VIDEO: Bitcoin vs. Gold as explained by Peter Schiff |
- VIDEO: Bitcoin vs. Gold as explained by Peter Schiff
- Chile once again freezes Goldcorp's El Morro project
- Brazilian court suspends country's largest gold mining project
- INFOGRAPHIC: Moving tonnes of earth for a gram of gold
- Some praise Cliff's Ring of Fire suspension, others not so much
- 300 coal miners barricade themselves inside Turkish mine
| VIDEO: Bitcoin vs. Gold as explained by Peter Schiff Posted: 22 Nov 2013 04:51 PM PST  Bitcoin GIF by reddit user Plazmotech Bitcoin has had the ride of a lifetime this past week, and the investment community has taken note. Fuelled by strong demand from China and general hype over the crypto-currency, the price of one bitcoin reached nearly $900 mid-week, compared with $12 just last year. But the currency's success has sparked a big debate over its actual value, and famed investor Peter Schiff has weighed in, publishing a video titled 'Gold vs. Bitcoin' on his YouTube channel on Thursday. In the video, Schiff explains why Bitcoin is not "gold 2.0" but modern day alchemy. "While I have a lot of sympathy with what the bitcoin community is trying to acheieve, I just think they have the wrong vehicle," Schiff says. "Bitcoins really replicate all of the properties of gold, even improving on some of them, but here's the problem: They replicate all the properties except the single most important one: Value. Intrinsic value of the metal itself. Bitcoin doesn't have any."  |
| Chile once again freezes Goldcorp's El Morro project Posted: 22 Nov 2013 03:11 PM PST Just one month after reclaiming its environmental permit, Goldcorp's $3.9 billion El Morro gold and copper mine is being challenged once again. Chile's Supreme Court has preventively frozen the project after accepting an appeal from a local indigenous group, Reuters reports. The court initially halted the project in 2012, telling Goldcorp it needed to fully consult with the local indigenous community. Although the court ruled in October that the company had sufficiently consulted with the Diaguita community, a new appeal from the indigenous group has once again stalled El Morro. Diaguita, which announced its intentions to file the suit earlier this month, says the consultation was not properly conducted and that the mine could pollute a local river. Goldcorp holds a 70% stake in El Morro. The other 30% is owned by New Gold. Due to begin operations in 2017, the mine has proven and probable reserves totaling 6.7 million ounces of gold and 4.9 billion pounds of copper. |
| Brazilian court suspends country's largest gold mining project Posted: 22 Nov 2013 01:13 PM PST A Brazilian court has suspended Canadian miner Belo Sun Mining's (TSX:BSX) Volta Grande project, Brazil's to-be largest gold mine, located alongside the Xingu River in the state of Para. In response to a civil lawsuit filed earlier this month by the Federal Public Prosecutor's office, a federal judge has ordered the "immediate suspension" of environmental licensing for Vale Grande, environmental group International Rivers (IR) announced on Thursday. Earlier this week Belo Sun provided an update on its licensing process, saying that the Environmental Council of Para State (COEMA) had met to consider the issuance of the Preliminary Licence (LP) for Volta Grande. Out of a 13-member panel, 11 voted in favour of granting the LP. However, one member, the State Public Prosecutor Office, did not vote, requesting to view the licensing process files before making a decision. Voting was therefore postponed until December 2. Now, the Public Prosecutor's Office has challenged the validity and legality of the LP process, and the judge has agreed to suspend it. The suspension will remain in effect "full analysis of effects on indigenous peoples has been carried out within the Environmental Impact Assessment (EIA)," IR writes, citing a news release (in Portuguese) from the Federal Public Prosecutor's office. Belo Sun has released a statement saying that it will appeal the decision. "The Company will take all applicable legal measures to appeal the decision of the Federal Judge and defend the validity and legality of the Licensing Process," Belo Sun wrote. According to IR, Judge Sergio Wolney wrote in his decision that "the licensing of the mining project without necessary and prior analysis of impacts on indigenous peoples … constitutes a serious violation of environmental legislation and indigenous rights." Opponents of the project fear that the mine's vicinity to the controversial Belo Monte dam complex – which is designed to become the world's third largest dam – "may lead to devastating and irreversible consequences … for the quality of life and cultural heritage of indigenous peoples and their territories." In September federal prosecutors asked the state government of Para to to reject permitting until "a proper" impact study on local Indian communities is completed. |
| INFOGRAPHIC: Moving tonnes of earth for a gram of gold Posted: 22 Nov 2013 12:36 PM PST ixtract puts into perspective the rarity of gold comparing the total amount ever produced with annual iron ore production.  |
| Some praise Cliff's Ring of Fire suspension, others not so much Posted: 22 Nov 2013 12:26 PM PST Earlier this week, Cleveland-based miner Cliffs Natural Resources pulled out of the $3.3 billion Ring of Fire chromite project in Ontario. Cliffs chose to indefinitely suspend the project through its subsidiary Cliffs Chromite Ontario because of the "uncertain timeline and risks associated with the development of necessary infrastructure." "We continue to believe in the value of the mineral deposits and the potential of the Ring of Fire region for Northern Ontario," Vice-President Bill Boor said in a statement. "As we've assessed the current challenges in the region and the costs to continue on the current path, we decided to suspend the Chromite Project indefinitely." The company said it would continue to work with the provincial government, First Nation communities and other interest parties to resolve the issues, but did not mention a restart date. The announcement didn't come as much of a shock: In June the company suspended environmental assessment activities. In October, Boor told the Canadian Press that there were talks about shutting down the project because the company was having trouble building an all-weather road to the site. Although Cliffs' share price took a mild beating from the announcement, dropping from $27.5 per share on Wednesday to $25.5 by Friday, not everyone sees the move as a bad sign. H. Fraser Phillips at RBC Capital Markets said on Friday that Cliffs made the right decision. "It has been our view that the project would take years to developed if it could ultimately be developed at all," Phillips said, as reported by the Financial Post. With today's' chromite prices, Phillips seriously questioned the project's economics. By scrapping the Ring of Fire plans, the company can now allocate resources and capital to its iron ore project in Quebec, Phillips noted. But the province of Ontario might take a different view. In a piece for the Toronto Sun, Christina Blizzard writes that the Ring of Fire's "flame-out will impact all of Ontario." The ore-rich region in northwestern Ontario is seen as a major driver of the province's economic boon. When Cliffs pulled out of the project it took jobs with it, closing its offices in Thunder Bay and Toronto, as well as the exploration camp site. The project was valued at an estimated $60 billion in economic development. Blaming a "Toronto-centric government" that "doesn't get mining and doesn't understand Northern Ontario,", Blizzard writes: That clanging sound is $60 billion being flushed down a stainless steel drain. |
| 300 coal miners barricade themselves inside Turkish mine Posted: 22 Nov 2013 11:35 AM PST 300 Turkish coal miners are protesting working conditions by barricading themselves inside a 170-meter deep mine in the province of Zonguldak, Turkey's Dogan news agency reports. The miners, members of the Turkish Hard Coal Authority (TTK), are demanding improved working conditions and safety measures. Night shift workers began the strike and were joined by day shift miners early Friday morning. Miners cite the late arrival of ambulances as one example of poor safety measures. A worker who spoke with Dogan said that the miners "had been exposed to psychological pressure for a year" and "reached the end of their rope" after a worker suffered a heart attack and an ambulance took 35 minutes to arrive. The miners say they will continue the protest until their demands are met. Zonguldak – Turkey's coal capital – has a grim history of coal mining accident. In September two miners narrowly escaped death after shaft walls collapsed – they happened to be standing underneath one segment of ceiling that didn't crumble. Earlier this year a gas leak killed eight miners. In 2010, 30 miners died after an explosion trapped them 540 meters underground. It's believed they died from carbon monoxide poisoning. The country's worst mine disaster in 1992 killed 270 workers in Zonguldak. According to Hurriyet Daily, Turkey has the worst safety record in Europe in terms of mining accidents and explosions, and the third-worst in the world: A total of 2,554 miners died between 1991 and 2008. |
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