Precious Metals

Excellon uncovers precious metals theft plot

Silver miner Excellon Resources reports discovery of a two-year theft of precious metals concentrate from the firm.

Images courtesy of Excellon Resources.

Excellon Resources, headquartered in Toronto, Ontario, Canada, says that it has uncovered the theft of precious metals concentrate over a two-year period while it was being transported from its Miguel Auza processing complex in Durango, Mexico, to Manzanillo.

The thefts, which occurred from 2016 through October 2018, were discovered while company officials were conducting investigations into security threats against Excellon employees.

counterfeit 1834 Classic Head centInside Coin World: Nearly all U.S. coins series are threatened by counterfeiters: Modern counterfeiting risks from China, a counterfeit note from the 1840s newly rediscovered, and a look at Flying Eagle cents, all in the April 8 issue of “Coin World.”

The three company employees identified as being responsible for the thefts have been terminated, according to a company press release.

Preliminary investigation has not determined the financial impact from the thefts, the amount of concentrate stolen nor its value. Company officials suspect the losses reflect as much as 10 percent of the revenue for each year the thefts occurred.

Security consultants have been contracted by Excellon Resources to support the ongoing investigation. Security officials are also being tasked with building and implementing a plan to improve security at Excellon's La Platosa silver mine and its Miguel Ausa ore processing complex.

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