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share price equates to about 11-12p (lse price). however I do believe now the shares will go towards previous highs of 80p equivalent
...Santa! Great news!
excellent news and a great day for long suffering shareholders. This company could really be the best performer now in 2017. Roll on the AIM listing aswell.
Peru Securities Commission removes suspension of Trading Order on Minera IRL Ltd shares and confirms the "primary" status of B LIMA, PERU -- (Marketwired) -- 01/04/17 -- Minera IRL Limited ("Minera IRL" or the "Company") (BVLAC:MIRL), the Latin American gold mining Company, is pleased to announce that Peru's securities regulatory commission, the Superintendencia del Mercado de Valores, ("SMV") has lifted the suspension of trading of the Company's shares on the Peruvian stock market, the Bolsa de Valores de Lima. ("BVL"). In an official resolution, the SMV stated that Minera IRL had provided all documentation and information required to allow a return to trading on the Bolsa de Valores de Lima, and hence declared that the suspension of trading on the BVL is no longer in effect. "We are very happy to have complied with all the requirements of the SMV that will allow us to reinitiate trading once again on the BVL. We want to thank our shareholders for their patience and for their confidence. We will continue to work hard to deliver positive results for our shareholders and to add value to the company," said Diego Benavides, a founder of the company and a newly-appointed director and chief executive officer. SMV's resolution also confirmed the primary status of the listing of the Company's shares on BVL. It does so by recognizing that the shares of the Company are considered "domestic" securities for the purpose of the Peruvian Securities legislation, which means that the Company is subject to Peruvian legislation on companies whose shares are listed on the BVL, including regulations for the submission of information, public tender offers and exempt takeover bids, which legislation prevails over any other provision regulating issuers of securities incorporated outside of Peru. The Company also has submitted all requested documents for revocation of the cease trade order from the Ontario Securities Commission ("OSC") and is awaiting word from the OSC on its application; which if granted would pave the way for the Company to make final application for listing on the Canadian Securities Exchange ("CSE"). The Company also is considering contracting a financial advisor ("NOMAD") as part of the first steps to a possible relisting in London. The Company has US$ 6.8 million in available cash and remains committed to improving efficiencies and lowering cost. The Company is focusing on bringing on-stream its flagship Ollachea gold mine, located in the Puno region in southern Peru. A drilling program of approximately 5,200 meters has been completed in the Minapampa Far East zone. Modeling and additional metallurgical tests are expected to be available by mid-first quarter of 2017. The pre-engineering studies for the Ollachea project are underway following the ef
Sorry - should have said 'in English'.
Full press release now on Minera website.
http://www.bvl.com.pe/jsp/Inf_EstadisticaGrafica.jsp?Cod_Empresa=0B1HN&Nemonico=MIRL&Listado=|MIRL
http://www.bvl.com.pe/empresas/alertas/Aviso%20Negociacion%20MIRL.pdf Negociación MIRL (En la Bolsa de Valores de Lima) Mediante Resolución de Intendencia General SMV No 136-2016-SMV/11.1, se dispone dejar sin efecto la suspensión de la negociación de las acciones emitidas por Minera IRL Limited, al haber cumplido con presentar la documentación e información que dicha sociedad requiere para mantener inscritas sus acciones en el Registro Público del Mercado de Valores y en el Registro de Valores de la BVL. La negociación de MIRL, tendrá las siguientes indicaciones: a) Formación de precios en rueda del 04 de enero del 2017. b) En caso exista un precio de referencia producto de la formación de precios, a partir del día siguiente, el valor negociara en el segmento rueda contado regular RV1, cumpliendo los criterios de límites de banda (+/-15% sobre Precio de Referencia) y subasta de volatilidad. Lima, 03 de Enero del 2017
At least MIRL is strugling to relist in Lima. The Company is following all the directions from the exchange authorirty (Superintendencia de Mercado de Valores) in orden to list MIRL like a new Company, since sería. I mean the SMV doesnt want to reconigze the history al BVL (Lima Stock Exchange) Just yesterday: http://www.smv.gob.pe/ConsultasP8/temp/161212%20-%20MIRL%20-%20SMV%20Sol.%20cul.Proc.%20(2)%20.pdf
can we expect relisting on aim at some point?
Yes this is great news. Diego on the board. Just what we needed to restore confidence for everyone concerned. I think we all owe Otto over at IKN a drink if we should ever run into him. Top man.
Excellent news long awaited as well so when do we think trading will resume??? All aspects falling into place should mean for a much higher open
https://lawrieongold.com/2016/12/05/benavides-new-minera-irl-ceo/
" the Board is confident that the Company has sufficient management resources in place in order to continue with the day-to-day business of the Company, including best efforts to achieve immediate trading in Peru and to obtain the lifting of trading restrictions in Canada."
Mr Perez states, "I am delighted that Diego Benavides has agreed to join Minera IRL's Board of Directors and to assume the role of CEO." And I am delighted that Diego has at last been asked, not before time!
contribute greatly to the execution of Minera IRL's flagship gold project at Ollachea. Also, on behalf of the Board we are delighted to welcome Michael Iannacone to Minera IRL and look forward to working with him. Michael will contribute important financial and capital market skills to Minera IRL which will be positive for the development of the Company. "I wish to extend my sincere thanks to Frank O'Kelly for his outstanding support in the management of our Company. It has been a pleasure to have worked closely with Frank. "Mr Carlos Ruiz de Castilla was appointed interim Chief Financial Officer for the Company in May of the current year. Previous to this appointment he held the position of Company Controller since July 2013. Carlos Ruiz has contributed outstanding work and we are pleased to appoint him as Company CFO." The current Board will continue the process of identifying candidates to fulfil remaining Director positions as required. Until such time, the Board is confident that the Company has sufficient management resources in place in order to continue with the day-to-day business of the Company, including best efforts to achieve immediate trading in Peru and to obtain the lifting of trading restrictions in Canada.
Minera IRL Announces Board Appointments and Management Changes LIMA, PERU--(Marketwired - Dec. 5, 2016) - Minera IRL Limited ("Minera IRL" or the "Company") (BVLAC:MIRL), the Latin American gold mining Company, is pleased to announce the appointment of Mr Diego Benavides as Director and Chief Executive Officer, Mr Michael Iannacone as Independent Director, Mr Gerardo Perez as Independent Chairman and Mr Carlos Ruiz de Castilla as Chief Financial Officer, effective December 5th, 2016. Mr Diego Benavides is a founding executive of Minera IRL and has been working full-time with the Company since its incorporation 15 years ago. He is a lawyer by training with a Masters degree in corporate leadership and business administration and with extensive experience in the Latin American mining industry and community relations. Prior to this appointment Mr Benavides held positions of Director and General Manager while incorporating several mining subsidiaries into Peru during the 1990's. Amongst these companies were Minera Newcrest Peru SA, Minera Mount Isa Peru SA and RGC Mining Exploration. Diego Benavides is one of the pioneers in Peruvian social conflict management, having applied innovative measures including share participation partnerships and other formulas to ensure that local communities benefit from mining activities in their areas. As a result Mr Benavides was appointed an Honorary Member of the Community of Ollachea in 2007, a unique privilege. Mr Michael Iannacone has been the Chief Financial Officer of Adventus Realty Services Inc, a significant and well capitalized Canadian Real Estate Investment Trust, since March 2013. Prior to that he was CFO of various companies listed on the Toronto Stock Exchange, TSX Ventures Exchange and the AIM London Stock Exchange. Mr Iannacone has extensive experience advising companies in the industrial and resource sectors. Michael Iannacone is a former Director of the largest marine bunkering company in the Vancouver Harbour and is also currently a Director of a TSX Venture Exchange listed company. He qualified as a Chartered Accountant in 1980 while working with Coopers & Lybrand (a predecessor firm to PwC) for more than six years. Mr Gerardo Perez, Independent Chairman, was appointed Director earlier this year, and has subsequently been elected by shareholders in the recent Annual General Meeting of the Company. Mr. Perez is a lawyer and a partner in the firm of Barrios Fuentes in Lima, Peru, his areas of expertise include Administrative Law, Regulation, Infrastructure and Concessions and a wealth of management experience. Mr Perez states, "I am delighted that Diego Benavides has agreed to join Minera IRL's Board of Directors and to assume the role of CEO. Diego brings with him a wealth of executive experience in Latin America supplemented by community relations and corporate skills which will contribute greatly to the execu
When is the next news due? Looking forward to eventually trading these shares again
Thank you for the correction (Board of directors). Graña y Montero (GyM) is greatest construction Company in Perú. GyM has a Mining arm specialiced in Mining services and recently building whole mine plants. The GyM interest in Ollachea showed in this article. http://elcomercio.pe/economia/dia-1/minera-irl-y-grana-y-montero-se-unirian-proyecto-ollachea-noticia-1941781 The recent complete mine construction, through its subsidiary Stratacon is the Red Eagle mine in Colombia. http://www.redeaglemining.com/
Ssifuentes, I think that you mean - board of directors. In English a directory is a list of addresses or phone numbers. Thanks for all your informative posts and links. By the way, who is Graña y Montero?
COFIDE and Graña y Montero must be key actors in the new directory.
Agreed, provides a good summary. The potential upside is certainly there, its just a matter of the strategy now being aligned with increasing shareholder value. I would personally like to see more board members being local to Peru and engaged in the social importance of the project, rather than just asset stripping on the cheap.
Very good article, sbradders
A GREAT result at long last! The lowly number of votes cast (75,919,070 representing 32.8% of the Company's outstanding ordinary shares), suggest that Rio Tinto did not vote. Their 44,126,780 votes could easily saved all the directors, but not even (ex-Rio Tinto) Julian Bavin survived the cull. Only Gerardo Perez was spared following IKN's late endorsement. It was Rio Tinto's interference that saved Jones & Fryer at the previous EGM, and caused this mess, so a wise decision from them to abstain this time. Now Mr Perez has the job of appointing a new board. Let's hope he, like Rio Tinto, has learned a few lessons and chooses wisely. A good start would be to re-appoint Diego Benavides to gain local Peruvian support. Another suggestion would be to re-appoint the short lived Jorge Ramos, CEO of Cofide, who resigned after less than a week of trying to work with Jones, Fryer and Bavin. Lastly, perhaps re-appoint ex CFO Brad Boland. He has knowledge of the company, and had he integrity to walk out rather than work with dross like Jamie Pinto, Jones and Fryer. Who knows, perhaps SP Angel could now fill our long wait for a NOMAD?