Minera Andes (MAI.to) and US Gold (UXG): Toldyaz

On July 14th while commenting on the proposed 1-to-0.4 ego-driven pure paper merger of Minera Andes (MAI.to) and US Gold (UXG), your author commented (amongst other ranterations):

"If I were a long time supporter and holder of MAI.to I'd be hopping mad today."

...and also...

"...0.4 shares of UXG is an insult!"

Today we have a NR update on the process and we have this excerpted:

"Based upon the input of their independent financial advisors, each special committee has directed its legal counsel to continue due diligence and begin negotiation of binding transaction agreements at a ratio of 0.45 of a US Gold common share for each 1.0 Minera Andes common share held.   This is a change from the exchange ratio of 0.40 of a US Gold common share for each 1.0 Minera Andes share originally proposed by Mr. McEwen."

This still isn't that great, but at least it recognizes that Rob McEwen was trying to pull a fast one on holders of MAI.to. Anyway, I think I can say "toldyaso" on this one, even if MAI.to is still being sold halfway down the river.

disclosure: no position in either

Minera Andes (MAI.to) 2q11 sucks

I was looking for 6.5c EPS, even with the strike stoppage at the Santa Cruz mine. We got 4c from Minera Andes (MAI.to).

Mind you, with the stock having been beaten down so far by McEwen's scheme to merge it with his other dog, US Gold (UXG) (and better named mexico silver), it probably won't suffer from this pisspoor quarter. Here's the link to the NR.

Disclosure: No position in MAI.to (or UXG, for that matter).

UPDATE: "Why does a $10.7m net profit suck?" I am asked (by mail). Because it's a market cap of $643m that's why, and I'm one of those old fuddy-duddies that thinks PE ratios have something to offer the world. If you think it's a good performance, don't feel the need to argue the toss with me. Just wait until the market opens in 57 minutes' time and buy the stock.

McEwen Mining! May I suggest EGO.to as the ticker symbol?

So we now know why Minera Andes (MAI.to) tanked 10% yesterday Monday, as word must have leaked out to the inside trading scumballs in Canada about Rob McEwen's latest brainwave. Here's how today's NR kicks off, click through for more:

Press Release Source: US Gold Corporation and Minera Andes Inc. On Tuesday June 14, 2011, 8:00 am EDT

TORONTO, ONTARIO--(Marketwire - 06/14/11) - US Gold Corporation (NYSE:UXG - News)(TSX:UXG - News) and Minera Andes Inc. (TSX:MAI - News)(OTC.BB:MNEAF - News) announce that Rob McEwen, Chairman, CEO, and largest shareholder of both companies has proposed to combine these companies to create a high growth, low-cost, mid-tier silver producer focused in the Americas. Mr. McEwen's investment in the combined company (market close on June 13, 2011) would be approximately US$ 345 million. CONTINUES HERE

And the cherry on the cake? If (when) this deal goes through, the newly fused company gets to be called "McEwen Mining Inc", which caused me to wipe coffee off my nice new computer screen this morning.

If I were a long time supporter and holder of MAI.to I'd be hopping mad today. Because of McEwen's desire to "do something" and "take initiative" and "be innovative", MAI.to holders are faced with the future of seeing their valuable producing asset at San José, very good looking prospects around the area and the spin-out bonus of Los Azules be diluted to kingdom come by the pisspoor track record of gold exploration at US Gold (UXG), which to date has only found one decent silver prospect (the gold assets currently at UXG ain't never gonna happen) at El Gallo Mexico (i.e. for "US Gold" please read "Mexico Silver") that's already valued up to the hilt. Sadly for MAI.to longs, it's going to be very difficult to stop McEwen from applying the KY Jelly because as he owns 31% of shares and will be able to mesmerize enough of his faithful flock into believing this deal is good for them and not just his own ego the majority vote will be easy for him to reach.

0.4 shares of UXG is an insult! ForCryinOutLoud, HOC.L could offer a better deal than this. In fact, thinking about it, that might just happen....

Minera Andes (MAI.to)

There's no need to rush, subbers. But we will be talking about this one in IKN107 on Sunday, though.

Minera Andes (MAI.to): Back to work at San José

The NR out of Minera Andes (MAI.to) this morning was short and to the point, that the 14 day strike at its 49% owned San José mine (aka Minera Santa Cruz) was over.We got a bit more out of Reuters last night in this post, that explains the two sides are now in compulsory conciliation, an Argentine mechanism where the State takes the role of middleman and gets the two sides to agreement...most of the time. What happens now is that work continues while a 15 day negotiation process happens to reach agreement between staff and brass...hopefully. And yes, you're right, this doesn't mean that the strike is over and done with because if things go well we're all happy and if things go badly the strikers will strike again once the 15 days are over. Local press with more details can be found here and here, with the Spanish language reports noting that strikers will be paid in full by the company instead of having their pay docked as management threatened (this agreement was the basis for the unions to agree to the compulsory conciliation mechanism).

So watch this space.

Open letter to Rob McEwen (don't worry Rob, it's short)

Dear Mr. McEwen,

Have you considered sacking your IR department personnel recently?

Love, Otto.

disclosure: Still no position in MAI.to

UPDATE: Well blow me down, what a coincidence! Precisely 17 minutes after this post was published, the following comes through to IKN Nerve Centre:

Thank you for your email.  At the moment it is difficult for me to comment on the situation at San Jose except to say that negotiations are ongoing.  MAI is leaving the negotiations to MSC in their role as operator while at the same time attempting to ensure that all efforts are being made to settle this disruption amicably and quickly.

Please feel free to call me if you would like to discuss further.

Regards,

Andrew Elinesky

Controller
Minera Andes Inc.
W: 647-258-0395 ext 150
C:  416-904-2725

Funny dat, innit?

What's going on at Minera Andes (MAI.to)?

A big fat strike at its only working mine, that's what. We're now in the 14th day of a mine-stopping strike at the San José mine 51% owned and operated by "the JV partner from hell" Hochschild (HOC.L) and 49% owned by Minera Andes and if the meeting scheduled for 1pm local time doesn't go well, the AOMA miners' union down there in Santa Cruz Argentina plans on calling a regionwide strike to protest the bad work practices that management impose upon employees. Here's the text that appeared in IKN104 about all this deal yesterday:

Minera Andes (MAI.to) San José strike in its 13^th day

More details have been appearing in the local Santa Cruz press about the strike at the San José mine, 51% owned and operated by Hochschild (HOC.L) and 49% owned by Minera Andes (MAI.to). It started on April 18^th (recall that it was only reported by HOC.L/MAI.to after the close of market Thursday 21^st April, after the market week had finished (5)) and far from getting close to a settlement, it seems that the worker’s union AOMA is considering calling a regionwide strike (6) to support the striking workers at San José and force the management to the negotiation table, something that might also happen via a government led compulsory negotiation as well.

 

The complaints of workers seem to have substance. There are reports of insecure working conditions at the San José mine which include an accidental death on March 12^th this year (7)  which workers say was largely due to bad H&S policy and a mentality of “cutting costs at all costs” at the mine, as well as many other accidents that anecdotal evidence (i.e. from griping workers) says go unreported.

 

There are other unsubstantiated but reliable sounding anecdotals reaching local press (8) (9) of the mine paying workers less than the agreed salary for their jobs, making them work unpaid extra hours under threat of dismissal, going back on agreements to turn currently third party contracted miners into full-time direct employees (which brings a host of extra benefits), the systemtic rejection of any sort of pay rise negotiations by management (we recall that Argentine real inflation is estimated at around 25%) bad living conditions and a lack of uniforms and personal safety equipment for the mineworkers.

 

Now we know that the San José mine is 51% owned and operated by Hochschild (HOC.L), the company that Rob McEwen of MAI.to (49% owner) calls “the JV partner from hell”. However, are we also supposed to believe that 49% owner of San José MAI.to knows nothing about the alleged bad working conditions and cheapskate attitude towards its workforce that has led to this current protracted strike that is said to be costing the mine one million Argentine Pesos per day (around U$243,000)? If I ran a company like this and were staring at a strike action that cost my company U$1.5m so far for its 49% share, I’d personally be all over the whys and wherefores of this event. I’d also be fairly aware of the operating costs at San José on a day-to-day level. I’d also know about the safety record of the people I were paying to do the job in hand. Being non-operator doesn’t give MAI.to a free pass here, sorry and all that.

 

There’s clearly bad feeling between management and workers at San José and although it’s unlikely to be one-way traffic and management is to blame for everything whilst the union-backed workforce are innocent lambs, things are not right and those in charge have to accpet at least some of the responsibility. What I’d like to know is just how much MAI and its famous hands-on leader knows about the whole affair, starting before the recent fatal accident (of which details were covered up for over a month by the San José management team) and moving through to today. Unfortunately at time of going to press the initial inquiry mail your author sent into MAI.to has not been answered, nor has the repeat mail (best to make sure these things get through) seen an answer. Watch this space, but for the time being your author is going to do one of his pathetic “social” handwringing things and not get involved with a company that has a seemingly dubious record and bad blood to cope with at its only operating mine.

The point here is that McEwen might not be operator at San José, but he's not stupid either and this is the type of thing that turns around and bites your nether regions when you treat workers badly. Get your act together, MAI.to, treat people right and the bad press will turn to good.

Lots and lots of charts to watch, but...

...this is the one I'm watching closest of all this morning.

Disclosure: no position in MAI.to....yet.

UPDATE: Shhhhh...be vewy vewy qwiet...am huntin' wabbits

dyodd, dude.

Minera Andes (MAI.to) and its mediocre quarter

One of the problems with producing miners is that they have a reputation to live up to every quarter. An explorer can go through a quiet achievement period and get forgiven, as long as it comes up with a cool hole or aneconomically robust PFS after a while, but a producer is judged every quarter on what it does.

With that preamble done, here are a couple of charts for Minera Andes' (MAI.to) and production at its 49% owned San José mine in Argentina, including the 1q11 numbers that hit the wires just a few minutes ago:

Silver production per quarter

Gold production per quarter

Mineral throughput per quarter

Put simply, gold and silver grades were good but the whole shebang has been let down by crappy production numbers at the mine. MAI.to and HOC.L at MSC: Snatching defeat from the jaws of victory since 2009. Leguis served, the end.

UPDATE: Ok ok if you insist here's a disclosure, but for Pete's sake this is a blog, not something worth trusting, so stop being so freakin' anal all the time. Your humble scribe holds no position in MAI.to but might think about buying a bit if it drops far enough. Subscribers should understand why cos we went into the numbers in more depth back in IKN101 a couple of weeks ago. Happy now? Jeesh...

The price of silver is so high right now that....

...even Minera Andes (MAI.to) can put together a decent profit. Just goes to show how many cracks a good market price can paper over, doesn't it?

Qtr	EPS
4q08	-5
1q09	-2
2q09	0
3q09	2
4q09	1
1q10	1
2q10	2
3q10	2
4q10	7

Here's the MAI NR, brought to you by a humble scribe looking forward greatly to seeing quarterlies from one certain US based junior silver producer.

The most obvious spin-out in the whole of South America's mining scene is now happening

And about time too. We'll have a look at this at the weekend, subbers. Here's how the NR starts, click to continue

TORONTO, ONTARIO--(Marketwire - 03/17/11) - Minera Andes Inc. (the "Corporation" or "Minera Andes") (TSX:MAI - News)(OTC.BB:MNEAF - News) is pleased to announce that it intends to complete a spin-out its Los Azules Copper Project into a new publicly traded company.

The Los Azules Project is a 100% owned advanced-stage porphyry copper exploration project located in the cordilleran region of San Juan Province, Argentina near the border with Chile. It is one of the world's largest undeveloped copper deposits with an indicated mineral resource of 137 million tonnes grading 0.73% copper, equivalent to 2.2 billion pounds of copper, and an inferred mineral resource of 900 million tonnes grading 0.52% copper, equivalent to 10.3 billion pounds of copper. Exploration and infill drilling continues with five drills currently operating at the Los Azules Copper Project.

-- Management believes now is the time to unlock the value and potential of
Minera Andes' world class Los Azules Copper Project.
-- The spin-out of the Los Azules Copper Project allows Minera Andes
shareholders CONTINUES HERE

Minera Andes 3q10 production

This morning Minera Andes (MAI.to) reported 3q10 production numbers for its 49% owned San José mine in Argentina. Read the thing on that link if you like, but here I'd just like to walk through one table to show a simple and fairly accurate way to make a revenues estimate for a precious metals producer, with Minera Andes as our guinea pig

1) note sales numbers for the quarter in gold, silver, whatever
2) go over and get London PM fix prices for your metals
3) work out the average PM fix price for that quarter
4) do the math (ounces X price)
5) once you have your number, compare it later to the revenue result reported by the company in question
6) if the estimate gets close to the reality over time, you can begin to rely on the calculation more closely

So in the case of Minera Andes (MAI.to) at San José, as this chart shows there's a pretty close correlation between our "calculated" method which you can do when the production/sales numbers come out and the reported revenues number that usually turns up 4 to 6 weeks later. 

As for the latest numbers from our specific case, the calculation to 3q10 this time around is $47.58m, which means MAI's 49% will be good for around $23.3m to the company. That's slightly down on 2q10, a quarter that eventually reported revenues of $49.4m (49% of which being $24.21m) a net profit from San José for MAI.to of $6.24m and a company net profit of $4.64m.

UPDATE: Anonymous (yawn) writes in the comments section:

Anonymous said...

The revenue maybe down but they built up inventory to realize higher prizes in the future/now 

Here are the charts. Maybe, but not a datapoint that will change things much. As you see, it's more run of sales rhythm more than a big inventory build-up that's in play. There is a common point though; look at several quarters' worth of information, not just one. The trend is your friend. You want charts? We got charts. DYODD.

Rob McEwen's genius

Rob McEwen is many things to many people, but only the dumb would take away from his genius for promotion. He smells the new money interest at exactly the right time, sets up the promo and WHACK WHACK WHACK the new investor sees just how cheap Minera Andes (MAI.to) is (according to the owner of 33% of the stock, that is) at just the right time and from several different angles....

Look, the copper!

Look we produce gold and silver!

Look at the exploration potential!

Look at what happened to AND.to recently, newbie!

....all the angles that us jaded longtooths have always seen for X or Y number of months or years while never respectfully moving the stock for him. So now, all us "yesbut" merchants that knocked Minera Andes (MAI.to) for so long and just used it for a quickflip 20% here/15% there trading vehicle get to look stupid, while those that believed McEwen and were equipped with the Zen-like patience are sitting on a heavy win from a very short space of time.

Rob McEwen, you are a true genius at this mining game. I salute and applaud your brilliance.

Shock Headline! Can of Corn Zeds pump Minera Andes! Suited Analyst Talks Book of Failing Reco! Short-Term Upmove Expected!

Jeesh, these guys are so predictable you can set your clock by them. IKN may begin a new series entitled "The Zed Fade" if this keeps up. Here's the pumpo excerpted in this morning's CanOfCorn Morning Coffee:

Minera Andes* (MAI : TSX : $0.97), Net Change: 0.11, % Change: 12.79%, Volume: 1,553,939 

Minera Andes: Its San Jose operation (49% MAI, 51% Hochschild) in Argentina continues to ramp up to full production. H1/10 is believed to have been the weaker half of the year as operational improvements were implemented, leading to the second half of the year carrying the better overall production. For FY10, Canaccord Genuity is expecting 192,000 oz AuEq from San Jose (49% MAI). This translates to just under 100,000 oz AuEq net to Minera Andes that at current Au Ag prices could translate to over $50 million in operating cash flow. Based on Canaccord Genuity’s price to cash flow (2011) basis Minera is trading at about 4.0x versus many peers that range from 8x to 15x cash flow. The company also owns 100% of a large Cu porphyry system (Los Azules) and maintains an excellent portfolio of Au Ag exploration ground in Argentina. Note: This portfolio is in the vicinity of Andean"

IKN back. MAI is marking up $1.00 in the pre-mkt right now (time of writing 8am). I kinda knew I'd likely be leaving $$ on the table by selling my MAI.to on Friday, but it's ok. For one thing I've made my moolah on the trade and for another I much prefer buying when the shepherds like them there Zeds are all STFU and selling when they are flogging the dead horses. A good trading philosophy doesn't get you out at the exact high points of any single trade, but it does make you a winning trader in the long term. Which do you prefer?

A better quarter from Minera Andes (MAI.to)

Tell the world: A mine in Argentina actually made a profit!

Sales revenue of $49.4m from San José is a new mine record. Net income for MAI on that (MAI owns 49% of the mine) came to $11.3m, which is also good. From there, MAI has clearly been spending on its other projects, because once the San José revenues had run through the MAI.to structure post tax net profit turned out at $4.6m.

Here's the NR for more crunchy goodness. This McEwen vehicle isn't sparkling yet, but this quarter was a step in the right direction. DYODD.

Minera Andes (MAI.to): 2q10 production at San José sucks less than 1q10

Minera Andes (MAI.to) along with operator Hochschild (HOC.L) this morning reported the production numbers for their San José silver/gold mine in Argentina. Here are the straight production numbers stacked up against previous quarters for comparison.

This is the silver count:
This is the gold count:

Remember that only 49% of the above production is due to MAI.to, with 51% going to HOC. The overall is that the number don't suck quite as much as they did in 1q10, but they're still not great. Production ran at plenty less than the permitted maximum for the mine due to underground issues (check the NR for more), which has been an ongoing problem at the asset.

On the other hand, looking at the price chart.....

.....and assuming the normal cash costs etc for the quarter, there may be a bit of upside in this stock when the revenues and results are announced next month. I have my own ideas on that one from the model and will pontificate in the next Weekly, out Sunday. Meanwhile, DYODD, dude.

PS: Recall the big downside to this stock is that The Zeds over at the Can of Corn like it and pump it. It'll all end in tears, y'know....

Minera Andes (MAI.to): 1q10 production at San José seriously sucks

News from Hochschild (HOC.L) today is not good for holders of Minera Andes (MAI.to), a stock we held over at The IKN Weekly for a while but dumped it due to underperformance. The HOC.L production figures for 1q10 include the basics for San José, which is 51% owned by HOC.L and 49% owned by MAI.to. Here in chart form are the main numbers:

Throughput was down:

Silver production was way down:

Gold production was also way down:

This MAI.to has been pumped hard since the end of last year by The Zeds over at The Can of Corn as one of their stocks of 2010 or summink like that. Also, for some unknown reason MAI.to got a target upgrade from Zed One (or is that Zed two?) a few days ago. Looks like either some bait'n'switch going on, or just plain ignorance. Neither would surprise me when its the can of corn in question, but I'd bet a loonie on the second option.

UPDATE 1:48pm. MAI.to releases the same numbers, an hour after this post went up. You heard it here first, folks. The MAI NR also includes this sad looking paragraph:

First quarter 2010 first quarter silver and gold production were 20% and 18% lower respectively compared to the fourth quarter of 2009 as a result of lower mine production and lower head grades for both silver and gold as well as lower silver recovery rates in the mill, partially offset by higher gold recovery rates. Mine production has been impacted by delays in underground mine development, which has delayed access to certain higher grade stoping areas. Mill throughput in the first quarter of 2010 was 4% lower than the level of the previous quarter. Year on year, silver and gold production were 37% and 1% lower respectively, mainly due to the delay in mine development.

So, it's a special time for a special message to Zerb and his recent MAI.to dumbass upgrade:

Handbags at dawn! Hochschild vs McEwen goes to court

Oh, now this one could run and run....and be fun along the way, too. Funnily enough I was looking at MAI and wondering if it were shortable at its $1+ prices registered, as a couple of e-mail pals will stand witness. I didn't short it in the end, so just a sideline spectator as this stuff unfolds. I can't wait for the Rob Mac E reply PR:

Hochschild files suit against Minera Andes seeking project financing repayment

    -   Despite a $65 million loan disbursement by Hochschild, Minera Andes,
       Inc. and Minera Andes SA have refused to execute formal loan
       agreement documents for three years
   -   Hochschild provided a project finance loan to the co-venture entity,
       Minera Santa Cruz, for the construction of the San José mine in
       Argentina
   -   Minera Andes has caused an undue delay in documentation and repayment
       of this loan by refusing to execute formal loan documents
   -   Legal action has no impact on the running of the San José mine, which
       is operated by Hochschild

LONDON, March 17 /CNW/ - Hochschild Mining plc ("Hochschild") today announces that it has filed suit in the New York State Supreme Court, asking that Minera Andes, Inc. ("MAI") of Alberta, Canada and its subsidiary, Minera Andes SA ("MASA"), be required to execute formal loan agreement documents for the $65 million project financing loan Hochschild provided to the San José gold and silver project in Argentina.

The mine, a co-venture between Hochschild and MAI, has been in operation since June 2007. Under the terms of letter agreements between the parties executed in October 2006, Hochschild alone provided the full amount of the project financing, totalling $65 million in instalments between October 2006 and July 2007.

The complaint alleges that MAI and MASA have unduly delayed the execution of formal loan documents and repayment of the loan by the co-venture entity, known as Minera Santa Cruz. Hochschild has made repeated attempts to finalize the formal loan agreement documents, but the suit alleges that MAI and MASA have made demands never contemplated by the original letter agreements.

The suit lists five separate causes of action. It seeks a decree by the court requiring MASA and its parent company to execute formal loan agreement documents with Hochschild, consistent with the previous agreements between the two companies. It asks that Minera Andes, Inc. and MASA be enjoined from further interference in the repayment of the project finance loan, asks the court to order payment to Hochschild of benefits derived by MAI and MASA as a result of the loan, and requests an order declaring that other shareholder loans are subordinate to the project finance loan.

The law suit has no impact on the running of the San José mine, which is operated by Hochschild. The mine initiated operations in 2007 with a plant capacity of 265ktpa, and following a successful expansion in 2008, it doubled plant capacity to 530ktpa. In 2009, the mine produced approximately 5 million ounces of silver and 77 thousand ounces of gold.

x

Minera Andes (MAI.to): A thought on its last quarter

This is the kind of stuff that goes on in the Weekly sometimes, but as we dropped Minera Andes (MAI.to) from coverage a few weeks ago (at about the same time the Zeds over at the can of corn started pumping it, in fact) here's a little blog rundown of MAI's latest set of production numbers for San José, out last week. It should be remembered that MAI holds 49% of San José (the other 51% held by Hochchild (HOC.L)) so apart from the last chart, all the numbers are pro-rata for Minera.

This chart shows the evolution of throughput tonnages at San José, and as we can see the quarter well sucked.

The plant is built to run at 1,500 tonnes per day (tpd) which would mean that in a perfect world, the 92 days of the last quarter would have seen 138,000t crushed and processed and what-have-you. In the end, throughput totalled just 100,460t. San José was on strike for 15 days in 4q09 and that explains quite a lot of the underperformance, but the company also suffered a reported 8 day strike in 3q09. So if you do the math you find that on the days San José wasn't on strike in 3q09, it ran the machine at 1,456tpd but on the days San José wasn't on strike in 4q09 the average thoughput was much lower at 1,304tpd. That's not so good and therefore there must be other reasons (as yet undisclosed by MAI) as to why tonnage throughput was so low in 4q09.

This chart shows production and sales of silver in the four quarters of 2009. Unsurprisingly after noting throughput tonnages, Ag production sucked.

But also, you'll note that in the last couple of reported quarters silver sales were higher than production, this because San José had a whole chunk of unsold inventory that helped boost sales. It doesn't have that luxury any longer and so the drop in sales between 3q09 and 4q09 is a very hefty 794,000oz

This chart shows production and sales of gold in the four quarters of 2009. Again, that production drop is one thing, but the drop in sales is even heavier and in 4q09 San José sold 8,910oz less than in 3q09 due to the end of the inventory sales.

However on a comparative basis gold production held up better than silver in the last quarter because the ore was better grading, as this chart shows.

As for financial results, MAI is going to get away with a lot of this production disappointment because both gold and silver spot prices were much higher in 4q09 compared to the previous qtr. This chart shows how revenues have been and makes a forecast for the reveneus from San José that are due to MAI. Be clear that this is not predicting the MAI profit, but the amount of cash MAI will receive from San José. MAi has all its own operations to pay for as well.

So this quick, dirty and patchy analysis of San José is done. It had a bad quarter and the results are very unlikely to impress the market, folks. All in all (and even though it went higher after we dropped the stock) I'm happy that it's not part of the 'Stocks to Follow' list any longer. Once the debt is paid down at San José and the opertaion is running more smoothly, it might be worth a revisit. Not until then, though.

Dynasty, Minera and flashy stuff

To give you an idea of what goes on over at The IKN Weekly subslist, here's a Flash update sent to their inboxes at 10:30pm last night (slightly edited with the conclusion missing).

Good evening, 10:30pm local time. First the information contained:

• Please find attached the new September 2009 presentation for Dynasty Metals (DMM.to) presented earlier today at the Denver Gold Forum by DMM CEO Robert Washer.
• Please also find attached the new September 2009 presentation for Minera Andes (MAI.to) presented earlier today at the Denver Gold Forum by Rob McEwen.
• Also, please click through on the link below to hear the presentations by Washer, McEwen and plenty other miners and their CEOs including Novagold, Rusoro, Rubicon, Fronteer, Andean, Atna, Gold Wheaton, US Gold, San Gold, MAG Silver, Ventana Gold and many other interesting names in the precious metals sector. You can also dowload the PDF copies of the presentations from the same link. I'm sure you can pick and choose your own favourite from the long list
  

http://events.digitalmedia.telus.com/denvergold/091409/index.php?page=redirect

You need to fill in a short form to access the downloads page. Nothing difficult.

In his presentation CEO Washer of Dynasty said the following:

• DMM is in production now, is ramping up production now and its first gold pour is happening next week
• The relationship with the government is good. The present situation is that the company is in discussions with the gov't regarding the production contract (royalties etc). DMM expects the Ecuador gov't to use Dynasty as a showcase mine for future possible development. Ecuador's sub-secretary of mines, José Serrano, was at the presentation to answer questions.
• The Zaruma plant is expected to reach commercial production by the end of 2009.
• Cash cost is projected at $300/oz

As for McEwen and Minera, he told everyone about the great value that MAI offered and griped a bit about Hochschild.

The bottom line here is that ......