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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Gold Mining USA Inc. (GMUI: OTC Link) | Quarterly Report

Category : World News

Wed, May 15, 2013 12:59 – Gold Mining USA Inc. (GMUI: OTC Link) released their Quarterly Report. To read the complete report, please visit: https://www.otciq.com/otciq/ajax/showFinancialReportById.pdf?id=104532.

The rest is here: Gold Mining USA Inc. (GMUI: OTC Link) | Quarterly Report

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St Andrew Goldfields Ltd (STADF: OTCQX International) | SAS reports on Election of Directors and Appointment of Chairman of the Board of Directors

Category : Stocks

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SAS reports on Election of Directors and Appointment of Chairman of the Board of Directors

Canada NewsWire

TORONTO, May 10, 2013

TORONTO, May 10, 2013 /CNW/ – St Andrew Goldfields Ltd. (T-SAS) (OTCQX-STADF), (“SAS” or the “Company”) today announced that each of the nominees for
director of the Company as listed in the Company’s 2013 Management
Information Circular (available under the Company’s profile on SEDAR at
www.sedar.com and on the Company’s website at www.sasgoldmines.com) were elected at its Annual and Special Meeting of Shareholders held on
May 9, 2013.

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Australia cuts rates to record low

Category : Business, World News

Australia’s central bank lowers its benchmark interest rate to 2.75% from 3%, in an attempt to counter slowing growth in the country’s mining sector.

More: Australia cuts rates to record low

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Caledonia Mining Corp. (CALVD: OTC Link/FINRA BB) | Symbol Change

Category : World News

Fri, May 03, 2013 12:00 – Caledonia Mining Corp. (CALVD: OTC Link/FINRA BB) – Symbol Change – The symbol, CALVD, is no longer a valid symbol for Caledonia Mining Corp.. As of Fri, May 03, 2013, the new trading symbol is CALVE. You may find a complete list of symbol changes at otcmarkets.com.

Continued here: Caledonia Mining Corp. (CALVD: OTC Link/FINRA BB) | Symbol Change

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UK fraud probe for Kazakh miner ENRC

Category : World News

The UK’s Serious Fraud Office starts an investigation into Kazakh mining company and FTSE 100 member Eurasian Natural Resources Corporation.

Read more: UK fraud probe for Kazakh miner ENRC

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U.S. Silver & Gold Inc. (USGIF: OTCQX International) | First Quarter Production Results and Corporate Update

Category : World News

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First Quarter Production Results and Corporate Update

PR Newswire

TORONTO, April 24, 2013

TORONTO, April 24, 2013 /PRNewswire/ – U.S. Silver & Gold Inc. (TSX: USA)
(OTCQX: USGIF) (“U.S. Silver & Gold” or the “Company”) today announced
production figures for its two 100% owned operating mines, the
high-grade silver Galena Mine Complex in Idaho and the high-grade gold
and silver Drumlummon Mine in Montana.

First Quarter Highlights

  • Consolidated production of 598,139 silver ounces and 2,161 gold ounces
    during the first quarter, which was budgeted to be the lowest
    production and highest cost quarter of the year.
  • Galena Mine Complex production of approximately 577,000 silver ounces at
    cash costs of $20.48 per ounce.
  • Management has taken immediate measures to reduce and manage costs, and
    has implemented further productivity measures to protect the balance
    sheet:
    • a total of $10 million in exploration, capital projects and development
      will be cut from the 2013 budget;
    • a further $1 million in savings will be achieved by reducing general and
      administrative costs at the corporate office and the Galena Mine
      Complex;
    • capital development resources will be re-deployed to profitable mining
      areas; and
    • mining in the Caladay Zone will be fast-tracked to commence in the third
      quarter of the year.

  • Given the recent decline in silver and gold prices, production at the
    Drumlummon Mine will be discontinued at the end of the second quarter
    when the mine will be put on care and maintenance.
  • As a result of the Drumlummon closure and cost initiatives, silver
    production for the year has been re-forecasted to 2.6 to 3.0 million
    ounces (from 2.7 to 3.0 million ounces), at lower projected silver cash
    costs of $16.00 to $18.00 per ounce.
  • The March 31, 2013 cash balance was approximately $11 million. Non-cash
    working capital was approximately $8.7 million exclusive of $7.9
    million
    in debt. The Company is currently in discussions with various
    lenders to re-finance the debt on more favourable terms.
  • Full quarterly results and further details on cost reductions will be
    communicated to shareholders during the first quarter earnings release
    and conference call scheduled for Monday May 13, 2013.
  • Galena First Quarter Production Details

    The Galena Mine produced 577,095 ounces of silver during the first
    quarter of 2013 at a grade of 9.6 ounces per ton and silver cash costs
    of $20.48 per ounce.

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    Confederation Minerals, Ltd. (CNRMF: Grey Market) | Pleased to Announce 56% Owned Magna Resources Files NI 43‐101 Technical Report for the Green River Potash Project

    Category : Stocks

    July 16, 2012

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    Margaret Thatcher wanted to crush the miners. That’s all she wanted

    Category : Business

    Ken Radford, a former miner who was at the Battle of Orgreave, talks to Ann Czernik about how Margaret Thatcher’s funeral will not heal the wounds his family still feels from her policies

    In 1984, Ken Radford was a young man who did not want much – just “a decent wage, food on the table, and a better standard of living” for his family and community in Oughton, South Yorkshire. Like his mates, and thousands of other miners across the country, he worried what would happen if the pits closed, and was drawn into a class war.

    “Thatcher wanted to crush the miners. That was her goal, that’s all she wanted,” says Ken.

    Thirty years on, this is the first time he’s spoken in depth about the strike. Ken and others like him never talk about it. It’s too hard, too painful, too raw still. “A lot of people talk in beer and they go home and sleep it off next morning,” Ken says.

    For Ken, Orgreave brings back mixed emotions. He made good friends, good memories; he shook Arthur Scargill’s hand. But he says: “What them bastards did to us, it goes deep, lass. It really goes deep.”

    During the strike, police put Ken’s village under surveillance. Men and women were regularly stopped from travelling and police boarded public transport, buses, stopping cars and vehicles going to power plants, coking and steel works. On 18 June 1984 police were directing the miners into Orgreave with smiles on their faces.

    “That day at Orgreave was planned,” says Ken. “They guided the lads in, telling us ‘that’s where you go lads, go into that field there’. We didn’t realise at the time what was going to happen but we found out. They gave us shit. You’ve seen the pictures: lads in T-shirts. It was frightening.

    “They cordoned us off, there were more police than normal and they were just going to town. They blocked off the gates down at the bottom. All of a sudden they were banging their shields and we knew what was coming. They were animals. I had a lot of respect for the police before but that day I could have killed them. They murdered us.”

    Ken carried his haemophiliac father-in-law across the field to prevent him bleeding to death. “There was a war, the ranks just opened up, horses came and they just charged. I don’t know how many were injured, there were a lot of lads just covered in blood. It looked like a battlefield.”

    But Ken remembers a better time. His wife stood by him, battling on the street. There was a sense of community, of cohesion. “There were more people together, people speaking.” They called him Red Ken and the name stuck for a few years. He wanted something done to save his community from poverty.

    Today, he says the area wants flattening. His wife works at Meadowhall, the cavernous shopping centre between Sheffield and Rotherham built, ironically, on a former steel plant. Ken laughs: “That makes sense doesn’t it: knock down a rolling mill and build a shopping centre.”

    He says of the traumatised landscape: “We need jobs and industry. There is always spare land round here. Every time I go to me mam’s, I go past pit head. It hurts. My kids have never seen a pit head. I keep saying I’m going to take them to Wakefield to the mining museum but I can’t do it.”

    Ken has two daughters, one son and four grandchildren. He’s seen his lad, now 25, defeated by lack of work and opportunity since being laid off by a local engineering firm five years ago. Ken shakes his head . The social stopped his money because “they said he wasn’t proving he was looking for work – he’s been looking for years.”

    His eldest daughter works for her sister-in law’s debt recovery business. His other daughter – on her own with two children since her husband left – works behind a bar.

    During the strike, Ken was the poorest he’d ever been, but still remembers it being one of the best Christmases ever: “My wife got a fur coat out of it. I had a pair of real Italian leather shoes.” Help came from all over – often from unlikely sources. And half the time, miners couldn’t understand the descriptions on food on packets or the games that well-wishers sent.

    Every child of striking families went to school in a parka because a factory sent a job lot. The fur coat came in handy when Ken was cutting up cloth and anything else he could find to keep his family warm. Now, he asks himself if it was worth it. “There’s times I start doubting, and I think ‘no, I took a stand’”. He clenches his fist. “It’s killing me that there are still people round here who say ‘Our lad hasn’t got a job. I don’t know what he’s going to do when I go’ – I say fight.”

    Thirty years on, Ken says the hope, heart – and jobs – in this once-thriving community have gone, and the pubs are empty. “People would pop in after work. Late shift finished at 10pm – straight in for the last couple of pints. Days, you’d pop in for a couple of pints. It was a lad thing, we were just all lads. It were brilliant … That’s gone. Thatcher and her kind, they took it all away.”

    The ‘advanced manufacturing plant’ on the site of the former coking plant will only provide a fraction of the number of old jobs and are predominantly highly skilled, postgraduate positions. Around the site, dozens of private, executive-style homes are being built in readiness – a million miles away from the high density, social housing and type of employment skills available in traditional mining villages.

    As for Thatcher’s legacy, Ken says: “My lad’s out of work. He’s 25, he’s had three, maybe four years’ work in the past nine years. He’s a good lad. Thatcher destroyed him through no fault of his own … Thatcher took everything away – hope, everything – just for her own pride.”

    China approves Glencore Xstrata deal

    Category : World News

    China approves the merger of commodities trader Glencore and mining group Xstrata, clearing the final big hurdle in completion of the deal.

    Read more here: China approves Glencore Xstrata deal

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    FTSE falls as China slowdown hits mining shares, but United Utilities lifted by bid talk

    Category : Business

    Leading shares undermining by disappointing Chinese GDP, with metal prices and mining groups under pressure

    A smattering of bid talk was not enough to prevent markets moving lower, with mining shares leading the way down.

    Disappointing economic data from China – a key market for commodities – hit metal prices, with gold falling to a two year low. China reported a 7.7% rise in first quarter GDP but this was lower than the 7.9% growth achieved in the fourth quarter of 2012 and below forecasts of 8%.

    So Randgold Resources is down 366p to £45.92, not helped by Citigroup cutting its price target from £55.40 to £43 and issuing a sell recommendation. Polymetal International is down 57p to 802p while Fresnillo has fallen 79p to £11.94.

    Eurasian Natural Resources Corporation has dropped 13.3p to 236.1p, with JP Morgan Cazenove edging down its price target to 295p from 300p.

    Overall the FTSE 100 has fallen 68.22 points to 6316.17, despite takeover speculation lifting water shares. United Utilities has jumped 19.5p to 740.5p, a 2.7% rise following weekend reports the company was beefing up its defences against a bid. Infrastructure funds are said to be keen on UK utilities, which has also helped lift Severn Trent 19p to £17.25. But Peter Atherton at Liberum Capital was cautious:

    United Utilities has (according to a Sunday Times article) appointed Goldman as an advisor. The Sunday Times says that this is to beef up its defence team against a possible bid, although the company is quoted as saying that the appointment was part of a normal review of advisors. Last week it was Pennon, this week United Utilities.

    These rumours do the rounds every few months. The reason they keep re-appearing is that there is some logic. We know that infra funds like UK network assets and especially their inflation protection. But there are several things against a bid. First, we are already into year 3 of this 5 year regulatory cycle. So a bidder would only have 1.5 years left where they know the regulatory settlement. Ofwat are changing a lot in 2015 so a bidder would face considerable uncertainty over the post 2015 cash flow. Second is size, United Utilities has a market cap of £4.7bn so a bidder would need to pay somewhere north of £5.5bn which is probably too big for any infra fund (this is not 2006). So the chance of a bid – 20%.

    Still with utilities, Centrica has climbed 1.3p to 380.7p after the British Gas owner linked up with Qatar Petroleum to pay $987m for oil and gas assets in Canada.