Take physic, pomp

Snippety stuff

Repsol (REP) surprises nobody with the news that its plan to float off 20% of Argentine arm YPF has been postponed.

Staying with Argentina, Klishtina arrives in the USA today for the G-20 summit. The Economist had a good whack at Argentina this week, calling the country ‘irrelevant to the financial world’. Not often I agree with the Economist, but here’s a moment when they nailed the truth to the wall for sure. Venezuela has much more claim to a seat at the table, for example ;-). C’mon guys, invite Hugo for tea’n’buns.

In Peru, Romulo ‘Where’s Waldo?’ Leon has been declared the winner. After the police shouted “We give in!” at the tops of their voices he handed himself in after his 38 day world record hide and seek marathon. Kudos to you Rommy…now let’s watch as they try to lock your lying ass away for 15 years and you squeal on all the other rats in your party as revenge. I mean, normally there’s honour amongst thieves, but I hold out hope you’re the type of pondscum that will do anything to avoid a bit of justice.

In Bolivia, Apex Silver (SIL) has sold its 65% interest of the San Cristobal mine (Bolivia’s newest biggest operation) to its (up to now) minority partner Sumitomo. Check out the announced terms and conditions here, but from a first overview it looks like SIL gets its slate wiped clean and walks away with $22.5m on its books and a source of small revenues from a mangement job at San Cristobal. The small print on this deal will have to be read carefully before any decision on whether SIL is cheap from here is made. SIL is down 7% in early trading this morning. Cash at bank looks like around $0.35 (but big caveat must apply..that small print really is important this time). UPDATE: make that 19% down at $0.68…falling fast.

In Venezuela, the country made clear it fully approves of cocaine trafficking and confirmed the US view that it is a drug-friendly country by confiscating over 800kg of the stuff yesterday and arresting three people (who are about to find out just how bad the prisons really are in Vzla). So far this year Venezuela has confiscated 20.5 metric tonnes of Uribe’s finest export and arrested 10 cocaine bosses as well as countless minions. Not bad for a country where the stuff isn’t even grown or produced. But remember, we don’t need no stinkin’ facts.

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