Galway Resources Ltd V.GWY

GWY - AUX Update

[nor_easter]

Link: https://in.reuters.com/article/2012/06/13/brazil-batista-aux-idINL1E8HDKL620120613

UPDATE 1-Brazil's Batista says close to EBX, AUX stake sales

Thu Jun 14, 2012 5:26am IST

(Reuters) - Eike Batista, Brazil's richest man, said on Wednesday he expected to sell a 49 percent stake in his gold company AUX for about $2 billion by September.

AUX was created in 2010 and owns gold mining rights in the California-Vetas region of Colombia.

Batista also said he expected to close the sale of a $500 million stake in his EBX investment holding company, which has assets in energy, mining and engineering firms, to an Asian sovereign fund by mid July.

In May, Batista said he plans to sell a $1 billion stake in EBX to two foreign investors.

In March, Batista sold a $2 billion stake in EBX to the Abu Dhabi government's $46-billion investment vehicle, Mubadala , that group's biggest single investment in Latin America to date.

[SchiffKnowsBest]

Not bad Eike.....Buy it from VEN at 1.5 billion.....pump minimal cash into it over about 18 months, and now the valuation is up to 4 billion. 

[NaturalCurrency]

He should have done it after buying us out.   Now let's see. VEN has around 10M oz in resources. And with $4B, it is getting a valuation of $400/oz. I dont want to be greedy and would be happy with $300/oz with our 3.5M oz (for $7/share).   Another proof point/precedent/comparable/benchmark which would be hard to ignore. 

[whiteirish]

According to your humble scribe's rough calculations, what with taking into account the 20% of shares of Ventana Gold Eike Batista owned at lower prices before buying out the other 80%in early 2011, the man paid about $1.35Bn for the company.Today we read that Eike plans to sell 49% of Ventana Gold to a strategic partner for around $2Bn (apparently there are five entities in serious

[oakarbor]

Thanks WhiteIrish......came across this one as most relevent to GWY of which this board is about. What is your calculation on GWY buyout target and do you beleive there is something brewing or a deal already done? What do you make of CBJ's meteoric rise? any connection to galway?. Maybe its galway selling cali and buying CBJ vetas? best, OA According to your humble scribe's rough