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Yamana ( (AUY): Marrone, pwned

This is what it sounds like when the corporate profile of a $4Bn gold mining company has to play catch-up to a pissant blogger. 

On September 8th IKN revealed that Yamana Gold (AUY) ( was facing the "never going to happen" card and a likely $1.1Bn write down on its Agua Rica project in Argentina.

On September 22nd IKN revealed that far from being a done deal, the lawsuit against the company filed by Ricardo Auriemma was looking bad for YRI and the company faced paying out up to $110m.

And tonight, September 26th, YRI published this news release to "clarify" on both the above matters, the verb used by YRI in its title line that's a very, but VERY debatable choice because Marrone's Minions have spun the two issues hard and laid on as much sophistry as they possibly could.

Regarding the Auriemma issue, AUY try to make it sound like the maximum on the table is $54m and the most likely result is nothing, or perhaps $5m. Total bullshit. Read the files and it's clear that they could be on the hook for as much as $110m and their hoped-for derisory penalty is very unlikely to occur. There are no lies in their text but it's spun like a Waltzer at a fairground.

Regarding the ban imposed on the Agua Rica project by the town of Andalgalá in Catamarca, they pooh-pooh the locals, say the laws are applied by the province and not the nearest town and make out they're running an efficient and winning community relations campaign. Sorry guys, I know I promised not to swear any longer on the blog but that's just fucking delusional. It's like saying that the law states the locals around Conga couldn't stop that project, or the locals around Suyai couldn't stop that project, or the locals around Tia Maria couldn't stop that project, or the local around Caballo Blanco could stop that project, or the locals around Cañariaco coul.... get the picture? But what YRI didn't address is the write down they should take in order to be straight and true with shareholders. Agua Rica may be ostensibly under provincial law but to use the local vernacular, deja de joder che! There is no way, none, zero zip zilch nada no chance that Agua Rica happens. Ever. So...writing down this quarter, Marrone?

But the big one for me is that I still can't get over how a company like YRI can get pushed around by a drunken zero-DD blogger such as your humble scribe. The humanity Peter! Oh the humanity!

Some Monday music

Alabama 3, 'Monday Don't Mean Anything To Me'

Keep your shades on when you clean your teeth.

Frank Holmes Says

Shopping mall mass shootings are bullish for gold. 

This is of course a developing story.

A signature in Colombia

The big show in LatAm today is in Cartagena Colombia, where President Juan Manuel Santos and FARC-EP leader Rodrigo Londoño will do the official signature thing and then shake hands on Colombian territory for the first time, all done in front of a wide array of local and foriegn dignitaries (plenty of South American presidents making the trip, along with Raul Castro of Cuba and John Kerry repping for the USA).

And the big big glittering show is all to make sure that the really big day, this Sunday October 2nd, goes off without a hitch and Colombia's population officially vote the peace deal into effect via the national referendum.

You don't need a link to any of this, your screens will be saturated by the story come the afternoon.

Auryn (AUG.v) and Baños del Indio

Here's how it works:

1) Baños Del Indio is explored in the 1990's, gets nowhere fast.
2) Miguel Cardozo incorporates the concession into his Alturas Minerals (ALT.v) vehicle in the mid 00s, fiddles around doing baseline stuff, tries to find a JV partner, fails.
3) ALT.v goes nowhere fast (for several reasons) and in the end Cardozo decides to quietly move assets out of the public company and into his private company, Exploandes (put together in 2013 for the specific purpose).
4) He gets wind that a cashed-up junior is on the lookout for land in Peru and flips them Baños Del Indio on its "concealed gold/silver high sulphidation replacement potential"(geological terminology known as 'Hail Mary' in Gridiron).
5) Auryn Resources (AUG.v) falls for it, Cardozo finally gets a payola from one of his pieces of llama pasture.

Another day in juniorlandia.


The IKN Weekly, out now

IKN385 has just been sent to subscribers, the usual serving of poorly written drivel and bad DD from a drunken waste of time who used to care but doesn't anymore. I wouldn't bother if I were you.

We continue to track Louis James' "Number one recommendation for this year"

On January 21st 2016, Louis Lobito Little Wolf James of Casey Research told his subscribers to "short the NYSE", called buy on the index shorting vehicle SDS and called the trade his "number one recommendation for this year".

And how's are we doing with eight months on the clock, Lobito?

Now 30% down, not to mention the opportunity cost of not being long the SP500, up 17% in the same period. But! Don't Worry! Anytime Now! Right Lobito? Right Duggie? Right Porter?

Frank Holmes Says

The Trump/Clinton debate is bullish for gold. 

This is of course a developing story.


Radio Raheem

"Let me tell you the story of Right Hand, Left Hand. It's a tale of good and evil. Hate: it was with this hand that Cane iced his brother. Love: these five fingers, they go straight to the soul of man. The right hand: the hand of love. The story of life is this: static. One hand is always fighting the other hand, and the left hand is kicking much ass. I mean, it looks like the right hand, Love, is finished. But hold on, stop the presses, the right hand is coming back. Yeah, he got the left hand on the ropes, now, that's right. Ooh, it's a devastating right and Hate is hurt, he's down. Left-Hand Hate KOed by Love."

The stand-out character of the magnificent movie. Bill Nunn RIP and that's the double truth, Ruth.

PS: The clip:


The top three most visited IKN posts this week are... reverse order:

Third Place: "Argentina: The Veladero mine causes political pain (from IKN384)". Basically because Lawrie Williams gave it a re-boot. Which was nice.

First Place: "Gold porn". Basically because you all like the gold porn photos and always will. Mmmmm, shiny things.....mmmmmmm


The Friday OT: Joaquin Sabina; Contigo

The most drop dead heart-smashing love song ever.

Let us be clear, lovers of the tongue of Cervantes, the guy who can write lines like these...

"Porque el amor cuando no muere mata, 
                                     porque amores que matan nunca mueren" simply a genius.

Apart from The Friday OT later on...

...there will be no posting on this blog today.

For secret reasons.