Win us with honest trifles

The letter Pedro Valdez is sending to shareholders of Minera IRL (MIRL.cse)

He’s sent it to multiple people, more than one of those sent it to me. Have a read, then a few thoughts below:

From: Pedro Valdez <pedro.valdez@irl.com.pe>
Subject: RE: Mr. Turner
Date: August 13, 2021 3:42:14 JST
To: (name withheld)
Cc: Diego Benavides <diego.benavides@irl.com.pe>

Hello XXXXXXX,  I hope this email finds you well.  The cornerstone of communication is respect. We have always maintained an open line with Mr. Turner, but this time he has crossed all lines of ethics and business conduct. He has gone as far as reaching out to Diego’s closest family with offensive messages, even including a former Officer Patricia Kent, who ceased to be part of the Company in 2015 after an exceptional performance assisting Courtney Chamberlain.  For your reference, we have included a list of the disturbing messages sent by Mr. Turner over the past couple of weeks (images are also attached).

 •                    From Mark Turner to Diego (CC others) – “Got the picture yet? The next seller sends it to 8c. Then 7c. Then 6c. Until you go.”

•                    From Mark Turner to Diego in WhatsApp (CC others) – “Question on Peruvian modern history for the group: When was the last time a Benavides family member spent time in jail?”

•                    From Mark Turner to Diego – “Criminal Prosecutions. If you do not want to go to jail, Diego, you are going about this the wrong way. You need to talk with me before it is too late, time is running out.”

•                    From Mark Turner to Diego – “Let me be clear, Diego. I am going to humiliate you in public. And will continue to do so for years. You will be an example for others.”

•                    From Mark Turner to Diego – “The true Diego shows his face. You disgusting excuse of a human being.”

•                    From Mark Turner to Diego – “Desleal hdp. El día que mueres es un día positivo para la humanidad.” English translation: “Disloyal son of a bitch. The day you die will be a positive day for humanity.”

•                    From Mark Turner to Patricia Kent – “Don’t fly back. You will be arrested.”

•                    From Mark Turner to Patricia Kent – “How can you sleep at night? Your heart of pure stone, Patricia. Pure stone.”

Our CEO has decided not to have any contact with Mr. Turner, and he certainly has all the right to be outraged by Mr. Turner’s derogatory remarks and aggressive and questionable actions. So, any and all communications with Mr. Turner regarding the Company’s business will be in writing, providing they do not contain threats and/or offensive and inappropriate language.  There is nothing to hide from our side John, and the profiles of our recent appointments are open to the public in social and professional media. The mining industry is very small, and it is very common for professionals to collaborate on different projects and repeat stories of success in other endeavors. That is how people build successful networks, within any industry.  

Now, moving to more constructive information, I have included a short excerpt from an email by our legal counsel explaining why the Company’s Officers and Directors have not purchased shares in the Company. As you can see, we are not yet permitted, but it is getting closer to that point.  “…You need to wait until two business days following the filing of your Q2 statements and you need to be sure that when you buy you are not in possession of material information that has not been publicly disseminated.  I expect that you are on the cusp of filing Q2 (it is due by Monday) so that is imminent.  It would be a good idea to wait until the Ollachea technical report is filed, as well, as there may be material information in that report that was not included in the press release announcing preliminary results.”  This has been a long email and I hope it addressed your concerns. I expect that my next email brings positive news regarding our advances in Corihuarmi and Ollachea, and please do not hesitate to reach out to me should you have any further questions or comments.  

Kind regards,Pedro Valdez

The person who received one of the mails gave me his opinion on its contents. And this is what I wrote back to him:

Bowing my head and agreeing on the toxicity. While I’m not particularly proud about seeing the words used in public against me, unfortunately I stand by them all. There are many layers to this onion, personal relationships are intermingled and even from my subjective position (putting it as diplomatically as possible), the people at the centre of this sordid tale have caused others to suffer unnecessarily. They deserve my epithets.

FWIW, the comment they lifted from a wider conversation to try and make it sound like I’m a seller of the stock was the one that really annoyed me. And now, as Minera IRL has decided to use personal messages against me in public, you now get to hear about the whole thing. Watch this space, ladies and gents, there’s a sordid tale to tell and my stars, IKN knows how you people like those. You think this is about the hiring of three people to a company? No way, it’s much worse than that.


    I have to admit: very curious about what is coming. AGM this year could be wild.


    Mark, why are you even surprised about being denied a conversation with management? You actually said those things in communications? Dude, you sound like a deranged lunatic (even more than usual).

    I will be very honest. I don’t like your attitude, or your political view. I read this blog purely for your insight into these businesses and the precious metals space. I question if it is all just of a nut.


      That’s not even slightly honest, and you know it. Why do you feel the need to justify yourself? Also, you think this blog’s style is set out to win people’s friendship? Kumbaya mining? You read this blog because its owner is unafraid of telling the truth, period. And if you can’t admit the truth to yourself, don’t bother with your sincere honesty claptrap online.


        Every single nutjob throughout history has thought that he was speaking truth to power. That’s not a good defence.

        Note: I do believe what you are writing and I think your assessments of these business is bang on. But you attitude and approach sucks (and is getting worse) and you are your own worst enemy. Good luck.


          Internet roolz: When cornered, question the mental health of your perceived enemy. You are an ass of monumental proportions.


      Screw Diego. I lost 60k to his nonsense the least he can do is be uncomfortable as he takes 500k a year of our money to get everything done mañana. He wants to act outraged while he pillages the company. Let him fill his boots, him and his cronies.


    Sorry but just because “the mining industry is very small” doesn’t give them the right to give paying jobs to friends, lovers and other assorted flotsam and jetsam that have absolutely no experience in the industry whatsoever. If they want to do that then pay us out and take it private then they can hire their entire freakin family for all I care. Its not your private club Benavides!


    Is there enough resolve, and enough numbers among shareholders to launch a proxy battle?


    I can’t believe this guy has the nerve to talk about respect. It’s as if they take respect into consideration when dealing with shareholders hard earned money. You can’t shovel out trash to investors and expect roses back. Have these people no sense of moral obligation???


      Have these people no…

      Sense? None at all
      Moral? None at all
      Obligation? It’s why they’re now screaming and shouting, they’ve been obliged to face reality. And it is ugly.


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