INTERNATIONAL MINING: Ecuador's Correa says mining contracts "within days"

Ecuador's Correa says mining contracts "within days"

Thu, Nov 24 16:02 PM EST

* Two miners set to invest $3 bln in copper, gold projects in Ecuador

* Miners have agreed to gov't demands- top mining official


QUITO, Nov 24 - Ecuador's President Rafael

Correa said on Thursday his government is "within days" of

signing contracts with mining companies set to develop large

copper and gold projects in the mineral-rich Andean nation.



Deputy Mining Minister Federico Auquilla told Reuters

earlier this week that Canadian-listed Kinross Gold Corp and Ecuacorriente would soon sign contracts

for two projects worth $3 billion in total.



The negotiations have been long and difficult, in part

because the government was asking companies to pay an 8

percent royalty share, whereas miners were offering 6

percent.



"We're negotiating the contracts very hard ... They will

be signed in the next few days," said leftist leader Correa,

who has also renegotiated part of Ecuador's foreign debt and

oil exploration contracts with foreign companies.



The government is demanding advance payments on royalties

before the miners start extracting, the president added in

comments on local radio.



The extra income from advance royalty payments would be

used for social projects, including schools and roads, Correa

said. In power since 2007, he has made resource nationalism a

centerpiece of his policies and may run for another term in an

election due in January 2013.



Kinross plans to develop Ecuador's largest gold project,

Fruta del Norte, while Ecuacorriente - an affiliate of

Canada's Corriente Resources - will work on the Mirador copper

mine.



ROYALTY NOT YET DETERMINED



Correa did not say how much royalty the miners would be

paying, but mining sources familiar with the negotiations say

the final percentage will likely be closer to the figure

demanded by the government.



"Mining companies have agreed to the demands of the

Ecuadorean state and we're completely satisfied," said

Auquilla, the government's top mining official, during the

same radio show.



Correa has had a tumultuous relationship with foreign

investors throughout his rule, revising oil contracts to

better favor the government and defaulting on the nation's

debt.



He is striving to diversify the Ecuadorean economy from

crude exports, and he has taken a softer approach to investors

planning to develop mines than the oil companies with large

investments in the OPEC member country.



Ecuador has a nascent mining industry. Some larger

projects were initially delayed as Correa's government

tightened regulations for the sector.



Ecuador is also negotiating contracts with International

Minerals over its Rio Blanco gold-silver project,

with Ecuacorriente over its Panantza-San Carlos copper deposit

and with IAMGold , which plans to develop the

Quimsacocha gold-copper-silver mine.



High oil prices have allowed Correa to increase social

spending this year, which has fueled economic growth and

boosted his popularity among the majority poor.

China Resource Conference on December 9th and 10th 2011 at the Sheraton Shenzhen Futian Hotel: Canadian Trade Mission

We cordially invite you to an upcoming trade mission to China. We are looking at organizing a delegation of 10 to 12 people from the mining and financial sector to attend the event and plan to leave on December 6th and return on the 13th 2011. With this trade mission we will attend the China Resource Conference on December 9th and 10th 2011 at the Sheraton Shenzhen Futian Hotel. The event is expected to attract 2,000 participants and 80 exhibitors. This trade mission is organized by former M.P. Honorable Bryon Wilfert and Ivy Lee President of Modesty Group Inc. Ivy is the Global Chinese Financial Forum Toronto Event Partner. The Global Chinese Financial forum is known as GCFF and owned by the NAI Interactive Ltd.


For more information please read the enclosed attachment. I look forward to hearing from you soon.

Best Regards!



Modesty Group Inc.


3621 Highway 7 East, Suite 120, Markham, Ontario. L3R 0G6 Tel: 905-513-7939 Email: ivy@ivylee.ca





Dear Carlos:



We cordially invite you to an upcoming trade mission to China. We are looking at organizing a delegation of 10 to 12 people from the mining and financial sector to attend the event and plan to leave on December 6th and return on the 13th 2011. With this trade mission we will attend the China Resource Conference on December 9th and 10th 2011 at the Sheraton Shenzhen Futian Hotel. The event is expected to attract 2,000 participants and 80 exhibitors. This trade mission is organized by former M.P. Honorable Bryon Wilfert and Ivy Lee President of Modesty Group Inc. Ivy is the Global Chinese Financial Forum Toronto Event Partner. The Global Chinese Financial forum is known as GCFF and owned by the NAI Interactive Ltd.



NAI Interactive Ltd. (NAI), established in 1998, is a leading solution provider for fast growing public companies trading on the North American Exchange Markets. Being a major subsidiary of ChineseWorldNet.com Inc. (CWN), NAI represents a communication bridge between public companies and Chinese investors, allowing them to develop working relationships and form functional networks through our unique platform.



We are working with the Chinese embassy to arrange a meeting with the mayor of Shenzhen and government officials, as well as the members of the National People’s Congress and local business leaders. This will allow the Canadian delegates the opportunity to explore and network with China’s many large business owners and investors. Due to the current and upcoming market trends, mining resources, renewable energy, bank, finance, and real estate investment will be the focus of our mission. The series of tours, seminars, and networking events are to encourage the interexchange of ideas, business opportunities, and culture between Canada and China.



The cost of this trade mission per organization representative is $5,350 CDN. The fee includes airfare, hotel, China Resource Conference Seminar admission fees, sightseeing, local transportation, and networking luncheons and dinners.

The China Resource Conference Seminar will have a Canadian Pavilion for the delegates, if you are interested in purchasing an individual booth, the cost is $6,500. Another option is to share an exhibition space with other companies for $1,200 per organization.

• The deadline for the mission is November 1st, 2011. Make check payable to Modesty Group Inc.

• We need a personal bio of yourself and company of 100-120 words. Also include your personal portrait or company logo.

• Have your China visa permit ten days prior departure. If you require us to guide you in applying for this visa, we are more than happy to help.

• Please advise us if you have any dietary problems.

• For your health safety, we recommend that you consult your doctor to determine which vaccines you should consider administering before departure.

• There will be a meeting ten days prior to departure.

• 50% deposit is required refundable up to 20 days before departure. No refunds after Nov. 12th 2011



If you are interested or have any questions, please feel free to contact either one of us:

The Hon. Bryon Wilfert (Privy Council) Ivy Lee,

President of Wilfert & Associates Inc. President of Modesty Group Inc.

Phone: (416) 409-9930 Phone: (905) 513-7939

Email: b.wilfert@rogers.com Email: ivy@ivylee.ca

Modesty Group Inc.

3621 Highway 7 East, Suite 120, Markham, Ontario. L3R 0G6 Tel: 905-513-7939 Email: ivy@ivylee.ca



China Trade Mission Application Form



1. Company Name: ______________________________________________________________________________

2. Please complete the following information for all participants.

Name: ________________________________________________________________________________________ Address: _______________________________________ City: _________________________________________

Province: _______________________________________ Postal Code: __________________________________

Phone: ___________________________Fax: _____________________ Email: _____________________________



3. Please identify your industry sectors and principal lines of business:

Industry Sector (s): ______________________________________________________________________________ Principal Lines of Business: _______________________________________________________________________



4. Number of Employees: __________________________________________________________________________

5. Does your company have any international business experience? Yes 􀀀 No 􀀀

If yes, please list the countries to which you have business with and the approximate amount dollars value of business.

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

6. Has your company previously participated in a trade mission? Yes 􀀀 No 􀀀

7. Please describe the nature of your business as it relates to your desired goals on the trade mission:

_____________________________________________________________________________________________

8. Please give your objectives in this trade mission:

a) Finding a sales representative: _________________________________________________________________

b) Finding licensees: ___________________________________________________________________________

c) Finding investment: _________________________________________________________________________

d) Exposure to new Business prospects: ___________________________________________________________

e) Immediate sales: ____________________________________________________________________________

f) Product testing/market research: ______________________________________________________________

g) Government meetings: _______________________________________________________________________

h) Other : ____________________________________________________________________________________

Modesty Group Inc.

3621 Highway 7 East, Suite 120, Markham, Ontario. L3R 0G6 Tel: 905-513-7939 Email: ivy@ivylee.ca





9. Please provide any additional information that you feel is relevant to this trade mission. ______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

10. The full cost amount is due within ten days from the approval of your application.

11. I acknowledge that the above information is to the best of my knowledge true complete and correct:

Company:



The Hon. Bryon Wilfert (Privy Council) President of Modesty Group Inc.

President of Wilfert & Associates Inc. 3621 Highway 7 East, Suite 120, Markham, ON L3R 0G6

Phone: (416) 409-9930 Phone: (905) 513-7939

Email: b.wilfert@rogers.com Email: ivy@ivylee.ca









Participant’s Signature

______________________________


















Modesty Group Inc.

3621 Highway 7 East, Suite 120, Markham, Ontario. L3R 0G6 Tel: 905-513-7939 Email: ivy@ivylee.ca


China Trade Mission Application

Supplemental form for secretarial Trade Mission
1. Please provide the following personal information, which will not be used as selection criteria, but rather sill be used for the purpose of a security screening should you be selected to participate on a trade mission led by the secretary of commerce:

a. Date of birth of participant : _______________________________ Place of birth: _______________________

b. Social security number of participant (optional): __________________________________________________

c. Passport number of participant: _______________________________________________________________

Issuing country: _____________________________________________________________________________

Date of issue: ____________________________________________Date of expire: _____________________

2. Please provide the type of business entity and state of registration for the applicant’s company.

3. Please attach biography and a one-page company description which describes the Company’s/Participant’s experience in the trade mission country/countries. Please note that this information may be used for the purpose of publicizing the trade mission and its participants.

Participant’s Signature

______________________________



Toronto, November 9, 2011

Dear partners and associates:

Good afternoon.

We have direct access up to 10,000 MT of copper tonnes avaialble monthly from Chile, but we need to act fast. Please check with Final Burner for copper cathodes. Copper concentrates can be sold through brokers, but not copper cathodes.

The window offers, in particular with regard to the copper cathodes, is prompt to close this month, to thus achieve such shipments can be performed between March-June of 2012. Otherwise any future transaction embark will be in 2013. It does not escape your attention the fact that we are talking about a market, in which the supply is quite limited and difficult to obtain, which is backed by high copper prices. Furthermore, as you can understand this is not a one off operation, but is a permanent procedure which we have access, by agreement and knowledge with the representatives of the producers.















--



Ivy Lee
President , Global Connexions Division of Modesty Group Inc.

Director of Malaysian Association of Canada

Director/VP Publication of York Region Parent Association

Founding President of Chinese Canadian Liberal Association

Director/Treasurer/PR & Event Management of Trade & Investment Services Alliance Network

3621 Highway 7 East. Suite120,

Markham, Ontario. L3R 0G6

Tel: 905-513-7939

Email: ivy@ivylee.ca

Website: http://www.ivylee.ca/
 

GLOBAL ECONOMY: The New Era – China and the IPO

15th November 2011


FROM THE DESK OF THE CHAIRMAN

The ability to differentiate between the really strong companies and those just riding the wave in the China Markets is crucial, as illustrated in a report titled “What’s Wrong With Chinese IPOs?” Last year, the debuts of companies like E-Commerce China Dangdang and Youku . com on U.S. exchanges were a signal of how hot the market for Chinese stocks has become.

The IPO research found that an investor who bought all 68 U.S.-listed China initial public offerings from 2008 through mid-June would have seen an average loss of 24%, compared with an average return of 25% on non-Chinese IPOs. The lesson – and an apt one as social media companies like LinkedIn and Groupon come to market – is that buying on a theme like China’s rapid economic growth, without delving into the nitty-gritty of the particular business, is a dangerous game.



The report also highlights recent fraud investigations of Chinese companies like Longtop Financial, which has certainly given the market a black eye. It isn't just inexperienced investors who have gotten lured into the maze either. Billionaire John Paulson’s hedge fund recently disclosed it had exited its position in Sino Forest – with a loss of some $750 million – after that company became embroiled in fraud allegations.



Part of the reason many of these companies are under the microscope is that any sizzling market will attract bad actors, but it is also a reflection of the changing nature of the types of Chinese companies listing in the U.S. Once the domain of old-school manufacturing operations and state privatizations like China Telecom and PetroChina, the U.S. market for Chinese companies is now a home for online businesses like Baidu or companies tied into the evolution of the country’s consumers like Ctrip.com and hotel chain Home Inns. (See “In New Crop Of Chinese IPOs Is There Another Baidu?” and “YouTube, Amazon Of China Make Big Debut In New York.”)



At the same time, the maturation of Hong Kong’s stock exchange has served two purposes “It showed…that the PRC did not need the U.S. capital markets to raise vast amounts of money and it provided a convenient way for the government to dispose of privatizations in which U.S. investors had limited interest.” Slower-growing businesses have listed in Hong Kong, while growth companies head for U.S. markets.



The confluence of factors – an appetite for fast-growing businesses in the U.S. and a desire by Chinese companies to raise boatloads of capital – has been the force behind some of the murkiness in the U.S. market, as sloppy financial reporting proliferates. “A number of Chinese companies had only recently hired a CFO and supporting staff,”



Long-term, Chinese companies have a valuable place in the U.S. equity markets, but must meet certain standards. It’s hard to argue with the stance that “investors are entirely legitimate in demanding full disclosure, candor and confidence that information will be disclosed in a timely and appropriate manner.”



Highlighting the challenges in the market is not an indictment of all Chinese companies listed in the U.S., we make clear. In fact, some understand the concepts well, particularly not making unreasonable assumptions about growth to juice valuations and providing clear financial statements audited by a major financial firm.



Unfortunately, until the number of Chinese companies with questionable reporting become exceedingly rare, the bad will continue to mar the reputation of many of the good.



Kind regards





Colin Archer

Chairman

APEC International Investment Group Limited



5th Floor EDGECLIFF CENTRE

203-233 New South Head Road SYDNEY AUSTRALIA



Australian telephone: 0403 951 981

international telephone: + 614 03 951 981

email: colinarcher@apecgroup.org

web: www.apecgroup.org

skype: apec.group

El riesgo país de España sube a un nivel récord; también volvió a subir el riesgo país de Italia.

El riesgo país de España sube a un nivel récord. Y es porque la desconfianza en la recuperación de la economía europea golpeó hoy fuertemente a los títulos de deuda españoles. También volvió a subir el riesgo país de Italia.

- Europa toma medidas contra la especulación financiera y las calificadoras

- La UE, “aterrada” por un posible contagio de la crisis a Francia

- El premier italiano busca sumar políticos a su gobierno técnico

- El premier griego sigue apostando al euro

- La prima de riesgo española y los intereses italianos alcanzan niveles récord

Hoy fue el turno de España. La desconfianza en las perspectivas de una pronta recuperación de la economía europea llevó a que el riesgo país español alcanzara un nivel récord desde la instauración del euro, en 1999. Hoy también volvió a subir la prima de riesgo de Italia, aunque todavía por debajo del récord que había alcanzado la semana pasada.

Los bonos públicos españoles a 10 años ofrecían hoy una rentabilidad del 6,31 por ciento, lo que implica una diferencia de 455 puntos básicos con los bonos similares de Alemania. Esa prima de riesgo (el interés "extra" que tienen que pagar los bonos de un país con respecto a los de otro que se toma de referencia) es la más alta en 12 años.

Para que el riesgo país fuera récord se conjugaron esta mañana en los mercados secundarios (en los que se compran y venden títulos de deuda emitidos con anterioridad) una caída del valor de los bonos españoles y un alza del precio de los alemanes. Lo que implica que los primeros llevan implícita una mayor tasa de interés y los segundos, una tasa más baja.

Esta misma mañana, el Tesoro español colocó 3.158 millones de euros (unos 4.290 millones de dólares) en letras a doce y dieciocho meses. Pero también en ese mercado primario convalidó un interés marginal de más del cinco por ciento, el más alto desde 1997.

Hoy también volvieron a subir las tasas implícitas de los bonos italianos a 10 años, que superaron otra vez el 7 por ciento (ayer habían cerrado en 6,7 por ciento), aunque todavía por debajo del récord del 7,48 de mediados de la semana pasada. La prima de riesgo –la diferencia con los títulos alemanes- era de 527,8 puntos básicos.

Desde la propia Comisión Europea (CE) atribuyeron la suba del riesgo país de España a los problemas europeos, más que a debilidades propias de la economía española. "Lo que está pasando en otras economías tiene un efecto en España", expresó el portavoz de Asuntos Económicos de la CE, Amadeu Altafaj. "La presión en los mercados que afecta a un número de estados miembros, no sólo a España, es compleja y se debe a fenómenos que no están sólo ligados a los fundamentos de estas economías", añadió.

Ayer, por caso, los comentarios más persistentes se referían a Francia, más que por problemas propios por la alta exposición que tienen sus bancos a la deuda italiana, que es la que está ahora, luego de la crisis griega, en el centro de la tormenta. Y los mismos británicos advertían sobre la necesidad de tomar medidas para proteger también su propia economía, desligada del euro.

Hoy los principales índices europeos operaban con pérdidas de entre el 1 y el 2 por ciento.