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Thank God this clown is not our Finance Minister
I love how these guys are about give up about 5000 month in earnings for their "principles". Even if Vale does concede (highly unlikely in my opinion) it will take years to recover the lost income. The LME stock is at a record high and the union has very little bargaining power.
This is going a very long strike and a year from now I think they will be wishing they signed this contract as the local 6500 may not exist after that.
Below is an excerpt from the Gold Eagle circular regarding the acquisition by Goldcorp. A background of the agreement stated a complete history of the two parties interaction; meetings etc. The one that stands out the most for me is:
"In August 2007, Goldcorp began acquiring Gold Eagle shares in the open market. As a result of these purchases, Goldcorp increased its ownership interest in Gold Eagle to approximately 5% of the then outstanding Gold Eagle Shares by October 2007."
If you owned Gold Eagle shares back in Aug 07, you were not a happy shareholder. The stock had fallen form highs of $10 to the mid $4 range in matter of weeks. There was little news that month (Aug) and the market as a whole was effected by the credit crunch. I remember reading various posts saying that the stock was being manipulated by "mysterious" parties taking advantage of a bad situation. It is all very clear on who those manipulators may have been.
Fast forward to today - are we seeing alot of manipulation by more "mysterious" parties taking advantage of Noront's summer doldrums?
Only time will tell - but if you thought Gold Eagle was dead back in Aug 07 you wouldn't be very happy today with it's shares at $12.
All this talk about infastructure but this new creation should take 40 of rock out at a time.