Since I've been asked when they will ship next again etc the following is one of many posts re that issue-I obviously dont know when they will ship again-I dont work for cwrn or Bao or the Mex govt or the port and dont have any info on shipping I havent shared from thousands of hours dd - iggy is our port point man on ships
they've already told us legal was advising they not rock the boat til sec settlement for the mar 2010 no gain no shares issued incipient promo-which has netted them imo 2 years of unbelievable harassment (which may be 1 of reasons for delayed financials also and a lot of other things) plus Bobs 6 month vacation which ends Mar 26-and I dont think they are waiting for Bobs vacation to end before shipping-I dont think thats it at all imo- Sharon and possibly Shirley also no doubt visit Bob at the southern calif spa whenever necessary re any consultation
so common sense alone would tell us they are being very careful about anything that could be considered a promo-I've already noted many times its analagous to what otc does-unless current otc classification otc does not allow promos either-plus anybody who has ANY experience w non ambulance chaser lawyers and negotiators knows they gag their clients in those situations-just commonsense also-especially when they have a new CEO
I think the poorly organized Mex govt is giving them big time grief over the port ore -the left hand of govt not knowing what the right hand is doing as bingo inferred below
1 of my previous posts on the issue forhose who havent read it:
Yes -it seems like the operations are well run and clean,as others have remarked. All we know re delays is from the 6-25-12 PR dispute w the govt- cwrn said delay in shipping ore from port was caused by changing govt requirements-including a series of audits even after new permit was issued. They've also said at one point the govt withdrew permission for a vessel after giving it permission-the left hand not knowing the right hand? just 5minutes before a fixture note was signed.
Bingos posts indicate they thought it would be cleared up by july so they could ship in August. Shirley said as posted they expected fert permit early Nov. Even when permit is in hand and all roadblocks are removed they have to line up buyer-how much will buyer negotiate before govt gets its act together? and then line up a ship. All audits were done by Mar 6-and yet Bao ship didnt arrive til June 9-as Bao was willing to wait a bit to save greatly on shipping by waiting til they unloaded bulk product nearby in Long Beach.
So it could take months after a permit is issued if they are careful in choosing the ship and dealing w shipping sharks. Meaning that if a fert permit was issued November-and assuming its good for a calendar year 12 months forward,it could easily take all this time to sign a deal w a buyer-negotiations- and line up a ship. They did have some presumably pretty good advisers as soon as full production, began as shown by PR below
It doesnt help govt to have ore occupying dock space but its well known Mex govt has its problems-as cancelling a previous ship after giving permission indicates and as the overbroad govt response to the illegal south mainland mines indicates- 1 of the tradeoffs for the much lower cost of mining in Mexico vs the rest of North America.
Hopefully they have been trying to line everything up while working w the govt. I suspect its a domino effect and they are waiting for at least 1 roadblock to be solved before PR'ing events which are not forward looking so the PR would not be seen as a promo by the sec prior to sec resolution,especially as they are also dancing w Geo-and legal is always very conservative in those situations unless you have an ambulance chaser lawyer. Any time there is a suit lawyers want to gag their clients-same w negotiators.
So its very possible a ship could leave w a load before they PR-especially in the under promise mode they've been in- thats what they did w the Aug 7,2011 ship.
