Sunday, May 26, 2013

Tahera "Jericho" Diamond Minesite abandoned

Anybody with a long enough memory can recall the large gaggle of retards who were Tahera Diamond spewmasters during the horrid promo/crash and burn of TAH.t.

Tahera opened its Jericho diamond mine in western Nunavut in 2006, touting it as Nunavut's first and only producing diamond mine. Tahera went into court-ordered creditor protection in January 2008 and the shares were suspended from trading in February of that year. Tahera handed over responsibility for the site to the federal Indian and Northern Affairs Department. Shear Diamonds bought the Jericho mine site in 2010 from bankruptcy court. The company hoped to re-open the mine, but ended up putting the site under what it called "temporary closure".
It happened quickly last summer, on Labour Day weekend, when Shear realized it was in financial trouble. Within 48 hours, Shear had done some basic clean-up at the Jericho site, and all its staff members were flown out.
Regulators found out about it a few days later. A federal inspection of the site then found some things left undone. Hazardous waste wasn't stored properly and there was evidence of fuel spills not cleaned up. The board gave Shear a deadline of tomorrow to submit a series of outstanding reports. However, Ryan Barry said the board has had trouble reaching anybody from the company in recent weeks.

What do we take away from this bloody disgrace? Seems pretty straighforward now but Jericho NEVER came anywhere near breaking even, let alone producing positive cash flow and a profit. The equity was doomed the moment the decision to progress with a half a billion white elephant in the far north was made. Those who lost money on Shear, well damn, Tahera blows half a billion without finding the answer and Shear had it all along?