At the end of the post this morning regarding Excellon’s FUBAR purchase of Otis Gold (OOO.v) and Kilgore this morning, we added that EXN’s Platosa mine has also seen worker protests and roadblocks this week. Turns out it’s much worse than that.
According to the latest reports, the company has used the pretext of Covid-19 to close down its La Platosa mine and will not re-open until October, as its cost of electricity is too high and the mine is unprofitable (which is telling you something at $15/oz). That’s not my opinion by the way, that’s the official reason EXN has filed with the relevant government body in Mexico.
As for the protests, they were caused by the company laying off all workers until October but only paying them one month’s wages (those of April). That dispute has now been resolved, with the company committing to paying three months’ wages to its workforce, who will then return in October. Ironically, you would not have found out that La Platosa is going to be closed for six months because it’s a heap of dogshyte if EXN had treated their workers more equitably and not forced them to protest. A lesson there perhaps, Brendan. Or perhaps I’m mistaken, Brendan, perhaps you are not just another executive lifestyle miner asshole without a clue about the real world who folds like a pack of cards at the first sign of problems and retreats to his tequila bar.