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| Share Name | Share Symbol | Market | Stock Type |
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| Greystar | GSL | London | Ordinary Share |
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| 0.00 | 0.00% | 210.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
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Posted at 15/2/2011 22:07 by sicilian_kan Greystar Resources plcStatus Report for Angostura and the Months Ahead ~ OCEAN EQUITIES This marketing communication is directed to professional investors only and is non-independent research. As such, it has not been prepared in accordance with the legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of research. Gold/Silver : COLOMBIA Highlighted Related Research: 20 Jan'11: Key Environmental Permit Expected in 2011 17 Nov'10: Eike Batista Makes $1.5bn Cash Offer for Greystar's Immediate Neighbour Ventana Gold Corp 16 Apr'10: Governmental Request for New Environmental Impact Assessment Could Derail Angostura Project 18 Jan'10: EIA Submitted Angostura on its way to a mining permit 25 Aug'09: Further Drilling at Mongora finds more Oxide Mineralisation Overview & Recent News Greystar Resources plc ("Greystar") is currently developing one of the world's largest gold projects not held by a major mining company. With over 15m ounces in all categories (8.6moz of which are mineable reserves) the Angostura deposit in NE Colombia is huge, and a pre-feasibility study in 2009 showed that it could support a world-class gold-silver mine that would produce ~580koz Au & 2.6moz Ag for the first 12 years of a 15 year mine life from an open pit. Since then, a final feasibility study has been completed and is currently under review by the Company's project team for intended publication in early 2011. Status Report What is the Issue, Who is Involved, What are Their Motivations, and What Are the Potential Outcomes? We felt that with the recent announcement of a second public meeting (to be held in the city of Bucaramanga on 4th March) that shareholders might benefit from an overview of the recent history, current activity, and possible outcomes of Greystar's application for an environmental permit. This will be the first large gold mine to be built in Colombia and has turned into a political hot potato with many parties weighing in to have their say. In accordance with the mining legislation, Greystar, in coordination with the Ministry of Environment, Housing and Territorial Development (MAVDT), arranged two information meetings and a public hearing to discuss the Angostura Project's environmental licensing at the end of 2010. The public hearing, held in California (the nearest town to the project) on November 21st attracted an audience of 1,300 and strong local support was vocal, but although this meeting was sufficient to meet the licence requirements that the Company has to follow, MAVDT then requested that Greystar arrange a second public meeting in Bucaramanga (the nearest city to the project with ~1m residents) as it transpired that some parties that were registered to speak (those that are opposed to the project) could not attend, claiming that the roads around California were blocked (despite 1,300 people having no problem attending). There are various groups that are (in principal) opposed to the project and their grievances almost all centre on the danger of pollution of the local water supply of the city of Bucaramanga ~30km to the SW. The reality of the water supply situation is that the water course that runs down the valley is already very polluted due to decades of unregulated small scale gold mining in the area (entering "mercury Vetas California" into youtube will show you the type of operation that litters the valley downstream from the Angostura project and their casual use of chemicals). As part of its development plan for the Angostura project, in addition to pursuing a strict policy of NO impact on the water supply from its own operations (the norm for modern mines and easily achievable), Greystar is also proposing to offer to process ore on behalf of the local miners which will stop the current pollution. Thus Angostura should be looked upon as having a net positive effect on the water supply. Although it seems that this water issue has become a political soapbox for local politicians, we feel that good sense and a continuation of the educational efforts that Greystar has been following should prevail. An unfortunate side issue that the Company has been caught up in concerns a certain type of wetland environment found in Colombia called 'Paramo'. The Paramo is said to contribute a large percentage of Colombia's water supply and (rightly so) is a protected environment. Greystar's issue is that although some claim that the mine will destroy some of this protected Paramo and as such should not be allowed to proceed, the definition of what is and is not 'Paramo' is not clear (and is certainly NOT anything above a certain altitude). This is a country-wide issue that is ongoing but it needs to be considered that there is no unique flora or fauna at Angostura and in fact it is an area ravaged by historical mining. As such we hope that the proposed site for the mine will be accepted. We hope that sense will prevail with the licence application and that it will be resolved in 2011, allowing the project to progress as per the feasibility study. A negative decision would force Greystar to change tack completely to look at a smaller underground operation. We await the results of the 4th March public hearing with interest and although no definitive conclusion will be reached there, it will certainly give an indication as to how long the issue may drag on for. If it doesn't go well, we recommend that any representatives from the Colombian Mines Ministry attending the PDAC conference for 'Colombia Day (8th March) had better take their hard hats to avoid the flak! |
Posted at 26/4/2010 13:55 by djpreston Ouch - this is going to hurt anyone who holds: FOR: GREYSTAR RESOURCES LTD. TSX, AIM SYMBOL: GSL April 26, 2010 Greystar Resources Announces Request by the Colombian Government for a New Angostura Environmental Impact Assessment VANCOUVER, BRITISH COLUMBIA--(Marketwir Paramo is an ecosystem that consists of mostly glacier formed valleys and plains with lakes, peat bogs and, wet and dry grasslands intermingled with shrub lands and forest patches. The definition to determine the area of Paramo is that established by the Alexander Von Humboldt Biological Resources Research Institute (www.humboldt.org) in Colombia. While the definition of Paramo is determined by fauna, flora and other ecological categories, it is also defined by elevation. MAVDT has requested that the new Angostura EIA adjust the occupied area to an elevation below 3,200 metres. As currently designed, almost all the project facilities and infrastructure are at a higher elevation than 3,200 metres. In addition, half of the proposed open pit resides above 3200 metres. MAVDT's request would require the Angostura project to be completely redesigned: including, identifying and acquiring new land positions to house displaced facilities and initiate new environmental base line studies. At this juncture, the Company has not had the opportunity to determine the feasibility of redesigning the Angostura project to comply with MAVDT's request. However this requirement will severely impact the project schedule and may have a material effect on its economic viability. The original Angostura EIA was filed with MAVDT on Dec 22, 2009 before the modification of the Mining Code on February 9, 2010. At the time of the filing, Greystar was led to believe that the Modified Mining Code would not apply to the Angostura project. The request by MAVDT for a redesign of the project and a new EIA was not expected or anticipated by the Company. Greystar has begun the process of filing an appeal of the notification from MADVT. MADVT must respond to the appeal within fifteen (15) working days. Greystar has worked diligently and to the highest environmental standards for more than 15 years to develop the Angostura project. The International Finance Corporation (IFC) is the Company's largest shareholder. To date, the Company has spent approximately CDN $135 million and the Company employs 350 people. A Preliminary Feasibility Study (PFS) was completed describing all the areas of mining activity as well as the efforts made to minimize environmental impacts particularly in the Paramos. The PFS envisions a project with US$1 billion in capital expenditures and US$3 billion in operating expenditures over the life of the project. The project will employ 1,500 people during construction and 850 people during its 15 year mine life. The PFS was used to develop the EIA according to the terms of reference issued by the MAVDT. Greystar is in the midst of completing a Definitive Feasibility Study (DFS) on the Angostura project that is expected to be published in the second half of 2010. In addition the Company has begun the process of securing US$650 million in project finance from international sources. Greystar is committed to developing the Angostura project using best industry practices in social and environmental stewardship. Through its association with the IFC, the company has brought objective guidance to this commitment. Greystar will continue to work with the Colombian Government to demonstrate that the Angostura project can deliver exceptional economic returns for all Colombians while allowing the Paramos ecosystem to flourish. Greystar will host a telephone conference call for investors and analysts on Monday, April 26th, at 8:00 a.m. PDT (11:00 a.m. EDT) to discuss the request by the Colombian Government for a new Angostura environmental impact assessment. Steve Kesler, Director, Fred Felder, Executive Vice President and Geoff Chater, Vice President Corporate Development of Greystar will take questions. The conference call may be accessed by dialing toll-free 1-866-223-7781 in Canada and the United States, or 1-416-641-6117 in the Toronto area and internationally. The conference call will be archived for later playback and may be accessed by dialing 1-416-695-5275 or 1-800-408-3053 and entering the pass code 7108410. The archived playback will be available until May 10, 2010 at 11:59 p.m. EDT |
Posted at 21/10/2009 22:39 by sicilian_kan FEASIBILITY STUDY PHASE II (DFS) DUE IN Q4 09(Disclaimer: no information on this thread is intended as investment advice) (Updates to the header are in red) Feasibility Study Average annual production of 511,000 ounces of gold and 2.3 million ounces of silver expected Conventional open pit mining equipment will be used with a 15 year mine life NPV at gold price of just $750/oz with a 6% discount is $942m with an Internal Return Rate of 24.9% (Gold now being at $1050/oz) Over 300,000 metres drilled. 70,000 tonne per day conventional heap leach operation Expected overall recovery rates of 80% Average cash costs for life of mine excluding by-product credits is $391/oz Start-up capital costs are $638 million, with an accuracy of +/- 25% Additional sustaining capital of $307 million including the construction of a concentrator; Construction to start in 2010 Production commencing in 2012 No important environmental issues were reported as impediment for the project development. The surrounding communities have a strong commitment to the project The area is a historical mining district. Greystar has obtained terms of reference for the Environmental Impact Study due Q4 09 from the government. Phase II of the feasibility study due Q4 09 and will aim to improve (even further) the economics of the project Presentation - September 2009 Growth Potential Over 30,050 hectares of concessions, less than 10% of which has been evaluated. 23,000 meters of drilling since 2008 resource update inc in adjacent areas with good results. Further drilling underway in two adjacent areas. Finances £36.6m raised in public offering on 29 September 2009 at £2/unit Each unit was worth 1 share plus a half-share warrant Each whole warrant is exercisable at C$4.3/share (£2.49 at the time) Warrants are exercisable within 12 months Should the share price be above C$5/share for 20 consecutive trading days, then: The company can within 5 business days give notice that all unit warrants must be converted within 20 trading days. In addition the company had £17.3m in cash (at the then exchange rate) on 30 June 2009. Stock Exchanges and Shares Currently listed on the TSX and AIM Announcement on 19 October 2009 for listing in Colombia (no dilution) Will bring on board Colombian pension funds and individual investors in Colombia This will further embed the company into Colombia. At present, with share price mid of £2.60/share, m/c is £189m Directors Website reports directors' and officers shareholdings are 897,506 shares, which at £2.60/share mid = around £2.3m held by directors and officers, there have been 25k sold in the last few months. |
Posted at 25/3/2008 17:06 by bionicdog March 25, 2008Greystar's David Rovig Knows The Value Of Nose-Rings And Much Else Besides By Alastair Ford "At the end of the day", says Greystar president David Rovig, "gold is what all currencies are measured at". That sounds like the start of a very interesting debate, part economic, part philosophic, in which the merits of the world's relative measures of value are called into doubt. Just what is a currency worth? Perhaps it's simply what you can buy with it? But trade currencies and then travel across the Atlantic in either direction, and you'll notice that the price you paid for the money is in no way relative to its purchasing power at your point of arrival. And it's no accident, either. It's a deliberate policy of the Fed. So if the Fed is messing with the folding stuff in our wallets, isn't it worth considering holding a bit of the yellow metal ourselves, just to be on the safe side? And isn't it the case that dollars are in fact priced in gold, rather than the other way round? It would certainly be a fillip for fans of the long abandoned Bretton-Woods agreement if that were so. So if gold is still the real store of value, just as it's always been, then what better business to be in than making margin mining it out of the ground? That's a quick in-the-pub-version of the classic gold bug argument, and, although trained economists can pick holes in it quite easily, the strength of the gold price at the moment is making more noise than any negativity from proponents of the dismal science. Because there's a further point to be made about gold - it's easy to understand. Gold is a metal that comes out of the ground. It's simple. It's not a credit derivative, or an equity with a nominal valuation quite different from its real one, it's not something you can print or issue more of on a whim, or manipulate interest on, or re-package and re-sell, and underwrite under another name. So far there haven't been any bankers who've gone bust going long on gold. And David Rovig makes a further interesting observation: "the price of gold nose-rings", he says, "is up by only a tiny amount". In other words, the consumer buys gold in such small quantities that, although the price rises do get passed on, the current strength in the gold price doesn't hurt him or her in the same way as a strong or a weak currency might, or higher or lower interest rates might. Or the credit crunch might. Even if the price of nose-rings is not something that one would think would have an immediate impact on Greystar Resources, all this wends its way back to a simple fact about the company: it's sitting on 10.15 million ounces of gold measured and indicated up at its Angostura project in Columbia. There's a further 3.4 million ounces in the inferred category. That's a resource base that most juniors with an Aim-listing in London can only dream about. It's reasonably impressive for Toronto too. And the discovery cost per ounce isn't bad either US$4.20. Compare that to a gold price dancing around US$1,000, and you can see why Mr Rovig likes talking about gold, nose-rings or otherwise. He's got to get the money to dig it up, of course. But Greystar's long-standing London broker Ocean Equities is pretty confident that finance can be found. It could hardly be otherwise. With the notable absence of RAB, Greystar boasts almost every big London name on its share register, not to mention a few impressive North American ones. Any equity raising ought to be a walk in the park, even with the current market jitters. And banks must be falling over themselves to back gold projects, for the very reasons outlined above. Still, that's all a little way away. Mr Rovig reckons he'll need an initial US$350 million to get a heap-leaching operation up and running, and a further US$100 million to put in a biox and leaching facility to process some of the more recalcitrant ore. The second, however will more than likely be financed by cashflow from the first. A scoping study has demonstrated that costs are likely to be in the region of US$270 per ounce, so there's plenty of margin on offer, and cash ought to come flooding into the company's coffers once the buttons are pushed. A feasibility study is ongoing, and fully funded, so we'll soon know for sure. In the meantime, Greystar's shares have suffered badly in the market malaise, off around 25 per cent since November. One gets the feeling that perhaps they're in the classic post-discovery, pre-production slump experienced by many mining companies. But these markets are challenging for everybody, commodity boom or no, because although Greystar's product is gold, what it offers to the stock market is equity, and like it or not, one type of asset is currently a lot more in vogue than the other. "I think equities are like a coiled spring right now", argues Mr Rovig, meaning that they're about to ping back upwards. But he concedes, not without a certain self-interest, mind, that "probably the safe thing to own is the metal". But another way of looking at Greystar's share price is that at this level Greystar makes a tempting takeover target. You'd get your advanced-stage gold in the ground for a back-of-the-envelope US$20 per ounce if you bought the company right now, and since Greystar's shares are still triple the value that they were trading at in 2004, when it first came to the London market, you might find some willing sellers. It's not something Mr Rovig is particularly considering one way or another, though. "I don't have any idea how to dress something up to sell it", he says, in bluff North American style. In any case, if Angostura wasn't in Columbia, where rebel movements, bandits and narcotics are headline news, it would probably have been sold a long time ago. That's to the advantage of Greystar and its shareholders, but more to the point, if a bid came in, the company would more than likely go into play, and the shares would more than likely hit some of their former highs. That would save Mr Rovig and his team a development job, and put smiles on the faces of investors all round - nose-rings or otherwise. |
Posted at 30/12/2007 21:52 by lasata Greystar's Angostura Deposit Is Of Size To Attract A PredatorBack in 2004 when it was hardly a year old Ocean Equities acted for Greystar Resources when it decided to get a dual listing on AIM. Its reasoning was simply that London was more pragmatic about companies operating in Colombia than North Americans. Ocean Equities proved that it had the ability to pick clients as Greystar has gone from strength to strength over the intervening years and does not appear to have encountered any serious political problems in Colombia. The company's focus is on the Angostura gold silver deposit in the north east of the country and it is now preparing for a feasibility study on what should prove to be a long life mine. In the last couple of days Greystar has come out with a revised resource estimate of 10.15 milion ozs gold and 49.84 million ozs silver in the measured and indicated categories. This is 37 per cent more than the indicated gold resource estimate at the end of last year and now represents 75 per cent of the total gold in the mineral resources. Frederick Felder of Greystar points out that "this new resource estimate continues to show the expansion potential of the very large Angostura deposit. The addition of measured resource estimates marks a milestone for the project and Greystar's exploration team will focus on further expansion and upgrades at Angostura, with particular attention to lowering the waste rock ratio and examining a staged production scenario starting with the oxide mineralization and transitioning into the sulphide material all leading to a feasibility study starting in 2008". Ocean Equities is clearly delighted with Greystar's progress and highlights the fact that a significant portion of the previously indicated and inferred resource has moved into the measured category. This resource update includes results up to October from 717 drill holes totalling 244,443m and is an update from December 2006. During that time the resource in all categories has increased from 11.6 million ozs to 13.6 million ozs and it is worth noting that plenty of junior gold exploration companies have considerably less than 2 million ozs as a global resource so Greystar stands out as a success story on a world scale. The ounces in the measured and indicated categories now total 10.2 million ozs which is 75 per cent of the global resource, compared to 7.4million ozs which was only 64 per cent of the global resource previously. This greater confidence will improve the economics of the deposit as it is highly likely that a greater number of ounces will now be mineable than previously considered. The grades of the new resource statement are consistent with previous levels and the grade of the measured and indicated ounces is 1.35g/t, a negligible increase from the previous 1.33g/t and Ocean Equities is happy that the grade of the potential run of mine ore remains the same. The broker then goes on to say that more important for the economics of the project than the increase in total ounces is the increased numbed of ounces of oxide material, which is now 2 million ozs grading 1.07g/t in the measured and indicated categories compared to the previous 1.5million ozs at 1.13g/t. This increase of half a million ounces should have two very positive effects on the economics of the mine for two reasons. First, the estimated recovery from oxide material is 91 per cent as opposed to just under 80 per cent for sulphide material which means that a greater number of ounces will be recovered from the ore at no extra cost as the ore would be mined and processed in exactly the same way whether it was oxide or sulphide. Second, it is looking increasingly likely that the staged process of an oxide only operation moving to a full oxide + sulphide operation will be achievable, which will reduce the initial capital required for the project. Interestingly Greystar now seems to be trading at an enterprise value of US$17/oz in the ground in all categories and US$23/oz for just the measured and indicated ounces. The disparity between this and the average for Canadian listed development companies of over US$100/oz is quite ludicrous considering the potential size of the Angostura deposit and the fact that the company will start its feasibility study in the first quarter of next year. It can only be put down to fear of Colombian politics and the answer to that is for North American investors to apply for passports and get about more. In the meantime there is always the possibility that a bigger producer will turn predator as deposits of this size are few and far between. |
Posted at 05/6/2007 00:47 by rambutan2 yes, well that seems a very fair summary by minesite, but this game of bluff can be a very drawn out and frustrating one for investors, as has been proven already.i decided to take a third of my stake off the table and stick it into some other sits. |
Posted at 01/6/2007 15:10 by serpicouk Gold and silver hopeful Greystar Resources says an independent study suggests revenues of £232 million to £296 million from Angostura in Colombia.Vancouver-based Greystar cites an independent scoping study by the Hatch consultancy showing potential cash flow from an open-pit operation at Angostura over an 11-year mine life ranging from $464.6 million (£234.6 million) with the gold price averaging $515 an ounce (against $658 today) and silver at $9 an ounce (against $13 now) to $593.6 million, with an average $545 gold price and silver still at $9. The study envisages provisional open-pit reserves of 6.8 million ounces of gold at a low grade of 1.28 grammes per tonne of ore and 31.2 million ounces of silver at 5.82 grammes per tonne. The Hatch study suggests cash costs, before capital expenditure, of $276 an ounce of gold, after taking silver credits into account, and envisages an initial capital cost of £190 million, with another £70 million over the life of the mine. AIM and Toronto-quoted Greystar, which had £121 million in the bank in April, says it has enough money to take it through to commissioning a bankable feasibility study info the Angostura project, though it might 'top up' its cash before then. Greytstar shares, which have swung between 97p in 2004 and 585.5p a year ago, were recommended by Growth Company Investor as a 'speculation' at 114.5p in October 2004 and as offering 'more growth' at 275p in August 2005. Now 385p, valuing the company at £147 million, they should outperform several sector peers. |
Posted at 11/5/2006 21:20 by gardenboy storming ahead in Canada !this is from the Stockhouse board, What can investors expect from the updated resource estimate? A material increase is likely, as there are now 12 rigs turning on the Angostura site, drilling a mix of step out and infill holes. Some holes can be both; those that are drilled at a suitable angle intersect along their trajectory both known veins and new ones. The current resource estimate for the Angostura deposit is 5.8 million ounces in the indicated category and 4.5 million ounces in the inferred. Given that this was based on around 112,000 metres of drilling, and that data from close to 40,000 metres of additional drilling will be incorporated in the new estimate, then an approximately proportional increase might not be unreasonable to anticipate. This would put the updated resource at 7.8 million ounces indicated plus 5.6 million ounces inferred, an increase that would be unlikely to displease the market. In reality, a slightly less than proportional increase is likely, for no other reason than some of the drilling that has been undertaken will increase the reliability of the resource rather than its size. Moreover though, there should be more to come, as drilling of Angostura is still ongoing and will likely be sufficient to support a further resource increase in due course. Drilling of peripheral areas may also raise the proportion of oxides in the resource, which is desirable as oxides are cheaper and easier to process than sulphides. Usefully, Greystar is confident that the average grade of deposit will increase both with the immediately upcoming resource update and the one after that, as the nature of mineralisation at Angostura is such that denser drilling tends to identify high-grade vein intersections. According to Rovig, the scoping study is being based on an operation producing 300,000-500,000 ounces per annum, processing roughly 40,000 tonnes of ore per day. This makes Angostura a sizable project and one that might one day attract the attention of a major, particularly if the resource keeps on getting bigger. |
Posted at 18/2/2006 08:28 by speed camera Nice to see a 20c pick-up in Canada to $8.40 last night. I don't think the market's absorbed the progress contained in the RNS over there just yet. Earlier this week it took a couple of days in Canada for Kirkland Lake's (KGI) good news to filter through and the shares have rocketed since. Maybe Greystar is stirring.As for UK investors, apart from an enlightened few, they haven't woken up to the benefits of a dual listing - AIM here and TSE in Canada. Volume overhere is pitiful. Investors are missing out on great opportunities. P.S. No Stamp Duty is payable on purchases on AIM for Canadian listed shares. |
Posted at 27/1/2006 21:42 by gardenboy another article,Colombia gold again luring miners 1/3/06 Toronto Globe and Mail By Paul Harris The kidnapping of a Canadian mining contractor by Colombian guerrillas was the last straw for Vancouver-based exploration junior Greystar Resources Ltd. Like many other miners, it packed up and abandoned the country in 1999, amid increasing danger and a plummeting gold price. But Greystar knew there was gold there, and with a rising gold price, Mr. Felder returned with his exploration team in 2003 to find it. Greystar now has eight drill rigs working and the company's successful return has made it something of a poster child for Colombian authorities keen to show that the country is safe for investors and ripe for investment. Since he was elected in 2002, President Alvaro Uribe has re-established government control through much of the country with hard-line military intervention. Murders and kidnappings have declined dramatically - and the miners are returning. "Colombia will be attractive for investors," Mr. Uribe told a mining industry conference in Medellin in November. "Colombia is ready to be a major mining country." Colombia is beginning to catch up with its Latin American peers. Direct foreign investment grew 34.7 per cent in 2004 to $2.4-billion (U.S.), better than Peru and Venezuela but behind the growth rates of Mexico, Chile, Brazil and Argentina, according to ECLAC, the United Nations' Economic Commission for Latin America and the Caribbean. It is "very probable that there exist large undiscovered reserves," says Archak Bedrossian, an international gold consultant and trader. Good geology is seldom enough to attract mining investment. Miners want stable business conditions and a favourable tax regime, aspects Colombia has been working to improve. A new mining code in 2001 aimed to "bring legal conditions for mining in Colombia in line with world trends ... to obtain better competitiveness as a nation with other Latin American states," says Beatrice Duque of Colombia's Ministry of Mines and Energy. Mining institutions have also been overhauled. For example, the government has created Ingeominas as an agency to regulate the industry. It unites resource administration and geological services in the same office to improve efficiency; as well, more services are being made available on-line. Mr. Uribe, the country's President, has implemented some of the most competitive taxation conditions in the world, not just Latin America. "Congress has approved a law so that we can form tax stability agreements with investors and we are working to reduce taxes," he said at the Medellin mining event. Mr. Uribe's efforts are already bearing fruit. Colombia jumped seven spots in the World Economic Forum's 2005 Global Competitiveness Report, to 57 of 117 countries, placing it above emerging mining nations, such as Russia, Mozambique, Indonesia and Mongolia. Among Latin American countries, it ranks behind Chile, Uruguay, Mexico and El Salvador . Good geology is seldom enough to attract mining investment. Miners want stable business conditions and a favourable tax regime, aspects Colombia has been working to improve. A new mining code in 2001 aimed to "bring legal conditions for mining in Colombia in line with world trends ... to obtain better competitiveness as a nation with other Latin American states," says Beatrice Duque of Colombia's Ministry of Mines and Energy. The first major producer to engage in Colombia is South Africa's AngloGold Ashanti Ltd., which has amassed a "huge land package" in Antioquia and Bolivar departments through subsidiary Sociedad Kedahda, says exploration manager Chris Lodder.But it is a Canadian junior Greystar Resources that is in the vanguard of Colombia's gold mining renaissance, as it puts the troubles of the past behind it and works toward a feasibility study for its 10-million-ounce Angostura gold property near Bucaramanga, in Santander department, having so far spent $48-million on the project. "It is always good to be in a country that has been overlooked," Mr. Felder says. |
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