Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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Hi Claret. Long time no speak.
Glad you aren't sticking pins in me just jet but slightly alarmed that you appear to be reserving the right to do so!
Pleased that the most commonly supported football team on this board has done so well. From memory it was a bit touch and got the end of last season.
Enjoy the holiday, maybe it was you selling shares to finance it.......
Thanks for the reply Van.
I assume by finance it you mean loan to the JV. They certainly wont be gifting it! Any more than they will in Salinbas where I believe that their sole financing will be the $5m to AAU and the £8m to bring the project hopefully to the point of establishing a plant. The financing of that will again be the JVs responsibility
Hi John
No I'm not sticking pins into you just yet, but there is still a seller around, as the share price will no doubt slip further with no news for the next few weeks.
With regards to Tavsan, 20+ million cost and wont go into production now until 2020. EIA near completion, would have completed but for the Covid pandemic. AAU talking to lenders for borrowing cost of mine, but no info for debt repayment date. Think I'm also an old cynic so add 12 months rather than 6.
Off topic again, good end of season for Clarets, until tomorrow when we play Liverpool, then 2 weeks away from the laptop for me as I'm walking the Pennine Way starting 18th July. Maybe when I get back there will be further news, hopefully.
Hi S.I. John - I think originally we were hoping for end 2021 to start production (perhaps mine commissioning) but with Covid slippage, that now looks like 2022. But as always much will depend on how quickly the EIA and Permits are granted. That's an unknown of course. They have taken longer than expected in the past.
But with the clout of Ozaltin if the Deal goes through, I not really expecting delays. For now we are expecting a similar Bank Loan to the one taken out for Kilziltepe of perhaps $25m. But if the deal goes through, will Ozaltin finance it? No one has suggested that so far, but it must be a possibility. Once we get the EIA and see the Feasibility Study, ideally during Q3 - 2021, I think the market will start to factor in something for an additional 30,000 ozs p.a. plus.
Hi Claret/ Van
Can I say immediately that its not me selling so please don't stick pins in my effigy!
I admit I've lost touch a bit with dates here, can you tell me what the Tavsan timetable is now? Last I heard was that Covid was going to cause delay. So when does the company say development to start on site, when is first production estimated and when will the debt taken out be repaid? Being an old cynic I'll probably add 6 months to get a realistic date.
John
Hi VanVan, I saw your email posted this morning on the ADVFN site and yes you mention lots of positive things which should hopefully come out of the MoU. I do want the deal to go through as I want the SP to go up quicker than it currently seems to, but still think it will rise quickly only to fall back again. I see lots of people saying 40% rise or 10p pretty soon, but I can't see this getting above 5p for a long long time. For some reason this share is not popular with II's whether its the complexity of how the company is made up or the location but when you look as some other small mining co's their SP is doing much better than Ariana's. As things stand we know that Tavsan will be 2 years away and Salinbas many more so even though I enjoy the positive outlook many are seeing I don't think I'll be retiring soon due to the increase of Ariana's SP.
Posted this on ADVFN this morning. Seemed to go down well.
In case this helps, these words are from my Notes of the meeting with the Co. the day the MoU was announced.
I wanted to know - Was Kerim OK with losing control of his baby after 14 years of slog & hardship?
Why would Ariana monetise Salinbas now before further drilling and completing the PFS to confirm the representative value?
The answer to 1. is Yes he is very happy as it has accelerated the monetisation of the assets, allowing directors and long standing shareholders to be rewarded, in the short term, for their considerable patience and support. It will also allow Kerim & his team to focus more on the work they love. Not only geology, exploration and discovery, but also accretive acquisition/investment opportunities (e.g. Lithium success in Australia & now an investment in Cyprus imminent).
The answer to 2. is I think they realised to get Salinbas/Ardale through EIA/PFS, Forestry permits etc. was going to cost a great deal (c. £3m) and could take them 10 years to get into production and even then still only focused on just the northern end of the Hot Gold Corridor. The new partner, which is involved in heavy construction (highways, dams etc.) wants to diversify into gold mining and apparently got interested in us via interest shown in the southern end of the Hot Gold Corridor at Hizarlyayla (8km north of Hot Maden). We weren’t told more but Kerim indicated that Hizarlyayla could be more prospective than Salinbas. It’s just they haven’t had the money or resource to exploit it. Then of course there is Derinkoy before Salinbas & Ardale.
Going this route means the new conglomerate can proceed “hard” (their word) with access to the necessary capital/finance to exploit all the opportunities. A dream come true for Kerim & Jack etc. So you can see why they like it and didn’t want to delay.
But it doesn’t stop there as there is of course lots to explore and develop at Tavsan & Kiziltepe etc (Red Rabbit), all of which can now be fast tracked. Obviously there will be logistics like employing more of the right people idc etc.