Oceanica Dying Fast: Mexico Senate Attacks

Jul.28.14 | About: Odyssey Marine (OMEX)

Summary

Mexican Senator Ricardo Barroso Agramon formally calls for Oceanica's mining concession to be revoked to avoid ecological effects.

Legislature: "There is already a large onshore phosphate deposit in Baja California Sur that produced 1.7 million tonnes in 2012 making this project unnecessary".

The site where OMEX claims to plan to begin phosphate mining is the Gulf of Ulloa, an area highly productive fisheries.

Appears doubtful that EIA will ever be filed now, OMEX trying desperately to raise money based on false hope with just a few weeks of cash in the bank.

We continue to receive communications from locals in Baja, Mexico about the status of Odyssey Marine Exploration (NASDAQ:OMEX)'s Oceanica underwater phosphate mining project and have posted our research online in our last article.

Things have just taken a dramatic turn for the worse today for Oceanica with formal communications in the Senate calling for Oceanica's mining concession to be revoked.

Articles below translated from Google Translate to English (links to original articles in Spanish):

Prevent the exploitation of minerals in the seabed of Baja California Sur: Senator Ricardo Barroso

Friday, July 25, 2014 13:36

Agramon Senator Ricardo Barroso warned the risk to the fisheries in the state of Baja California Sur, on the pretense of private companies to initiate exploration and exploitation of phosphates in the seabed of the Gulf of Ulloa.

In this situation, Agramont Barroso appeared before the Standing Committee on Point Agreement which calls on the Ministry of Economy that are canceled, revoked, canceled or permits for the operation of rock phosphate or other minerals that are granted are to be collected seabed of Baja California, to avoid ecological effects. In its argument, the legislature stated that according to the Mexican Center for Environmental Law project is unworkable and unnecessary because the entity already exists a very large exploitation of phosphates. "El only producer of phosphate status in our country is Baja California Sur, the production of this mineral in 2012 was 1 million seven hundred twenty-four thousand six hundred sixty-two tonnes, representing a value of 1,240,000 pesos, "he revealed. senator highlighted the need for PRI proposition because, he said, it is certain that the activities on marine mining can produce serious adverse effector to the marine environment, which will affect the fishing industry in the area. "In the time it widespread mineral extraction at sea, the consequences would be severe for fisheries, as the chemicals become toxic when the concentration thereof.

Article 2:

Senator Warns damage fishing seabed mining

Posted 3 hours ago

Agramon Senator Ricardo Barroso warned the risk to the fisheries in Baja California Sur, on the pretense of private companies to initiate exploration and exploitation of phosphates in the seabed of the Gulf of Ulloa.

At one point of agreement submitted to the Standing Committee requested the Secretariat of Economy (NYSE:SE) that are canceled, revoked, canceled or permits for the operation of rock phosphate or other minerals extracted from the area intended to be granted.

The paper, published in the Parliamentary Gazette, the PRI legislator argued that according to the Mexican Center for Environmental Law project is unworkable and unnecessary because the entity already exists a very large exploitation of phosphates.

Companies that want to conduct marine extraction and mining, mainly phosphates, are Oceanic Explorations, S de RL de CV; Phosphorites Pacific SD, SA de CV; Phosphoric Corporation and Mexicana, SA de CV, said.

The site where the affiliate Odyssey Marine Exploration plans to begin phosphate mining is the Gulf of Ulloa, an area highly productive fisheries, explained.

Furthermore, the entity exists and phosphate mining greatly, so it is also unnecessary, since Baja California Sur and has sufficient exploitation of this mineral.

"The only producer of phosphate status in our country is Baja California Sur. Domestic production of phosphorite in 2012 was 662 million 724 thousand tons, 2 percent higher compared to 2011, "he added.

Phosphate exports in 2012 reached $ 234 per seven thousand only three tons; in the period 2005 to 2007 showed an average annual growth rate of 54.5 percent, while from 2008 to 2012 reported an annual decrease of -43.2 percent.

Mexican exports of that mineral are primarily sent to the Netherlands and the United States.

PRI senator stressed the need to adopt this point of agreement, because it is certain that mining activities can result in serious adverse effector marine environment, which will affect the fisheries sector.

"At the time that the extraction of minerals in the sea widespread, the consequences for fisheries to be serious, as the chemicals become toxic when the concentration of the same," he explained.

Article 3:

Alert Deputy Ricardo Barroso of risk to fisheries in Baja California Sur

July 25, 2014

Senator Agramont Barroso stressed that it is certain that activities relating to mining can cause serious adverse effects to the marine environment.

fishing in Baja California Sur

By Bertha Becerra C / El Sol de Mexico

Mexico City -. A day that was voted on in the Senate package of secondary legislation in the energy field, including the Mining Law, the PRI Senator Agramont Ricardo Barroso warned the risk to the fisheries in Baja California South, by the claim of private companies to initiate exploration and exploitation of phosphates in the seabed of the Gulf of Ulloa.

Sudbajacaliforniano legislator said that according to the Mexican Center for Environmental Law project is unworkable and unnecessary because the entity already exists a very large exploitation of phosphates.

"The only phosphate producing state in the country is Baja California Sur. Production of this mineral in 2012 was 1.7 million tonnes, worth 1.24 billion pesos," he said.

In this situation, presented to the Standing Committee a point of agreement, which calls on the Ministry of Economy that are canceled, revoked, canceled or permits for the operation of rock phosphate or other minerals that are tried are granted extracted from Baja California seabed to avoid ecological effects.

Senator Agramont Barroso stressed that it is certain that activities relating to mining can cause serious adverse effects to the marine environment, which will affect the fishing industry in the region.

"At the time that the extraction of minerals in the sea widespread, the consequences would be severe for fisheries, as the chemicals become toxic when the concentration thereof.

Disclosure: The author is short OMEX. The author wrote this article themselves, and it expresses their own opinions. The author is not receiving compensation for it. The author has no business relationship with any company whose stock is mentioned in this article.

Additional disclosure: Ryan Morris, President, Meson Capital, has pledged to donate his personal profits from OMEX short sales to charity. Full disclaimer at omextruth.com