RE:RE:RE:RE:RE:Minco Base Metals - going privateThat's good news about your stock certificates. I wonder how many others have been lost.
RwE Growth Partners, INC. was contracted to audit and produce an independent opinion of the value. I reviewed the Apr 15 2020 Formal valuation posted on Sedar. I have no reason to doubt the value reported.
Here's some more Minco Base Metals history. After selling the White Silver Mountain property, the company acquired placer gold assets along a river in British Columbia. Below are some details taken from company reports:
QR Placer Gold Project On November 13, 2015, the Company entered into a property purchase agreement with an arm’s length entity to acquire 100% right, title and interest for the QR Project located near Quesnel, British Columbia for cash consideration of $880,000. A finder’s fee of $30,000 was also paid.
Lucky Project In June 2016, the Company acquired from an arm’s length entity all of the right, title and interest in and to two placer claims (the “Lucky Project”) at an area near the Company’s QR Placer Gold Project for $100,000. A finder’s fee of $4,762 was also paid. As at June 30, 2016, the Company has not incurred any exploration and development expenditure on this project.
QR Project Operations As at September 30, 2016, the acquisition and operating cost totaled over $1.6 million.
On July 1, 2017, the QR Placer Gold project achieved commercial production.
As at September 30, 2017 the carrying cost of the Company’s Finished goods – mineral concentrate were $1,708,450.
As at November 30, 2017, the cost of the inventory was approximately equal to its net realizable value.
As at June 30, 2019, the Company determined based on recent mining activities that the grade of the remaining mineralization at the QR Project was lower than expected and the cost to extract the remaining gold would be higher than expected. In addition, the Company was not able to renew its mining permit, and stopped its operations of the QR Project. As such, an indicator of impairment was identified. The QR project mineral interest was written off.
RockLobster1 wrote:
well that is interesting... i have no idea what is left in Minco Base Metals company... it must be worth more than what they are paying out, but of course it is nice get something for it.
FYI I called Computershare and they will replace a lost certificate for 3% of it's value min $20.