Friday, 24 October 2014

Copper M&A: China's Strategic Stockpiling Sways Global Copper Market.



Los Azules Copper M&A: Copper Climbs as Chinese Manufacturing Signals Growth.

  "Higher Copper prices will drive the valuation of our Royalty on Los Azules Copper and will put this very important project to the forefront of M&A activity in Latin America. 
  McEwen Mining has compared the project to recently acquired Lumina Copper's Taca Taca in Argentina and you can find more on McEwen Mining website. 
  There are money for the good large scale copper projects and China's MMG will invest USD 3 billion in the recently acquired Las Bambas. Lundin Mining acquisition of Copper assets in Chile brings us another indication for the industry insiders evaluation of risks and opportunities.  Read more."





I am very pleased to report our latest development on Los Azules.

We have finally locked up the participation in this unique world-class copper  asset for the benefit of all our shareholders:

1. Now we do not have to wait for feasibility study.

2. We do not have to contribute any capital.

3. Our industry standard NSR in "one of the largest undeveloped copper projects", according to McEwen Mining, is in effect immediately and can be monetised now at any time.

4. 0.4% NSR is now attributed to the entire Los Azules project - it is higher than pro-rata 0.6% attributed to only our part of Los Azules before.

5. We will participate in sale of Los Azules by McEwen Mining within 36 month and it is not affecting our NSR. 

6. We are receiving shares in McEwen Mining.

7. Now TNR Gold will benefit directly from:

A. Sale of Los Azules by McEwen Mining within 36 months.
B. Rise in value of McEwen mining shares.
C. Rise in Copper prices.
D. Potential increase in the deposit size and quality of the reported resources of the entire Los Azules.
E. Further feasibility studies conducted by the McEwen Mining or the new Operator and advancement of the project.

Jim Mustard VP of PI Financial can provide you with additional information on Los Azules Copper project and TNR Gold assets related to it.


Please read our full legal disclaimer in our presentation and on our website: http://www.tnrgoldcorp.com/

Stay tuned: new presentation will reflect this very important development for our company.








Nikkei ASian Review:

China's Strategic Stockpiling Sways Global Copper Market.


SHUHEI YAMAMOTO, Nikkei staff writer
TOKYO -- China's veiled yet substantial moves on the copper market are making it difficult for watchers to read the direction of prices.
     In early October, copper was trading around the $6,600 level per ton on the London Metal Exchange, about a five-month low. It was around this time that the term SRB -- which stands for China's State Reserve Bureau -- first gained market attention. A nonferrous metals trader at a foreign-affiliated brokerage said that the SRB will soon likely buy nearly 300,000 tons of copper.
     Also known as the State Bureau of Material Reserve, the SRB operates under the Chinese government's National Development and Reform Commission. Since the 1950s, China has been stockpiling strategic materials necessary for national security, including petroleum, food and copper.
Big spender
Amid a lackluster market, the SRB has aggressively bought copper this year. A local newspaper reported that the agency bought 500,000 tons of copper in the January-March quarter alone, accounting for about 5% of China's annual consumption. Many watchers see the global copper market as reaching saturation this year, but copper stock has dropped 60% on the LME and 30% on the Shanghai Futures Exchange since the beginning of the year. The widespread view attributes this to purchases made by the SRB.
     The SRB appears to have room for additional buying. Takayuki Honma, senior economist at Sumitomo Corporation Global Research, said the SRB acts as a system that operates in reaction to the market -- unloading its holdings when prices are high and buying on dips.
     China, the world's largest consumer of the copper, produces about 6 million tons of the metal per year, and there are many nonferrous smelters and mining companies operating in the country. A slump in copper prices could easily prompt the SRB to become a buyer in order to support these domestic producers. Indeed, the SRB did just that several times following the global financial crisis in 2008.
Forecasting blind
South Africa-based Standard Bank predicts that the global copper market will see a slight oversupply in 2015. However, the bank also said the SRB could possibly buy 150,000 to 300,000 tons of copper in the next six months, which, combined with other factors, could lead to a shortage in the next year.
     In contrast, Goldman Sachs of the U.S. expects copper to move at around $6,600 for the next three months, a bearish forecast. But the investment bank also said it would be a different story if the SRB buys a huge amount of copper, indicating that its forecasts, too, depend largely on the Chinese agency.
     Market players can figure out what the SRB is doing to some extent through local media reports and other sources, but the information is very limited, according to Yoshikazu Watanabe, president of Tsukushi Shigen Consul, a Japanese consultancy specializing in nonferrous market trends. With little official information being disclosed, market players have scant hope of gaining a clear picture of the situation. Nikkei."

Thursday, 23 October 2014

TNR Gold Corp. Amends Engagement with PI Financial Corp. as Financial Advisor for Sale of TNR’s NSR on the Los Azules Copper Project, Argentina.



I am very pleased to report our latest development on Los Azules.

We have finally locked up the participation in this unique world-class copper  asset for the benefit of all our shareholders:

1. Now we do not have to wait for feasibility study.

2. We do not have to contribute any capital.

3. Our industry standard NSR in "one of the largest undeveloped copper projects", according to McEwen Mining, is in effect immediately and can be monetised now at any time.

4. 0.4% NSR is now attributed to the entire Los Azules project - it is higher than pro-rata 0.6% attributed to only our part of Los Azules before.

5. We will participate in sale of Los Azules by McEwen Mining within 36 month and it is not affecting our NSR. 

6. We are receiving shares in McEwen Mining.

7. Now TNR Gold will benefit directly from:

A. Sale of Los Azules by McEwen Mining within 36 months.
B. Rise in value of McEwen mining shares.
C. Rise in Copper prices.
D. Potential increase in the deposit size and quality of the reported resources of the entire Los Azules.
E. Further feasibility studies conducted by the McEwen Mining or the new Operator and advancement of the project.

Jim Mustard VP of PI Financial can provide you with additional information on Los Azules Copper project and TNR Gold assets related to it.


Please read our full legal disclaimer in our presentation and on our website: http://www.tnrgoldcorp.com/

Stay tuned: new presentation will reflect this very important development for our company.






TNR Gold:

TNR Gold Corp. Amends Engagement with PI Financial Corp. as Financial Advisor for Sale of TNR’s NSR on the Los Azules Copper Project, Argentina.


Vancouver, B.C. October 23, 2014, TNR Gold Corp. (the "Company" or “TNR) (TSX VENTURE:TNR.V) announces that it has amended its advisory agreement (the “Advisory”) with PI Financial Corp. (“PI Financial”), previously announced on May 8, 2013. As disclosed in the Company’s News Release dated October 17, 2014, the Company now holds a 0.4% net smelter royalty (“NSR”) on the entire Los Azules Copper Project (the “Project”), owned 100% by McEwen Mining Inc. ("McEwen")The Advisory has been extended for one year and amended to address the sale or disposition of all or part of the Company’s interest in the NSR.

PI Financial was the exclusive advisor to TNR throughout negotiations with McEwen. The Transfer Agreement between the Company and McEwen converted all of rights and interests (the “E&O Agreement Rights”) under a Cordon de Los Azules Exploration and Option Agreement, dated effective as of May 15, 2004, as amended April 26, 2005 and November 8, 2012, including its 25% back-in right (the “Back-In Right”) in the northern portion of the Project  to a 0.4% NSR on the entire Project (see TNR News Release October 17, 2014).

In addition to the NSR, McEwen will also issue 850,000 common shares to TNR and pay TNR 1% of any purchase price paid to and received by McEwen in respect of any sale, assignment of transfer of all of its 100% interest in the Project, to a party other than to an affiliate of McEwen on or before the third anniversary of the Transfer Agreement.

Mr. Kirill Klip, Non-Executive Chairman of TNR states, “I have commented regularly on the merits of the Los Azules project. It is a unique, long-life, copper mining opportunity in Argentina. The acquisitions that include the Las Bambas copper mining project in Peru and the Taca Taca copper deposit in Argentina confirm there is significant value to be realized for projects in this region. We have had a good working relationship with PI Financial. They understand our needs and have great familiarity with the Los Azules asset. I am confident that this expanded engagement will have a favourable result for our stakeholders. Both TNR and PI Financial are of the opinion that the conversion of the back-in right will greatly enhance the ability for prospective purchasers to value the NSR and the deposit.”

In a news release dated 23 September, 2013 McEwen summarizes an updated preliminary economic assessment (“PEA”) completed on the Project. In the release Rob McEwen states, "The results from the PEA demonstrate that Los Azules has the potential to become one of the largest, lowest cost copper mines in the world. In addition, there remains excellent exploration potential to further expand the size of the existing mineral resource." This news release is available at SEDARhttp://www.sedar.com and on the McEwen website http://www.mcewenmining.com.  TNR encourages its shareholders to read the news release issued by McEwen to gain a better understanding of the work performed and the potential impacts this will have on the Project.

 

ABOUT LOS AZULES

The Los Azules copper deposit is located in the San Juan province of Argentina. McEwen is the operator of the Los Azules copper deposit and the Company has previously advised that on May 15, March 28, and March 13, 2013, McEwen issued news releases in relation to the deposit, which are accessible on Sedar at http://www.sedar.comand on McEwen’s website at http://mcewenmining.com.
McEwen Mining's news releases appear to be prepared by Qualified Persons and the procedures, methodology and key assumptions disclosed therein are those adopted and consistently applied in the mining industry, but no Qualified Person engaged by TNR Gold Corp. has done sufficient work to analyze, interpret, classify or verify McEwen Mining's information to determine the current mineral reserve or resource or other information referred to in their news releases. Accordingly, the reader is cautioned in placing any reliance on the disclosures therein.

ABOUT TNR GOLD Corp.  (www.tnrgoldcorp.com)

Over the past twenty-one years TNR, through its lead generator business model, has been successful in generating high quality exploration projects around the globe. With the Company's expertise, resources and industry network, it is well positioned to aggressively identify, source, explore, partner and continue to expand its project portfolio.
TNR Gold recently reported an inferred mineral resource at the Shotgun Gold project in Alaska containing 20,734,313 tonnes at 1.06 grams per tonne (“g/t”) gold for a total of 705,960 ounces gold (“Au”) using a 0.5 g/t Au cut-off (see news release dated 22 April 2013).
TNR is also a major shareholder of International Lithium Corp. (TSX:ILC.V) (“ILC”), a company created by TNR to advance its internationally acquired lithium prospects. TNR currently holds about 25.5% of the outstanding shares of ILC.
At its core, TNR provides significant exposure to gold and copper through its holdings in Alaska and Argentina and is committed to continued generation of in-demand projects, while diversifying its markets and building shareholder value.
John Harrop, PGeo, FGS, is a "Qualified Person" as defined under NI 43-101 and has reviewed and approved the technical content of this news release.
For further details please see our website at http://www.tnrgoldcorp.com/s/NewsReleases.asp
On behalf of the board,

Gary Schellenberg
President


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. Statements in this news release other than purely historical information, historical estimates should not be relied upon, including statements relating to the Company’s future plans and objectives or expected results, are forward-looking statements. This news release may contain certain "Forward-Looking Statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company’s business, including risks inherent in resource exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements."

Los Azules Copper M&A: Copper Climbs as Chinese Manufacturing Signals Growth.




  Higher Copper prices will drive the valuation of our Royalty on Los Azules Copper and will put this very important project to the forefront of M&A activity in Latin America. 
  McEwen Mining has compared the project to recently acquired Lumina Copper's Taca Taca in Argentina and you can find more on McEwen Mining website. 
  There are money for the good large scale copper projects and China's MMG will invest USD 3 billion in the recently acquired Las Bambas. Lundin Mining acquisition of Copper assets in Chile brings us another indication for the industry insiders evaluation of risks and opportunities. 





I am very pleased to report our latest development on Los Azules.

We have finally locked up the participation in this unique world-class copper  asset for the benefit of all our shareholders:

1. Now we do not have to wait for feasibility study.

2. We do not have to contribute any capital.

3. Our industry standard NSR in "one of the largest undeveloped copper projects", according to McEwen Mining, is in effect immediately and can be monetised now at any time.

4. 0.4% NSR is now attributed to the entire Los Azules project - it is higher than pro-rata 0.6% attributed to only our part of Los Azules before.

5. We will participate in sale of Los Azules by McEwen Mining within 36 month and it is not affecting our NSR. 

6. We are receiving shares in McEwen Mining.

7. Now TNR Gold will benefit directly from:

A. Sale of Los Azules by McEwen Mining within 36 months.
B. Rise in value of McEwen mining shares.
C. Rise in Copper prices.
D. Potential increase in the deposit size and quality of the reported resources of the entire Los Azules.
E. Further feasibility studies conducted by the McEwen Mining or the new Operator and advancement of the project.

Jim Mustard VP of PI Financial can provide you with additional information on Los Azules Copper project and TNR Gold assets related to it.


Please read our full legal disclaimer in our presentation and on our website: http://www.tnrgoldcorp.com/

Stay tuned: new presentation will reflect this very important development for our company.








Bloomberg:

Copper Climbs as Chinese Manufacturing Signals Growth

Copper rose in New York after manufacturing expanded at a faster-than-projected rate in China, the biggest consumer of industrial metals, bolstering the outlook for demand.
A Chinese factory gauge from HSBC Holdings Plc and Markit Economics showed a preliminary October reading of 50.4, exceeding the median estimate of 50.2 in a Bloomberg News survey. The nation accounts for about 45 percent of copper demand, according to Standard Chartered Plc. Copper also climbed after a similar euro-area gauge unexpectedly increased.
“While the manufacturing sector likely stabilized in October, the economy continues to show signs of insufficient effective demand,” Qu Hongbin and Julia Wang, economists at HSBC Plc, said of China in a note today. “This warrants further policy easing, and we expect more easing measures on both the monetary as well as fiscal fronts in the months ahead.”
Copper for December delivery added 0.4 percent to $3.029 a pound by 7:32 a.m. on the Comex in New York. The contract for delivery in three months rose 0.6 percent to $6,671 a metric ton on the London Metal Exchange.
“There have been light pockets of consumer buying, some spec short-covering as we approached $6,500,” James Marks, head of global metals at Xconnect Trading Ltd. in London, said by e-mail. Trading interest is low because many market participants are inLondon for LME Week, when supply contracts are discussed, according to Xconnect.
A euro-area manufacturing measure unexpectedly rose to a preliminary 50.7 in October, Markit said. Economists surveyed by Bloomberg expected a drop to 49.9.
Copper stockpiles monitored by the LME fell for a fourth day to 157,500 tons, daily data showed. Orders to remove the metal from warehouses rose 7.7 percent to a one-month high of 28,025 tons amid requests for 1,125 tons in Trieste, Italy, and 875 tons in Antwerp, Belgium. Bloomberg."

Tuesday, 21 October 2014

Koos Jansen: The Chinese Precious Metals Market Is On Fire.



  Koss Jansen continues his brilliant work and brings us another confirmation about the real situation with the Gold market. China moves into the next stage of Gold accumulation breaking all previous records.
  Initial polls from Swiss Gold referendum put this news in the context, so who will come up on the top of this game and create the gold-backed currency first?

First Polls On Swiss Gold Referendum Show 45% Support, 39% Opposing, 16% Undecided.


 "We have first reports on Swiss Gold Referendum polls and I would like to share the very important news for TNR Gold.
  Do we have the chance now for the Gold backed Swiss Franc? Can the direct democracy in action initiate the change in the world financial system? Will China follow with its enormous appetite for Gold now? We have a lot of questions to answer, but these developments will mark the very important point in the history.
  I am personally very impressed with these initial results considering almost total silence in mass media about this groundbreaking event in the heart of Europe. Read more."


Swiss Gold Initiative Referendum to Acquire 1500 tons of Gold.






Koos Jansen:

The Chinese Precious Metals Market Is On Fire

Chinese gold demand 67 tonnes in five days
Published: 19-10-2014 23:07
The Chinese national holiday, The Golden Week, is over and the latest data from the Shanghai Gold Exchange (SGE) shows the Chinese have been buying extraordinary amounts of gold before and after this holiday. The SGE was closed from October 1 to 7, the latest SGE withdrawal numbers cover September 29 and 30, and October 8, 9 and 10. In these 5 days 68.4 tonnes were withdrawn from the SGE vaults (in the mainland and the Shanghai Free Trade Zone)    
Blue is weekly withdrawals in Kg's, green is year to date withdrawals in Kg's. 
Because the SGE still isn't disclosing withdrawal numbers from mainland and FTZ vaults separately we have to subtract the volume traded on the Shanghai International Gold Exchange (SGEI), located in the FTZ, from total withdrawal numbers, just in case all buyers on the SGEI opted for withdrawal, to come to the amount of withdrawals in the mainland (which equals Chinese wholesale demand). Although it's highly unlikely all SGEI traded volume is withdrawn from the vaults, for the time being I'm forced to choose understating mainland withdrawal numbers rather than overstating. 
After subtracting SGEI volume from total withdrawals numbers, withdrawals from the mainland vaults (= Chinese wholesale demand) can not have been less than 66.91 tonnes. Year to date withdrawals can not have been less than 1492.59 tonnes. 
According to my simplified equation to calculate Chinese gold import (import = SGE withdrawals - mine - scrap), China has imported 957 tonnes year to date. Domestic mining stands at 356 tonnes (based on an estimated total of 451 tonnes for 2014) and scrap stands at 181 tonnes (based on 229 tonnes recycled gold in 2013).
Shanghai silver remains scarce, on the Shanghai Futures Exchange (SHFE) silver has been trading in backwardation Since august 6. The scarcity has diminished the discount of silver in China relative to London significantly. Throughout October the discount was lower than 4 %.
  
If the discount of the pure price of silver in Shanghai reaches zero and becomes a premium, demand for silver on the world market will increase as the Chinese will start importing silver bullion.
At this moment the pure price of silver in China is lower than in London for two reasons:
(i) The costs for mining silver in China is significantly lower than elsewhere across the globe. For example Silvercorp can mine silver in the mainland for $9 an ounce. 
(ii) China's economy is heavily dependent on copper and other base metals such as lead and zinc. By importing copper, lead and zinc concentrates that contain silver as a byproduct China is incidental importing silver.    
The reason the price difference is a not arbitraged is silver bullion export from the mainland enjoys 17 % VAT (no restitution). Which in affect is an export tariff of 17% to protect silver from leaving the mainland. Read: the State Council is protecting the Chinese silver market to offer their citizens to invest in silver below international prices.     
SHFE silver inventory has stabilized now all the metal that was brought into the warehouse to cash and carry silver (in times of a steep futures contango curve) has been depleted. Total SHFE silver inventory now stands at  94.807 tonnes. 
If we combine the last to charts we can see that whenever silver is trading in backwardation, inventory is dropping or stabilizing. If silver is not trading in backwardation (and the contango curve is steep enough), it can cause inventory to increase as the cash carry arbitrage opportunity arises (explained here).   
All in all, there is strong demand for silver and gold currently in China, though the mainstream media might tell you different.  
Koos Jansen
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First Polls On Swiss Gold Referendum Show 45% Support, 39% Opposing, 16% Undecided.



  We have first reports on Swiss Gold Referendum polls and I would like to share the very important news for TNR Gold.
  Do we have the chance now for the Gold backed Swiss Franc? Can the direct democracy in action initiate the change in the world financial system? Will China follow with its enormous appetite for Gold now? We have a lot of questions to answer, but these developments will mark the very important point in the history.
  I am personally very impressed with these initial results considering almost total silence in mass media about this groundbreaking event in the heart of Europe.


Swiss Gold Initiative Referendum to Acquire 1500 tons of Gold.





Markus M. Muller reports:


First polls on Gold vote in Switzerland show 45% support, 39% opposing, 16% und.


"Verhältnismässig schlechte Karten scheint die Goldinitiative aus dem Umfeld der SVP zu haben. 45 Prozent Zustimmung stehen 39 Prozent Ablehnung gegenüber. Ganze 16 Prozent wollten sich noch nicht festlegen. Für sie könnte ein Blick ins Argumentarium der beiden Lager aufschlussreich sein: Die Befürworter finden, die Nationalbank müsse genügend Reserven haben und im Ausland aufbewahrtes Gold müsse zurück in die Schweiz gebracht werden. Hauptargument der Gegner ist, dass mit der Initiative die Unabhängigkeit der Nationalbank gefährdet wäre."

Gold-Initiative



Source: http://www.20min.ch/schweiz/news/story/53-Prozent-wuerden-Ecopop-zustimmen-18806605


Sunday, 19 October 2014

Switzerland Is Only Country That Would Vote For Bigger Gold Reserves.



  I continue to follow Swiss Gold Referendum developments and would like to share the very important news for TNR Gold.


Swiss Gold Initiative Referendum to Acquire 1500 tons of Gold.




TNR Gold Receives Royalty From McEwen Mining On "One Of The Largest Undeveloped Copper Projects".




Stay tuned: new presentation will reflect this very important development for our company.






Kitco:


(Kitco News) - If there is one country in the world that would vote yes in a referendum to force its central bank to increase its gold reserves, it would be Switzerland, said one Liechtenstein fund manager.
Ronald-Peter Stoeferle, fund manager at Incrementum AG and author of the In Gold We Trust report, said that he is not surprised there is a campaign to increase the country’s gold reserves as the yellow metal has had a long tradition of being linked to the Swiss franc.
Ronald-Peter Stoeferle, fund manager at Incrementum AG and author of the In Gold We Trust report
“Switzerland used to have the highest gold reserves per-capita in the world up to about 10 years ago,” he said. “A lot of people still believe that gold is the foundation and the backbone of a strong currency.”
Stoeferle is in a unique position regarding the gold vote because Liechtenstein, which borders Switzerland, uses the Swiss franc as its currency. The vote, if passed, could have an impact on the country’s currency because it would impact the Swiss National Bank’s foreign reserves. Although Liechtenstein doesn’t get a say in the Swiss referendum Stoeferle has been following the initiative closely.
On Nov. 30, Swiss citizens will go to the polls to vote on three areas; whether or not the Swiss National Bank should increase its gold reserves to 20%, that the central bank should stop selling its precious metals and that all its gold should be held within the country.
With less than two months to go, Stoeferle explained that the Swiss gold referendum has now started to attract a lot of attention across the globe; however, he added that it is still too early to determine how popular the initiative is among the Swiss populace. He added that the campaign, started by the Swiss People’s party in April of 2013 after they collected more than 100,000 signatures to force the referendum, is expected to begin in earnest on Oct. 21.
Although it is still too soon to gauge the sentiment in the country, Stoeferle added that a lot of people aren’t happy that the central bank has expanded its balance sheet to weaken its currency and stimulate growth. Since 2011, the SNB has pegged the franc to the euro and maintains a floor of 1 euro to 1.20 francs.
“A lot of people believe that debasing the currency is not a sound economic policy,” said Stoeferle, “There is no evidence that a weak currency leads to long-term economic growth.”
The yes camp is up against some strong opposition as both the Swiss government and the national bank have urged people to vote down the gold initiative. Last week the Swiss government continued its campaign against the referendum as Eveline Widmer-Schlumpf, the country’s Finance Minster said at a press conference in Bern, that fixed gold reserves would impede the SNB’s monetary policy.
Although there are some short-term benefits from a weaker currency like increased exports, Stoeferle said that he doesn’t believe those benefits outweigh the weaker purchasing power on imports. Instead, he added, the government should be implementing stronger economic policies and encourage companies to be more efficient to compete in the global marketplace.
“Perhaps a weaker currency makes good short-term gains but a central bank should not act like a hedge fund. I think they need to think in the long-term what is best for the country and the currency,” he said.
Whether the referendum passes or not, Stoeferle said the next few weeks will be an interesting time for the country as the population discusses the future of its central bank’s monetary policy. He is expecting the referendum to raise awareness of the country’s economy and currency.
“This initiative is the result of direct democracy, which is something the people are very proud of,” he said. “This referendum will impact the country’s economy and currency and I think the people will very quickly become interested in this discussion.”
Currently Switzerland holds about 1,040 metric tons of gold, which makes about 7.8% of its foreign reserves. Last week currency analysts at Nomura said if the referendum passes the country will have to triple its reserves during the next five years to meet its 20% commitment. They added that the SNB will have to purchase between $67 and $83 billion worth of gold.
By Neils Christensen of Kitco News; nchristensen@kitco.com"