Voltalia Ord Shs VLTAF

RE: RE: RE: RE: RE: RE: ITG 14, Doing the job

[Bottles]

 

"I suppose Randgold could buy VTR back (at a huge discount, after VTR does all the work of proving up Kiaka)."

 

Given the history of Kiaka and the recent property swap at the first of the year, there is no doubt that Randgold and VTR have a strong working relationship. My best guess going forward is that Randgold will step in as a JV Partner to finance production on Kiaka. Its JV with Anglo Ashanti on the Kibali gold mine in Congo is schedueled to be online at the end of 2013 and I would suspect Randgold will be looking for another mine to place into production at about that time. In the meantime, VTR continues to derisk and advance Kiaka. The speculation on my part is whether or not another concern shows interest in Kiaka and or VTR as a whole that forces Randgold's hand as to any interest in Kiaka and VTR as a whole (ie: bidding war). The so called "game changer", however, remains south Kiaka of which could enable VTR to develop Kiaka on its own. Right now, I do not envision any interest in VTR (or Kiaka) til such time more is known about south Kiaka. Another strong round of drill results could very well usher in an interested party from the sidelines and at the very least, better the economics of Kiaka as a whole.