Argentinean Santa Cruz province has introduced new creatively onerous mining tax, 1% levy on mineral reserves, i.e. companies have to pay it even if they don’t have any production, not even talking about profits. PAAS only Argentinean mine is located in this province and obviously liable to pay. You can google the article reporting this event by “Santa Cruz mining”; it was posted today.
This news can explain why PAAS and few other miners with exposure to the same spot (GG, AUY, MUX) had bad day. Anyway, management had difficult job on hands sorting out operations that would be expedient to discontinue; list is long and is getting longer.