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Red I agree, if we are to have a fund raise - which seems virtually inevitable imo - then let’s get on with it. The earlier than expected PFS (notwithstanding its historic delays) was a positive move. Let’s keep the momentum going.
Guys, the way this has gone off like a steam train this morning this could even get to 32p by close by my reckoning !!! ONWARDS & UPWARDS ; o ))
Just in case anyone thinks I've done a volte face for trading purposes...
My recommendation that SOLG do an equity raise ASAP is totally coherent with my serious concerns about equity markets in general...
An equity issue into a weak or falling market would leave the company a hostage to fortune.
As the market seems to be expecting it, better to get it out of the way ASAP
Then with only good news expected it can put a floor under the share price...
And being completely honest, of course I would be a buyer if there was an issue...at the very least so as not to dilute our percentage holding
Best wishes
I know this topic been discussed a few times but courtesy of a poster on ALL board, I like to share nonetheless - interesting notion and certainly food for thoughts:
"An example is someone trying to acquire a good position without driving the price up, so an algo will work out when to sell and keep the price down(can basically be done by any sophisticated market maker (and I mean Goldman,JPM,UBS, not Shore or Peel Hunt) to facilitate clients who say want to build a good position under the radar. Positions can also be hidden by using nominees like State Street or Pershing to hold the shares on your behalf-quite a few US institutions do this so the rest of "The Street" cannot see what they are doing.
It is very frustrating, but not much us PIs can do about it-but do remember-however,inefficient or manipulated a market is-true value always outs eventually."
ATB
Charm offensive at warp speed 10 !!!
buddy, five out of the seven non-execs are not based in Australia. In any event, NED remuneration is based upon referencing comparable positions in other companies and the current remuneration of existing NEDs. It has nothing to with what a plumber in Perth earns. Perhaps you've also forgotten that these are only part time roles.
Hopefully an upward trend for Solgold soon.
Diggers and Dealers at 10:35 on Wednesday the 3rd August. There will surely be progress here with news long before that?
Morning solgers ONWARDS and UPWARDS GLA
Onwards & upwards !!! Looking forward to today and should get above the 30p mark by close… only one way this is going
Date for the diary
https://www.diggersndealers.com.au/dnd/wp-content/uploads/DD2022Presenter-Programme.pdf
Charm offensive in top gear now !!!!!!
Darryl talking again
https://twitter.com/northernminer/status/1522299812888129542?s=21&t=oewzi4UcF3lyRQdvZluqWQ
TPC,lol!!:):) Ooh interesting late trade there .....indeed
Lol porky
I knew someone who was an executive ejection coordinator…… head bouncer in the Red Lion
Either way a massive rerate coming here imho gl
I think we'll find out soon enough if we going to production and who's funding it or we get bought out altogether imho interesting few months I think plus drill updates coming
David how long do you think it will take to train technicians?
Thanks David
Do you plan to train people from the community to be mine technicians in the future?
Our goal as soon as we get to production is that we have trained technicians from the area, from the province. Our activity with the Ministry of Education has been to encourage young people who are in high school to go to technical schools to develop skills, so that they will be the ones who manage the mine plant in the future.
When will it come to the stage of community consultation and socialization?
The community must be informed in the environmental impact study. Socialization must be done so that the people understand what we are doing. They have the right to ask and receive adequate answers to their concerns. Regarding prior, free and informed consultation, this corresponds to areas that have indigenous communities, that is, to ancestral areas. It is important to clarify that the obligation to make the consultation is not the obligation of the company, but of the State.
This also guarantees the subsequent use of the resource in future stages or even in parallel, with the same infrastructure.4
This mine is one of the largest in the world. How can its importance be understood?
With this latest resource utilization data, the mine is in the top 20 in the region. It is a copper deposit, with gold and silver credits, which has a production projection of 30,000 million in 25 years, which means a tremendous boost for the economy of Ecuador. It should be noted that the production of copper is of absolute importance to combat global warming and not use fossil fuels. Cascabel is the largest potential mine in Ecuador.
What was the factor that influenced the mine to be underground? Perhaps to generate less environmental or visual impact?
The physical style is what determines it to be an underground mine. The deposit is 1.5 kilometers deep, it is not immediately on the surface. Its long-term development must be underground, there is no option on that.
When will the royalties arrive or what are the most immediate benefits for the treasury?
In the development of any mine, royalties come from production, because a percentage of between 3% and 8% is calculated on the sale value of the concentrate. Mainly they come from the first production. But in Ecuador they have demanded advance royalties, and this is an issue that still needs to be discussed in the negotiation. At this time, we are confirming [an] exploration investment, until December 2023, planned [of] $430 million, and this includes activities in the exploration phase.
How has it been in a topic that is sensitive and a priority: the approach to the community?
At Cascabel we have had an excellent relationship with the community. In the initial exploration stage we have generated employment by hiring labor, transportation; We use a group of women for kitchen work, who are trained in food preparation. We have also supported training in other types of activities, such as exploration, drilling, environmental care. We have worked with the Ministry of Agriculture and the Ministry of Health, especially due to the pandemic.
How much employment have they generated so far?
As of April 2022, SolGold's total employment is 783 employees; 98% is Ecuadorian talent. Meanwhile, the subsidiary company ENSA (in charge of the Cascabel project) has 409 employees, of which 341 are local. That is, from the area of influence of the project.
An issue of concern is, for example, the environment. How are you dealing with it?
For example, we use the water from the area of the slopes; Before returning it, we process it in water treatment plants so that it has adequate characteristics, if not better, than the ones it had. Likewise, when we drill, the water is recirculated. This reduces its use and, in the end, we return it treated. In addition, we teach the community itself to be overseers of water treatment. We have a trained community group for this.
Do you plan to train people fr
DbW. If you open the link in chrome there is a translate option.
Andrew Taunton, vice president of SolGold Ecuador, which manages the Cascabel concession, one of the copper deposits that is currently in the top 20 in Latin America, explains the progress of the phases of the mining process. After the pre-feasibility study, it is estimated that the investment for the construction of the mine, located in Imbabura and which would start in 2024, should be $2.7 billion.
The project, which will be an underground mine, still needs to go through several stages, such as obtaining construction permits and an environmental license. The relationship with the surrounding communities has been positive through the generation of employment and the transfer of knowledge.
This study is part of the mining development. In mining there are several stages: initial exploration, advanced. In the case of Cascabel, we have drilled 310,000 meters in the Alpala deposit. Even if a large deposit has been found, what needs to be done is the pre-feasibility study. This analysis determines if it is feasible to develop the deposit, and considers the need for investment and the percentage that will be used in a first production estimate. Thus, it has been concluded that in 26 years we will extract only 38% of what exists.
After pre-feasibility, what comes next?
After that, you have to do two things: talk to the government, discuss potential future production, talk to investors interested in providing funds. In two more years we must obtain the production license that will allow us, together with environmental impact studies, the start of construction, which would be in approximately 2024.
Construction will already mean a greater volume of investment, is that correct?
According to estimates, some $2.7 billion are needed for construction. This investment figure will lead us to complete the infrastructure to start the production of the mine. Later we will increase, in five years, to the maximum production; for this $ 2,100 million more are required. The latter is to develop the plant to its maximum capacity and have capital to replace equipment during the useful life of the mine, that is, in 26 years. Four to five years of construction are currently anticipated to go into production in 2029.
Was the volume of minerals already known before? What is the final data?
In the original study we indicated the estimated amount of resources. This is: 9.9 million tons of copper, 21.7 million ounces of gold and 92.2 million ounces of silver. Now, refining this, for more detail, we focus on an area in the center of the deposit. And it is defined that we are going to use, in this case, 3.26 million tons of copper, 9.37 million ounces of gold and 30 million ounces of silver. The idea is that with the $2,700 million of investment we reach this production as soon as possible, in order to generate a recovery for investors and that the country also receives the income, which can be used for the work of the social sector. This also guarantees the
Part 3
How much employment have they generated so far?
As of April 2022, SolGold's total employment is 783 employees; 98% is Ecuadorian talent. Meanwhile, the subsidiary company ENSA (in charge of the Cascabel project) has 409 employees, of which 341 are local. That is, from the area of ??influence of the project.
An issue of concern is, for example, the environment. How are you dealing with it?
For example, we use the water from the area of ??the springs; Before returning it, we process it in water treatment plants so that it has adequate characteristics, if not better, than the ones it had. Likewise, when we drill, the water is recirculated. This reduces its use and, in the end, we return it treated. In addition, we teach the community itself to be overseers of water treatment. We have a trained community group for this.
Do you plan to train people from the community to be mine technicians in the future?
Our goal as soon as we get to production is that we have trained technicians from the area, from the province. Our activity with the Ministry of Education has been to encourage young people who are in high school to go to technical schools to develop skills, so that they will be the ones who manage the mine plant in the future.
When will it come to the stage of community consultation and socialization?
The community must be informed in the environmental impact study. Socialization must be done so that the people understand what we are doing. They have the right to ask and receive adequate answers to their concerns. Regarding prior, free and informed consultation, this corresponds to areas that have indigenous communities, that is, to ancestral areas. It is important to clarify that the obligation to make the consultation is not the obligation of the company, but of the State. (I)
Translated on Google Translate .
G
Part 2
Was the volume of minerals already known before? What is the final data?
In the original study we indicated the estimated amount of resources. This is: 9.9 million tons of copper, 21.7 million ounces of gold and 92.2 million ounces of silver. Now, refining this, for more detail, we focus on an area in the center of the deposit. And it is defined that we are going to use, in this case, 3.26 million tons of copper, 9.37 million ounces of gold and 30 million ounces of silver. The idea is that with the $2,700 million of investment we reach this production as soon as possible, in order to generate a recovery for investors and that the country also receives the income, which can be used for the work of the social sector. This also guarantees the subsequent use of the resource in future stages or even in parallel, with the same infrastructure.
This mine is one of the largest in the world. How can its importance be understood?
With this latest resource utilization data, the mine is in the top 20 in the region. It is a copper deposit, with gold and silver credits, which has a production projection of 30,000 million in 25 years, which means a tremendous boost for the economy of Ecuador. It should be noted that the production of copper is of absolute importance to combat global warming and not use fossil fuels. Cascabel is the largest potential mine in Ecuador.
What was the factor that influenced the mine to be underground? Perhaps to generate less environmental or visual impact?
The physical style is what determines it to be an underground mine. The deposit is 1.5 kilometers deep, it is not immediately on the surface. Its long-term development must be underground, there is no option on that.
When will the royalties arrive or what are the most immediate benefits for the treasury?
In the development of any mine, royalties come from production, because a percentage of between 3% and 8% is calculated on the sale value of the concentrate. Mainly they come from the first production. But in Ecuador they have demanded advance royalties, and this is an issue that still needs to be discussed in the negotiation. At this time, we are confirming [an] exploration investment, until December 2023, planned [of] $430 million, and this includes activities in the exploration phase.
How has it been in a topic that is sensitive and a priority: the approach to the community?
At Cascabel we have had an excellent relationship with the community. In the initial exploration stage we have generated employment by hiring labor, transportation; We use a group of women for kitchen work, who are trained in food preparation. We have also supported training in other types of activities, such as exploration, drilling, environmental care. We have worked with the Ministry of Agriculture and the Ministry of Health, especially due to the pandemic.
Andrew Taunton, vice president of SolGold Ecuador, which manages the Cascabel concession, one of the copper deposits that is currently in the top 20 in Latin America, explains the progress of the phases of the mining process. After the pre-feasibility study, it is estimated that the investment for the construction of the mine, located in Imbabura and which would start in 2024, should be $2.7 billion.
The project, which will be an underground mine, still needs to go through several stages, such as obtaining construction permits and an environmental license. The relationship with the surrounding communities has been positive through the generation of employment and the transfer of knowledge.
What has the pre-feasibility study that has just been presented on Cascabel revealed?
This study is part of the mining development. In mining there are several stages: initial exploration, advanced. In the case of Cascabel, we have drilled 310,000 meters in the Alpala deposit. Even if a large deposit has been found, what needs to be done is the pre-feasibility study. This analysis determines if it is feasible to develop the deposit, and considers the need for investment and the percentage that will be used in a first production estimate. Thus, it has been concluded that in 26 years we will extract only 38% of what exists.
After pre-feasibility, what comes next?
After that, you have to do two things: talk to the government, discuss potential future production, talk to investors interested in providing funds. In two more years we must obtain the production license that will allow us, together with environmental impact studies, the start of construction, which would be in approximately 2024.
Construction will already mean a greater volume of investment, is that correct?
According to estimates, some $2.7 billion are needed for construction. This investment figure will lead us to complete the infrastructure to start the production of the mine. Later we will increase, in five years, to the maximum production; for this $ 2,100 million more are required. The latter is to develop the plant to its maximum capacity and have capital to replace equipment during the useful life of the mine, that is, in 26 years. Four to five years of construction are currently anticipated to go into production in 2029.