About 60 people entered the administration building and plant of Great Panther's mining complex, and continue to occupy the complex. The company reports that all employees are safe and are off-site, and there are no reports of violence. All services in the mine have been shut down until the company can regain control of the complex.
"First and foremost, we are thankful that our people are all off site and safe," president and CEO Robert Archer said in a press release. "It appears that a few members of the mining cooperative who sold the mine to Great Panther in 2005, when they were facing bankruptcy, are behind this illegal occupation of our facilities." Archer went on to say the company is cooperating with authorities, but is currently "reviewing all options to regain custody of our facility and ensure the security of our operations and our people."
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TheStreet Ratings team rates GREAT PANTHER SILVER LTD as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate GREAT PANTHER SILVER LTD (GPL) a SELL. This is driven by a few notable weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share, deteriorating net income, disappointing return on equity and weak operating cash flow."