More matter with less art

I’ve watched the rebound rally in Santacruz Silver (SCZ.v) for the last couple of weeks… UPDATED

UPDATE: And this one is an important update, because I’ve made a mistake here. It happens, but when it does any error needs highlighting. As a matter of fact, I’ve mixed up my mine operations and the Santacruz Silver mine is not the one mentioned below, but is located some 12 km away from the offender. 

Therefore, the post below is incorrect. It’s not “…mistakes were made…” and it’s not “…some confusion due to…”. I screwed up, me, first person. Therefore I apologize for the error (and for what it’s worth, SCZ wrote in with a very intelligent and friendly mail to confirm the error made) and by way of penance, I’m leaving the post up so that you can all see my mistake.

I’ll also write Fe Erratum post on Sunday evening, so that it gets seen by the biz world on Monday morning.

...on low volumes and even though it’s coming at the end of a very heavy drop from around the Loonie mark, I haven’t been able to avoid wondering if the people promo’ing this thing in the minor level we’ve seen in the last few days know what readers of The IKN Weekly have known since last Sunday; That anyone holding this thing is playing with fire, bigtime.

Here’s the excerpt in question from IKN300, out five days ago:


Mexico: Santacruz Silver (SCZ.v)
under risk of closure for poor safety record
Here’s a little list

  • May
    2013: Accident and one worker dead (another seriously injured)
  • February
    2014: Accident and five workers dead
  • December
    2014: Accident and one worker dead
  • January
    2015: Accident and one worker dead.

Add to that the recent tailings pipe breach that’s behind
the current mine closure and that’s the running score at the Rosario mine in
San Luis Potosí, normally known in Mexico as the “Charcas” mine that’s owned
and operated by Santacruz Silver (SCZ.v) via its wholly owned subsidiary “Impulsora
Minera Santa Cruz”. That’s a pretty impressive record for a single small
mine, but not impressive in a good way of course. And it would seem that even
the authorities Mexico have noticed the series of events there. Here are the
main excerpts (translated) of this report (18) in the San Luis Potsosí region
(a news report which failed to catch all the deaths at the mine):

Closure of unsafe mines suggested
Juan José Jover Navarro, vice
president of the Work and Social Prevention Commission, has demanded that the
State Secretary of his department verifies working conditions of mining
companies in the state (San Luis Potosí) and has also asked for more severe
penalties for companies in the society that register frequent accident and put
the lives of its workers at risk.

On February 13th 2014
five workers died at the Minera Santa Cruz in Charcas, this despite authorities
reporting that in 2013 four inspections were made at the mine. The events were
repeated exactly ten months later, when a young worker was killed by a rock
crushing machine.

“We have to set exemplary
punishments, the first time an accident is understandable but we we have to
measure work risks….when companies are repeat offenders we should move to
close the mine or cancel the concession so that it doesn’t keep happening.”

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