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7/13/15

Primero Mining (P.to) (PPP) and Otto's First Law of NRs

Otto's First Law of Mining News Releases: Considering that anything contained in a mining news release is presented in the best possible way for the company in question, any piece of information contained in a NR that comes across in any way negative means the real news and/or events behind it must be very, very bad indeed.

The NR on this link came from Primero Mining (PPP) (P.to) an hour or so ago and I've finally stopped laughing enough to be able to type. And among the things we now know about P's ops in Mexico, by far the most interesting is this:
"PEM's import and export licences were suspended in May 2015 by the Mexican customs authorities..."

Aaaaand, STOP RIGHT THERE! No need for the company's spin or reasoning as to why their impex licence was revoked, we'll stick with the plain facts thanks very much Mister Conway. As noted in another place when the news hit, it's a case of, "Yeah...well....we did lose our licences in May....but we weren't gonna bother you about it....detail y'see...but what with the delays to shipments....and 2q15 and that...y'know...here we are, tellin' ya now guv....innit". Ah, it's at times like this that I regret giving up the use of strong swear words on this blog, some really choice epithets for the "management" at P come to mind right now.

And thusly, one of those rare occasions when the can't-organize-piss-up-in-brewery mining companies are forced to show the world how they screw up. Such a pleasant day when Joseph Conway (aka Hubris Defined) is made to look stupid. Thanks man!