Sinead from Mines & Money has picked today’s ‘End of the World’ soundtrack – U2 – Until the end of the world’.
Mines and Money may be postponed for now, but have you checked out their online resources at Mining Beacon for awesome live webcasts and webinars…?
All is well, the Bratislava bunker is bathed in glorious sunshine, there’s coffee in the pot and I have you guys to keep me company. Last night people started subscribing to this blog voluntarily! Who’d have thunk it! Welcome all to the bunker, from all corners of the globe.
Housekeeping notes: With the cancellation of all of our overseas jobs for the foreseeable future… I’m waving a tin can around in the proverbial mining streets this week. I’ve launched a Patreon service, where you can sponsor our newsletter and content from €3/month. All support will be greatly appreciated.
Antwerp is closed, which to most of us means almost nothing, but to diamond miners means sales have halted. 84% of the world’s diamonds pass through Antwerp, accounting for around $54b annually for the Belgian economy. On news that Lucapa hit a beautiful 64ct specimen today, they’ll find there’s nowhere to sell it for the foreseeable future. Adding to woes, Botswana has closed her borders, meaning producers can’t even get their wares out of the country. Bad news for an ailing sector reliant on assumed human value, rather than actual use.
I’ll keep quoting Andrew O’Donnell, because I haven’t heard anybody say it better:
‘Buy the things that make things’
– Peru has enforced a 15 day national quarantine, closing mines for Freeport and Newmont and potentially stemming regional copper supply briefly.
– Juggernaut (TSXv : JGR) have confirmed they are fully funded to drill-happy this season on the Gold Standard property in BC – NEWS
– Our friends at Mountain Boy Minerals have provisionally received drill and work permits for their American Creek West project near Stewart, BC. We’ve had a walk around this one and the scale of deformation in the rocks is staggering. Read more HERE. Or hear about it from their VPX:
Global Energy Metals (TSXv : GEMC) have bucked the panic trend and opened up a financing for their Nevada cobalt project. Brave move, but as one of few open and all eyes on the web, maybe they’ve done something clever.
I always appreciate people ignoring trends. Most predictions in this sector are wrong and most of the big names who were pumping cash into the sector are still filthy rich and open to the right investments.
I’ve had mixed responses on my open question ‘what’s the best way to communicate during this downturn’. While your rocks and equipment won’t catch a virus, your media followers and staff might.
Some have suggested compassion and focus on safety… Some have said ‘business as usual’ (but then been closed down by government decisions) … Some new CEOs haven’t lived through a downturn before and they’re winging it…
Observing response rates to these three paths (I spent an awful lot of time on social media!), there’s an equal spread of positive response. Apparently, there’s no ‘right way’ to do this, as long as everybody looks after each other and we don’t start squabbling between ourselves, we’ll be fine.
Despite the downturn and closures, there’s still plenty of cash in the mining bank to keep everybody’s rent paid and food on our family tables. Play nice and help each other out, also, don’t be afraid to reach out to the community if you need help. We’re all in the bunker together.
IN THE SPOTLIGHT: TEO DECHEV
Last night I attempted remote working for the first time by recording a skype podcast with Teo Dechev, CEO of Mundoro Capital. I’ve been plugging Mundoro for a while now and Teo is half of the reason why. A mining CEO should know their fractures from factors and Teo has years of experience in the investment banking sector as well as qualifying as a geo-engineer. I have never seen her dodge a question, from technical geochem to data management, to finance.
To my knowledge, only John-Mark at Riverside has managed to set up as many funding deals with majors as Teo and avoided dilution at such a level… I’m very glad to be working alongside them both.
From the bunker… Stay safe and be excellent to each other.
Missed a tale? not to worry, they’re online HERE
Mining Tip of the day: Hi-Vis, Hard-Hat, Steel Toes… Gloves? MSS have designed a new glove specifically to stop you, your team, or your students from smashing finger bones with hammers… Safety first, friends! Read more HERE.