LC | LCB
Price Action: LC 5.56% | LCB 6.54%
Bad news: No dough for Lepanto
Monday (March 20) was the deadline of South African mining giant Gold Fields to pay mining tycoon Felipe Yap’s Lepanto Consolidated $110 million to complete its acquisition of a 40-percent stake in Far Southeast Gold Resources, but no money was laid on the table. A portion of the deal (20 percent) payable offshore to private holding firm Liberty Express Assets is pushing but not the portion of the payment going to Lepanto.
Industry sources said that while Gold Fields would have wanted to complete payment to finally consummate its 60-percent takeover of the undeveloped gold-copper Far Southeast deposit, it did not want to lay down more money pending the issuance of an executive order on mining. This was because under an agreement with Lepanto 18 months ago, the local mining firm must get an FTAA [Financial or Technical Assistance Agreement], a contract between the Philippine government and mining companies on large-scale exploration, development and utilization of mineral resources that a foreign company needs to have economic control of a mining project.
But the market expects this to be only a hiccup, given Gold Fields’ optimism on the Far Southeast project.—Doris C. Dumlao
Real News: Gold Fields Secures 40% in Far Southeast – Reuters
Gold Fields Limited (Gold Fields) is pleased to announce that it has exercised its 40% option in the gold-copper Far Southeast Project in the Philippines after making a US$110-million payment this week.
Read full article here
Text Message: ”SEC & spaNoy PSE directors of mkt integrity division 2 start investigating JAP stocks & chinoy brokers 4 insider trading (pyramid scam) of geo .93 ni 11.82 diz 46.9 lihc 1.33 ore 7.98″
Tsupitero.com even asked yesterday “How true is it that the PSE will be investigating all the JAP stocks for price manipulation? I guess that explains why the sudden weakness in all the JAP issues today.”
Price Action: No panic!
DIZ up 5.73% MACD strong.
ORE up 1.78% and closed to a new all time high!
NI GEO both unch.
LIHC down 1.56%, AGP down 0.4% <- is this panic?
I’m sure a lot of you have already read somewhere some PHEStivities, PHESo (Piso TP), final deal will be today etc.
But the price action? -4.21% down. tsk tsk.. is this over? Nasa WIN ba ang totoong play?
You know what to do 😉