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Take physic, pomp

Trading Post (funday Monday edition)

Pan American Silver (PAAS) down 1.8% at $14.28. PAAS’s new silver/gold mine in Argentina “Manantial Espejo” in the Santa Cruz region, was supposed to have been officially opened (it’s already doing its thing though) today by President Klishtina, but at the last moment she stood up the waiting suits and decided to stay in Buenos Aires. Word is that she is going to unveil the plan to bring forward the October elections instead.

Fortuna Silver up 5% at $0.95, and it’s all thanks to the wonderful and illustrious Bob Moriarty that it’s going up today. What a treasure for society that guy is! What would we do in the mining industry without his totally unbiased and humble opinions? Gawd bless ya guv!

Ecopetrol (EC) up 3.3% at $17.70. If proof were needed that cash is king, check out the EC story today. Ecopetrol has done a good deal with Canadian pipeline people Enbridge (ENB.to) to buy its 24.7% stake in Colombia’s OCENSA pipeline. Ecopetrol is now the majority shareholder of the pipeline with around 60% of the shares. It’s a good deal for EC, as it has the cash in hand and buying an asset such as this on its home patch makes much sense. It’s also a fair deal for ENB.to as its PPS today shows (up 2.6%), because now it has a nice wodge of cash in the bank and can concentrate on its core N.Am assets with no need to finance/dilute/whatever. The sale price wasn’t stupid in either direction, either. Your actual win-win deal.

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