This morning, Norway’s largest oil producer, Lundin Petroleum (LUP:TSX, LUPE:ST) announced its capital allocation for 2014 and its a staggering $2.1 billion.  Projected expenditures on development projects in 2014 are expected to grow by 25% over the 2013 to $1.4 billion.  The company expects to spend roughly the same this year as they did last year on exploration which is… Continue Reading

Chile is facing a widespread port strike which is affecting the South American country’s number one export; copper.  According to reports, Codelco has been affected to the tune of $130 million.  In 2011, a one-day strike cost Codelco roughly $40 million.  The company uses the San Antonio Port to ship sulphuric acid from the south… Continue Reading

A very rare trading session today for the gold sector: Click to enlarge It might not be a coincidence that today’s 3.14% rally in gold stocks coincided with the last day for tax loss selling in Canada – if history is any indication the gold miners could be in for a long overdue Santa relief rally… Continue Reading

Sound familiar?  That’s because Asanko Gold (AKG:TSX) and PMI Gold (PMV:TSX) attempted a merger in late 2012 that was mutually terminated in early 2013 after it became apparent they wouldn’t get the supermajority votes necessary to complete the transaction.  Now, after the largest price decline in gold in over a decade and the substantial derisking that… Continue Reading

As most other banks try to offload their commodity trading desks amid weak commodity prices, Wells Fargo is attempting to build a desk in London, according to reports. Janet Mirasol was hired last month from R.J. O’Brien to lead their OTC and listed derivatives team in New York.  Wells will look to add commodities traders… Continue Reading

Running out of financial flexibility, Bruce McLeod’s Mercator Minerals (ML:TSX) has agreed to a merger/takeover by Intergeo which is a subsidiary of ONEXIM Group(controlled by Russian oligarch, Mikhail Prokhorov worth an estimated $13 billion).  The deal will see Mercator’s assets get a much needed injection of capital.  Intergeo’s controlling shareholder Daselina (part of ONEXIM) will provide a… Continue Reading

IAMGOLD Corp. (IAG) suspended its dividend after the close today. This decision was many months in the making – anyone who looked through the company’s latest investor presentation would have quickly deduced that with gold waffling near $1250/ounce, IAG would be hard pressed to be able to continue paying a dividend due to its relatively… Continue Reading

Apparently, Colossus Minerals (CSI:TSX) will no longer be “Building Brazil’s Next Gold Mine” as they state on the front of their corporate presentation.  Late last week, CSI announced that they would be revising their plans for the Serra Pelada gold-platinum-palladium development project in Brazil following financial liquidity concerns and meetings with key stakeholders.  On Friday, the company… Continue Reading

An article from Mineweb’s Alex Williams this morning summarized the recent discussion Rick Rule (Chairman of Sprott US Holdings) and Robert Friedland had at this year’s Mines & Money Conference in London, UK.  Below are a few of the quotes from the article: “This is very much what a bottom feels like,” said Friedland. “Most of the CEOs of the major mining… Continue Reading

Lukas Lundin’s Lucara Diamond (LUC:TSX) sold almost $23 million from their third ‘exceptional’ stone tender.  The diamonds were from the company’s Karowe mine in Botswana which has been the backbone of the company’s success this year.  In May of this year, LUC announced their first stone tender which sold 15 stones for gross revenue of… Continue Reading

Although maybe not surprising given the share price performance, the market doesn’t like the fact that Gerald Panneton has resigned as President and CEO of Detour Gold (DGC:TSX) with shares down over 30% at the time of writing.  Given the year-to-date share price performance (down over 80%) and the fact the stock has dramatically underperformed both the… Continue Reading

According to Bloomberg, Goldman Sachs is trying to find a bidder for their uranium trading unit as the price of uranium continues to fall and regulators start to tighten up on the banks physical trading units.  The Federal Reserves is scrutinizing banks due to lawmakers and regulators concerns that the banks abuse their roles in physical commodities… Continue Reading

Rightfully, many investors in the junior sector look at stock recommendations from analysts or experts with a great degree of skepticism. The junior sector is small and there are always potential conflicts of interest evident in these types of recommendations. For example, sell-side analysts may cover a company for which their firm also provides investment… Continue Reading

Frank Holmes – CEO and CIO of US Global Investors (Interview by Sharad Khare) “A key value is to recognize other people, for any form of achievment, whatever they do…Always show that gratitude for others.” Related: This weeks Frank Talk Blog – “Don’t Miss This Golden Cross in Resources” Visit US Global’s website at: http://usfunds.com/

The Globe and Mail, Canada’s national newspaper, has published a story I wrote about Canaccord Genuity’s Global Resources Conference and why four veteran investors (Frank Giustra, Frank Holmes, Randall Oliphant and Paul Reynolds) are optimistic for gold and resources shares. The article is behind the Globe Unlimited paywall, which is worth the $30 per month for… Continue Reading