I'm interested in hearing your opinion on a stock that I've been holding for the last year or two: Primero Mining Corp. As always, your comments are greatly appreciated.
Primero Mining, $2.43, symbol P on Toronto (Shares outstanding: 88.3 million; Market cap: $214.6 million; www.primeromining.com), is a junior gold/silver producer that was formed in August 2010. Its main asset is its San Dimas mine in Mexico.
The company changed its name from Mala Noche Resources after it bought the San Dimas mine from Goldcorp Inc. for $510 million U.S. in cash and shares. Goldcorp holds a 36% interest in Primero.
Primero expects to produce 100,000 to 110,000 gold equivalent ounces (including silver) this year. Its cash flow is forecast at $0.89 a share.
Before it can proceed with a planned expansion, Primero needs to outline its reserves more precisely. It also needs to resolve its dispute with the Mexican tax authorities: The company has an agreement with Silver Wheaton under which that company buys silver from Primero at a low contract price. However, Mexico taxes Primero on the market value of that silver.
We think there are gold and silver producers that have…
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