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4/3/18

Torex Gold (TXG.to): Read the small print

Torex (TXG) published its 2017 Annual Information Form on SEDAR last night...late last night at 10:39pm. And buried on pages 13 and 14 is this (IKN highlights):

"On February 21, 2018, the Miners Union initiated an illegal blockade of the El Limón pit portion of the operations. This pit constitutes 80% of the scheduled ore  production for 2018. While the Company was not scheduled to be working in the area of the El Limón pit at that time, the Company had planned to resume working in the El Limón pit in mid-March 2018 because as per the mine plan, the Guajes East pit has been mined out and the Guajes West pit is in a waste stripping phase in 2018. If the blockade of the El Limón pit is not lifted or removed, the processing plant is expected  to consume all the available ore from stockpiles and other mining operations by the first week of April 2018."

So now you know.

UPDATE: And this section, from the AIF's 'Risk Factors' section, is just about the most wonderful I've ever read:
The ELG Mine Complex has brought new wealth to the area, and for some, the land leases, jobs, and business opportunities have created a distinctly improved set of economic outcomes. However, not everyone has been able to take advantage of these opportunities and for those who have not seen a dramatic change in their lifestyle, they now see others in their community with wealth that they do not have. This has been perceived as unfair by some members of the community, and most of the blockades to date have been an expression of that perceived unfairness. The Company has been working with the government to mitigate this risk of blockades, and it is expected that the economic benefits of the ELG Mine Complex will reach more local citizens once the government’s mining fund, which is supported by royalties from the ELG Mine Complex, starts to invest in the region. There is no assurance that the Company’s efforts will be able to effectively mitigate such risks.

Ottotrans: "It's not our fault that we're so wonderful and nobody told us that Guerrero is a difficult place, those small brown people should be happy and it's just not jolly well fair."