If it weren’t for the casual way in which Bad Crooke of Endeavour Silver (EDR.to) (EXK) tossed in a sentence of utter bullshittery that it could not go unopposed, this post wouldn’t exist. This morning EDR announced the closure of its trainwreck of a mine El Cubo, an asset that was an unmitigated disaster for the company almost from its very first days back in 2012. But not according to the revisionist claptrap served up by CEO Crooke, who started his comments with these words:
Seriously, that’s exactly what he said. Hit the link, look for yourself and when you have, come back and check out the financial results EDR has filed from El Cubo:
Only in mining can a company be so stupid as to pay U$250m for a mine and than take impairments on it to the tune of U$271m in the three years that follow. In total, gross sales have not even reached costs and the net effect of El Cubo of EDR over the period of operations is a loss of over U$243m.
That is what Bad Crooke classes as a “good mine”.