Primero’s precious problem – by Kip Keen (Mineweb.com – July 14, 2015)

http://www.mineweb.com/

Primero reports being unable to sell silver or gold from Mexico.

HALIFAX – Primero Mining can’t sell its Mexican silver and gold abroad.

The miner, which owns the San Dimas mine in Mexico and the Black Fox mine in Canada, said Thursday that its import and export licenses in Mexico had been revoked following a mess-up over a change of address. Primero said its Mexican subsidiary changed corporate addresses in Mexico from Mexico City to Durango and that precipitated the revocation of its import and export license.

The revocation happened back in May.

Since at least then Primero silver and gold has piled up. It said $6.5 million in revenue from the sale of 880,000 ounces silver had been delayed and that it could not deliver some 630,000 ounces silver as part of a silver streaming agreement with Silver Wheaton.

“Senior customs officials have confirmed that the company’s registry status is being reviewed, but the company has not been given a definitive date for reinstatement of the licenses,” Primerso stated.

“If the company’s export license is not reinstated before August 5, 2015, the date that its silver purchase agreement annual threshold is reset, then the Company may not realize spot silver sales in the third quarter of 2015 but could then expect to reach the annual threshold earlier in 2016.”

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