Good People of the World,
Waving
the White Flag means to surrender or indicates you wish to talk or negotiate
with the opposite side. The White Flag or Banner is a symbol of surrender or
truce in the form of giving up, or force weakened or yielding.
This
is the time People of the world unite to demand and defend rights for public
service for stakeholding, environmental protection, Social Welfare, health with
complete package demands for human rights; in mutually shared interest that are for common good of all and where opportunity is available to all.
Rights are fundamental basics requirement for human rights to a secured and sustainable livelihood and survival in a respectable, fulfilling, honored and dignified manner. It is the Purpose, Will and Promise for God's creation.
Rights are fundamental basics requirement for human rights to a secured and sustainable livelihood and survival in a respectable, fulfilling, honored and dignified manner. It is the Purpose, Will and Promise for God's creation.
Judy Miriga
Diaspora Spokesperson
Executive Director
Confederation Council Foundation for Africa Inc.,
USA http://socioeconomicforum50.blogspot.com
Diaspora Spokesperson
Executive Director
Confederation Council Foundation for Africa Inc.,
USA http://socioeconomicforum50.blogspot.com
****************************
Gold Prices Expected to Rise Amid Weak Dollar and Washington Woes
In spite of gold losing much of its sheen in 2013 as global prices plummeted to record-low levels, the yellow metal nevertheless significantly contributes to the global economy.
A study by PricewaterhouseCoopers commissioned by the World Gold Council placed the direct contribution to the global
In spite of gold losing much of its sheen in 2013 as global prices plummeted to record-low levels, the yellow metal nevertheless significantly contributes to the global economy.
A study by PricewaterhouseCoopers commissioned by the World Gold Council placed the direct contribution to the global
economy of consumer demand for physical gold products in the form of jewellery, small bars and coins to $110 billion in 2012.
The report said global gold supply in 2012 reached 4,477 tonnes, of which about two-thirds were sourced from mining and one-third from recycling of gold.
The gold output of the 15 biggest gold-producing nations, which includes Australia, comprised 75 per cent of global out and directly generated $78.4 billion of gross value added for that year.
That amount is almost the same size as the gross domestic product (GDP) of Ecuador or Azerbaijan, or 30 per cent of Shanghai's GDP.
By production volume, Australia, China, the U.S., Russia, Peru and South Africa accounted for more than half of the gold mined across the world last year.
Including indirect GVA, total GVA linked with the supply of and demand for gold exceeded $210 billion globally. It is equivalent to the GDP or Ireland, the Czech Republic or Beijing.
Source: IBT Times - Gold Contributed $110 B to World Economy in 20
The report said global gold supply in 2012 reached 4,477 tonnes, of which about two-thirds were sourced from mining and one-third from recycling of gold.
The gold output of the 15 biggest gold-producing nations, which includes Australia, comprised 75 per cent of global out and directly generated $78.4 billion of gross value added for that year.
That amount is almost the same size as the gross domestic product (GDP) of Ecuador or Azerbaijan, or 30 per cent of Shanghai's GDP.
- Part of the value added comes from the employment the gold mining industry provided to 527,900 in 2012. South Africa employs about 145,000 in gold mines, Russia 134,000,China 98,000, Australia 32,300, Indonesia 18,600, Tanzania 17,000 and PNG (16,100)
- In terms of GVA as a percentage of GDP, the highest belongs to Papua New Guinea at 15 per cent, followed by Ghana (8 per cent) and Tanzania (6 per cent).
- As a source of export, some countries relied heavily on gold mining. The list include Tanzania where gold made up 36 per cent of its total exports and Ghana and Papua New Guinea, both at 26 per cent.
By production volume, Australia, China, the U.S., Russia, Peru and South Africa accounted for more than half of the gold mined across the world last year.
Including indirect GVA, total GVA linked with the supply of and demand for gold exceeded $210 billion globally. It is equivalent to the GDP or Ireland, the Czech Republic or Beijing.
Source: IBT Times - Gold Contributed $110 B to World Economy in 20
Nicomedes M. Kajungu
General Secretary
National Union of Mines and Energy Workers of Tanzania. (NUMET)
P.O.Box 7733, Mwanza.
+255 782 315 688, +255 767 48 32 71, +255 719 451 850
Skype add: nkajungu
+255 782 315 688, +255 767 48 32 71, +255 719 451 850
Skype add: nkajungu
--
Barrick Gold Waves the White Flag
Gold miner Barrick Gold (NYSE: ABX ) followed through on its threat to suspend its potentially lucrative but stuck-in-limbo Pascua-Lama project in Chile.
With the government hounding it for alleged environmental violations, local indigenous tribes arrayed against it, threats of strikes by workers, and costs continuing to spiral upwards, the miner has finally thrown in the towel and said it will "temporarily" suspend all construction work at the project until some undetermined date in the future.
I'm not so sure the suspension isn't a closed-for-good action, despite the riches the mine holds.
Pascua-Lama is one of the world's largest gold and silver resources, expected to produce an average of 800,000 to 850,000 ounces of gold and 35 million ounces of silver in its first five years of operation, and it has an expected mine life of 25 years. It's said to possess nearly 18 million ounces of proven and probable gold reserves and 676 million ounces of silver. But if Barrick can't surmount the opposition to the project, it can't keep wasting resources on it.
The suspension necessitated that it renegotiate the contract it has with Silver Wheaton (NYSE: SLW ) , which was anticipating taking 25% of the silver streams from Pascua-Lama. Because Barrick was contractually required to have 75% of the construction completed by the end of 2015, something that obviously wasn't going to happen, the silver streamer could have demanded back the upfront payments it gave the miner, minus credits for silver already received from three South American mines where it had been getting 100% of their streams and which was scheduled to end this year. As of the end of September, the payback figure stood at $371 million.
Instead Silver Wheaton agreed to extend the timeline for completion out to Dec. 31, 2017, in return for continuing to receive silver production from the South American mines until the end of 2016.
While the new agreement gives Barrick a little more breathing room, the miner has watched its balance sheet come unglued as debt mounted to more than $15.4 billion and interest payments surged 20% from the year-ago period. While gold production rose 4% year over year as it increased mining activity at its Cortez, Pierina, and Pueblo Viejo mines, the ore grade achieved was lower such that average mill head grades dropped 2% in the quarter. As for copper, production was 24% higher this quarter than last year, yet total tons mined fell 18% as mining activity at Lumwana fell because of a reduction in waste stripping activities.
To address its burdensome debt load, Barrick also said it would dip into the equities markets, raising $3 billion by issuing 163.5 million shares with an overallotment option for up to an additional 24.5 million shares at $18.35 per share. The 10% discount to where it was trading before the announcement caused the stock to promptly fall. Along with the price of gold tumbling $24, or 2%, after it was rumored the Federal Reserve might ease up on its quantitative easing program sooner than expected, gold stocks generally tumbled in sympathy, falling around 5% or so.
Newmont Mining (NYSE: NEM ) was spared most of the bloodletting of its counterparts, having the good fortune to report earnings that beat analysts expectations by a big $0.11 per share. Even so, its shares pulled back by more than 2%. Its Conga project in Peru is similarly on hold, as is Pebble Mine in Alaska, the largest undeveloped copper-gold-molybdenum deposit in the world, being developed by Northern Dynasty Minerals, Rio Tinto, and Anglo American.
Barrick is planning on using the stock issuance to strengthen its wobbly balance sheet, taking $2.6 billion of the $2.9 billion in net proceeds it expects to receive and pay off some of its debt.
While that should help stabilize the miner a bit, risks abound for investors, as Barrick has said it wouldn't be building any new mines and its production levels could be jeopardized. Earlier this year, some investors doubted it would carry through on its threat when I said it was checkmated in Chile, and the fact that it has now done so shows the dire straits that project is in.
Barrick Gold is lowering its debt load some, but production is going to be lower, and gold prices are still falling. It's not just the miner that's waving a white flag here, as investors may soon do the same thing.
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From: Andy Cross, Chief Investment Officer
Rack up income like $1,122... $1,140... even $3,228 on a schedule you can set your watch by!
Jeff Fischer, Jim Gillies and team have demystified options. And members of their invitation-only service are getting rich! To celebrate, and share their remarkable success, we're going to reveal a handful of their closely guarded strategies. And offer you a number of live actionable trades you can make RIGHT NOW!
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==========================
Nov 1 at 10:33 AM
The great economic squeeze are brought by the interference of Corporate special interest
monopoly and control. The opportunity for small business is the key to reviving economic
growth and stabilizes Government capacity regulation to offer efficient and balanced public
service delivery.
This is the way to go people...................
Judy Miriga
Diaspora Spokesperson
Executive Director
Confederation Council Foundation for Africa Inc.,
USA
http://socioeconomicforum50.blogspot.com/
Diaspora Spokesperson
Executive Director
Confederation Council Foundation for Africa Inc.,
USA
http://socioeconomicforum50.blogspot.com/
Barrick Gold's Stock Crushed As Miner Keeps Punishing Shareholders
Investors who bet on the world’s biggest gold miner after its stock got decimated in the first half of 2013 have been given the kind of treatment that shareholders of Barrick Gold ABX -6.81% have gotten accustomed to receiving. Barrick has announced that it is going to dilute shareholders in a big way by selling $3.45 billion of shares for $18.35 each.
Shares of Barrick Gold got crushed in Friday morning trading, tumbling by about 6% to $18.22. The stock drop is coming on the heels of a 5% drop on Thursday, when Barrick announced it would suspend its Pascua-Lama mega gold mine located in the high-altitude Andes on the Argentina-Chile border. Shares of Barrick Gold are now down 48% in 2013.
With one of the biggest share offerings in gold mining history, Barrick is trying to raise enough cash to pay down some $2.6 billion of its $15 billion or so in debt that it has accumulated through reckless spending and acquisitions during the huge run up in the price of gold. While suspending work at Pascua-Lama and dealing with its debt-load might seem like a good idea, shareholders probably remember that the last time Barrick pulled off a big share offering in 2009, it raised about $4 billion by selling shares for $36.95.
Barrick has become the poster child for the gold mining sector, which has punished shareholders more than just about any other industry sector in recent years. These companies have managed to underperform gold both when it rises and when it falls—giving investors little upside in the best of environments and handing them massive losses on the way down. Gold miners have spent $45 billion on projects and acquisitions since 2010, but gold output has actually declined. Much of Barrick’s troubles can be traced to its spending on Pascua-Lama and its acquisition of Equinox Minerals.
Nathan VardiForbes Staff
With the price of gold having fallen in the last year, the economics of many projects in the gold mining sector like Pascua-Lama don’t really work. The costs associated with moving forward in Pascua-Lama were soaring while the price of the commodity was declining. Another way shareholders have been abused: the executives of many gold miners have been paid well even as their companies destroyed shareholder value. At Barrick, former CEO Aaron Regent was paid $12 million, mostly from a severance package after he was fired. The man who was hired to potentially replace Peter Munk at the top of Barrick, former president of Goldman Sachs John Thornton, got an $11.9 million signing bonus.
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