since ore hasnt shipped yet (to our knowledge),the 6-25-12 PR is clear as to the reason at the time from CWRN's perspective (emphasis added)
part of 6-25-12 PR:
"45,000 WMT remains stockpiled at the port pending dispute resolution with the Mexican Authorities over time lapse in customs. The company began trucking on Oct 24, 2011 through Nov 11, 2011 for a shipping date of Dec 21, 2011; during the month of December, 2011, all iron ore export permits were canceled country wide, and new export regulations became effective overnight. The new iron ore export regulations not only required an iron ore export permit from the Secretary of Economy, but also included a Customs iron ore exporters listing; this entailed a series of Government audits, from the Tax Office, Mining Office, Environmental Agency and from Customs if the company had any prior exports of Iron Ore. Panamerican Minerals Ventures, S.A. de C.V., the Mexico Iron Mining Operator, begin the process of re-qualification to meet the stringent and rigorous new regulations. The Company received the new Secretary of Economy Export Permit in January 2012; however, the audits and other time consuming efforts for Customs listing resulted in the Company becoming one of only a few mining companies authorized to export iron ore from Mexico, on March 6, 2012."
I knew they were trying to get a ship in before xmas holidays as per the Nov 17 2011 PR and wondered what had happened (before 6-25-12 PR gave an explanation)-this implies 2011 export permits were cancelled prior to their natural expiration on Dec 31 "DURING the month" i.e just before they were going to ship-not surprising given the all encompassing mr murphy-then cwrn had to go thru stringent new regs /audits-and time lapse caused by these changing without warning new regs caused delay in shipping-and as is typical of govt's 1 arm doesnt know what the other is doing, so 1 arm penalizes cwrn for delay caused by another arm of govt
I've likened this before to recent USA police foreclosure laws, which are also thinly veiled attempts to balance municipal budgets,so while landlord companies are complying w state law re giving tenants proper notice for eviction re drugs etc police can foreclose because of that very obedience to state law
bingo also reported 1 arm of the govt had given them a 30 day extension to ship but 5 minutes before the fixture note was to be signed for the ship another arm? of the govt cancelled it.
All the major iron ore exporting countries are causing more headaches for exporters
as per articles we've posted India's Supreme court has had 2 opinions blocking all exports partly due to illegal mines,and new taxes there amount to an additional 40% tax
thats also the reported reason for the moving target more stringent Mexican export restrictions-somewhat ridiculously trying to solve via red tape what really can only be solved by boots on the ground in the south mainland wild west areas which are not under central mex govt control-where the illegal mines are-so govt does what they governments do best -spread an overbroad net which traps or penalizes the innocent mines/parties also
Australia instituted a 30% export tax on iron and coal last May,which is changing conditions on the ground there,including causing some companies to cancel or curtail planned operations there
and Brazil has been suing Vale in court for an additional 15 billion in taxes etc
so all the major iron exporting countries are causing problems-1 of the reasons being to create new tax revenue in the midst of global debt problems
