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This is what it sounds like when the corporate profile of a $4Bn gold mining company has to play catch-up to a pissant blogger.
On September 8th IKN revealed that Yamana Gold (AUY) (YRI.to) was facing the "never going to happen" card and a likely $1.1Bn write down on its Agua Rica project in Argentina.
On September 22nd IKN revealed that far from being a done deal, the lawsuit against the company filed by Ricardo Auriemma was looking bad for YRI and the company faced paying out up to $110m.
And tonight, September 26th, YRI published this news release to "clarify" on both the above matters, the verb used by YRI in its title line that's a very, but VERY debatable choice because Marrone's Minions have spun the two issues hard and laid on as much sophistry as they possibly could.
Regarding the Auriemma issue, AUY try to make it sound like the maximum on the table is $54m and the most likely result is nothing, or perhaps $5m. Total bullshit. Read the files and it's clear that they could be on the hook for as much as $110m and their hoped-for derisory penalty is very unlikely to occur. There are no lies in their text but it's spun like a Waltzer at a fairground.
Regarding the ban imposed on the Agua Rica project by the town of Andalgalá in Catamarca, they pooh-pooh the locals, say the laws are applied by the province and not the nearest town and make out they're running an efficient and winning community relations campaign. Sorry guys, I know I promised not to swear any longer on the blog but that's just fucking delusional. It's like saying that the law states the locals around Conga couldn't stop that project, or the locals around Suyai couldn't stop that project, or the locals around Tia Maria couldn't stop that project, or the local around Caballo Blanco could stop that project, or the locals around Cañariaco coul.... get the picture? But what YRI didn't address is the write down they should take in order to be straight and true with shareholders. Agua Rica may be ostensibly under provincial law but to use the local vernacular, deja de joder che! There is no way, none, zero zip zilch nada no chance that Agua Rica happens. Ever. So...writing down this quarter, Marrone?
But the big one for me is that I still can't get over how a company like YRI can get pushed around by a drunken zero-DD blogger such as your humble scribe. The humanity Peter! Oh the humanity!