With its NR this morning it’s managed to add “bunch of complete bullshit merchants” to “incompetent” on its curriculum vitae.
Exhibit 1: The NR from January 5th that announced, “a pipeline connecting the Rosario Mine tailings impoundment to a secondary settling pond ruptured...”, which covers the incompetency bit nicely. We were told at that time that the mine was closed down and, “...(t)he Company estimates the production shutdown will be two (2) weeks.” We particularly appreciated how they gave us the number in numeral and word, just so we understood.
Next comes Exhibit 2 from today’s NR, providing an update on the situation:
“…it is management’s expectation that the Company should be able to fulfill the above noted requirements and resume operations at the Rosario Mine in the second half of February 2015.”
HuhWhatWaitSorry? To be clear, January 5th + two (2) weeks = January 19th. But January 5th + 2nd half of February = Something between 40 and 54 days. In one smooth and quick movement, SCZ tells us that the mine stoppage is set to be the triple or quadruple its in initial estimate. Oh, there’s also the small matter of the Mexico authorities fining the company U$180,000 for the spill, because it wasn’t SCZ’s fault, y’see. Governments always fine companies large amounts of money when the company wasn’t to blame.
But the best bit? Because oh yeah oh wow, there’s a best bit in this morning’s NR. These jokers and bullshit merchants placed a beautiful, fresh and glistening maraschino cherry on top of this particular cake when they had the temerity to include as the first words of a top paragraph:
“Due to fast action taken by Santacruz site management…”
I laughed hard.