This is Interesting! Gives a take on the Garnet BIZ
Europa Resources, Inc.
Europa Resources, Inc. (OTCBB:
ERRI) is a US incorporated,
Canadian-based junior industrial
minerals company whose core asset is
62% direct and indirect interest in a
joint venture on a producing garnet
ore mine in west-central Ukraine.
Europa is the envy among other
industrial competitors as they have
interest in a currently producing
mine. While many junior mineral
companies are exploring and drilling,
ERRI is partner in a mine that is
already producing.
Up to the present time there has been
no available capital resources to mine
garnet. Europa has entered into a
joint venture with Ivaqniv Special
Quarry for the mining and sales of
Garnet and its byproducts.
ERRI is in the business of mining
garnet. Garnet is a substance used for
the manufacturer of coated abrasives
(sand paper), blast cleaning (sand
blasting), polishing powders, water
filters, and oil well packing. Estimates
suggest that world garnet demand is
235,000 tonnes per year. Between
1990 and 1995, the demand for garnet
doubled. The demand is estimated to
double again within the next two
years. Garnet sells for $ 175.00 to $
1,800 per tonne.
ERRI also plans on creating revenue
through the sales of the by-products of
garnet production. Quartz-Feldspar is
used in the production of glass and
sells for $ 35.00 to $ 40.00 per tonne.
The remaining balance will be sold as
road fill for $ 10.00 to $ 15.00 per
tonne. The Company's target market
is to countries in Europe, the Middle
East and Asia. This will create a large
competitive edge with the mines
location.
The mine in Ukraine is approximately
220km west-southwest of Kyiv. It has
been in production for more than 30
years. An independent geological
report has estimated that the mine has
gross reserves of 57 million tonnes of
higher grade garnet-bearing granites
at 27%, or near 15.4 million tonnes of
contained garnets. Replacement value
of the plant and equipment is
estimated at $ 17,790,000. The mine
has over 150 qualified and
experienced mining personnel.
Currently, ERRI is installing a pilot
plant which can handle 6-14 tonnes
per day crushing plant in that will
allow the Company to supply samples
to European clients. EERI plans to
construct a commercial garnet plant
in 1999. The Company will raise
approximately $ 8 million (U.S.) to
complete the plant.
ERRI projects profitability by 2000.
The year 2000 is projected to have
revenues of US$ 13,445,694 and
EBITDA (Earnings Before Income
Tax, Depreciation, and Amortization)
of 7,367,738.
Europa Resources, Inc retains a
highly professional investor relations
firm in Apus Capital Corp.
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