Curiouser and curiouser, said Alice. This report from Globe&Mail yesterday (excerpt) brings us the latest happenings around Taseko (TBG)(TKO.to):
Investigators are trying to determine whether a leak of sensitive information from within the federal government prompted a sharp drop in value of the shares of a British Columbia mining company, the CBC is reporting.Citing unnamed government sources, the broadcaster said Wednesday night that the Investment Regulatory Organization of Canada is trying to determine why shares in Taseko Mines Ltd., fell nearly 40 per cent on Oct. 14, more than two weeks before the federal government announced that it was blocking the firm’s plans to develop the Prosperity Mine, a development 125 kilometres southwest of Prince George. Continues here
Hey, remember all that flashcrash thing about Taseko Mines (TGB) (TKO.to) (“TKO”…geddit?) on October 14th when the stock fell a squillion or so on 23m shares traded? Well here’s the chart to yesterday…..
…..and here’s an excerpt of the news from Reuters today about TGB:
Nov 2 (Reuters) – The government of Canada has decided to block the development of Taseko Mines’ (TKO.TO) controversial copper-gold mine in British Columbia, Environment Minister Jim Prentice said on Tuesday.
Ottawa’s decision — based on “concerns about the significant adverse environmental effects” — overrules British Columbia’s provincial government, which had granted permission for the Prosperity project to go ahead.
The news hammered shares of Taseko Mines, which fell 25 percent to $4.89 in after-market trade in the United States.And here’s the “extremely disappointed” TGB’s NR this morning. Seems the market was trying to tell you something after all, no? Oh by the way, Franco Nevada (FNV.to) is taking a bit of a bath on this news too, what with its royalty stream affected.
As the old saying goes, Better born lucky than rich, proven once again by those lucky lucky directors over at Taseko Mines (TKO.to) (TGB) and their lucky lucky timing. On Jan 15th, this news release hit the wires that started….VANCOUVER, Jan. 15 /CNW/ – Taseko Mines Limited (TSX: TKO; NYSE Amex: TGB) (“Taseko” or the “Company”) received the environmental assessment certificate for its proposed Prosperity Gold-Copper Project from the BC Provincial Ministry of Environment on January 14, 2010.“Obviously we are tremendously pleased with the Provincial Government’s decision. We put considerable effort and Company resources into the documentation and process and to have now received this approval is both gratifying and rewarding,” says Taseko President & CEO Russell Hallbauer.…..and saw the stock shoot from sub $4.50 to over $5 instantly.
And by total, utter chance, look who awarded a whole bunch of options to themselves the day before that NR came out:
As of January 19th, 2010 Filing Date Transaction Date Insider Name Ownership Type Securities Nature of transaction # or value acquired or disposed of Unit Price Jan 19/10 Jan 14/10 Mundie, Richard Direct Ownership Options 00 – Opening Balance-Initial SEDI Report
Jan 18/10 Jan 14/10 Mitchell, Peter Direct Ownership Options 50 – Grant of options 200,000 $4.460 Jan 18/10 Jan 14/10 Armstrong, William Paul Direct Ownership Options 50 – Grant of options 100,000 $4.460 Jan 18/10 Jan 14/10 Coughlan, Terrance Barry Direct Ownership Options 50 – Grant of options 100,000 $4.460 Jan 18/10 Jan 14/10 Battison, Brian Direct Ownership Options 50 – Grant of options 150,000 $4.460 Jan 18/10 Jan 14/10 Jones, Scott Direct Ownership Options 50 – Grant of options 150,000 $4.460 Jan 18/10 Jan 14/10 McManus, John Direct Ownership Options 50 – Grant of options 200,000 $4.460 Jan 18/10 Jan 14/10 Hallbauer, Russell Edward Direct Ownership Options 50 – Grant of options 300,000 $4.460 Jan 17/10 Jan 15/10 Kirk, Harry Wayne Direct Ownership Common Shares 10 – Disposition in the public market -50,000 $5.140 Jan 15/10 Jan 14/10 Dickinson, Robert Allan Direct Ownership Options 50 – Grant of options 100,000 $4.460
“Gratifying and rewarding” indeed.
UPDATE: Cue Owly:
Time for a link to a new development (and thanks to JM for the headsup).
Nov 25, 2010 14:15 ET
BCSC Reviewing Trading in Taseko Mines Ltd. Shares
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Nov. 25, 2010) – The British Columbia Securities Commission is reviewing a referral made to it by the Investment Industry Regulatory Organization of Canada (IIROC) regarding the trading in the shares of Taseko Mines Limited.
The BCSC does not comment on matters under review.
The B.C. Securities Commission is the independent provincial government agency responsible for regulating trading in securities within the province. If you have questions, contact Ken Gracey, media relations, 604-899-6577.