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2/21/14

It's not just a river in Egypt

Compare this chunk of prose from near the top of the Silver Standard (SSRI) (SSO.to) results NR last night...
"2013 was a positive year for our Company, notwithstanding the lower silver price environment." said John Smith, President and CEO.
...to this part further down the thing
Net loss of $225.0 million, or $2.79 per share, in the year ended December 31, 2013, compared to net earnings of$55.3 million or $0.69 per share in the year ended December 31, 2012. The lower net earnings in 2013 are principally due to pre-tax impairment charges and inventory write-downs of $225.7 million.
Seriously, you people still fall for this shit from pisspoor mining companies run by bullshit spouting executives? Just can't wait for the hand-wringing articles and op-eds later on this year from the market sages and wise saws giving it the, "Oh, but the metals are in better shape! So why oh why isn't the broad market money taking our sector more seriously?".

PS: And no, it's not just SSRI. By way of just one more example (from several on offer), a few of us here in the backrooms had a jolly good guffaw and chortle over Kinross's (KGC) (K.to) 4q13 NR a few days ago. That one included J. Paul Rollinson CEO stating...:
"Operational excellence, combined with a focus on financial discipline and a strong balance sheet, underpinned Kinross's solid performance in 2013.
And also some numbers :
Reported net loss (3): $740.0 million, or $0.65 per share, compared with net loss of $2,984.9 million, or $2.62 per share, in Q4 2012. The Q4 reported net loss includes an after-tax non-cash impairment charge of $544.8 million, primarily comprised of property, plant and equipment at Maricunga. Full-year reported net loss was $3,012.6 million, or $2.64 per share, compared with a net loss of $2,546.2 million, or $2.24 per share for full-year 2012. Reported net loss for the full year also includes an after-tax non-cash impairment charge of $2,289.3 million, previously reported on July 31, 2013.

Cool, huh?