RE:RE:RE:RE:RE:RE:New presentation?? I assume that the similarities you have tried to establish are the consequence of a lack of effort and rigor. If your assertions had been enriched with amounts, you could have seen by yourself the stupidity of your remarks.
Here is an overview,
For the last 3 years, TV has obtained cumulative operating revenues of +$15 million on revenues of $887 million. For Robex, cumulative operating income was +$107 million on income of $324 million. The operating revenues and operating margins of TV cannot be compared with those of Robex.
For the past 3 years, TV has obtained significant variances with its operating revenues, from -$30 million to +$24 million. For Robex, it is +$21 million up to +$45 million. In this case, the comparison shows that Robex has much more stable operating income.
For the past 3 years, TV has accumulated a loss, so no EBITDA. For Robex, this EBITDA is $171 million. Do you see the difference?
For the past 3 years, TV has earned a cumulative loss of 63 cents per share. For Robex, it is a net profit of 13 cents. Do you see the difference?
For the last 3 years, Robex has paid 6 cents per share dividend.
For the past few years, TV has been forced to invest in its facilities in order to improve its operating margins. Otherwise, his future was not assured.
In the case of Robex, a succession of small investments have been made, year after year, with the aim of improving efficiency that was already present, or to ensure the sustainability of the Nampala operation. The efficiency achieved has reduced the cost of production per ounce of gold; to make profitable the exploitation of ores with a content as low as 0.25 grams / ton and consequently, to reduce the quantity of material to be moved to the disposal site and to increase the quantity of resources to be processed. Do you see the difference?
Regarding the Kiniero project, the maximum dilution of 40% will make it possible to maintain a financial balance sheet free of debt, in addition to increasing earnings per share by 300-400%. This merger is definitely a good deal for both parties.
Regarding the risks associated with the development of Kiniero, I believe that the combination of the solid balance sheet + the infrastructures already in place + the free cash flow from the operation of Nampala, makes the level of risk very reasonable. In addition, this context presents an interesting level of risk for our financial partners.
In conclusion, I consider that the low risks linked to the Kiniero project are largely compensated by geographical diversification and by a considerable increase in the potential for organic growth for the years to come.