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8/5/15

Primero Mining (PPP) (P.to) G&A: gold fittings in the staff washrooms

Primero (PPP) (P.to) reported this morning and all you need to know about its crappy quarter is that you can't find the real net earnings number anywhere in the spindoctor NR (they lost $6.744m, for the record).

However, IKN zeroes in on a subset of figures at P, its G&A numbers:


When it dipped to under U$100/oz AuEq in 4q14 I thought the company might have been serious about cutting costs instead of just paying lip service, but the last two quarters have thrown that naive thought out the window:


These are unjustifiably big numbers for any mining company in 2015, let alone one that's making a loss.