Thursday, August 31, 2006

PolyMet Mining...

What a day for PolyMet Mining! After looking at PLM for a couple of days, I entered a buy order to start a position. Early on, I could see that the stock was getting bid up quickly so I raised the limit on the order and got filled at 2.99. Decided to add, market was moving fast, so used a market order and got filled at 3.12. PLM traded up to 3.50 and closed at 3.44.

  • One of the largest undeveloped non-ferrous metal deposits in the world, near Babbitt, Minnesota (1 billion tons of 1% Cu-equivalent - nickel-copper-gold-cobalt-PGM)
  • Enormous 1950's-era processing plant that includes 30 parallel grinding circuits
  • NorthMet is a fully-permitted project, slated for production in 2008
  • A Definitive Feasibility Study is anticipated at the end of September 2006
  • Plenty of cash, AMEX-listed

Goldcorp and Glamis Gold to wed!

Merger mania continues this morning with the latest shocker, Goldcorp and Glamis. This is one combo that nobody had anticipated, packing all the more punch!

Goldcorp Buying Glamis

By TSC Staff
8/31/2006 7:00 AM EDT

Goldcorp (GG - commentary - Cramer's Take) agreed to buy Glamis (GLG - commentary - Cramer's Take) for $8.6 billion in stock in a matchup of Canadian gold miners. Vancouver, B.C.-based Goldcorp will issue 1.69 shares for each share of Toronto-based Glamis. Goldcorp said the deal gives Glamis holders a 33% premium to Wednesday's closing prices.

The new company will be called Goldcorp and will be 40% owned by Glamis shareholders. Glamis agreed to pay a $215 million breakup fee and to give Goldcorp the right to match offers.

The news comes as the recent surge in commodity prices fuels a wave of mining industry consolidation, with players like Inco (N - commentary - Cramer's Take) and Falconbridge receiving multiple buyout bids.

Monday, August 14, 2006

Another day at the factory...

Sold UTS Energy and bought Orex Ventures. UTS has been a laggard for a while and though I hate to sell low, I decided to cut it loose to raise cash so I could buy Orex. I have been thinking about Pamel for the past few days and what it might mean for Candente. I started looking at Orex and realized the chart looked good with a 25/50 weekly ema x-over in progress. I was able to buy a position at 0.315US and then I found out that Orex was written up today at Stockhouse. The article is ostensibly about Orex, but is mostly about the Candente team. Apparently several others arrived at this conclusion simulataneously, and the stock traded heavily.