4 2 C a n adi a n M inin g J o ur n a l J un eJ u l y 2014 w w w c a n adi a nminin gj o ur n a l co m POR T ABLE PTZ CAMERA SYSTEMS For drill positioning stopebr ow inspection r emote operation and pr ocess monitoring Call T oll Free 18884340253 Contact salesprovixnet Visit www provixnet 5 0 0 f e e t o f r e t r a c t a b l e c o r d The rugged Pan Tilt and 36x zoom camera allow for inspection a nd positioning from a safe distance Mines across North America use this system for a variety of app lications including remote mucking drill positioning stope inspection and process monitoring The High Definition camera system and monitor packs down neatl y into a 5 gallon pail and a rugged waterproof hard case for protection and ease of transport A cost effective video solution that should be on the shelf in any maintenance drilling or production office The integrated Lipolymer battery allows for full shift operati on and provides for quick swap out when required for longer operations g io n ef f e c ts t h a t h a v e p a in t e d a l l em er g in g m a r k ets w i t h t h e s a m e b r u s h a r e li k e l y t o s u bside in t h e co min g m o n t h s a s q u a li t y a n d s t r o n g f i s c a l b a l a n ce s h e ets ga r n er in v es t o r p r emi um s F ur t h er m o r e ex c h a n g e ra t e co n sider a t io n s a r e o n l y a p o r t io n o f t h e o v era l l r i s k s p e c t r um w h en de a lin g in em er g in g m a r k e t s d u e t o t h e v a r i e t y o f q u a l i t a t i v e a s p e c ts de v e lo p in g a s a r es u l t o f les s es t a b li s h e d m a r k et s t r uc t ur es S o u t h A f r ic a f o r exa m p le a co un t r y hig h l y r e li a n t o n U S b o n d y ie ld s los t 24 o f i ts c ur r en c y s va l ue b y t h e en d o f 2013 H o w e v er b esides t h e un cer t a in t y f o r t h e R a n d t h e o n g o in g hig h l y p u b li cize d s t r i k es acr os s va r io u s s e c t o r s in t h e r eg io n p r e do min a n t l y w i t hin minin g h a v e h ad s u bs t a n t i a l r ep er c u s sio n s f e l t b y t h e en t ir e in d u s t r y L o o k in g t o wa r d s S o u t h A m er ic a t o A r g en t in a in J a n u a r y t h e g o v er nm en t wa s f o r ce d t o li b era lize t h eir ex c h a n g e r eg im e a n d e a s e c a p i t a l co n t r o l s in t h e face o f d w in d lin g f o r eig n ex c h a n g e r es er v es a s a r es u l t o f p r o p p in g u p t h eir b e le a guer e d p es o Thi s c a u s e d a s h a r p de va l u a t io n in t h e ARS w h er e t h e do m es t ic c ur r en c y los t o v er 20 o f i ts va l ue O n e o f t h e m o s t p r o m i n e n t d o w n s t r e a m ef f e c ts w i l l b e t h e s ur g e in inf l a t io n a s t h e va l ue o f im p o r t e d g o o d s in cr e a s es g i v in g wa y p o t en t i a l l y t o m a j o r unr es t in t h e l a b o ur m a r k et a s w o r k er s lo b b y f o r t h e p a y in cr e a s es r e q uir e d t o k e ep u p w i t h cos ts Th er ef o r e e v en if a minin g co m p a n y c a n b en ef i t f r o m a fa l lin g A r g en t ini a n p es o in t er m s o f i ts o p era t in g exp en s es t h e b r o ader e co n o mic i s s ues o f a co un t r y exp er ien cin g c a p i t a l f lig h t a n d de cr e a s e d in v es t o r co nf iden ce p r es en ts a g r e a t er t hr e a t t h a n t h e f o r eig n ex c h a n g e im p lic a t io n s o n t h eir o w n S o w h a t do es t hi s m e a n f o r in t er n a t io n a l p r o d ucer s in t h eir n a v iga t io n o f f o r eig n m a r k ets in t h e y e a r s a h e ad Th e e v o l u t io n t o wa r d s a m o r e de cen t ra lize d g lo b a l e co n o mic l a n d s c a p e a n d t h e in cr e a sin g v o l a t i li t y in h er en t w i t h t hi s p r og r es sio n h a s dem a n de d t h a t m o r e co m p a nies en ga g e in r o b u s t r i s k m a n a g e m en t p r og ra m s W hi le t h e o u t lo o k f o r p r e cio u s m et a l s i s n o t es p e ci a l l y b r ig h t a c h a n g e f r o m t h e p r e v io u s l y w i t n es s e d r i s ko nr i s ko f f a t m os p h er e w e v e s e en in t h e p a s t c a n p r o v ide o p p o r t uni t ies f o r r en e w e d co m p et i t i v en es s f o r t h os e t h a t p ur s ue a m o r e p r o ac t i v e l y m a n a g e d FX h e dg in g s t ra t eg y T r e a s ur er s a n d f in a n ci a l ex e c u t i v es f o r minin g m u l t in a t io n a l s s h o u ld co n sider t h a t a va ni l l a a p p r o ac h w i l l li k e l y b e o u t p er f o r m e d b y a m o r e d y n a mic a p p r o ac h Mark Fr ey is Senior Vicepr esident and Chief Market Strategist and Scott Smith is Senior Market Analyst Cambridge Mer cantile Gr oup R i s k M a n a g em en t