There is a common thread between these three pieces of news out of mining companies recently.
First the one from SouthGobi Resources (SGQ.to) over the weekend telling us how three of its employees have been jailed for tax evasion, each a typical period of over five years, and the company slapped with an $18m fine. And wow the Mongolia government has run some sort of wildly corrupt play here.
Second the one from Nautilus Minerals (NUS.to) on Monday telling us how they sent $10m to the wrong bank account due to what they say was a cyberattack. This one’s easier to analyse though, the company’s either a bunch of fuckwits or running a scam on us all. In other words, standard junior miner.
Third the Imperial Metals (III.to) news last night when they were all “Yeah, Mt Polley, we’re sorting that out and the commission findings and the rest. And oh yeah, while I’m here, there was that police raid on our head office and the computers seized but hey, these thing happen.“
And the common thread: Never believe a single thing that a mining company tells you. Ever.