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11/9/18

The Republic Metals collapse and the mining companies caught in the mess

The Miami smelting and precious metals refining company Republic Metals collapsed this week and went into Chapter 11 bankruptcy protection and the story is a real mess, for the industry and for the mining companies to which it owes money. The case looks for all the world as though plain straight fraud has been committed and metal that should be there has simply disappeared.

But which companies are on the hook here? Here's a list of the main losers, as the 30 biggest debtors get listed in the Chapter 11 filings (screenshots of original document below...yes I get these things sent to me)

Tiffany and Co: U$17.1m
Coeur: U$13.5m
Sumitomo: U$8.8m
Yamana: U$6m
First Majestic U$6.7m
Argonaut Gold: U$5.6m
Pan American Silver: U$4.8m
McEwen Mining: U$2.3m
Hochschild: U$2.3m
Premier: U$5.5m
Alamos: U$2.7m
Pretium: U$4.1m
Volcan: U$1.2m
Gold Resource Corp: U$0.7m

There are others, too. A lot of money has gone missing here and those sums are likely to stay as trade receivables on company books until such time as they are written off.












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