TSXV:AUN.H - Post by User
Comment by
zzthnxon Aug 24, 2010 10:10pm
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Post# 17380314
RE: RE: RE: RE: News - Credit Facility
RE: RE: RE: RE: News - Credit Facility"so 50 % silver goes to silver wheaton and 100 % of zinc and copper goes to these guys.. what are we left with?
and the sheets are still not balanced? can someone elaborate?"
Hi FD, as it seems too often the case with AUN's news releases, the lingo is a bit hard to follow. I think what they actually mean to say with "... to be repaid in whole or inpart, by amounts due to Minera La Negra from Trafigura in payment for100% of Minera La Negra's copper and zinc concentrates produced from theLa Negra mine under the terms of the Purchase Contracts.", is that the money to be repaid to Trafigura for the "Loan" is going to come out of the revenue from concentrate sales to Trafigura. The "100%" reference merely refers to the fact that per the original offtake agreement, Trafigura will purchase 100% of the La Negra copper and zinc concentrate. It doesn't mean that 100% of the concentrate will be given to Trafigura, even though it sort of sounds that way. Hope this helps.
P.S. If anyone from Aurcana is reading this, the home page on the web site states :
"The 1,000 tonnes per day
La Negra silver-copper-lead-zinc mine islocated in Queretaro State, Mexico.
Production for 2009 is forecast at750,000 ounces silver and 3 million pounds copper."
Isn't this 2010 already, heading toward 2011?