Mercator Minerals Ltd MLKKF

Metals & Mining Industrial Metals & Minerals

Mercator Minerals, Ltd. is a mineral resource company engaged in the mining, exploration, development and operation of its mineral properties in Arizona, United States and Sonora, Mexico. The Company’s principal assets are the 100% owned Mineral Park Mine, a producing copper-moly mine located near Kingman, Arizona and the El Pilar Project located in Sonora Mexico. The primary focus of the Company is the expansion of copper production and molybdenum concentrate production at the Mineral Park Mine, and the development of the El Pilar Project. Its other projects include The El Creston molybdenum property, which is 175 kilometers south of the United States Border and 145 kilometers northeast of the city of Hermosillo; Molybrook, which is located on the south coast of Newfoundland, and Ajax, which is located 13 kilometers north of Alice Arm, British Columbia.

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Mercator Minerals Ltd

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Comment by mden2on Nov 29, 2010 8:53am

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Post# 17769483

RE: Some news about restatements

Yes I will comment, first of all I am a controller by profession, so I have an idea of what they are going thru.
With the new rules in accounting for hedges, futures, etc.. it has become very complex. It mostly affects non-cash items and usually reverses itself in time, up one quarter and down the other quarter.
Having said that, I am sure this was all reviewed by the CFO, board, the external auditors and the company would have gotten some guidance from their auditor before recording the contracts the way they did.
I know the company is getting a lot of flack over this, but whoever their auditor is should shoulder a lot of the criticism.

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