Spirit Ether http://www.spiritether.net/ Sat, 03 Jul 2021 06:36:30 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 https://www.spiritether.net/wp-content/uploads/2021/04/cropped-spirit-ether-icon-32x32.png Spirit Ether http://www.spiritether.net/ 32 32 United Nations Food Systems Summit Public Finance Forum https://www.spiritether.net/united-nations-food-systems-summit-public-finance-forum/ https://www.spiritether.net/united-nations-food-systems-summit-public-finance-forum/#respond Sat, 03 Jul 2021 05:46:55 +0000 https://www.spiritether.net/united-nations-food-systems-summit-public-finance-forum/

The food system is a key solution to tackling the most critical and urgent challenges of our time. Food systems can and should be central to supporting healthy people, a healthy planet and healthy economies. Sustainable systems can underpin a strong economic recovery (including job creation and exiting the debt trap), climate action and public health.

But today’s food systems are typically extractive, destructive and reinforce major inequalities, generating more than $ 12 trillion a year in hidden environmental, social and economic costs. Financial incentives are misaligned; negative externalities are not taken into account, preventing funds from flowing to sustainable opportunities and embedding huge risks in financial systems. As a result, our food systems subtract rather than add value.

An additional investment of $ 350 billion per year is needed to transform food systems. It means changing the way food is funded. Public capital should be used to reduce the risks of regenerative business models, address challenges such as hunger and poverty, and build pipeline and capacity. Private capital can be used to encourage more sustainable practices – by properly valuing ecosystem services and mobilizing resources, knowledge and technology for smallholders, indigenous peoples and other producers to support in a more equitable way to produce and consume food. Overall, reform of the financial system as a whole is needed to reorient incentives and create an enabling environment for investment in sustainable food systems.

To remedy this, the Finance Lever to tackle the incentives that block an extractive, destructive and exploitative finance model, helping to develop the financial system architecture and funding mechanisms (public and private) to support the goals of a better performing food system, more resilient and more equitable.

The UN Public Finance Forum will bring together public and private actors tackle barriers to investment and build an ambitious common vision for a food finance architecture that mobilizes large-scale capital for more sustainable food systems.

Register here.

This event is organized on behalf of the financial leverage of the United Nations Food Systems Summit. It has benefited from the organization and support of the Secretariat of the United Nations Summit on Food Systems, the World Bank, SYSTEMIQ and the Food and Land Use Coalition (FOLU) and the International Food Policy Research Institute (IFPRI)

Last updated: 02 Jul 2021

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Gross margins may remain under pressure this quarter, says Marico https://www.spiritether.net/gross-margins-may-remain-under-pressure-this-quarter-says-marico/ https://www.spiritether.net/gross-margins-may-remain-under-pressure-this-quarter-says-marico/#respond Sat, 03 Jul 2021 05:15:08 +0000 https://www.spiritether.net/gross-margins-may-remain-under-pressure-this-quarter-says-marico/


oi-Sunil Fernandes


Major input costs started to decline after peaking at the start of this quarter, however, gross margins will remain under pressure this quarter due to higher cost inventory consumption and will improve from the second quarter, a Marico said in a trade update.

Marico has a portfolio of brands such as Parachute, Saffola, Saffola FITTIFY Gourmet, Saffola ImmuniVeda, Hair & Care, Parachute Advansed, Nihar Naturals etc.

“Operating margins are expected to see a significant sequential improvement in the first quarter due to higher operating leverage and a trend towards medium-term expectations. However, the operating margin for the quarter will decline sharply year over year, given the exceptionally strong base of 24.3% (due to the rationalization of A&P and other overhead expenses during the quarter of base) and the arithmetic effect (high denominator) of significant price-driven growth. Release.

    Gross margins may remain under pressure this quarter, says Marico

“We are seeing an improvement in demand trends, as the second wave seems to be receding and the vaccination campaign is progressing steadily. Although there are apprehensions of a third wave, the Company is sufficiently prepared to deal with any disruption in the business environment resulting from the same, given that a large majority of our own members and all resources extended outpatients received the first dose of vaccination. The Company maintains its aspiration for sustainable and profitable growth driven by medium-term volumes, enabled by the reinforcement of the brand equity of its core franchises and new growth engines reaching a critical mass ”, added the company in a communicated.

Article first published: Saturday, July 3, 2021, 10:45 a.m. [IST]

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The future of Lions Park is in limbo as the situation continues to deteriorate Local Government. and politics https://www.spiritether.net/the-future-of-lions-park-is-in-limbo-as-the-situation-continues-to-deteriorate-local-government-and-politics/ https://www.spiritether.net/the-future-of-lions-park-is-in-limbo-as-the-situation-continues-to-deteriorate-local-government-and-politics/#respond Sat, 03 Jul 2021 00:27:00 +0000 https://www.spiritether.net/the-future-of-lions-park-is-in-limbo-as-the-situation-continues-to-deteriorate-local-government-and-politics/

Generations of Waco residents have built lasting memories in the park, and officials at Ford and Lions Park have said no one wants to see it shut down.

The park, which normally opens around spring break, was hoping to bounce back from last year’s pandemic shutdown with a good run this year. However, Sirkel said maintenance issues, the city’s unfavorable inspection report and difficulties finding a willing workforce for the park have forced it to keep the doors closed this year, at the exception of two partial weekends earlier this year.

The gates of Kiddieland have remained closed this year, except for two weekends.

Rod Aydelotte, Tribune-Herald

Even when the park was open, the condition of the grounds, with overgrown grass and fallen, uncut trees, left many feeling like it was closed, said Sirkel, who took over operation of the park when her husband, longtime executive director CC Sirkel, passed away in 2017.

Sirkel said insurance on the park, including liability coverage, costs around $ 34,000 per year. She said all of the issues the city had with the coverage have now been resolved and that she has not been contacted by anyone in the city since a field inspection on June 8.

In an April 15 letter to the Waco Lions Park board of directors, Ford let them know that the city would end its ground lease contract if the insurance and maintenance issues were not resolved.

“In addition, the tenant failed to keep the property ‘in good working order and in good appearance at all times” and “to keep the improvements in first-class condition,” “says the letter. “Any maintenance or improvement must be done in a ‘good and professional’ manner. “

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Robinhood Fine, a harbinger of impending regulatory conflicts https://www.spiritether.net/robinhood-fine-a-harbinger-of-impending-regulatory-conflicts/ https://www.spiritether.net/robinhood-fine-a-harbinger-of-impending-regulatory-conflicts/#respond Fri, 02 Jul 2021 22:16:00 +0000 https://www.spiritether.net/robinhood-fine-a-harbinger-of-impending-regulatory-conflicts/

Law360 (July 2, 2021, 6:16 p.m. EDT) – Robinhood Financial’s new plans for an initial public offering indicate that the record-breaking fine it just agreed to pay a top Wall Street cop is likely nowhere near its mark. final summit. profile confrontation with regulators.

The online brokerage firm’s registration statement highlighted the $ 57 million fine imposed by the Financial Industry Regulatory Authority in its disclosure of the various regulatory and litigation risks facing the relatively young firm, including l This popular trading app has made it a mark among retail traders as it continues on a closely watched path to go public.

Used to controversy, Robinhood has made some notable deals with …

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How Baylor Scott & White Health fell into the “big leagues” https://www.spiritether.net/how-baylor-scott-white-health-fell-into-the-big-leagues/ https://www.spiritether.net/how-baylor-scott-white-health-fell-into-the-big-leagues/#respond Fri, 02 Jul 2021 18:10:13 +0000 https://www.spiritether.net/how-baylor-scott-white-health-fell-into-the-big-leagues/

After five years as CEO of Baylor Scott & White Health, Jim hinton leaves the state’s largest nonprofit healthcare system in good stead.

“He brought us into the big leagues,” said Jacques Martin, a long-time member of the board of directors who most recently took over as chairman of the board of directors of Baylor Scott & White Holdings.

Hinton, 62, surprised many last week when he announced his intention to retire at the end of the year, and the board has passed the baton on to his longtime lieutenant. Pete mccanna, who is currently president. Shortly after Hinton arrived in Dallas in 2017, he recruited McCanna to join him from Chicago and the succession plan was in place.

“A tremendous amount has been accomplished, and a tremendous amount lies ahead,” Hinton said. “Because it’s health care. “

As a nonprofit giant with over $ 10 billion in annual revenues, Baylor Scott & White holds a special place in the community, both as a company with 45,000 employees and as a service provider. vital with nearly 4 million patient encounters per year. .

Unlike its competitors with publicly traded public stocks, Baylor does not pay dividends or pass profits through to its owners. And he has real profits – more than $ 1.2 billion in the nine months ended March, more than double the operating profit for the year before Hinton came on board.

But in the nonprofit world, Baylor is reinvesting the money in its mission: to promote the well-being of everyone in the community.

Executives of such companies like to say, “No margin, no mission,” which means that without a profit margin you cannot do as much good.

So how does Baylor stack up now compared to 2016, the year before Hinton arrived?

Over the past five years, Baylor’s annual sales have grown by more than 25% and operating income has skyrocketed. Total assets grew from $ 10.8 billion to over $ 17 billion, a gain of almost 60%. Operating margins have practically doubled.

All of this happened despite a global pandemic that threatened the viability of the business and the safety of employees and customers.

Baylor has taken a big step in digital health, an early priority for Hinton, and the effort has paid off during the pandemic. Over the past two years, the number of annual unique users on the MyBSWHealth app has increased by almost one million.

Baylor has used the drive-thru app and sites to screen more than 560,000 people for COVID-19, and the digital connection has made it possible to monitor patient progress and allow patients to have virtual visits with their doctors. More than 105,000 adults and 5,000 children have been monitored via digital tools, the company said, and this has spread to more traditional treatment and aftercare.

Hinton focused on building unity and teamwork, an imperative for an organization formed years earlier by the merger of Dallas-based Baylor and Temple-based Scott & White.

“He made it pretty simple,” Martin said, focusing on people and progress – and measuring results.

Hinton introduced the notion of “our core», A visual representation of Baylor Scott & White’s mission, ambition, values ​​and strategies. He invited employees to make a personal commitment to the organization and most participated.

“I’ve seen a lot of things like this over the past 30 years, and more often than not, employees put them in their desks drawer and it’s not going anywhere,” Martin said. “But he convinced them to join it.”

His favorite proof: In December, 87% of employees polled said they had a good understanding of the company’s strategy, compared to around two-thirds of those polled just before Hinton’s arrival.

“That’s a huge number to figure out the strategy,” Martin said.

There was a significant increase in the number of people saying they were proud to work at Baylor Scott & White and those saying they would recommend it as a great place to work.

Baylor Scott & White has raised $ 4 million to help employees and their families directly affected by COVID. The company also has aggressive security protocols in place to protect workers, patients and visitors. Less than 1% of employees in patient-contact positions have tested positive for COVID, the company said.

“We came out of the pandemic stronger – by caring for people and taking care of our employees,” said Martin. “But we also got a stronger balance sheet. “

From day one, Hinton sought to cut costs, in part to unlock investments in digital health and other initiatives. Over the past three years, the company has cut spending by more than half a billion, Martin said, even as Baylor added facilities and created promising partnerships with medical schools and physician groups.

“There are just a lot of things that are working for Baylor right now,” said Patrick Zagar, a credit analyst in Dallas for S&P Global Ratings. “Financial performance is important, but academic relationships are important and the health plan really shows its value. “

In a December S&P report, Zagar wrote that Baylor had “maintained exceptional operational performance, especially relative to its peers across the country.” Baylor’s “size, scale and operational diversity” are differentiators during the pandemic, according to the report.

The Scott & White Health Plan, which grossed $ 11 million in 2019, boosted profits to $ 75 million in 2020.

The company has benefited from several one-time events, including $ 519 million in federal relief funds, as well as a major legal settlement for the health plan. But you can still see the benefits of a more rigorous approach, including improvements in reducing expenses and increasing efficiency, Zagar said.

He is impressed with the investment in new facilities, especially around Austin, where population growth is skyrocketing.

In 2017, Baylor acquired a hospital in Lakeway, 20 miles northwest of Austin, and then launched health campuses in Pflugerville, Buda and Austin.

The company must continue to invest in fast-growing areas, particularly north of Dallas County, Zagar said. And it faces well-capitalized competitors in this market.

“It’s an opportunity and a challenge,” Zagar said. “These are fast growing markets, which is a good thing. But that means you have to follow the Joneses. “

Safe Care screening officers Ana Hernandez (right) and Vincent Hargrove (center) record Maria Ruiz's temperature at a COVID-19 checkpoint at a Baylor Scott & White hospital in Dallas in October.  The additional safety efforts were part of a larger campaign to bring patients back during the pandemic, and Baylor's financial results have rebounded strongly since June.
Jim Hinton, CEO of Baylor Scott & White Health, said it was safe for patients to travel to hospital for treatment during the pandemic.  Her favorite point of evidence: Less than 1% of Baylor employees contracted COVID-19 at work.

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Polar Capital Rides the Waves of Fund Flows https://www.spiritether.net/polar-capital-rides-the-waves-of-fund-flows/ https://www.spiritether.net/polar-capital-rides-the-waves-of-fund-flows/#respond Fri, 02 Jul 2021 09:11:15 +0000 https://www.spiritether.net/polar-capital-rides-the-waves-of-fund-flows/

  • Net receipts and acquisitions boost outstandings
  • Mandates still dominated by technology funds

Free the numbers from context, and the 12-month period to March 31, 2021 has been quite flattering for financial markets. It started with the MSCI All-World Index in a low at $ 426 (£ 309) and ended with the global equity benchmark rising 60% to $ 680.47, an all-time high.

Plot it on a graph and the deep economic uncertainty that marked much of that time is barely detectable.

For asset managers, these rare periods of one-way mania are usually a welcome boost to performance fees. The high is doubly potent when paired with feverish stock purchases. But for active funds with designs on outperformance, the post-crash rally in equity markets also set extremely high expectations for years to come.

Annual figures of Polar capital (POLR), well known to retail investors for its Technology and Global Healthcare trusts, prove it. At the start of the year, the value of the company’s assets under management (AuM) was £ 12.2 billion; 52 weeks later, the stack was 71% higher at £ 20.9 billion.

Average outstandings for the year – up 18% to £ 16.7bn – paint a more measured picture, but still reflect impressive net inflows of £ 2.1bn for the period. The acquisition of UK asset manager Dalton and two value fund teams from Los Angeles-based First Pacific Advisors added an additional £ 1.7 billion.

The structuring of the Canny deal – in the form of a revenue sharing deal with First Pacific and a cash and deferred consideration share for the Dalton team – allowed Polar to massively expand the imprint of his team with barely a scratch on the balance sheet. Management capitalized £ 25.4million of goodwill as a result of the transactions, while net cash increased by more than a quarter.

This despite a 31% increase in total operating costs, which reached £ 118.5million during the period mainly due to increased headcount, but also due to investments in operational support and the distribution.

Beyond soaring asset values ​​and strong fund performance (we’ll talk about that later), it’s this last front that investors should be most satisfied with. Over the past year, the group has added open-ended fund structures in Western Europe and the United States, significantly expanding the range of investors who can buy into Polar funds.

According to Managing Director Gavin Rochussen, this has tapped into two major sources of international client flows: Asian investors looking to buy into global thematic funds and U.S. investors looking for exposure to non-U.S. equity markets (often cheaper).

Half of the fuknots

Indeed, for buyers of US stocks – who still constitute the largest pool of liquidity in the stock markets in the world – the main attraction of the Polar brand will never be the Polar Capital Technology trust. After all, the main investor audience of the tech team – which now manages £ 10.2bn – have fewer options to match the performance of the Dow Jones Global Technology Total Return Index.

Polar’s success in this endeavor – over three, five, and 10 years – has been a major contributor to its brand cache. Breaking free from a strong focus on technology and health is nevertheless a challenge.

Rocussen highlights the success of UK value, finance and emerging markets teams from vaccine-triggered rotation to value as evidence that expanding Polar’s stable can benefit from several different asset allocation strategies . But technology still increased its share of total assets over the year, from 43 percent to 49 percent.

“The more we run, the more we have to run,” Rochussen concedes. “All of these positive diversification streams are still struggling to keep pace with technology.”

Along with investors’ continued pivot to stocks and financials, a potential way out of this conundrum is coming in September, in the form of a sustainable investment team from Robeco Switzerland. The group, which manages more than 5 billion euros (£ 4.3 billion), will launch strategies focused on two already very popular themes: clean energy and electric vehicles.

Some may conclude that this is simply adding exposure to sectors where valuations are already very high. Others will see these types of funds as must-haves and good cross-selling opportunities. Polar’s mantra, Rochussen says, is unequivocal: provide a product that beats the benchmark.

Cheap for arright?

The consensus forecast compiled by FactSet projects earnings of 64.4p and 73.7p per share for fiscal years 2022 and 2023, respectively, meaning that stocks are trading at a slight discount to the broader sector of management. ‘assets.

One of the effects of this has been to push Polar’s expected dividend yield up to 5 percent, which seems a bit harsh given the obvious growth opportunities and the strong brand. For comparison, the near-term income outlook of other well-known UK active managers Liontrust (LIO) and Impax (IPX) appear to be much weaker, despite their concentration in certain growth sectors.

We believe this caution is a function of two investor concerns: that Polar’s huge weighting in hot growth stocks could suffer in a higher interest rate environment, and that diversification efforts to balance the portfolio will result a return to average performance.

Although this latter dynamic should never be dismissed, it risks ignoring Polar’s business model, which is based on offering a range of specialized thematic funds. Neither its scale nor its focus puts it in competition with the passive giants, which broker Numis rightly calls “a race to the bottom for an active manager”.

With a good brand and strengthened distribution channels, stocks still appear to be undervalued by a multiple of 11 of cash-adjusted futures earnings.

The people-centric nature of asset management means that it is a highly cash-generating UK company that is unlikely to succumb to private equity interests. If an offer came from within the industry, we would expect it to be at a massive premium. Buy.

Last seen IC: Buy, 606p, Nov 19, 2020

ORDER PRICE: 856p MARKET VALUE: £ 857 million
TO TOUCH: 846-856p UP TO 12 MONTHS: 856p LOW: 436p
NET ASSET VALUE: 151p NET CASH : £ 133 million
Year to March 31 Turnover (£ m) Profit before tax (£ m) Earnings per share (p) Dividend per share (p)
2017 73.8 20.4 17.8 25.0
2018 134 41.3 36.4 28.0
2019 178 64.1 57.8 33.0
2020 152 50.9 43.5 33.0
2021 202 75.9 67.2 40.0
% change +33 +49 +54 +21
Ex-div: to confirm
Payment: to confirm

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Here’s why India, Asia’s third-largest economy, needs to increase its record-breaking foreign exchange reserves https://www.spiritether.net/heres-why-india-asias-third-largest-economy-needs-to-increase-its-record-breaking-foreign-exchange-reserves/ https://www.spiritether.net/heres-why-india-asias-third-largest-economy-needs-to-increase-its-record-breaking-foreign-exchange-reserves/#respond Fri, 02 Jul 2021 03:36:39 +0000 https://www.spiritether.net/heres-why-india-asias-third-largest-economy-needs-to-increase-its-record-breaking-foreign-exchange-reserves/

Currency stack hit record high last month as RBI absorbed dollars flowing in as foreign investment

Raising India’s foreign exchange reserves to over $ 600 billion may not be enough to meet the challenges facing Asia’s third-largest economy, some central bankers and economists say. The stack hit a record high of $ 608 billion last month, mainly thanks to the Reserve Bank of India absorbing the dollars flowing in the form of foreign direct investment, as well as the booming stock market of the country. The treasury could help reassure investors and rating companies about the government’s ability to meet its debt obligations despite the deteriorating fiscal outlook.

But the overall figure hides some shortcomings, analysts, including central bank researchers led by Deputy Governor Michael Patra, say. “Levels are often misleading,” Patra and his RBI colleagues wrote in the latest central bank bulletin.

Here are five charts that show why India is vulnerable to external shocks despite record reserves:


Add image caption here

While the battery – the fifth in the world after China, Japan, Switzerland and Russia – is sufficient to cover 15 months of imports, it is well below Switzerland’s reserves – which can pay for 39 months of imports. imports – Japan’s 22 months and Russia’s 20 months, according to RBI researchers.

As the economy recovers from the second wave of the pandemic, demand for imports is expected to increase in the coming months.


Although India’s foreign reserves are increasing, the economy still has a negative net international investment position, which means that foreigners hold more Indian assets than the nation holds foreign assets. The negative figure is an imbalance that the central bank will want to correct, according to Radhika Rao, an economist at DBS Bank Ltd. in Singapore.

“This imbalance is likely to keep the central bank keen to further strengthen the buffer, also providing key ammunition to combat the short-term volatility of global developments,” Ms. Rao said.


Countries with chronic current account deficits tend to rely on foreign capital and debt capital for their financing. While short-term foreign debt as a percentage of reserves declines steadily, Indian policymakers are often concerned about the country’s exposure to external shocks.

Investments in debt, especially those that hunt high yielding emerging assets like those from India, can change suddenly and cause volatility in local asset markets, especially towards the partially convertible rupee.


Foreign inflows have undoubtedly contributed to the constitution of national reserves. But the good times may come to an end soon as the US Federal Reserve prepares to withdraw some of its extraordinary monetary stimulus, potentially triggering capital outflows from emerging markets.

A recent working paper released by the Bank for International Settlements showed India to be vulnerable to Fed monetary tightening, with cash outflows potentially impacting financial conditions and the economy as a whole. The paper showed that when the United States tightens monetary policy, the financing conditions of Indian non-financial corporations deteriorate as their net worth declines and access to credit deteriorates.

At the same time, a weaker rupee combined with higher US interest rates leads to a slowdown in both domestic credit and the business cycle, according to the BIS document.


Raising reserves is a priority for the central bank, Governor Shaktikanta Das said last month, citing the RBI’s efforts to stabilize financial market and liquidity conditions so that monetary policy remains independent to “pursue the national objectives “.

Analysts say Mr Das’ comments imply that the RBI is trying to manage the so-called “Impossible Trinity” – by maintaining the independence of monetary policy, allowing a constant flow of foreign capital and keeping the currency stable. – by choosing to pursue independent rates. Politics. This determination will inevitably be put to the test in the months to come.

“The Fed’s next round of taper and rise thereafter will test the defense,” DBS Bank’s Mr. Rao said.

(Except for the title, this story was not edited by NDTV staff and is posted from a syndicated feed.)

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McCormick & Company, Incorporated (NYSE: MKC) – McCormick Second Quarter Results Beat Estimates; Increase outlook FY21 https://www.spiritether.net/mccormick-increase-outlook-fy21/ https://www.spiritether.net/mccormick-increase-outlook-fy21/#respond Thu, 01 Jul 2021 15:26:24 +0000 https://www.spiritether.net/mccormick-increase-outlook-fy21/

  • McCormick & Company Inc (NYSE: MKC) reported FY21 second quarter revenue of $ 1.56 billion, up 11% year-on-year, beating the consensus estimate of $ 1.47 billion.
  • Flavor Solutions segment sales increased 39%, driven by higher OOH product sales, additional sales resulting from acquisitions and growth in the packaged food and beverage business.
  • Gross profit was $ 614.6 million, with profit margin declining 190 basis points year-on-year to 39.5%.
  • The operating margin contracted 312 basis points yoy to 15.25%.
  • The company generated year-to-date operating cash flow of $ 229 million and ended the second quarter with $ 291.8 million in cash and cash equivalents.
  • Second quarter adjusted net income of $ 186.1 million was down 6% year-over-year.
  • Adjusted EPS of $ 0.69 exceeded the consensus estimate of $ 0.61.
  • Outlook: McCormick raised its sales growth forecast for fiscal year 21 to 11% – 13%, from 8% – 10% earlier.
  • Adjusted EPS outlook raised to $ 3 – $ 3.05 from $ 2.97 – $ 3.02 previously, versus the consensus estimate of $ 3.00.
  • For fiscal 21, the company expects another year of strong cash flow, with plans to return a significant portion to McCormick shareholders as dividends and to pay off debt.
  • Price action: MKC shares are trading down 0.72% to $ 87.68 on the last check Thursday.

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Emerging producer Horizon Minerals targets mid-range https://www.spiritether.net/emerging-producer-horizon-minerals-targets-mid-range/ https://www.spiritether.net/emerging-producer-horizon-minerals-targets-mid-range/#respond Thu, 01 Jul 2021 08:17:00 +0000 https://www.spiritether.net/emerging-producer-horizon-minerals-targets-mid-range/

In its flagship project of Boorara 15 km from Kalgoorlie, it is working on a consolidated feasibility study and aims for large-scale production in 2022.

The study covers an initial lifespan of five to seven years based on a new stand-alone processing plant and supplemented by a higher grade feed from five satellite deposits, including the underground resource at a grade of 5, 2 g / t at the nearby Cannon gold project, Horizon acquired in May.

The well-funded company was set to provide an initial reserve for Boorara at the time of going to press, after announcing a 34% increase in grade in an April resource update.

The Boorara deposit currently holds approximately half of the project’s over 1 million ounce resource, with the remainder divided between the Teal, Kalpini, Rosehill, Binduli and Cannon deposits, all within a 75 km radius.

Horizon has reduced the risk of its development plans with a successful trial mining campaign at Boorara that has ended in recent months, achieving 6,570 ounces and generating approximately A $ 3.6 million in net cash .

“We made a little bit of money, but more importantly, we learned a lot about the orebody,” said general manager Jon Price.

“The metallurgical recovery was much better than expected [at 94.5%].

“We fully understand the geology, so for us that now gives us the confidence to move forward with the reserve.

“Very few companies have the ability to ‘try before you buy’, so to speak, or try before they develop.”

Price attributed this possibility to Boorara’s unique location, on the doorstep of the Kalgoorlie Gold Mining Center and next to the Northern Star Resources Super Pit.

Horizon was working on providing four resources and then six reserves, culminating in the consolidated feasibility study before year end.

“The Boorara plant site has electricity, water and approvals are well advanced, so we are really excited to move on to this development and construction decision based on this initial profile of five. at age seven, ”Price said.

Boorara’s development is expected to be boosted by cash flow from Horizon’s recently acquired stake in the high-grade Penny’s Find gold project, where a development decision is expected in the September quarter.

Penny’s Find, 50 km from Kalgoorlie, is a 50% joint venture with Orminex and has a current resource of 56,000 ounces grading 7 g / t.

“It’s basically an immediate production opportunity,” Price said.

“This is an underground development with no elevator, approvals are in place and a milling agreement is in place for the first processing of the ore during the March quarter.

“We see a significant opportunity to leverage and generate cash while we are building [at Boorara], and I don’t think there are too many companies that can say they are developing mines and building a factory, and are in production, at the same time.

“It depends on the jurisdiction and the location in and around Kalgoorlie that we can do this.”

It also highlights the wealth of Goldfields experience shared among the company’s management team.

“We have all raised our families and built our careers in the gold fields,” noted Price.

He was previously managing director of the St Ives and Paddington gold mines in the region, and founding managing director of Phoenix Gold, which was acquired by Evolution Mining in 2015 for $ 74.3 million.

In the meantime, Horizon has developed its land ownership in the prolific gold mining region and remains on the lookout for new opportunities.

Horizon Minerals’ current projects around Kalgoorlie in WA

“We’ve been able to accumulate over 1,100 km² of tenure now, and it’s probably one of the largest strategic land holdings, outside of the majors in the region,” Price said.

“We will continue to do this – we are looking for development-ready assets at the asset level.

“We are also looking at more business consolidation opportunities.

“I think we should all continue to bring together companies where one plus one equals more than three and where there are opportunities that can increase shareholder value through consolidation at the company level.”

Horizon was formed two years ago by the merger of Intermin Resources and MacPhersons Resources.

With more than $ 17 million on hand and reserve drilling completed, Horizon has now turned to exploration as part of its 2021 55,000m drill campaign.

“It took a while to get to this new discovery drill, but our exploration team is top notch and I think it will be a fantastic six to nine month period,” said Price.

“Not only are we building our production plan and our feasibility study, but we have up to four rigs on the property, we are fully funded and there will be a lot of news.

“We are looking for the next big deposit over 1 Moz and have fantastic land in a world class gold region to look for.”

Recent drill results include 1 m at 18.91 g / t gold over 5 m at 5.22 g / t from 94 m, on the newly discovered Kestrel prospect of Binduli, 12 km to the west by Kalgoorlie.

Meanwhile, in the background, Horizon has invested around $ 5.5 million. Price said he would seek to monetize as part of the financing for the new Boorara plant.

It had exposure to multiple commodities through its non-core assets, namely the Nimbus silver-zinc project in Washington State and a 25% stake in the world-class 1.8 billion tonne project. of vanadium oxide Julia Creek in Queensland.

    rice horizon Horizon Minerals MD Jon Price

“What shareholders and potential shareholders may consider is that we are growing our gold business, while also having exposure to several joint venture commodities and our exciting 20 Moz silver-zinc project, which in ultimately, with the rise in the price of silver and the rise in the price of zinc really has value.

“You don’t necessarily know we own it, and certainly not valued in action at all.”

Looking ahead, Price anticipates a very busy time as the proven miner advances his mid-level aspirations.

“There is a tremendous amount of information to come as we move from a small explorer and acquirer to an emerging mid-level gold company, moving into large-scale development and production,” he said. .

“The next six to 12 months are going to be a pivotal time for us.”

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Trump Organization and top executive indicted in tax investigation https://www.spiritether.net/trump-organization-and-top-executive-indicted-in-tax-investigation/ https://www.spiritether.net/trump-organization-and-top-executive-indicted-in-tax-investigation/#respond Thu, 01 Jul 2021 01:05:44 +0000 https://www.spiritether.net/trump-organization-and-top-executive-indicted-in-tax-investigation/

After raising their sons on Long Island, Mr. Weisselberg and his wife moved into a Trump-branded apartment building on Manhattan’s West Side, where they lived rent-free for years. He bought a house in South Florida, not far from Mr. Trump’s resort town of Mar-a-Lago, and traveled aboard Mr. Trump’s jet over the weekend. His eldest son Barry went to work for the company running the Wollman Rink in Central Park and acted as a DJ for Mr. Trump’s Christmas parties, where Allen Weisselberg went wild on the dance floor, according to the people present. In 2004, Mr. Weisselberg appeared on an episode of “The Apprentice,” Mr. Trump’s reality show.

“They’re like Batman and Robin,” said Barry Weisselberg’s ex-wife Jennifer, who aided Mr. Vance’s investigation after a contentious divorce. “It’s a team. They are not the best friends. They don’t spend all of their time together, but the world has become so insular to Allen that he doesn’t know anything else.

Mr. Weisselberg had become so woven into the fabric of the Trump organization that when Mr. Trump moved into the White House in 2017, he confided in Mr. Weisselberg, as well as the former president’s adult sons, the management of his company. His income reflected his importance: between 2007 and 2017, his total salary averaged nearly $ 800,000 per year; in 2018, he earned more than $ 977,000 in salary and deferred compensation, according to income tax data obtained by The New York Times in a survey released last year.

Mr. Weisselberg’s lawyer, Mary E. Mulligan, declined to comment. A lawyer for the Trump Organization could not immediately be reached for comment.

Even before the indictment, Mr. Weisselberg had in recent years been publicly drawn into Mr. Trump’s controversies and scandals, including investigations into the misuse of charitable funds by the Donald J. Trump Foundation and payments to women on behalf of Mr. Trump to buy their silence on affairs they said they had with Mr. Trump.

Former Trump attorney Michael D. Cohen told Congress that Mr. Weisselberg helped orchestrate a cover-up to reimburse him for a $ 130,000 payment to adult film actress Stormy Daniels, and that together they had concocted false valuations of the company’s real estate holdings to meet Mr. Trump’s needs at all times.

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