RE:RE:Timeline for Production of Current Projectscanuckman1 wrote: I recently received some feedback from the management team regarding my questions concerning production timelines for their mines.
Reasons Why Marmato was Delayed in Starting the Lower Mine Build
The old Marmato timeline was driven by the 2020 PFS study which was completed by our predecessor
Since taking control of the Company and installing our own mgmt we relooked at the study and felt that a more gradual ramp up was appropriate as outlined in 2022 PFS. While Marmato Lower is not at full capacity until late 2025 I will point out that the upper mine more than doubles in size in 2024 and still generates substantial growth and free cash flow.
Tentative Timelines for Toroparu and Soto Norte Mine Builds
Toroparu Mine
They are currently rescoping this project to determine their next steps - Build, JV or Sell. If they do decide to build out this mine it won't likely be before 2025.
Soto Notre Mine
As for Soto Norte, the next steps are filing a new permit application in June, once the permit is approved that would likely be a priority project given the ultra low costs (<500/oz aisc) and they don’t guide on this but they tentatively feel a reasonable estimate assuming 1.5 yr permitting would be 2027.
Canuckman
No decision on toroparu till 2025, no action on Soto note till 2027???. If this is true, imo, this company is a farce. They borrowed 300 million and started buying stuff to build toroparu. Now they will be stuck paying interest in that for years?? With no increases in revenue linked to it???
I owned GCM, they were a good stable producer of 200k+
oz, they were paying a dividend. Hardly any debt.
Now what. As if Serafano was some kind of idiot???? He has a track record of building billion dollar mines and oil companies.
Imo, the new directors are gonna sink this company. There is nothing elegant about it!!!!. I'm OUT. They can take thier pipe dream and _____ __.
There are lots of other good miners out there, building mines, increasing output, and well run with any debt that they have clearly linked to future revenues.