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Gold/Mining/Energy : ECHARTERS
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To: E. Charters who wrote (2840)8/7/1998 10:07:00 AM
From: richard badauskas  Read Replies (2) of 3744
 
I thought that you would like to know that your namesake Charters Towers Gold Mines is out of receivership. Charters sued the receiver and the lender and won a settlement that resulted in the lender writing of most of the loans on the Charters mine, the terms are still confidential but my guess is a write-off of about A$20M resulting in an extraordinary gain and announced earnings of 5.8 cents per share (A$) and shareholders equity of 21.1 cents per share. Princeton Economics of the U.S. is now providing additional financing subject to due diligence and shareholders approval of a new issue. We should now find out in the next year if the old Charters Towers Mines do in fact contain major gold deposits.

On another note have a look at the two Geo2 threads on SI, this is a very interesting high tech company that is developing new processing technologies for precious metals and also runs a Chinese gold refinery that has the potential to become a big cash flow contributor. Currently the refinery is refining 20t/p/d of concentrates, current expansion is underway to 50t/p/d and then in three annual steps up to 300t/p/d to give revenues of A$125M (US$75M) from refining and from gold processing in 2003. For a better understanding of Geo2 go to their website at geo2.com.au Geo2 plans a US listing for its ADR's late this year, market cap is only US$25M so there is a lot of upside.
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