Aug. 9 (Bloomberg) — Pacific Rubiales Energy Corp., Latin America’s most valuable non-state crude producer, said buying a light crude producer in Colombia would help reduce transport costs for the mostly heavy oil producer. Increasing low-density crude output would reduce purchases of diluents needed to transport heavier oils by pipeline, Chief Financial Officer Carlos Perez… Continue Reading

Pacific Rubiales (PRE:TSX) the Colombian oil producer, headed by Co-Chairman Serafino Iacono, announced its second quarter results which were somewhat mixed.  PRE saw its net earnings diminish from $224 million ($0.76 per share) in Q2/2012 to $58 million ($0.18 per share) in Q2/2013.  The reason for the reduced earnings was foreign exchange losses as well… Continue Reading

Capstone Mining (CS:TSX) announced today that it would acquire the right to earn up to 70% of the Project Providencia from Sociedad Quimica y Mineral de Chila S.A. (SQM).  The property is somewhat strategic in that it sits approximately halfway between Capstone’s Santo Domingo Project and Anglo American’s Mantos Blancos copper mine. SQM is a… Continue Reading

Kip Keen at Mineweb has a new interview with Dave Lowell, Chairman & CEO of Lowell Copper (TSXV:JDL), discussing the Ricardo property in Chile. Finding an ore body at Ricardo will be challenging, Lowell says. “We’re looking for vertical tabular slabs of ore with no alteration halo on either side and it probably will be deep,… Continue Reading

Canacol Energy (CNE:TSX) provided production results from its wells in Colombia and Ecuador.  CNE’s total corporate production in July averaged 10,120 boepd, of which 7,027 bopd was crude oil with another 3,093 boepd of gas.  Month over month growth in total corporate production was 17.5% (8,616 boepd in May and June) and 22% (5,794 bopd)… Continue Reading

Platino Energy Corp (PZE:TSXV) to sell its 50% WI in the Morpho Block in the Middle Magdalena Valley Basin in Colombia to Parex Resources (PXT:TSX).  As part of the deal, Parex will give PZE a 4% NPI royalty on the block.  This makes sense for PZE because they need to allocate capital efficiently, like everyone… Continue Reading

Exeter Resource Corp (XRC:TSX) was up 50% in early trading and closed up 22% with abnormal volume on no news today.  Exeter has been advancing the very large, but costly Caspiche gold/copper porphyry in Chile which boasts 19Moz Au and 4.62Bn lbs Cu in reserves which ranks it in the top 1% of global gold… Continue Reading

Very strong results from Petroamerica Oil Corp. (TSXV:PTA) today, announcing flow tests from their Las Maracas-11 well at 3,600 bopd. Average production for the month of July for PTA (up to July 24) was 5,600 bopd, not including production from Las Maracas-11. The company has over US $48 million in cash on hand, and is fully… Continue Reading

Primero Mining Corp (TSX:P) provides an update on the proceedings at the Cerro del Gallo Au-Ag project in Mexico. Primero acquired the Cerro del Gallo project in May 2013 from Cerro Resources NL in a share/cash/spin-out deal that saw Primero retaining a 69.2% interest in the project; offering Cerro Resources shareholders 0.023 Primero shares and shares… Continue Reading

Bloomberg reports on the current mining market meltdown’s devastating impact on Canada’s investment community. Mark Morabito, chairman of Alderon Iron Ore Corp. (ADV), was quoted. “I’m now dealing with the top guys, the global heads of mining, because the guys in between are all gone… Toronto is just a dead zone.” Read: Toronto Bankers Feel Pain From Mining… Continue Reading

Brazilian billionaire promoter Eike Batista regrets using the public markets to finance his activities, he writes in an op-ed to Valor Thursday. “More than anyone, I wonder where I went wrong. What should I have done differently? A first question might be linked to the funding model I chose for the companies. Today, if I could go… Continue Reading

LIBERTY METALS & Mining Holdings continues to take stakes in emerging gold and metals producers. This one has Karma. The unit of the large insurer, Liberty Mutual, came across my screen about a year ago, when it gave Red Eagle Mining in Colombia (RD in Canada) $8 million in exchange for a net smelter royalty… Continue Reading

Yesterday Petroamerica Oil Corp (C:PTA), an emerging light oil producer in Colombia, received a buy recommendation and a $.45 price target from Canaccord Genuity energy analyst Christopher Brown in Calgary. Canaccord Genuity now joins CIBC World Markets, TD Securities, Haywood Securities, Raymond James, and others in recommending Petroamerica’s shares. Mr. Brown cited PTA’s attractive valuation… Continue Reading

Octogenarian self styled ‘treasure hunter’ Dave Lowell, who we called Mining’s Greatest Explorer in a January, 2013 short film about the legend, has launched a new copper exploration and development company, Lowell Copper, and subsequently raised $11.4 million in a financing in which we participated (details). The company’s principal asset is the Ricardo project in… Continue Reading

Well-known Toronto-based mining and energy promoter Stan Bharti of Forbes and Manhattan has opened up to Mineweb’s Kip Keen. Here’s a link to the article. Excerpts include: “At Forbes & Manhattan we always tell people, find good assets in emerging markets so you don’t overpay for them. I mean any fool can go and pay… Continue Reading