start here

start here

The Daily IKN email digest, get all daily posts sent to you next day (& no ads)

11/1/16

Yamana Gold (AUY) (YRI.to) has a reported 20,000oz of gold stolen in Brazilian robbery

This is the type of thing I miss while on the road. My thanks to reader H who sent in the heads-up and the links and impressively, there's been a total lack of news in English language circles on this.

According to a whole bunch of Portuguese language reports released on October 26th and 27th examples here, here here and here) after a local, Portuguese-language only presser from the local mine, on October 17th 10 thieves armed to the teeth with high-powered weapons and explosives raided the Yamana Gold (AUY) (YRI.to) Jacobina mine in Brazil. They reduced the guards and in the process one of the guards was killed (unofficial reports say that he was accidentally shot by his own weapon as the robbers were taking it from him). The gang then proceeded to the gold vaults and rather than tackle the sophisticated security and code locking system installed, blew up the safes with explosives.

There's no official word on what they stole as yet, but unofficial local reports state that it was "more than 20,000 oz of gold contained in dore bars".

And amazingly, not a single word from Yamana Gold in English about this incident!
  • No news release
  • Nothing in the 3q16 report and MD&A
  • Nothing in the Conference Call last week.
The violent death of an employee, plus a robbery of a reputed U$25m (twenty five million!) in gold and Peter Marrone just prefers to ignore the thing and hope it goes away? I mean, the lost gold is bad enough but trying to ignore the death of one of the people in his charge like this is simply despicable. The man is not fit to be a CEO.