ParaFin Corporation (OTCMKTS:PFNO) Moves to Diamond Business
As Oil prices continue to trade at low levels, and the outlook remains weak PFNO is looking to expand mining operations in to new sectors.
Goldman cut its crude forecasts this month, saying the global surplus of Crude Oil is bigger than it previously thought and that failure to reduce production fast enough may require prices to fall near $20 bbl to clear the glut. Prices may touch that mark when stockpiles are filled to capacity, forcing producers in some areas to cut output, he said.
“The last time we saw a period that was similar to today was 1986, 29 years ago,” he said. “We waited 15 years” for Crude Oil to start rising again.
Lower iron ore, copper and steel prices as well as weaker currencies in commodity-producing countries have reduced costs for Oil companies.
The world is shifting from an “investment phase” of a 30-year commodity cycle to an “exploitation phase,” with shale Oil fields as an important source of output, he said. While Goldman’s official forecasts extend to Y 2020, there is a “very high probability” prices will stay depressed until the end of next decade, he said.
In a constant effort to provide value to share holders PFNO is now looking t the Rough Diamond trade as an opportunity.
The global diamond industry employs some 10 million people directly and indirectly all over the world, including Africa. The vast majority of the world’s diamonds come from sources that use the revenues generated by diamonds to aid their national development. Given good governance and appropriate laws, diamonds are a vital source of revenue for building infrastructure and essential social services such as hospitals and schools.
Countries such as Botswana, Namibia and South Africa offer ongoing proof that diamond revenues can create sizeable benefits to the economy in countries where they are sourced. In these countries, diamonds have contributed to funding impressive economic growth and stability. Click on the map to the right to view the GDP for countries in Africa. These benefits are also evident in their rankings on the United Nations Human Development Index (HDI), a comparative measure of poverty, literacy, education, life expectancy, childbirth, and other factors for countries worldwide. Click on the map to the right to view the HDI for countries in Africa.
ParaFin Corporation (ParaFin), incorporated on May 31, 2000, is a development-stage company. The Company is engaged in the acquisition and exploration of oil and gas properties. The Company has an office, which is located in Reno, Nevada. Parafin begin a joint venture with a Ghana-based crude oil trading company. The initial transaction relates to the trade of 1 million barrels of bonny light crude oil.
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