RE:ESM what is going on?
ESM has not provided an update because there is no new news. I understand everyone wishes we would get weekly updates, but the fact is, ESM by law must share any material information. This includes good or bad news about our license.
As for the Romanian government, Im not sure if you have ever had to deal with any government, but things run very slow. I honestly think that the ministers are also being extra cautious, as this is the first big mining operation in a long time and they want to make sure that all the ducks are in a row. It could also be the case that one of the ministers just wants to wait until the new mining law. We do know, and until they tell ESM and ESM tells us, we are all just guessing. The facts are that:
NAMR, the SGG, Ministry of Economy, the Ministry of Environment and the Ministry of Waters and Forests as well as all the local people in the Rovina area support us.
The new mining law is set to pass this year, so worse case scenario we are waiting a few more months. This is like a hedge against extremely slow ministers. It also shows that the Government is pro-mining. We have the second largest mineral resource in Europe.
We have made improvements since the PEA.
Scaled down the open pit mine to target the higher-grade gold deposits This will reduce the upfront capital costs by about 200 mil dollars Increased the gold recovery rates by 10% to 82% Gold price has increased since PEA
All these things will increase our NPV
We also have massive potential at Stanija for adding to our reserves.
I have been waiting for a long time just as many people here and I definitely feel everyones frustration, but I think ESM will be worth waiting for. It will come one day and all the waiting will be worth it. Even once we get the ratification, that is only the beginning for this company.