Ascendant's Incredible 2007 Reports/ increíbles informes de Ascendant del 2007
Monday, March 31, 2008
Ascendant's Unbelievable 2007 Year-end Reports Yes, it's that time of year again!! Ascendant just published it's 2007 Financial and Management and Discussion Analysis reports, and here are some of the more interesting information contained in the reports and what they "forgot" to include. The documents avoid mentioning important events that could profoundly affect Ascendant's future in Ecuador, which transpired during the past 12 months, and makes the following incorrect claims: a) It says nothing of the fact the government legally annulled the company's main concessions in Ecuador; its Golden 1 and Golden 2 concessions. The reports state that the company received a government communication that purports to annul said concessions, but in fact, the annulment is legal and is in full effect. In spite of the loss of the concessions, the company continues to list the ex-properties as currently owned. The loss of the concessions clearly constitutes a material event which was not reported. b) The company's purposely avoids mentioning that in October of 2007, the government, through it's National Institute for Agricultural Development (Spanish acronym: INDA ), annulled the ownership rights to 17 of the company's properties in the Junin area. The company had purchased these properties, as it has maintained in the past, to access its Junin mining concessions. Loss of the properties puts the future development of the Junin project at risks. c) The company fails to disclose that in late 2006 its Environmental Impact Study was rejected by Ministry of Mines and Petroleum officials. It misinforms the public by stating that it is in the process of responding to observations made to the study. There is huge difference between making observations to an EIA, and having it outright rejected on technical and legal grounds by government officials. d) The company is still maintaining that it owns the challenged inferred mineral deposits in its Golden 1 and Golden 2 Junin concessions, even though: i. It no longer owns the concessions ii. Micon International affirmed in 2007 it could no longer verify its earlier, and inflated, estimates due to damage, loss and or theft of original core samples. As you recall, in 2005 CEDA challenged the legality of MICON's work in establishing the inferred mineral content of the company's Junin deposit. e) As in previous years, the company claims to have incurred exploration costs on its Junin mining concessions. For 2007, it claims to have incurred 1,9 million dollars in such costs. Yet, the last year any exploration activity was carried out in the Junin area was in 1996. Furthermore, and as the company itself admits in the reports, the company has been unable to get it's Environmental Impacts Study for exploration approved. It is illegal to undertake any mining activities in Ecuador without approval of Environmental studies. The misleading information published by the company could give investors a false idea that the company is engaged in exploration activities in the Junin concessions when nothing could be further from the truth. f) There are several business transactions between ex-company directors and the present board involving hundreds of thousands of dollars (see Telimbela and Magdalena properties, pages 13-14 Consolidated Financial Statements). In light of the uncertainties surrounding the future of mining in Ecuador resulting from the change in government and the fact that Ascendant already has lost the title to several mining concessions, plus the government's widely publicized plans to re-write the mining legislation and to pass a mining mandate that would annul thousands of mining concessions, some of these dealings are highly suspect. g) Losses. 2007 was a record year for Ascendant. The company lost $10.4 million in the past 12 months, and claim to having spent $ 5.6 million of that on exploration; about 50% more than in 2006. As the company was busy losing money, properties and whole concessions, the wages and benefits, nonetheless, increased from $1 million to $1.7 million.
http://www.ascendantcopper.com/Content/FlashPaperEng/ACX_MDA%20YE123107%20FINAL.swf
http://www.ascendantcopper.com/Content/FlashPaperEng/ACX%20FS%20YE123107-FINAL.swf Los increibles informes de Ascendant para el 2007
Ascendant acaba de publicar sus informes gerencial y economicos del anio 2007. Entre las cosas mas destacable que alegan, es la siguiente: El informe alega u omite la siguiente informacion: a) No menciona la revocatoria de la Golden 1 y Golden 2 (alegan que el oficio del gobierno pretende, o alega, revocar las concesiones) b) Debido a varias ilegalidades, el Instituto Nacional de Desarrollo Agricola anulo 17 titulos de propiedades de Ascendant en 2007. Sin embargo, los informes no lo mencionan. En anteriores ocasiones, la empresa habia dicho que habia adquirido dichas propiedades para acceder a sus concesiones. c) La empresa sigue insistiendo que es propietaria de las concesiones Golden 1 y Golden 2 d) Todavia usan el exagerado calculo del yacimiento de cobre hecho por Micon Internacional en el 2005 (4X mas alto de que los japoneses encontraron). En el 2007 Micon alego publicamente no poder confirmar su calculo debido a danios a las muestras geologicas!! e) En vez de decir que el gobierno le rechazo el Estudio de Impacto Ambiental, dice que la empresa se encuentra "estudiando" las observaciones hechas a dicho estudio. f) y alegan que la decision de suspender sus actividades (en sept) fue decision de la empresa g) Perdidas. Ascendant rompio records en el 2007. La empresa perdio $10.4 millones durante los ultimos 12 meses, y alega haber gastado $ 5.6 en exploracion; aproximadamente 50% mas que en el 2006. A la vez que la empresa estaba perdiendo plata, propiedades, y concesiones, los salarios y beneficios, sin embargo, incrementaron de $1 millon, a $1.7 millones.
http://www.ascendantcopper.com/Content/FlashPaperEng/ACX_MDA%20YE123107%20FINAL.swf
One Step Closer to Nationalization / Nuevas de Intag
Sunday, March 23, 2008
Ecuador Takes One Step Closer to Nationalizing Its Mining Industry (and other news….) On his weekly radio address to the nation on the 15th of March, Ecuador's president told Ecuadorians he would exploit its mineral resources in the south of the country through the creation of a national mining corporation. The last 6 or so months, Correa has expressed support for exploiting the four large gold-copper deposits in the south (belonging to Aurelian, Corrientes Resources, Iamgold and IMC- all Canadian corporations) As for Ascendant’s ex-Junin project, when mining comes up in Correa’s pro-mining speeches Junin and Intag are never mentioned, and no mining is planned for the north of the country (the status of Ascendant’s ex-Junin concessions has not changed- they are in the hands of the government) The seemingly pro-mining stance by the president is in direct opposition to the anti large-scale mining position most Constitutional Assembly members, and most of Ecuador's civil society holds. Additionally, in all the public forums organized by the Constitutional Assembly, the answer has been a resounding NO to large-scale mining projects. During the past 3 months, this position has received very strong support from Ecuador’s largest indigenous organizations, including CONAIE and ECUARUNARI. The latest manifestation of rejection to large-scale mining came on the 11th of March as part of a multitudinous march on the capital by thousands of indigenous from all over the country. It is the Constitutional Assembly, and not the President, who will re-write the constitution. In this context, there are calls from several important sectors of the nation, including major political parties, to ban all large-scale metallic mining projects. It is this issue, more than any other, which has created the most friction within Correa's own party. Meanwhile, the plans for the mining mandate are on hold. The mandate would annul those concessions that were not annulled in January of 2008,until such a time that a new mining law is approved by the yet-to-be elected national congress (which could be a very long time). There are several versions up for debate, and most of them call for ban on large-scale and open-pit metallic mining in Ecuador. And other news…. Ascendant has made the news in other forums. For example, it had the distinction of being on the list of mining companies criticized by the February 14 report of the Earthworks-Oxfam’s No Dirty Gold Campaign, which lists companies criticized for various unethical behavior, including violating human rights, dumping wastes on rivers and oceans, for their alleged involvement in armed or militarized conflict, or forced relocation of nearby landowners and/or indigenous peoples. http://www.mineweb.com/mineweb/view/mineweb/en/page68?oid=46846&sn=Detail In the “Additional News From the Weird” category, it now seems official that Ascendant will acquire St Genevieve Resources. The Montreal-based company has a couple of highly unproductive mines in Arizona and seemed on the brink of total meltdown. The company’s stock price has hovered at 1cent per share lately (yes, $0.01). Ascendant’s own shares have hovered in the 10 cent range recently, and have been on a downhill ride for quite sometime. Without its Junin mining concessions, and the disappointing Chaucha drill results (bad enough to scare off its Chilean partner earlier last year), there’s really nothing to Ascendant. Chaucha’s exploration results, it’s worth mentioning, was earlier evaluated by a paid Ascendant employee. La nacionalizacion de los recursos mineros mas cerca en el Ecuador El presidente Rafael Correa, en su ultimo discurso semanal radiofonico (Sabado (15-03) le dijo a la nacion que explotaria el cobre y el oro en el sur del pais a traves de la creacion de una corporacion minera nacional. Durante los ultimos seis meses, Correa ha expresado su apoyado a la explotacion de cuatro yacimientos de oro y cobre en el sur del pais (pertenecientes a Aurelian, Corrientes Resources, Iamgold and IMC- todas empresas canadienses) Junin e Intag nunca se mencionan, y ninguna mineria esta concebida para el norte del pais (el estatus de las ex-concesiones de Ascendant en Junin no ha cambiado- permanecen en manos del gobierno) Esta postura por el presidente se encuentra en oposicion directa a la posicion de la mayoria de los asambleistas, y la mayoria de la sociedad civil ecuatoriana. Ademas, en todos los foros publicos organizados por la Asamblea Constituyente, la respuesta a sido un contundente NO a la mineria a gran escala. Durante los ultimos 3 meses, dicha posicion ha recibido un fuete respaldo de parte de las organizaciones indigenas mas grande del Ecuador, incluyendo a CONAIE y ECUARUNARI. Es la Asamblea Constituyente, y no el presidente, quien elaborara la constitucion. Y, dentro de este contexto, ha habido varios reclamos de importantes sectores del pais, incluyendo de parte de importantes partidos politicos, para prohibir todo proyecto minero metalico a gran escala. Mas que cualquier otro tema, este es el que mas friccion ha creado dentro del partido de Correa. Mientras tanto, los planes para el mandato minero esta en espera (yamismito). El mandato anularia las concesiones que no fueron anuladas en enero del 2007, y suspenderia nuevas concesiones hasta que la nueva ley de mineria sea redactada por el congreso nacional, aun por elegirse (lo cual podria demorar mucho tiempo). Existen varias versiones en discusion del mandato, y la mayoria prohibirian la mineria metalica y a cielo abierto en el Ecuador. Por otro lado (y en la categoria de Aunque Usted no lo Crea), Ascendant se encuentra en proceso de adquirir a St Genevieve Resources, una pequenia y practicamente bancarrota empresa canadiense con un par de minas impresionantemente improductivas en el estado norteamericano de Arizona. El precio de las acciones de St Genevieve es de un centavo de dolar por accion- la de Ascendant esta por los 10 centavos de dolares... ¿Que estaran pensando los inversionistas??
Amnesty for Intag Defenders! / Aminstía para defensores inteños del ambiente!
Friday, March 14, 2008
NIGHTMARE ENDS FOR ACCUSED IN INTAG Huge victory for Intag residents opposing Ascendant’s mining project On March 14, the National Constitutional Assembly overwhelmingly approved a general amnesty in favor of 360 defenders of the environment who were facing criminal lawsuits as a consequence of their opposition to large hydro, petroleum, and mining project in Ecuador. Included in the amnesty were all Intag residents facing lawsuits presented by Ascendant Copper, or persons linked to the company. What this boils down to is that all these criminal lawsuits will be annulled. In all, over 40 Intag residents will benefit from the Assembly’s decision. Meanwhile, the Assembly is still mulling over the mining mandate to annul thousands of mining concessions in the country (see our previous updates) INTEÑOS BENEFICIADOS POR DECISIÓN DE LA ASAMBLEA NACIONAL CONSTITUYENTE
Esta tarde, 14 de Marzo, la Asamblea Nacional Constituyente resolvió, con 91 votos a favor, de otorgar Amnistía a 360 defensores de la naturaleza- incluyendo varios moradores de la zona de Intag.
En el caso de Intag, los y las campesinas habían sido acusados por parte de la empresa minera Ascendant Copper, sus empleados o representantes de varios delitos penales, algunos de ellos totalmente fabricados, como resultado de varios enfrentamientos debido a la presencia de la empresa minera canadiense.
En un momento llegó a existir más de 12 juicios penales en contra de decenas de inteños e inteñas opositores al proyecto minero cuprífero, pero los comuneros de la zona de Intag prevalecieron en los 4 juicios que llegaron a ventilarse en las cortes del país. Los inteños y representantes de organizaciones defensoras de derechos humanos habían calificado la lluvia de juicios y la manipulacion del sistema judicial del país como una infame mecanismo para intentar de intimidar a la oposición a la minería. En Imbabura, el Doctor Edgar Merlo fue quien defendió a los y las procesados en Imbabura del podería político y económico de la empresa transnacional.
Entre los afectados positivamente por la amnistía constan Jaime Polivio Pérez, y Carlos Zorrilla- dos dirigentes inteños que han tenido que enfrentar varios juicios penales por su oposición al proyecto minero de Ascendant ((nota- tan pronto tenga la lista completa de las decenas de inteños amnistiados, lo enviaré))
Para acceder a la información de la Asamblea Constituyente referente a esta decisión: http://asambleaconstituyente.gov.ec/boletines/amnistia-para-defensores-de-los-derechos-humanos-criminalizados-aprueba-asamblea.do
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