By Otto Rock
A fascinating report out of the regional news site Cajabamba Peru yesterday, showing the type of corruption that’s rife inside the Pan American Silver (PAAS) operations in Peru. The case has come to light because of the recent takeover of Tahoe Resources by PAAS, as the central figure in the corruption, one Christian Dávila Grados, was brought into the ex-TAHO operations from another mine and immediately went about cutting large slices of pie for his friends and family. When this came to the attention of locals in and around the La Arnea and Shahuindo mines and they found out that truly local companies (the people that should benefit) were being cold-shouldered and contracts awarded to Dávila’s chosen few, we on the outside finally get to see what must be rife inside PAAS (and perhaps for many years). Examples of the contracts include:
Continue reading The Rampant Corruption Inside Pan American Silver (PAAS) Peru
By Otto Rock
Today’s offering from Pan American Silver (PAAS) is on this link. Here we go, your humble scribe does the black ink:
VANCOUVER, June 4, 2018 /PRNewswire/ – Pan American Silver Corp. (NASDAQ: PAAS) (TSX: PAAS) (the “Company”) today announces that the security situation on the access roads to the Dolores mine has improved following increased patrol and enforcement by the Mexican authorities.
We know this. Police have been running heavily armed convoys through the zone.
As a result, road transport of diesel fuel, cement and other supplies to the mine has now resumed.
Strange that they didn’t previously tell us they’d stopped. But so far at least the La Linea narco gangs have not engaged the convoys and trucks have got through.
The Company will increase the use of its private, secured airstrip to transport people to and from the mine site until the situation normalizes.
A nice bit of legalese here. In fact the company has been running 20 light aircraft flights per day to get workers out of Dolores. I suppose that the pilot flying back in counts as “to the mine” as well, but the traffic in reality has been one-way. Hundreds of workers flown out, with the next batch due to leave in the second half of this month. that’s when they plan to ship out heavy machinery, too.
Continue reading Parsing Today’s Pan American Silver (PAAS) NR on Dolores