On the call yesterday morning, CT seemed very enthusiastic about being a Kinross shareholder. He is leaving it up to them to give us the maiden resource we were all waiting for.
Conveniently for them, we do not know what it is, so have a harder time knowing how much fair value we have lost. They were saying they are going to take the next year to infill it even more, before they come out with it…..which basically means this will all be forgotten about.
I really thought this was going to be a huge story like Voiseys Bay or Hemlo. We needed another Murray Pezim…..I do still believe that it will be a huge find, just that it’ll be part of someones portfolio and therefore the uumph to that story will be gone.
CT seems to be looking at us shareholders as gaining the upside from this, through the hopefully increase in Kinross share price. Maybe that could be true, and I suppose if we believed in it so much, as I do, that there is a lot of upside, that we take the risk of being a Kinross shareholder to get that upside, the same as we were GBR shareholders.
It’s a risk and I’m not sure at the moment if I’ll take the cash or be a Kinross shareholder.
They said that it’s going to be the end of the decade before they go into production, probably using a 5-7 year outlook on building a new mine. It doesn’t help that they have a lot of other things they are working on and most likely have to deal with first.
I’m disappointed that if CT had wanted someone else to find out how much there was, that we didn’t do a joint venture with Kinross; even an 80% Kinross, 20% GBR, and that they did the mining and GBR did the exploration. I think a percentage interest in the whole thing would have been a better deal……I suppose that’s why CT gave us the GBRR royalty. It could have been both.
For those who didn’t hear the call, one question being asked of Kinross was…what did they think the grade was in the resource. It was CT that answered the question, and he said, he thought it would be 8g/t underground, and 3-4 g/t open pit………that is what we lost!
Congratulations to all of us who stayed in this and believed in it.