The Top 10 Silver Stocks for 2012, Part 2

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Silver is utterly timeless as a lasting store of value. But when it comes to investing in the volatile precious metal, timing matters. With that in mind, each year I scour the mining industry for the most exciting and timely investment opportunities of the year in gold and silver. For the first time this year, I am presenting my top 10 silver picks separately from my top 10 gold picks for 2012. Before continuing on, I encourage readers to review Part 1 for the first half of this first-annual silver countdown (don't forget to return here, of course!). With any further delay, here are my top five silver stocks for 2012:

5. Aurcana (OTC: AUNFF)
Aurcana enters 2012 with a remarkable production surge in the works. The company anticipates first production from the Shafter mine in Southwest Texas in May of this year, with 3.8 million ounces of low-cost silver output slated for the mine's first 12 months of commercial output. Given the simultaneous 33% expansion of the mill at Aurcana's producing La Negra mine in Mexico -- targeted for completion in March 2012 -- I see strong potential for Aurcana to approach 6 million ounces of silver-equivalent production during 2013. From a current production profile of about 1.7 million SEOs per year, a 250% surge within a two-year span represents one of the industry's most exciting near-term growth trajectories.

According to the current mine plan, Shafter is a short-lived operation that would only support peak output for the first two years before dwindling down to 2 million ounces by the fifth year of operation. However, the Shafter deposit remains open along strike to potential expansion in two directions from the adjoined historical and modern orebodies. In its former incarnation as the Presidio mine, Shafter produced some 35 million ounces of silver between 1883 and 1942. I have learned to never underestimate the potential for modern exploration to yield meaningful expansion of historically significant orebodies.

I consider the La Negra asset prospective for further expansion as well; 83% of third-quarter production came from new discoveries or resources not included within the existing resource estimate. Recent drill results look encouraging, and an updated resource estimate expected during the current quarter offers investors another potential catalyst for share-price advancement during 2012.

4. Endeavour Silver (NYSE: EXK  )
Fools who endeavored to participate in this tremendous growth story following my August 2010 interview with CEO Bradford Cooke have seen Endeavour's share price promptly quadruple to reach a 2011 peak of $13.10. My recent tour of Endeavour's expanding Guanajuato mine complex confirmed for me just how well-deserved that glistening performance has been. And now that a substantial retracement in the sector has driven Endeavour back into the $10 range, I see a timely opportunity for investors to embark on Endeavour's continuing journey of well-executed growth.

With a major expansion of its plant capacity in Guanajuato (to 1,600 tpd) completed during 2011, Endeavour is beautifully positioned to capitalize on steady output expansion from the growing array of near-surface vein structures surrounding the plant. Recent confirmation of high-grade silver and gold mineralization within the vein structures of La Joya and Belen have the company touting "a substantial increase in reserves and resources at Guanajuato" for early 2012, and offer a near-term roadmap for matching production to the expanded plant capacity.

I consider Endeavour's San Sebastian, Parral, and La Brisa exploration projects very promising elements of the company's project pipeline, but I urge Fools to pay particular attention to the recently acquired target for bulk-mineable silver and gold in Chile called Lomas Bayas. With a 10,000-meter drill program already under way, I expect successful assays from that project to provide additional stock catalysts during 2012. I consider Endeavour's management the best in the business, and I recommend the stock as a long-term silver holding without reservation.

3. Silver Wheaton (NYSE: SLW  )
Parallel to my selection of major producer Goldcorp among my top 10 gold stocks for 2012, Silver Wheaton might appear a relatively conservative pick as compared to the stable of smaller-cap growth stories that fill out the rest of the list. But don't let Silver Wheaton's hefty market capitalization fool you; this is a stock from which I continue to expect multi-bagger gains as this long-term bull market for silver matures. What's more -- with an enterprise value that equates to just $5.63 per total-resource ounce of silver (or $10.77 per ounce of proven and probable silver reserves) the stock remains dirt cheap! It's not quite as cheap as it was when I treated readers to a truly uncommon opportunity just over 3 years ago, but just watch how this stock responds as the market comes to terms with the likelihood of silver penetrating the all-time high near $50 per ounce and blasting into fresh record territory. Keep in mind, Fools, that Silver Wheaton is targeting about a 70% production surge by 2015, to reach a monumental 43 million ounces of silver per year!

Silver Wheaton has been a bit quiet lately with respect to adding new silver stream agreements to the pipeline, and personally I suspect the hiatus is likely linked to an adjustment of its signature rate structure (paying roughly $4 per ounce delivered into a stream agreement) to account for a much-transformed silver price environment. But I do note with interest the company's recent appointment of mining analyst Haytham Hodaly -- as senior vice president for corporate development -- to aid in the negotiation of new silver streams. I do not expect the pause to last through 2012, and view the prospects for one or two major new stream announcements as likely stock catalysts for 2012. And as Silver Wheaton's newly established dividend policy of distributing 20% of cash from operations collides with a rising silver price, I expect Silver Wheaton to remain a major focal point of global silver investment demand.

2. Fortuna Silver Mines (NYSE: FSM  )
After visiting the brand new San Jose silver and gold mine that forms the strategic nucleus of Fortuna's growing fortune, I am convinced 2012 will prove a very profitable year for this miner and its shareholders. Of all the silver producers I surveyed for consideration within this list, Fortuna offers one of the clearest roadmaps to steady, incremental output expansion over the next several years as San Jose's mine output progresses from 2.6 million SEOs in 2012 to nearly 5.2 million SEOs by 2017, according to the current mine plan. Combined with polymetallic output (rich in lead and zinc) from Fortuna's Caylloma mine in Peru, Fortuna expects consolidated production to approach 7.4 million silver-equivalent ounces (with more than 80% derived from silver and gold) by 2014. That would represent about a 76% production surge in three years from Fortuna's output in 2011.

Moreover, after discussing the exploration upside potential at San Jose at length with the mine's geological team, I perceive strong potential for extension of the mine life at San Jose as substantial inferred resources are converted to reserves. Indeed, I would not overlook the district-scale opportunities that may reside in exploration targets within Fortuna's massive 58,000-hectare concession package. I have much more to share from my recent mine tour, so please stay tuned to my ongoing coverage for further insight into San Jose as a springboard for Fortuna's exciting growth spurt.

1. Scorpio Mining (OTC: SMNPF)
When your investment outlook for an entire sector is as bullish as mine is for silver, reducing a long list of quality operators down to a top-10 list presents a daunting task. I must concede to no shortage of agony in omitting some first-rate vehicles like the wrongfully assailed Silvercorp, perpetually undervalued Pan American Silver, or even the clerically challenged Coeur d'Alene Mines. And considering the strength of the investment rationales for each of the preceding nine picks, I trust it's clear that the selection of my No. 1 silver stock involved some considerable deliberation.

Scorpio Mining leapt out of relative obscurity and straight into the spotlight of emerging junior silver producers following its strategic acquisition of Platte River Gold in 2010. Unfortunately for me, I was slow to adapt, so I missed out on a prompt double in Scorpio's stock during 2011. I don't intend to make that mistake again, and thankfully a bargain valuation continues to signal a green light for this Fool to continue acquiring shares during 2012. A key aspect of my strategic preference for miners over bullion boils down to the opportunity to gain exposure to silver at a substantial discount to market value (even after accounting for development costs, production costs, and the myriad challenges and risks associated with mining activity). With the market valuing Scorpio's 55 million ounces (measured and indicated silver resource) at just $6.93 apiece, I like my chances of turning a profit on those ounces as they emerge from the ground over time.

Widening the moat even more, Scorpio's ample base-metal assets in copper, lead, and zinc yield a global silver-equivalent resource of 137 million ounces (presently valued at just $2.78 per ounce!). While some may shy away from production profiles where the primary target (silver) accounts for just 57% of revenue, I welcome the diversification that benefits as much from growing emerging-market industrial demand as it does from surging silver investment demand.

Following a 64% increase in year-over-year silver production from the flagship Nuestra Senora mine during the first nine months of 2011, I would not be surprised to see that growth trend pause for a bit this year. The core of my investment rationale lies, rather, with the prospect of two major decisions looming to expand Scorpio's processing capacity in the region by some 300%.

Scorpio's land holdings in the Cosala district span 29,000 hectares. In addition to the Nuestra Senora mine and mill, the company holds two advanced development projects (San Rafael and El Cajon) and a silver/copper mine (La Verde) acquired in the Platte River acquisition that was under a lease until early 2011. During 2010, La Verde yielded decent quantities of silver and copper. Scorpio is conducting feasibility analysis of a proposed 4,000-ton-per-day plant to process ore from assets in the northern portion of its concessions, with release of that study targeted for the third quarter of 2012.

Definition and exploration drilling continues at a steady clip, with an updated resource estimate at Nuestra Senora expected during the second quarter. Because the company has warned of observed discrepancies between the existing resource model and recent assays from development and drilling, Fools may wish to hold back on building a full position in Scorpio Mining until that updated resource estimate is in hand. Any negative reaction to ounces that might be lost at Nuestra Senora could yield a more compelling entry point from which to catch the potential catalyst of a positive plant construction decision to process ore from the more northerly resource areas.

There you have it, Fools! Following a marathon of research and deliberation, I offer the above stocks as my top 10 silver stocks for 2012. Please be sure to find Part 1 of this countdown here to review my other five selections. To follow all my ongoing coverage of the precious-metal miners, please bookmark my article list, or follow me on Twitter. Naturally, I have issued bullish calls for each of the CAPS-ratable stocks on this list within my Motley Fool CAPS portfolio, and I invite each of you out there to consider following suit.

Looking for more ideas? Download The Motley Fool's special free report "The Tiny Gold Stock Digging Up Massive Profits." Our analysts have uncovered a little-known gold miner that we believe is poised for greatness; find out which company it is and why we strongly believe in its future -- for free!

Fool contributor Christopher Barker can be found blogging actively and acting Foolishly within the CAPS community under the username TMFSinchiruna. He tweets. He owns shares of Aurcana, Coeur d'Alene Mines, Endeavour Silver, Fortuna Silver Mines, Goldcorp, Pan American Silver, Silvercorp, Silver Wheaton. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Read/Post Comments (30) | Recommend This Article (64)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

  • Report this Comment On January 09, 2012, at 4:17 PM, Jbay76 wrote:

    Sinch, thanks! I have been waiting for this list for a long time. I recently acquired quite a bit more of EXK at $8 and was super stoked. And AUNFF has been good for me for sometime now. I will have to look into Scorpio Mining and FSM in more detail.

    Out of curiosity, what is your take on Impact Silver?



  • Report this Comment On January 09, 2012, at 4:42 PM, XMFSinchiruna wrote:


    I am very bullish on Impact, and it's a major holding of mine. Because of its small market cap, it was not available for consideration within this top 10 list.

    I'll try to put together a separate list of my top microcap silver picks on my blog when I have some time.

    For the rest of you, please bookmark my CAPS blog if you're interested in some of the smaller growth stories in gold and silver:

  • Report this Comment On January 09, 2012, at 4:48 PM, SN3165 wrote:

    Wow I am shocked by this list! I was dead on with Aurcana Endeavor and Silver Wheaton but Scorpio threw me off guard. I am a shareholder too

  • Report this Comment On January 09, 2012, at 4:57 PM, SN3165 wrote:

    Sinch if you can tell me a little bit more about Trevali it would be appreciated. I am trying to figure out how to value them, what to expect from earning this year now that they are officially a producer, etc.

  • Report this Comment On January 10, 2012, at 7:10 AM, skypilot2005 wrote:


    Thanks for the "Top 10" series, Gold and Silver Stocks, and your hard work.

    For some reason I stopped tracking / performing continuing DD on Scorpio in August.

    I restarted it last night.

    Sky Pilot

    Your Official Web Link Assistant

  • Report this Comment On January 10, 2012, at 7:20 AM, maxbentley wrote:

    Lenic is obviously 'forward' speaking here but he is stating AUN will be a 9-10 million pure silver oz producer.Even with the share count being egregious to some,this growth profile is enormous considering AUN produced one million oz of silver and 2 m oz AG Eq in 2011.

  • Report this Comment On January 10, 2012, at 10:17 AM, Jbay76 wrote:

    Sinch, thanks for the comments and the hard work! I look forward to a microcap list, and any other list you make for that matter. What about copper producers? maybe too small of a sector...just thinking out loud.

  • Report this Comment On January 10, 2012, at 2:36 PM, richthegeek wrote:

    Speaking of silver, has anyone looked at USSIF? Not for the top 10 surely, but seems interesting.

    Just a thought from the peanut gallery.

  • Report this Comment On January 10, 2012, at 4:45 PM, XMFSinchiruna wrote:

    Definitely interesting! ;)

  • Report this Comment On January 10, 2012, at 5:10 PM, Joyce1917 wrote:

    What about Impact Silver Corp, which is partially owned by driller Energold. Seems they trade quite a lot of volume and mostly on the ++?


  • Report this Comment On January 10, 2012, at 9:20 PM, skypilot2005 wrote:

    On January 10, 2012, at 5:10 PM, Joyce1917 wrote:

    "What about Impact Silver Corp, which is partially owned by driller Energold. Seems they trade quite a lot of volume and mostly on the ++?"

    Management team looks good.

    They are making $.

    Resource estimates look good.

    But, it’s over $1 per share. This quarter, I am only looking at under 50 cent stocks. :)

    I am going to do some DD on them. Thanks.

    Fool On.

    Sky Pilot

    Official Web Link Assistant to Sinch

  • Report this Comment On January 11, 2012, at 5:22 AM, outoffocus wrote:

    HI Chris. I asked this on your blog but I got no response so I'll repost. Do you know of any good platinum funds or stocks (or could you at least point me to a blog where you cover the subject)? Thanks!

  • Report this Comment On January 11, 2012, at 10:38 AM, johnybottom wrote:

    Thoughts on Hecla Mining today? Down 26% and moving further... Closed a shaft til year end for compliance. cut production forcast 25%.

  • Report this Comment On January 12, 2012, at 4:42 AM, maxbentley wrote:

    The 9-10 million oz of 'pure silver' quote has been spliced out of the video with AUN CEO/President Lenic Rodriguez.AUN will be a 9-10 million oz Ag Eq producer in 2012.Still,this will lead all mid-tiers in Canada and the US,as far as I can research.

    Considering they are a 2 million oz AG Eq producer now this is a five fold increase in Ag Eq and near six fold increase in silver production.

    Is there any other silver junior producer that matches this yield curve in the next few years,never mind months?


  • Report this Comment On January 12, 2012, at 6:49 AM, skypilot2005 wrote:

    On January 11, 2012, at 10:38 AM, johnybottom wrote:

    "Thoughts on Hecla Mining today? Down 26% and moving further... Closed a shaft til year end for compliance. cut production forcast 25%. "


  • Report this Comment On January 12, 2012, at 10:16 AM, XMFSinchiruna wrote:

    outoffocus, please see my reply to your platinum question at my blog:

  • Report this Comment On January 12, 2012, at 10:47 AM, XMFSinchiruna wrote:


    I just sought out the video clip you reference, and first I need to clarify that the figure was offered for 2013 rather than 2012. But honestly, that figure does not sound even remotely plausible to me. I have calls in to the company to clarify, and will post my findings here.

  • Report this Comment On January 12, 2012, at 7:50 PM, SN3165 wrote:

    They said he misspoke. 6 million is fine with me

  • Report this Comment On January 12, 2012, at 7:51 PM, SN3165 wrote:

    News: Sandstorm announces credit facility $50 million and Alexandria provides winter update

  • Report this Comment On January 13, 2012, at 12:19 AM, maxbentley wrote:

    Thanks Sinch,

    Q4 from AUN's LN was released yesterday.

    AUN are upgrading LN now to produce at 2,500 tpd from the recent 1,500 tpd rate.

    La Negra will produce at a 2.96 m Ag Eq rate based upon Q4 figures extrapolated out to 2,500 tpd.

    Shafter has a 2,500 tpd ball mill in place now,however the feasibility states a 1,500 tpd rate and 3.8 million oz per year production level.

    The CEO has stated the supporting infrastructure will be put in to complement the 2,500 tpd to allow Shafter to produce over six million oz per annum.

    Aurcana cannot state forward projections without a disclaimer and that is why the CEO quote was spliced out of the video(along with the 'pure' silver quote as it is Ag Eq).

    With LN slated to be completed in Q1,allowing full attention to be applied to ramping up Shafter by year end.

  • Report this Comment On January 13, 2012, at 10:41 AM, XMFSinchiruna wrote:

    Thanks for clarifying, max. Those are certainly some aggressive and fast-moving developments underway, and I am excited to watch it unfold. Thank you for pointing out the recent turbo-charging of the plant expansion at La Negra to 2,500. I still need to connect with company management to discuss current expectations for Shafter relative to those laid out by the company last month.

  • Report this Comment On January 13, 2012, at 1:02 PM, XMFSinchiruna wrote:

    I just got off the phone with Gary Lindsey, who handles investor and media relations for Aurcana, and I'm happy to have clarified several matters. I will have have the opportunity to meet CEO Lenic Rodriguez at the upcoming conference in Vancouver, and look forward to posting the results of that conversation in due course.

    In a very preliminary and unofficial way, the company is indeed beginning to throw around the idea of an expanded throughput rate at Shafter as the next catalyst for growth after the mine has been built and commissioned at the published throughput rate of 1500 tpd. They are not jumping straight to a 2500 tpd operation as suggested by the comments above.

    Anticipated output for the first 12-months at Shafter remains at 3.8m ounces. I remain comfortable with my projection of 6 million Ag Eq ounces of production for 2013. Based upon some very substantial potential for exploration upside at both properties, I have little doubt that Aurcana could surprise the market by growing into a 9-10 million-ounce producer in the medium term, but it is not realistic to expect such a mark by 2013.

    But maxbentley is correct to point out that the company is already moving straight through the previously targeted 2,000tpd rate at La Negra to target 2,500 capacity by the end of this quarter. As stated in the company's press release today, the 2012 mine plan calls for a mining rate of 2000 tpd, so the plant expansion is running out in front of mine production a bit (which is just what you want to see). Sustained growth at La Negra does indeed appear well positioned to further enhance the massive growth spurt already afforded by Shafter's first year in production.

    I want to thank maxbentley for bringing these matters to my/our attention, and Gary Lindsey of the StrataStar Group for clarifying the record.

  • Report this Comment On January 15, 2012, at 7:45 AM, skypilot2005 wrote:

    Interesting read:


    Eric Sprott and Endeavour Silver: A Match Made in Heaven?

    By Eric McWhinnie


    "Last year, Eric Sprott, legendary gold and silver investor and chairman of Sprott Inc., issued an open letter to 17 of the world’s largest silver producers. The letter was a call to action for silver producers to limit silver sales until prices increased. Sprott explained, “I have always liked silver because I look at the physical supply and demand metrics and they scream that silver should be higher. But the price is being kept down by paper silver traders who are abusing the market.”

    Sprott’s letter goes on to say, “Instead of selling all their silver for cash and depositing that cash in a levered bank, silver miners should seriously consider storing a portion of their reserves in physical silver outside of the banking system. Why take on all the risks of the bank when you can hold hard cash through the very metal that you mine? Given the current environment, we see much greater risk holding cash in a bank than we do in holding precious metals.” After the letter, Sprott said he received a groundswell of interest-more than he had ever seen before-but more still needs to be done. The issue of silver producers protecting themselves and shareholders through physical silver reserves seemed to fade, until Endeavour Silver issued a press release yesterday.

    Endeavour Silver Corp. is a mid-cap silver mining company with a focus on production, reserves and resources in Mexico. On Tuesday, the company released a press release providing an update for the fourth quarter. In the fourth quarter, gold production increased 45 percent, while silver production increased 25 percent, compared to 2010’s fourth quarter. However, the most interesting section of the press release comes from the company’s inventory update. Endeavour says, “Due to the correction in metal prices in the fourth quarter 2011, Endeavour management elected to hold a significant portion of the fourth quarter silver and gold production in inventory rather than sell at the lower prices. Management plans to monitor the metal prices closely and sell some or all of the silver and gold in inventory at appropriately higher metal prices, or if the need arises for more cash.”

    This is a fine example of what Sprott discussed in his call to action letter. Endeavour is electing to hold its precious metal inventory until prices correct to its liking. With silver falling to as low as $26 in the fourth quarter, Endeavour sold only 400,000 ounces of silver and 4,000 ounces of gold in the quarter. As a result, Endeavour’s inventory increased to 812,000 silver ounces and 3,000 gold ounces in bullion. The company also holds another 168,000 ounces of silver and 2,400 ounces of gold that are recoverable from concentrate. For comparison, Endeavour’s inventory at the end of the third quarter included only 270,536 ounces of silver, and 2,420 ounces of gold.

    Although Sprott’s open letter brought attention to the matter, Endeavour has been parking excess cash in silver and gold on a short-term basis since 2008. More recently, in the third quarter, Endeavour announced, “Management elected to not to sell all the silver and gold produced during the third quarter due to the falling precious metal prices.” The company made this decision as its realized gold and silver price came in at $1,679 and $40.72, respectively. Based on this, it appears that Endeavour expects precious metals to climb higher than these levels in the near future.

    Judging by the market, it also appears that investors believe Endeavour is making the correct move. Shares of the company have gained more than 8 percent this year. Due to Endeavour’s decision to hold a significant portion of its fourth quarter precious metal production, revenues decreased 39 percent when compared to the fourth quarter of 2010. However, shares still managed to close 2.12 percent higher on Tuesday.

    If more miners follow Endeavour’s example, precious metal investors could see a silver market dictated by actual physical supply and demand issues, rather than paper traders who abuse the market."

    Sky Pilot

    Official Web Link Assistant to Sinch

  • Report this Comment On January 25, 2012, at 10:47 AM, bruinjoe93 wrote:


    You should take time to talk to the natives before making a recommendation. Why make a recommendation on a company that is having difficulties with the locals? Fortuna Silver needs to address its water issue.

  • Report this Comment On January 25, 2012, at 5:28 PM, maxbentley wrote:

    Fortuna must deal with the karma from their Continuum deal.No way out for the silver banksters.

  • Report this Comment On January 27, 2012, at 6:10 AM, maxbentley wrote:

    San José del Progreso, Oaxaca. In the southern Mexican state of Oaxaca one

    person was killed and another injured during a confrontation between mining

    opponents and police on January 18th. The middle aged farmer and a woman in her

    twenties, both indigenous Zapotecs, were among a group of villagers trying to

    block the path of an excavator working for the Canadian Mining Company Fortuna

    Silver. Bernardo Méndez and Abigail Vasquez were shot by local police and

    plainclothes gunmen working for the Vancouver-based mining company. San José del

    Progreso, located 50 km south of Oaxaca City, has been a flash point for

    violence since an alliance of local environmentalists and farmers occupied the

    gold and silver mine in early 2009.

    Contrary to the precepts of international

    law, the indigenous population of the region was never consulted about the

    mining project. The recent violence has prompted various social organizations in

    Oaxaca, among them an influential teachers' union, to demand the end of mining


  • Report this Comment On January 29, 2012, at 8:53 PM, XMFSinchiruna wrote:


    I don't take kindly to anyone telling me what I "should" do, thank you very much. My "shoulds" are my own, and no one else's.

    I am adequately informed regarding the local political dynamics in San Jose del Progreso, and I have spoken with senior management about the specific events you refer to. I am satisfied that the company was not involved in any way with what transpired in the town recently, and that the municipal water-related project at the heart of the related protest had nothing whatsoever to do with the nearby mining operation.


    If there is an allegation veiled within that last comment of yours, why not disclose what it is under the light of day?

    But Fortuna Silver president Jorge Ganoza said "misinformation" is behind media reports tying his company to the violence, which also left another protester with a leg wound.

    "We, as a company, and our team in Oaxaca are saddened by these senseless and continued acts of violence in the town of San Jose, related to a long-standing political struggle for local power," Ganoza said.

    "It is not the first incident of this nature in the last few years. It is in no way related to our activities or involves company personnel, and we really hope that the people of San Jose, with the assistance of the state authorities, will find a long-term solution to this senseless violence."

    He said reports that the company is a threat to the area's freshwater supply are inaccurate, adding the mine gets all of its industrial water supply from a rain-supplied tailings pond.

  • Report this Comment On February 01, 2012, at 9:48 AM, maxbentley wrote:


    No threats,just my opinion.

    One would have to ask Continuum shareholders whether they are satisfied or not.

    As for FVI's president's statements we should expect no less.

    Contrary to the precepts of international

    law, the indigenous population of the region was never consulted about the mining project.

  • Report this Comment On February 06, 2012, at 7:03 AM, maxbentley wrote:

    A spokeswoman for the Canadian group MiningWatch criticized the company’s position. “There has been conflict over this project and worries over potential impacts on local water supplies for several years,” said Jen Moore.

    “Instead of trying to deny any responsibility, the company should work to help diminish tensions.”

    Last week’s violence wasn’t the first time conflict swirled around the mine.

    In 2010, the San Jose mayor and another city official were killed and four others hurt in a clash that also resulted in a priest opposed to the mine being detained and beaten, according to the Catholic News Service.

    In 2009, hundreds of police were called to the mine to break up a blockade.

  • Report this Comment On March 29, 2012, at 10:03 AM, remotop wrote:


    What is your opinion now of Scorpio after the 3/27 4th quarter earnings report and following drubbing the stock took? I am down a good 36%, should I take my lumps and cashout or this worth holding?



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