pcy
good drill results but politics in bolivia to follow
Things are calm at Uyuni and Pulacayo here.
Oct 20 election was 3 ways Morales, Mesa (Goni Sanchez's VP, pro business, educated, ex journalist), and independents.
On Sunday evening Oct 20, with 85% votes counted, votes fell short of the count required to avoid a run-off election. Official results put Morales at 45.3%, compared to 38.2% for the closest competitor, former President Carlos Mesa with 85% votes counted. (Morales needs a 10% margin). In a potential December run off between Mesa and Morales, Morales stands high chance to lose. The counting went dark from Sunday evening to Monday 7pm, then the court re-emerged and announced Morales with a 10% lead over Mesa 48% vs 37% Mesa with 95% votes counted.
The public obviously were not pleased. We will wait and see if the public will accept Morales claim to victory without a Dec run off. Situation could be volatile.
How does it affect Prophecy and Pulcayo:
1. Prophecy's mining license went through rigorous multi-step, due process. With public meeting minutes and sign offs from legal, technical, and financial committees, recommendation from the commission before the board, followed by board meeting and resolution. There were absolutely no short cuts to our mining license approval
2. We have strong support from Pulacayo town, a solid bond from 10 years of cultivation. There will be no incentive for the government to rough locals at this sensitive time
3. We have strong relations with current mining ministry, the minister had known me for 4 years. The new president will be sworn in January, cabinet late January then vice minister in Feb, and cabinet secretaries etc. New government won't be functional till March.
In the mean time, our team will be drilling Pulacayo, continue to foster local relations, and when picture clears, we will use our network to reach out to new minister and new president in the new year.
Is Mesa or Morales better?
Morales will be status quo, ministries operate mostly autonomous, the politics are manageable, somewhat slow. We will wait to see the new minister appointment. We already have mining license and 80% of mining revenue come from foreign companies (Sumitomo, Pan American, Manquiri (ex Coeur), Glencore) as locals don't pay taxes. Recent example Morales backed Sumitomo in its negotiating with union labor over extra sunday over time pay. Also see Prophecy's mention on front cover of government website (comibol.gob.bo).
If Mesa becomes president, Bolivia could re-assert its-self on global mining stage, along side Peru in the pre-Morales Era prior to 2005. Bolivia today is world's 6th largest silver producer with limited foreign investment. Apex silver, Orvana before Morales came on to scene were worth $billions (apex), and hundreds millions (orvana). Bolivia has skilled and low cost work force, excellent infrastructure (paved road, water, power, and rail), and great mineral discovery potential The jury is out on Mesa's ability and the cabinet selection, we have to wait and see. We know many of Mesa;s allies who are well versed, and highly educated, sensible businessmen. A re-rating of Bolivia under Mesa will greatly enhance Pulacayo valuation, and perceived Bolivia discount could quickly evaporate to reflect its truly great potential. 1 23 Oct 2019, 03:48
@accesswire Prophecy Drills 89 Meters Grading 279 g/t Ag, 1.28% Zn and 1.17% Pb, Including 12 Meters Grading 1,085 g/t Ag Starting 16 Meters Downhole at Its Paca Silver Project in Bolivia @accesswire/prophecy-drills-89-meters-grading-279-gt-ag-128
PCY $PRPCF $1P2N #news/mining
Things are calm at Uyuni and Pulacayo here.
Oct 20 election was 3 ways Morales, Mesa (Goni Sanchez's VP, pro business, educated, ex journalist), and independents.
On Sunday evening Oct 20, with 85% votes counted, votes fell short of the count required to avoid a run-off election. Official results put Morales at 45.3%, compared to 38.2% for the closest competitor, former President Carlos Mesa with 85% votes counted. (Morales needs a 10% margin). In a potential December run off between Mesa and Morales, Morales stands high chance to lose. The counting went dark from Sunday evening to Monday 7pm, then the court re-emerged and announced Morales with a 10% lead over Mesa 48% vs 37% Mesa with 95% votes counted.
The public obviously were not pleased. We will wait and see if the public will accept Morales claim to victory without a Dec run off. Situation could be volatile.
How does it affect Prophecy and Pulcayo:
1. Prophecy's mining license went through rigorous multi-step, due process. With public meeting minutes and sign offs from legal, technical, and financial committees, recommendation from the commission before the board, followed by board meeting and resolution. There were absolutely no short cuts to our mining license approval
2. We have strong support from Pulacayo town, a solid bond from 10 years of cultivation. There will be no incentive for the government to rough locals at this sensitive time
3. We have strong relations with current mining ministry, the minister had known me for 4 years. The new president will be sworn in January, cabinet late January then vice minister in Feb, and cabinet secretaries etc. New government won't be functional till March.
In the mean time, our team will be drilling Pulacayo, continue to foster local relations, and when picture clears, we will use our network to reach out to new minister and new president in the new year.
Is Mesa or Morales better?
Morales will be status quo, ministries operate mostly autonomous, the politics are manageable, somewhat slow. We will wait to see the new minister appointment. We already have mining license and 80% of mining revenue come from foreign companies (Sumitomo, Pan American, Manquiri (ex Coeur), Glencore) as locals don't pay taxes. Recent example Morales backed Sumitomo in its negotiating with union labor over extra sunday over time pay. Also see Prophecy's mention on front cover of government website (comibol.gob.bo).
If Mesa becomes president, Bolivia could re-assert its-self on global mining stage, along side Peru in the pre-Morales Era prior to 2005. Bolivia today is world's 6th largest silver producer with limited foreign investment. Apex silver, Orvana before Morales came on to scene were worth $billions (apex), and hundreds millions (orvana). Bolivia has skilled and low cost work force, excellent infrastructure (paved road, water, power, and rail), and great mineral discovery potential The jury is out on Mesa's ability and the cabinet selection, we have to wait and see. We know many of Mesa;s allies who are well versed, and highly educated, sensible businessmen. A re-rating of Bolivia under Mesa will greatly enhance Pulacayo valuation, and perceived Bolivia discount could quickly evaporate to reflect its truly great potential. 1 23 Oct 2019, 03:48
@accesswire Prophecy Drills 89 Meters Grading 279 g/t Ag, 1.28% Zn and 1.17% Pb, Including 12 Meters Grading 1,085 g/t Ag Starting 16 Meters Downhole at Its Paca Silver Project in Bolivia @accesswire/prophecy-drills-89-meters-grading-279-gt-ag-128
PCY $PRPCF $1P2N #news/mining
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.