Michael O’Brian: gold isn’t all that glitters
Michael O'Brian has learned to apply some philosophies as an avid art collector to his successful investment career: an investor should always be in it for the long term.
Michael O'Brian has learned to apply some philosophies as an avid art collector to his successful investment career: an investor should always be in it for the long term.
An accident at a coal mine in China trapped more than 40 people underground on Thursday, state media and officials said, the latest in a string of incidents to hit the country’s vast mining industry.
There have been two major award notifications to staff at the Salt Lake City headquarters of FLSmidth. Phil Thompson has been selected as the recipient of the 2011 Antoine M. Gaudin Award,
Fortune Minerals (TSE:FT), the Ontario company behind a huge anthracite coal project in BC, has signed a cooperation agreement with a native group for its NICO gold--bismuth-copper project in the Northwest Territories, Canada. "The signing of this agreement expands on our existing long-term relationship with the Tlicho Government and the Tlicho people", said Fortune Minerals President Robin Goad. "The agreement lays the foundation for discussions on fundamental topics of interest such as the possible environmental and cultural impacts of the NICO Project on Tlicho owned lands."
AngloGold Ashanti posted record quarterly adjusted headline earnings* of $457m and boosted its dividend to improve cash returns to shareholders. Payouts to shareholders will now be made quarterly, instead of twice yearly. "Our power to generate earnings and strong cash flow is clear in these numbers," Chief Executive Officer Mark Cutifani said. "The upward jump in the dividend demonstrates the fundamental strength of the business and the market, while maintaining the ability to fund our growth pipeline."
The Tsilhqot’in Nation reacted today with anger, frustration, bewilderment and disappointment to the announcement that the already rejected Prosperity Mine proposal will proceed to another review.
The Sydney Morning Herald reports in a major policy victory for Australia's Gillard government's controversial carbon pricing scheme has passed parliament with Labor and the Australian Greens forcing the 18 so-called clean energy bills through the Senate. The laws – fiercely opposed by the country's mining sector which says it will lead to more than 20 mine closures and cost thousands of jobs – will force Australia's top 500 polluting companies to pay a tax of $24.50/tonne on carbon emissions from July 2012. On top of the carbon tax set to kick in mid-2012, Australian miners also have to contend with the new minerals resource rent tax set at an effective 22.5% rate on the so-called super-profits of the extractive industries.
As far as I am concerned, corrupt governments that engage in reckless spending, banks and financial institutions that defraud, lie and deceive their own customers are all financial predators.
Gold continues to rise as European debt worries linger on in the financial markets.
A husband and wife in the U.S. face 20 years of prison time for tax evasion due on the many properties they hold. Before they were tripped up by the authorities, the colourful couple required that renters pay them in silver coins. The couple, who called themselves sovereign citizens while living in Alabama, also buried $350,000 worth of gold coins in their backyard.