RE: I'm new to this company but what20 Jun 2020 18:20
Northern
Welcome aboard.
La Parilla is ramping up and should hit full production by the end of the year.
Regua was due to start up this quarter, with the crushed and partially concentrated ore being trucked to La Parilla, however due to Covid and the Portuguese lockdown things have been delayed, that said it is likely that we will be able to start up before the end of the year providing that Covid does not have a second wave.
The gold project is unlikely to get off the ground for a while, but it’s likely that our CEO will forward the project via a joint venture - time will tell but in the meantime we are awaiting a trial mining licence so that we can finally determine the angle within the ground that the gold is positioned, two different companies have each come up with different views on this with on saying the gold is gently sloping and the other saying that it is deeply sloping - again time will tell.
We owe circa $55 million to black rock, who have agreed to roll into the loan this quarters interest payments, we owe circa €5 million to local banks, but this was borrowed against the €5.4 million grant that local government are due to give us - we have met the criteria, but again Covid has delayed things.
There are many loyal, long term holders here, and some holdings are reasonably large, most of the long term holders, like myself, have every faith that WRES will come good and make substantial profits - but again time will tell.
I hope this is helpful.