fort Knox.”

Despite the robbery, the company has said El Gallo will maintain 2015 guidance of 50,000 ounces gold and 20,000 ounces silver.

 

China has likely reached peak graphite: Benchmark Mineral Intelligence

December 15th, 2014

by Greg Klein | December 15, 2014

Production from the world’s largest supplier of natural graphite dropped to a record low in 2014, according to a December note from Benchmark Mineral Intelligence. After hitting a high of 85% of global supply in 2013, China fell to 70% this year, writes Benchmark analyst Simon Moores. Over the next three to five years the country’s output will continue falling to about 50% or 60% of world production. That means “we have likely seen peak graphite supply in China.”

Although demand from the steelmaking industry should continue to grow between 1% and 3% a year, batteries will call for five to 10 times as much graphite, Moores adds. He asks whether consumers will turn to synthetic material to make up the shortfall.

But the market’s currently oversupplied with both natural and synthetic, according to Laura Syrett of Industrial Minerals. Reporting from the Graphite and Graphene Conference in Berlin on December 12, she attributed the glut to a three-year slowdown in steelmaking and slower-than-expected growth in the battery industry.

Still, “growth will come from the battery market,” she quoted Asbury Graphite Mills CEO Stephen Riddle. “This will be from batteries used in electric vehicles and energy storage—not cell phones or iPads. These don’t use enough graphite.”

Synthetic graphite could claim a larger share of the market despite its price, said Fabrizio Corti, senior VP for sales and business development at Imerys Graphite and Carbon. “Only a very small proportion of the graphite we have today is suitable for high-end markets and even this requires heavy processing.”

With natural graphite producers wasting about 60% of volume to create battery-grade material, natural and synthetic costs roughly the same, he told the conference.

Two former flake graphite mines re-opened in 2014, Syrett pointed out. Last April AIM-listed StratMin Global Resources began commercial production at its Loharano mine in Madagascar. In August Flinders Resources TSXV:FDR produced the first concentrate from its Woxna mine in central Sweden.

Flinders has signed a binding letter agreement to acquire Big North Graphite TSXV:NRT, which holds a number of projects in Canada and Mexico including Nuevo San Pedro in Sonora state, a joint venture in which the company test-mines and sells amorphous graphite.

November 17th, 2014

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Gold demand declines to five-year low globally but rises in India NAI 500
Swiss regulator fines UBS for precious metals price manipulation SilverSeek
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The Swiss gold initiative and why it may affect bullion prices Stockhouse
Gold, economic theory and reality: A conversation with Alan Greenspan Streetwise Reports
Selective financing to snag pace of mine development Industrial Minerals
The last resort when monetary policy fails Equedia

November 14th, 2014

Gold demand declines to five-year low globally but rises in India NAI 500
Swiss regulator fines UBS for precious metals price manipulation SilverSeek
The emerging Guerrero Gold Belt of Mexico Geology for Investors
The Swiss gold initiative and why it may affect bullion prices Stockhouse
Gold, economic theory and reality: A conversation with Alan Greenspan Streetwise Reports
Nobody mourns death of QE as treasuries prove insatiable VantageWire
Selective financing to snag pace of mine development Industrial Minerals
The last resort when monetary policy fails Equedia

November 13th, 2014

Swiss regulator fines UBS for precious metals price manipulation SilverSeek
The emerging Guerrero Gold Belt of Mexico Geology for Investors
China gold buying means price floor to Standard Chartered NAI 500
The Swiss gold initiative and why it may affect bullion prices Stockhouse
Gold, economic theory and reality: A conversation with Alan Greenspan Streetwise Reports
Nobody mourns death of QE as treasuries prove insatiable VantageWire
Selective financing to snag pace of mine development Industrial Minerals
The last resort when monetary policy fails Equedia

November 12th, 2014

Swiss regulator fines UBS for precious metals price manipulation SilverSeek
The emerging Guerrero Gold Belt of Mexico Geology for Investors
China gold buying means price floor to Standard Chartered NAI 500
The Swiss gold initiative and why it may affect bullion prices Stockhouse
Gold, economic theory and reality: A conversation with Alan Greenspan Streetwise Reports
Nobody mourns death of QE as treasuries prove insatiable VantageWire
Selective financing to snag pace of mine development Industrial Minerals
The last resort when monetary policy fails Equedia

November 11th, 2014

Rick Rule: We’re locked in a war that we can’t help but win GoldSeek
The emerging Guerrero Gold Belt of Mexico Geology for Investors
China gold buying means price floor to Standard Chartered NAI 500
The Swiss gold initiative and why it may affect bullion prices Stockhouse
Gold, economic theory and reality: A conversation with Alan Greenspan Streetwise Reports
Nobody mourns death of QE as treasuries prove insatiable VantageWire
Selective financing to snag pace of mine development Industrial Minerals
The last resort when monetary policy fails Equedia

November 10th, 2014

The emerging Guerrero Gold Belt of Mexico Geology for Investors
China gold buying means price floor to Standard Chartered NAI 500
The Swiss gold initiative and why it may affect bullion prices Stockhouse
Gold, economic theory and reality: A conversation with Alan Greenspan Streetwise Reports
Nobody mourns death of QE as treasuries prove insatiable VantageWire
Selective financing to snag pace of mine development Industrial Minerals
The gold manipulation debate, if you can call it that GoldSeek
The last resort when monetary policy fails Equedia

Graphite M&A: Flinders to take over Big North, acquire Mexican past-producer

September 2nd, 2014

by Greg Klein | September 2, 2014

Two companies focused on former graphite mines would become one under a binding letter agreement announced September 2. Flinders Resources TSXV:FDR, which last month began production at its Woxna mine in Sweden, intends to acquire Big North Graphite TSXV:NRT, which holds the El Tejon project in Mexico. Like Woxna, El Tejon is a past-producing flake graphite mine that was placed on care and maintenance.

Flinders to take over Big North, acquire Mexican past-producer

A mine and mill acquired last May brought
Big North to the attention of Flinders Resources.

Flinders is credited with first place in graphite’s race to production but was actually second to Big North, which has been test-mining and selling amorphous graphite from its 11-hectare, Nuevo San Pedro 50/50 joint venture in Mexico’s Sonora state. The company also holds graphite properties in Ontario and Quebec.

But Flinders has its eye on Big North’s El Tejon, a 500-hectare property with an open pit mine and mill in southern Mexico that’s been on care and maintenance since 2002. The mine has produced graphite in large, medium and fine flakes. An historic, non-43-101 report from 1990 attributed grades of 3.54% and 3.79% graphitic carbon (Cg) respectively to two deposits.

Big North closed that acquisition in May for US$1.7 million, 12.5 million shares and a 3% net profits interest. The company stated it expected the project to be fully permitted within six months. An estimated US$2.25 million would refurbish the mill’s first line, Big North added.

Flinders has an opening ceremony planned for its central Sweden project this month, after re-starting operations in early August. The open pit and mill had been on care and maintenance since 2001. The project has measured and indicated resources totalling 2.8 million tonnes averaging 10.7% Cg. Flinders hopes to increase those numbers by proving up historic resources.

The deal would swap one Flinders share for nine Big North shares. Among other conditions, the latter company’s outstanding debentures must be redeemed or converted to Big North shares. The parties plan to complete due diligence by October 6. Big North shareholders will vote by December 15. The company faces a $500,000 break fee if it pulls out under certain circumstances.

Should all go to plan Big North would become a wholly owned subsidiary of Flinders, anticipated to be run by the bigger fish’s management.

Read more about Flinders Resources.

Read about Tesla Motors’ prospects for graphite.