Rocket Red,
the mining operation has been a bust they can't even pay there workers or taxes come on man
It appears to me that you continue to exhibit the fact that you are behind the information curve with the new company. You continue to dwell in the past. One of my contacts in Ecuador has stated that the former employees' back pay has already been paid out in the past couple of months .... for what it's worth to you.
No doubt that the company has some legacy debts from previous mining operations on the Zaruma Project that are being dealt with through the monthly debt repayment schedule. The various debts owing are enumerated in the company's statements for all to see.
$7,150,000 will be the remaining balance at the end of December 2017. January - March payments will be $650,000 each, April and May are scheduled at $700,000 each and the final payment due in June is $3,800,000.
Once the $15 million debt facility is in place, the $4.5 million VERTEX loans will be rolled in it, the company will have the $3 - $4 million to fund the mill upgrade to 2000 tpd capacity and the remaining $5 - $6 million unused balance will give the company the financial flexibility that Rob Washer refused to obtain to deal with flooding and production issues in the Cabo de Hornos mine a couple of years ago.
Cabo de Hornos operations are completely halted, the decline remains flooded, it is NOT part of the company's current operations.
Rob Washer did initiate plans to move operations to the Dynasty Goldfields Project in 2016. He was still CEO when the company negotiated the mining and transportation contract with Green Oil that is the source of all of the ore that the company is currently processing at Portovelo .... but it was too little, too late for him.
It's quite interesting that for the past 18 months, while the company was going through the restructuring, you made no comments about the new company on this forum. Yet as soon as some good news appears, you are here with your very negative slant on things. No problem, you post all the negatives you wish, I'll continue responding with the current facts, both positive and negative. The market will eventually decide.
Rome wasn't built in a day.
Best of Luck ! |
