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.