Scribd Logo
Загрузить

Добро пожаловать в Scribd!

  • Doom, Gloom and Boom Report

    Загружено:

    Asim Iqbal
    760 просмотров24 страницы
    A year ago, martin faber was surprised by a woman who wanted to surprise her boyfriend. He says the two got along famously well, but his views were gloomy. Fabe says The World is Far from "flat," and we must discover it for ourselves. "The real voyage of discovery consists not lhseeking new landscapes but having new eyes," he says.

    Исходное описание:

    Оригинальное название

    Doom%2C+Gloom+and+Boom+Report

    Авторское право

    © Attribution Non-Commercial (BY-NC)

    Доступные форматы

    PDF, TXT или читайте онлайн в Scribd

    Этот документ был вам полезен?

    Это неприемлемый материал?

    Пожаловаться на этот документ
    A year ago, martin faber was surprised by a woman who wanted to surprise her boyfriend. He says the two got along famously well, but his views were gloomy. Fabe says The World is Far from "flat," and we must discover it for ourselves. "The real voyage of discovery consists not lhseeking new landscapes but having new eyes," he says.

    Авторское право:

    Attribution Non-Commercial (BY-NC)
    Скачайте в формате PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    760 просмотров24 страницы

    Doom, Gloom and Boom Report

    Загружено:

    Asim Iqbal
    A year ago, martin faber was surprised by a woman who wanted to surprise her boyfriend. He says the two got along famously well, but his views were gloomy. Fabe says The World is Far from "flat," and we must discover it for ourselves. "The real voyage of discovery consists not lhseeking new landscapes but having new eyes," he says.

    Авторское право:

    Attribution Non-Commercial (BY-NC)
    Скачайте в формате PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 24
    THE GLoom, Boom & Doom REPorT iar TR POBUGNTON OF MARG FABER LMNTED SEPTEMBER 2010 The World is Far from “Flat” *We do not receive wisdom; we have to discover it for ‘ourselves by a voyage that no one can take for us, a voyage ‘that no one can spare us." Maral Prt “Good company on the road is the shortest cut Talo 3h “knew I was going to take the wrong tain, sal left early.” Ye Bona “Traveling is so complicated. There are sc many new people ‘everywhere. I make my best Journeys on ny couch.” Caco Chanel ike all great traveler, | have seen more than | remember, and remember more than I have seen.” Benn "The real voyege of discovery consists not In seeking new landscapes but in having new eyes.” Mar Prout “There are only two mistakes one can make along the road ta truth; not going al the way, and not sterting.” Baha INTRODUCTION A yea, my asta ecole an ‘mim nguy. A young ny aed ‘Steing wanted tn mrp er befriend on is tay by srangng forhim to meet me, Aareatensve éerrespodence,a meeting wis freange in Kansas Cy a he hotel where {woul be staying, Ona sunny “hay nly 200, Selina her boven Dail Het, chartered private plane al ew fost Ora tehere they had tended Bete thavay’ annual meeting o Kansas (Gye Dunit and ny ting took place. ‘Alierce estomary exchange of ah lk ae dat oe engage in tuhen mestng new people Sting ‘excined here ying she would rete fr Dani chee hous 25 ‘hey had oly toek eo Onan, Daniel fnd {thon diced the invest, ‘ici nd politcal envionment for 30 inate before he ad the talan ies of ndering tse of ‘ed wine. do’ remember if w0 or hve mre tale followed but ‘vial wr ot along ara wel ‘My caer may think chat my ‘es ean othe gory side, Well Dimitrios were evn ne depressing in fot he so negative shout theft, hed deided rove fro Chicago, uber he was tanapng sme money, Siu Fall, Stated agricultural ich Sout Dako, where hein buy 4 hoe and ore Eland whe ontinung to mae money fom his tae, Bu side om entraning neg view abou he Fate, Daniel war an extemely cheer hacer, Jdging fom the Lge cp Theft dhe waits, Thought he was very gene, on Lalo gathered from cr cet that Went Samy extremely well educated and Ine lize. "When Scling retrned ocllect, Daniel se may have thought hee ies of ntti us wa ether Tae mistake othe pers bay pt for he oye since both nie ed were in very hgh ps ute py i ee any eve lore they lef id jokingly tha sro sche once they had seule Sou Falls Subsequently, Daniela aed in euch by ‘ema and once he and String had ‘etd in South Dako e insted se wstay with them rey Jlysince 1988, have ‘ven rsenaton athe CEA Chscagosuer program: On my wey there Luly vi with an fend Hestan, i Mic [Bll Nesgovt, who ru Head, yey dhorough deep vae investor tree fds ave done very well over "ne (rates co). igh at woth india would do ssl to tal with hi an allocate Some money tone ofthe of hs Sand (bnsgoviDearlancands om). ur thi year partly because of the absence of anything aticaaly ipo oad othe preving investment wine, and parcly ‘sce South Dakota (armel ter the Lara and Dakota Ske ‘Ameri nian i) was one of the fe US stares Thad oe ye st decd insted 0 it Danie and Seeing, who hal abo tnwted Danis her Andee (Gon Fall Seu Dota pet ey, th a population of 160,00, tthe state cpt ie) Followingan exellent Midwestern tle dane, which Sterling had prepare for We set ‘uteitly the next morning or the Black Hilt Dae ad generously chanted a pivate jt which We flew to Rap Cty, as hour vaya the southwest of South Does, Av ‘Shr, Tf np ince that, tera hou igh jet Lean fall bein theme tate of the US. le Shows ust how age the US isin ters feria (South Dakotas tet population rol about s00000) ‘Shox before landing in Rep (Gay, me ew very love the Ellweth Air Force Bsc ard nthe 2h Bomb Wing yng B-1B one range bomber ety ined pln the 1950e and 1960s, Repid Cay and the Eller Bose Poca fare for the inalation in the vist of Nike Ai Defense and Tian rocket fay ese Taunch en swell a 150 Minn nile sor — allot which woe dentate the early 1990.) But Rapid Cis fame ates Ick to 18 when flowing the dlcovery fol in 1874 in the Black Hill by theCaster expedlon, _govp of dap mines founded the ety hen known se Hay Cap anu promoted cathe "Gateway © the Black il ‘Aran aide the Homastake epi was covers in Api 1876, droge Mock il gold ea, by Moves Marvel ad Hak Hay, and wassbseuenly 0 for UssTo,000%0 ato of mining scomeprenets el by George Heat, ‘tho wo othe Midwest most ‘cent man (A Hearst eployce Filed man wh fie sell an adjecent property and an editor wih ‘pposngvws who bough a Dencood newspaper in de to inven pic opinion is vous was teatenp.) Homestake Mining rine on he NYSE in 1879 Ui tle 2001 the Homes ropery produced we ‘of mili ounces of gol. (The ead mining drt, ome by mesa Mig. ws the cond larg gold producer the Ute Sote after the Calin dit Nevada) ‘Upon asin a the tiny apne in ap Cy, we were ct ya local {vie who drove ur fre trough te ‘ld iningeomn of Keystone othe Mr Rate Nation Memorial ‘Thisimpresve lpr carved ia pane ears the [Sere Fe of for great American residenn eore Washington, Thomas efron, Theodore Roosevelt, nd Abahat Lines ‘The MeRushmore National Memorial ras crf by the stor {Gutin Boum a waster completed 3 hisson. Constreton Tote fom 1927 0 1941. have to say tha seeing this monument touching experience cron fr ano ‘Ameen Fora moment one gets ee ofthe les roar moment ‘Aimee’ tory (Rushmore snot writhour controversy, te ae ving Tren sed fom the Lake ibe dng che Sen Sous Wars of 1876) 17 al tec Guts Boga srasan active member of the Ku Kk ton) ‘September 2010 We shen proceeded thcagh the town of Case snd on to Cater Ste Pak (Doh aed afer Genes (George Aritong Cster, whee we tad fnch ete Sue Gane Lodge, (le 1927, he eal resent Calin Coole (1924-1928), who was sting ere atte tn, prance dhl do ao choose oa for Prsden n 1928 ‘After lunch, we tok tour af Caer State Pak in ade to sce hens American bison wih had rover sen before. (The American ‘pecs an weigh 1,000 lr or ‘pore and ha 15 ibs while the Europe bon hs 14 ib) Looking thse impresive amas (hey Favelnge necks, nd a fhe with them is est avoid), Tel that ‘we were inhi very Srportant Native American tertere, whose crigl inhabits hod met tate fat. In 1874, General Cate el expetion neo the Back Hill which rig the Black Hil gla Then, in ‘May 186, he let For Lineal Gi [Non Dakota) whore be war commander ofthe th Gwar, fer to round yp any remain ee Tdi sd oe dhe int. resenrations The allowing month, (Gace sous eid and take lage Idan encampment thc had been formed bythe ankpap Lak chi Siting Ball Lite Bghow Rive Vay ‘uunbeed, General Coster and tot of his trope were defeated and Kalle by Siting Bal and Gay Hoe nthe Bt ofthe Lisle Bighorn also knowns "Conter Last ‘Stan (Shorly before he wa le, ‘Gime showed: "Hurray, bor we've tot hem! Wel nish them up and then go home curation) Crsy Horse and Sting Bol sender da 187 and 188, respectively Cony Hone was stand to death inthe Year of is sere an Sling Bll tes gunned downs hs hose by Some oldies 1890, "Another es sorious moment in Amica history occured est "Wounded Knce Creek, onthe Lakota Pine Ree lcian Reservation (located in South Dayco to the onder wil Nebel ae ie Seoenber 2000 known at he "Wounded Kae Masac™ On December 2, 1890, 2 Getachment othe US Tih Cavaly Regiment wet into the emp dst the Lakota, A shor wed Secdenaly yar Ind who wos Telctant give up hie (he ime hase ad paid To for inthe Asn sou ye om i), hich eed the Teh Caley ‘pening re fom ll sides, Kling ‘nen, women and cle, sof whom were aed By dhe te he Imaacre war over beeen 150 ae 500 Lakota Sous hd ded remembered he Indian Ware from my childhood eng of Kael Mays books, fesuring the characters sf Ol Staten nd Winnett trl rom watching countless trestern moves over the yer had to been an Indian eevation i ‘isms nd New Mesie. (The ‘experince wae very depesing | ‘night ad.) Visi the Block Hil, in the mist of ne ofthe men ees rertores, was therefore ‘ery speci forme Aa the fact that this happened ethan 150 years. tg) rnin me of the neredile ‘sono developmen of the US ‘nce hat ine, (ur ui ao pointed ot sha the white ans kling the bison teapot not only by hee dre {ore pats om tesa ofthe animal’ hides, bat was lo ecia (had sever ely hee abou this) The Bison asthe source of Me forNative Americans becuse it roiled meat, leather, clothing, Enka, sine fr bows gene ae dd dng or fies. Irs noe ‘surprising therefore thatthe US ‘Army sanctioned even endoved the wholesale suger of Kon herds The US government promoted "og hunting onder tallow ranchers to range thei cate without ‘Competition om other bovine and ran co weaken the Noh ‘Americ Indian pelts by removing their main ure fod and peesuring chem nto the ‘eetvatons The aad icy the rote Bao best linia. Herd of ison onthe nck cold Sanagelocomatvs if the was fed eo stop in ine. Dasing the hash winter ion he aso freqaenly nk solr nthe artical ets formed bythe grade of the tack winding throug il ad tnouneins ad could delay 2 ean fords Tale eflscted on why the Naive ‘Americas dst chance gpl dhe aesonn ofthe te ‘man, where the varios fiction ‘Aighanisanhave i the pase ‘cen eel aggrecan sill today have x gcd chance of prevaling ve he eg sere, Tape aso do wit he oct, Got the Amarin plone whe sete the neh ata hose ‘echnologtl sero ws vat), ‘dhe edits wo Bethe ‘aon emsnly blew hep tere doing eight ching and tha (he Native Americans were etaing sconemic progres and acuta ‘leweepmen Inter word the ‘wars agursthe Naive Americans jal weed pbc nner cane the meres ofthe inden the ary, andthe seus were loyal a here toe o interes hy oc ores Ince case ofthe NATO Hoge and Be contctos in ‘Aghia is nil hat anyone need in etling down ‘thre and elating the aed: Als, Foreign interes by Chia, Pakistan, Rasa, ie, an i, hose interests completly verse fom those othe occupying xe, rakes awctry shot impose Filly tn tke eve ofthe dian ‘Ws the ery wa cll ard semitone Inthe cate of Afghaisan, serenely ‘ict — and ten ps — te Meni the enemy wich my ‘explain at lest pry the hk Inekdence ofan aes. Following our vi to Cater tase a, me dor bck to Rapid City psc the Cray Hse Meme Which an enorme tones Tring cave ot of Thunder Mounts. Consction has bon ‘ongoing since 1948, but the ‘aot ntl eer abe nenpleed sce oft gga se (When cooled seule wil te 19S ee wie and 7 ates Te Goon, Boom & Doom eper 2 high) We were shoreon time sd therefore, sed ding 8 Dacca ising town that eee nooo for ening a fms inthe Ih cerry. The famouse, ew, atl, and sun Wd Bl Hickoek wan Filed thee i saloon while playing poker in 1876. We li ald to dive to Stuns, word four for ts ann tnetneycl lly which oy tet ‘nore dha ala ion ier fom Mbower the world each Aug (The rll began more than 70 yas apo) ‘Upen return Sous Falls Daniel rok me wife friend of his who abo manage some ifthe flan Panel gute an ase ny ends the racial ‘scr that arming i very tough sccuation inded: These dj 2 farmer needs to be a complied tnechane and engineer (dae the ‘mpl and ephisicaion ode Tage fr sachin) teteorlog and a screw and pysallyhardworka emepesieutWith my techanieal Sale changin aa ye ge ‘schievemen fore), Tw Be complet il sted o meray faoming-So, whereas a recommending the cmmenipof Fema, sts tobe managed by 2 rofenona fame with adequate Experience (The ikon farmland trl range berween 33% aed 6%) Twas extremely lee with 9 sgt South Dakota Neon id Inve the pegs of ying ith very nce and generos pope, bat 1 Slo earned above an impor ie Un-American hoy, and sa bison, some lovely euneryeideyandaside of ‘American ocsety that many people end empecally Foreigners wl seldom sce and epreinte. People in ‘South Daa tend ro be extremely ‘comers, al have ery che familie and Became hey bow ‘etch her atelier te ed 2 the land, they ae very hones a Fnouble. Compare wo the est an wet ons of he US, ere ate ‘nonspersich peopl in South Dako (excep forsome ellos ‘anes, sch Ted Tuer who eu a 141,000 property alg the Bad River in cet South ‘he Goo, Boom & Geom Report Dakota), but one dent ee esteeely deprived people ther (Grcep oa some of the nian ‘erstions Ia tl) “Ato, when we dics the “recession! inthe US, we ne tobe sind that sates soc as South Dakoos ae notin rece, (Unenplomen, wad above 46, isalmoxc nnrexizene) Lauppne his Tov odo with hen onervati of South Doras oration an the ee ale Finctl eon, South Dots ‘or only hae he lest per apt oral ate ex rate inthe US ‘oer levy pein or corporte Income ten hertance aes oF tener on table penonal propery, bu also ae ofthe lowest pe capt state det Ge Table 1). Tihs respec, et oz inceresting once that ee cally reponse US stats ended to te foeJohn McCain, whereasthe big spends al hey indeed tes Cote for Mi Ofna (se Tables nal 2), Acconfing tn Chuck DeVore (Gove hggovermentom) Commenting tay compiled Moniy and CNN, "dhe average stare er apt debe ofthe 28 Oba ates $1,728 while he aver (string 22 McCain sates less than lo $749. This efron one sy alot about woes and thei ttre towards government end {be Voter wih ropes 0 ‘et palitclans who den tre [xncaion who can yet ote wih Inge deb wor fo Oban, while Fly responile veer genealy vored fae Men Tn adden, DeVore nots that “This ges shor hon yo look at he dee inthe woe that voted overwhelming fr one ‘ndkete, The seats where ‘Goma eed te igh events ofthe var were Howat Vermont, New York, Rhode band, Masacaet ant Marjan. MC received it Iighest percentage of ots i (kldhoma, Wyoming, Ush, Maho, Alia and Alek The songest Ofna tats had pot ‘ine db high of 4,68 for Masahuses and ow of $709 fee Vermont — emer the erage pe aia dein the McCainwes wa only $49 Insp aove the debe evel Vermont, th "es ore stl Per capita debe inthe fing Mean ster ringed em ‘shige o $1,345 mol. tch Alaska tolowof $7 cele Wyong DeVore corlses TI ey is use if depress as America comes to tps wth the alarming higher {dr debe eel ig incur by Present Ofna and his Demos allie in Congress: ‘Useful because i shows the, Tinkagebeewcen votre accustoned geting sme {or nothing by sending thi ill {or thes hidspending way 0 thie chen apd ganichildeen ‘The sys depressing ies seneratonally rele wore tron ely change thee wong Tai pad, 1 dant intend to ie the Ingestion hor I rear these poole hole play, eligi, ed Fnac conservative wate at acces being “go pepe rd ‘howe living inthe hey deed ste 35 "tad pope "Goo nd “ha cost every in he world: Bur since Tam eget ‘ke whee [wl ie woud ‘ert het ling in caly oneratve sie nich Tennesse, ‘Adana, South Does, Wyoming ‘ot Nebr woul late oe fom ‘Tutueeremive tx burden and ‘orden sol stb ta Ting in one of the eal indebred ste, whch wearable to pay for thelrollgons. Moree, wien pris taboos a"deression” ae "he Dow show 1,000 investors ed ein th ay a xmas thee sno reeson; Sth even the Dow were ofall eo 10, Daniel’ re eed, oa no deb on ie, wl ome olive the same way a5 Tathea, Depending om agua ‘Sperber 010 ‘blo 2 Per Capita Debt of Obama States, 2008 ‘omasttee CC inte aoe i059 a | | ten —— ie sow ee | | ee sr08 sun bt severe $358 ene ™ ei mg ta St it ‘rr at are sok Mb eerenent on sc 0 epee prices height even bebsterof’ gues Land 2). What relly wish aillon) ave made repeated visits than today tmconvey nce pun that there et Pakistan sine 185, when fst ‘What ely wish tess that to point fa bec oer ‘rpresion wo tht re the global economy itor fom fat. dogmatic about “infion” and avncel ecxoay han Ia. (oe Some regions and sector are doing "lon and that foran vee it sometime Tso Bad egy petens foetly (the est el) while ote) sinportanetoavoid deflating ecto in Pakistan, since many companies sethvving farming commities an qwercigh inating sector (Late actly ey wells) But Sn esnure produces). Simaly, orceommend tat my American wheres chee har ben tle ross ‘we havedfron nsome cts of ends take het childen ca. overt lt 15 yeas Pakistan, The economy and ofasct markets, lity to Sowh Dakota rather than Iniiahas developed very nin inothers Forexample, to Diney Word) lngesivey shave pointed oui resons and fates who proce “Ten day afer ty visto elie: CBD reports Pakistan ‘ton cacao, and ale ave oily able sr rnclyrcke cing many poles, one of which feldon nde baser han today. ait South Dots fund mln is foreign ererence 6 as Netra thedeflatonmengers Keach which, wth populasion of explained teme by neal every would have peventd youfom ever 13min, isthe busines capital of busines Ime. Simon Hunt, Tay these commodities se nsable Paki (population: 170 proprietor of Stoon Hone Steg Secmbsr 2020| “The Gem, Boon & Doom Ropar. Freie 2 Cotton, 2002-2040 (US cents per pound) Tir aes wie since” Service Ld sinondecom), Soca this prblem aslo Pakistan unique ographic location, borden China vo the east, Tainan, Afghanistan fa ra tothe noha othe “outhand tothe mest the Arbin Se hay gen the county a srt importance ger an Utdorstic erent fee gure The Indus Valley ‘Grit, av dhe county ed Wo be known, hi experienced Aegon invading ants rom ‘Alexander the Great tothe Moguls an f cur by the Bash atthe eounerys stage etn ano less Important ey than inthe pat. Infact, ee extemal power whieh can mos iuence the county ‘oil ender wl un ect ‘ctl ine of communication fran the eat othe Arba Sen a fom there nt dhe St of Hora the rich kingdoms the Midi Ewe. The war being Fear in Afghani 0 ase sho defn the Talla ie ‘hour aning cone ofthe Sete outs which aces China tothe Arabian Se ad to Iran By aseres of ral and ond links Chin edy has owes fm wesc China to the Pot of Gandara the Abin Sea “he joint sateen bythe ‘wo heads of goverment of Paks and Chin that my line fom Kashi Chin iejans Province tothe Poe of (Gra, which China hn been balding nd which reper, wold Increase nc only the case t0 cay goods rt Chinato the Malle Ens et ut would Inerese Chin’ military tnlenoe rl power nr js in Paks but in rounding Relations with Ind, cough mprovel on tae be, ei elise on miler ie Inia il rbably oppoce the rally om wanseng though Pakistan ‘einer Kashi, The USA, nile such a development ‘eto Chia es with Pakistan ae Lge alae cord India re ec Ar withthe USA, che lationship seen tohow much Pakistan can ext from the USA rather than dhe relationship bein one of comic ti The feding of the evs ‘th the ge ls ie and Ctl damage Instruct errs and ee ‘economy wl bea testcase foe ith de USA and China, Who waillontrbte he most? China Fas invee forfeit and rience with Pakistan Ie won fave up ts longterm goals of ewig poet ine of ‘Senmuniction fen thei ‘uy tthe Arian Se vith conte The question then —how does the USA and India react? Arwe lok t eament lveopments in Pkt wes the county becoming once more, ‘ae pmund for orga owes Teisgutof the ncening tenon ing fought beeen the USA onl Chi for inflaens in At {nd hence the mod. Cin want that dominance despite hee lender’ deny ba the USA i rot going oes willingly. Tis Seige ase stage cond tnt lla nant markers sometime the pried post 2012 Another majo problem any goverinentin Pakistan wil center res tit 2600 Telomere long order th ‘Afghanistan which ually ered twa the "Dard Line Gee Figure 3). The order demareatin fling the repecive spheres of tefleace wn ei afer the 1593 Durant Line Agreement berwsen the Goverment of Bish India (atthe tine, Paks belonged tothe Bric Indian Emi) and ‘Ahan Ame Asie Rahman Khan, Itisaamed ser the cen ct Foreign Secor of Bri ri, Heney Moret Dusnd. The ‘prbler withthe Duta Line, Fhoweve, hast was pooty marke (asa frm mountaintop nouneninop and hat the border ts through de Pau, Baloch tel other rb nae. Alo ees the onder marked on most aps a8 the western de of Pkistan has ever been copia by ‘Afghanistan snl kocare the Dard Line divides ehnie Pash and Baloch people continues whe 2 source of esi, nt only between Pakistan and Afghani, but so teaweenthePistun and Baloch ropes adhe governments of Dakin and Afghanistan which cont the ea In short, because of ie completly afi demarcation, the Durand Lin has been a ource of ‘ont ably nthe ta. Tr mio Pkian bees itisa perfec example of how plies, oninson freign terrence, a {ruse sical conan an etal ‘county's economic developmen Boing acritomed othe pid conor development that ook Place Aa ver dels 30 yar 1 Ws alint shocked to fir Kara Tegel unchanged rm any ase ise ten yeas ago nertings chou, the ork mache hfe invest ‘sunable ctr conidering the ‘deal plea condone Fram 8 Tow 51s 198, the Kroc ‘Stock Exchange (KSE) 100 nde s ‘cutesy ptm aoarad 9,600 (see Figure) Alto the stork market formance generous dividends {eos stack Rave dividend yl of tesween 5 and 10%), ant can be seen tha invests protected het ‘pial eon wel despite “roseing ect onions Bat pBven the weakness ofthe Paka Rupes, herr sn dolla ters was fare between 1989 altos, the Pain Rapes ha et 856 of terval agains the US dalla oe igre 5) But the pin woul ike remake once again (plete se eal {GRD sor) ethan vironment of weakening turreney and morening sa, sconce (atest lative to crher ‘ume, ad pla condtions, ‘Shuts do fer inser am sven fowotece thelr wealth ne Fate 6). ‘Arcam bac om gt 6, he Paka tock market fx US dls ‘sup fom low of 19 in 2001 115 funy (45848), Wold Uy Pakian shore at presen? Mak ‘Mobis een expres pole ‘ew the Pakistan tok ret nd inded, the met — sling st tha seen tines earings — 8 ‘sacl inexpensive But 25 ones that the Paks Raper ‘elcome to depreciate by about 8.10% anally agains he US klar ad that, therefore othe foreseeable tara ee, capita gine ad divin wl be fe by the Rupee’ weakness Howeves ‘ver the next sat eelve mo the tock market were to deine by ‘shout 30% in US dllar ems ee Fag 6), would conser bring seme shares. 100 GOOD To BE TRUE” From Karachi lew to Monga in fer oatend a meeting the on of diets of Tanhoe Mines in Ula Bator (Ulnar, or *UB). In 201, Rober Find he ctsrman of rane Mies ats lant sharcholder st ee ine an ed wih ome franca Inseuonsn Swcerand Following Stncetingat Peet & Cie, 2 tule "eat nk” oud 1505), then managing partner alan od og iend of rie, ean Pater, told me thot cds Mongelin fn and copper try?” wo o0 goad tobe ne need explain wy reads who done ow Flan terol that hehe teeny 0 Te etromeyerhusiaccabut his ‘mining vents and makes very Convincing pesentatons. (Ee Sree told we thor he prefers, ‘eto ae Raber, Because each ie bein Et ofce he manages ellbim methine) In any event 2002 we hada board meting in UB “a bso Mew sot no the {Gobi Desert to Ivanhoe Mines’ Oyu “Tolgiprnpectve old and copper kept ce Fipe 7)- Te sal ‘ining cap, which a shane ed ut only exploration work, teat nthe mile nowhere Inthe pec is mprtant ‘vdertand that Mongolia has Tamas lcs ive nes lage at CGarnany bes poration ous 2.8 rlion pele ith abot Bal the Population ving n Monga ‘ipa, UB (Mongolia polation ‘diy 919 persue lame, ‘ne ofthe ket inthe weld) 5, hen Ty tha ee ating emp wos inthe mide of nowhere mean as forward ur boa meeting fn lt month ollowing he esting, we gin flew to the Ops Tago mining carp, which now houses sod 3,50 people. A fist ing safe 1,350 metres dag od teen completed and a system of ‘tng tunnel hi dp ‘ov anderacraction wih he aid flag dling eating tices (Te lomer seen dw he ‘haf, they to beds tnd then rane athe booms ‘the shae) We wene down he ‘Haft and ted the mining camp as tell the cond safe (eae fe) which vunder consti (yan iho. Tse daly pres (an Tam soe refering ere to Fon shre fice and potenti) The aie of ts "epeation, ven ts cation the tle dese, he very hostile lac centons, ae the ‘ewetnent al time eget tol we ine with age ‘culpment ime epg ‘According ining onl een (Gray of Sandal Charter! Pon, the anhoeRio Tinto Ov “lg dep Monga, which vwasneovered 1998, should ‘rte fin eoprersy 2013 at Mh eat, 16 yeas fe its Aiscovey, Opa Toll ered Ssh best undeveloped copper ‘kepnicinte worl, hosting nel Ge tannes oppet tea one cure. Hae ‘Stine the preproduction ‘apes quiet bring this ine into praction a $8.tbn oF S12,64onne of cope ‘capacity, excling the ost of bor csr power plant {oro omer tothe mie “Ths ilstrates hat new worldLss coper rejects are hard come by andar ested inremmte seas equi igifian apex ante € tring them int precio. ‘Alo the exiting major copret miner ageing wih an average fg0 of years with 30 yeas trie fe remaining. Mow of hee Iminesare past thet peak produrion ems aed. Accorting to Gig, oly one seni discovery in he past 80 ‘ezades (Callas as Been Frown production (ee ‘Sesarber 050 gure 4 The Karachi Stock Exchange (KSE) 100 Index, 1990-2010 Fee 6 The Karachi Stock Exchange (KSE) 100 index, 1990-2010 (in US) ‘Setar 2030 The Gon oem & Doom part Fae 7 Map of Mongotla RUSSIA GDLAANBAKTAR eve: eyo at | 3). Moreover can Be seen fom Tole 3, Clabes war incor in 1979 and bog nto roacton in 1999-20 yee ter tae fo tine lee ef =. at sn ee ‘Chuguconsis 886 2aT6 Deldambesscocsiaecen | Sea feet 280 Spiiomiy Acodngoomy, | Steed od ee sete tht bing a0 over 57 i Siting rede les ee | exFowoses —i88 Sommecalsene than blline | Nee Scope nlnetodan thence | maw ip — ied eewecn the woes | GEE —— i Showecdige Teens | = - Srgon Cao a0 Bulla geen coppermine | SESE tee tedoy waound $13 00onne | Coote 380 (10300 whe ect ofaaneat | Mae le capac. Thi oan average 98 fear lowe cone i foot nuns ch ‘set {Gale Pea Indanein, othe Pluipeinee This congas with | SSC Aron Stn Charter ‘eet of ercund $7,000 $$$ 2005. To penerte a 20% IRR, these projects equ alone ag Atypical example of he scheduled for 2011. As enw teem coper pice of $2.85) ‘ot excaaton fs the Sande, however, Xara ond (6,239fonne). Tas isin—Tampakan project inthe nates project capex at Scuecontas tothe longtem Pippen Indophil, $5.5ha (nce ofthe power pricerange of 5080-1 20fpound Resources originally estimated plan eed atthe mine te) TRocanaly were wing nce he project expen at $b with with peducsion tarp ‘nalelsony enue eae Sst copper production Sil of 2016 a he eae 30, Te Goan, som & Doom Repert Seamer 2030, Jom aware thatthe deflationsts ones Thehigh rang ofthe which weesimate tnt 2, wil sina thar copper pies will ate 9805 aprerstobe coming tonnes capac. Coupled widh fallgse and anime all the mining ome toe nur view the 2008 Gsancl ert and we npn, which, or ne project se that nany ofthe projets rele 2 copper pce of $283, 20 Acconting to Gray, the surly that were come onatream fom | Gry notes (ce Figure 8). A shore- problem in che coppeinsey 2010 arenow 2014 stores a | rermcalase mcopper pics 2s oginatd fom the igh grag ofthe eat. With connie ow ‘occurred in 2008 when pricesfell the late 1990 ‘0. Roce we Ma vst @ cope of ‘rane stools nur ogee {ome monks, When we had asked water ‘hay could send us some of ta hetograhs yall assuring that ey 6 rot have ances tothe rere anya =the monks ‘oat ep by asia ey coud share ‘ham on "Google duran” saad The nee hs ot ey eco igortant ew fad wor, Bao or ur oa ir kocping or supper ab tends ‘toned bout ou ein a ys boon oursson to ow evo, wo ‘zcrang oar appt s ais. Our (he's Drea webate sev a a! tool active this gol. Three, me hane ist leased th 3 orion of ow wobsto (echilscream or, which beter exaine ‘our ooethes ae makes navgaten much {ase Wim mare tan 300 pejets uncer cur bots i Became bi eompiesed to natgote ‘org the huge amount of infrmstion. tate, we nad lamchee Chis rear on Foeeboak Wes row, everyod is amyed bythe constant messages fem Facebook ut ‘rojo i oops using he te Bocksvoet Sos" amuse ais erybdy bout thm but nobody resto tel tht en, The Cis Ores Fostook ves users a baste experience atthe se ra we ha been set vethingo an a, which we havo naa fora Tong ue. As with Sa many etor ust eas, ths idon was gen tous by fonds. Ove the ‘oars, any stor hd ached mA Ce so reessions but pty hand 120 Toe Goan, Baan Doon Ropar wating on a hid eum Shop, than Intersting range ef oducts. Tho am of our Soe at on te svonghon te Chas ser ortanitons, which are dg 008 ‘work, ae to hap he gars come or thar actos, Peete, we have put together best seeston of ates om he rinced oraneatons thet padica can Seti up 2 sa store no ofc, herein Chiang Ma for or wtors, and anon store fora our tends oro. Many thnks the tp of Claud nt Oak, oro volun, we were able estan the onine sor at ro cost A professonalpotaraper nat so the ect dean er those rods, we hav ony ror toa ary of ach ‘Sting on ha erry. However, the eran her fan expecta mgt ake 12 fw wooks fre produt tobe Maly ‘deivared oyu dort. Wet tepe at ths stor wl Pep us sproad tre name

    Вам также может понравиться