Green Mining Innovation Inc T.GMI

GMI mentioned

[whiteirish]

https://www.theaureport.com/pub/na/2915$0$0$0$0$0TGR: Do any other copper companies you're following also have new copper finds?$0$0PC: Yes. Another copper company that I follow that just declared commercial production as of January 1, 2009 is Globestar Mining Corp. (TSX:GMI). They have an open pit mining operation in the Dominican Republic. They produce a smaller quantity of copper compared to a Copper Mountain, for example. They expect to produce 29 million pounds of copper this year.$0$0But what is interesting is that they have a significant gold and silver byproduct credit. We estimate that their cash cost, net of byproduct credits, is about 40 cents per pound. They're presently selling copper in the $2.70 range, therefore their margins on this operation are very, very good. This is an operation that will be generating a lot of cash flow.$0$0GlobeStar also has a number of other very promising copper exploration targets in the Dominican Republic. So this is a very interesting story going forward and a good way to play the copper story. Because it's such a new operation, it's probably one that not a lot of people have heard of.$0$0TGR: Is the free cash going for other exploration to find copper in the Dominican Republic?$0$0PC: Yes, for a company its size, they have a very good exploration budget to be doing more exploration for copper in the Dominican Republic. In the short term, however, I believe any excess cash on the balance sheet will be used to pay down debt.$0$0TGR: Why do you suppose the GlobeStar story hasn't been out there and why aren't more people on it?$0$0PC: There are a couple of reasons. In the first place, when GlobeStar declared commercial production in Q109, copper was not doing very well. It was less than $1.50 a pound and there was not a lot of interest in a new copper company at a time when demand looking to be diminishing. Secondly, I think there's always a lot of concern over new startups, which can be very problematic. The company has now demonstrated that it can successfully operate the mine. It had a very smooth startup and, for a brand new operation, has been working extremely well.$0$0$0$0$0