Minera Share Discussion Threads

[pottermagic2310] 29/8/2017 12:38

When I looked at the latest Exploration stats, took into account the existing Debt pile (to/via COFIDE) and an initial proposal to reduce Capex to around just $30m, I concluded the Mine would be living 'hand-to-mouth', producing just enough to keep paying the Bills (CAPEX pay-back, continuous Ops and COFIDE Debt) for quite a few years initially.
That told me, based on those numbers, there was no Profitability and no return on Investment for PIs and many other existing Shareholders for a number of years until a tipping point could be reached.
This then felt a lot like the Courihami situation, which has now operated at a Loss for several years.

[andy] 29/8/2017 09:21

Dave,

Yes, certainly positive, and the lower capex looks far more realistic.


They still have the $70 million Goldman Sachs loan (via COFIDE) to repay of course, this article only mentions mine capex.


But certainly a step in the right direction for sure.


I don't see how they can even try and list in London until the COFIDE $70 million dispute is resolved.

[investment dave] 29/8/2017 09:16

reads well doesn't it Andy? Either way pretty useless until listed on AIM again.

[investment dave] 29/8/2017 09:15

It sees a light at the end of the tunnel for Ollachea. The gold producer hopes to put the mining project into production before 2020, despite the financial difficulties stemming from Cofide's decision not to continue financing its development
Gerardo Pérez, chairman of the board of Minera IRL, explains the reason for this expectation, following the start of the arbitration filed against the state entity in the Chamber of Commerce of Lima (CCL).
We believe that this court is the right place, not only to wait for a resolution of the arbitrators, but to foster dialogue with Cofide, "Perez says.
Most importantly, it has been redesigning the project on a smaller scale in order to reduce its cost of capital and increase its attractiveness to investors. "The optimization is almost complete and will reduce the capex by 50%, from US $ 165 million to about US $ 80 million," notes Pérez

[andy] 29/8/2017 09:13

Sergio,

Te llamas Sergio y no puedes entenderlo?

OK

Cutting to the chase, COFIDE say it was not appropriate for them to finance the mine, beyond their remit.

Minera are looking to commence production before 2020.

Minera have reduced the Ollachea capex required by 50% to $80 million by reducing the mine throughput to 1,500 tons per day instead of the original 3,000 TPD. It will be scalable, so it can be increased to 3,000 TPD eventually.

This would reduce construction time from 18 to 7 months.

Perez says all the permits are in place to commence mining, and they are in discussions with two potential investment funds.

[sergiosifuentes] 29/8/2017 05:01

News (translation needed)

[investment dave] 23/8/2017 19:23

Bid building up on CSE. Any good news re arbitration and this could fly

[pottermagic2310] 17/8/2017 22:22

hxxp://thecse.com/sites/default/files/investorx/MIRL/1708150610053758.pdf

So it's costing 9.4m to get 8.2m of Product to Market.
In addition, the accrued Debt pile is attracting significant Interest of about 2m per Quarter.

No actual resolution the the COFIDE issue... see increasing Debt pile above.

The revised Plans for Ollochea continue to be revised.

Generally speaking, looking back over the past 3-4 years, the distant promise & prospects promoted in relation to Ollochea have effectively funded the long-standing Corihuarmi Mine at a continuing Loss, whilst also directing Company Funds into the development of the local Communities.

Glad I got out with a little Profit when I did... Somebody's making plenty of money out of this and it isn't the far-flung Investors from distant Shores.

[andy] 17/8/2017 17:49

So cash loss of $1.5 million in Q2 2017, and cash in hand of $4.2 million end of Q2.

If that continues it will be getting tight by the end of the year.

[andy] 17/8/2017 17:46

Here's the link:

[kirk 6] 17/8/2017 14:13

Can anyone post a link to that article

[minera] 17/8/2017 13:49

Pottermagic2310.
Do you know What the Article is about or stating?

[pottermagic2310] 17/8/2017 13:17

So somebody has released some sort of Statement/Report to a German entity and yet it hasn't been published via the CSE or BVM nor on the official Company Website ??

Is it actually nothing more than an out-of-date collation of choice, pre-existing information, giving the impression it's new News ?

[investment dave] 16/8/2017 17:21

"Our Corihuarmi Gold Mine continues to exceed expectations, gold production has increased by 17% and the annual production is now estimated to reach 24,000 ounces compared to a budget of 22,000 ounces at the beginning of the year. The Company has extended the life of mine through mid-2020 and is currently updating Corihuarmi's technical report NI43-101 which is expected to be completed during the next quarter.In addition, the mine renewed a $1.5 million lease agreement on 10 trucks and expected to renew the lease on the remaining 5 trucks during the next quarter.During the second quarter of 2017 with assistance from Mining Plus and Ernst & Young, the Company has made significant efforts to optimize its mining plan and financial model reducing CAPEX and increasing the cut-off grade of our flagship Ollachea Project. We believe that this optimization exercise enhances the attractiveness of the project to potential investors and will facilitate the funding of the project.The Company plans to upgrade the Minapampa Far East exploration target into its resource estimate and mine plan once additional funds are available to complete an in-fill drill campaign. The drill hole results, announced in February 2017, have been used to outline an exploration target in the Minapampa Far East mineralized zone of 370,000 to 550,000 ounces of gold contained within 3.1 to 4.6 million tonnes, grading 2.9 to 4.3 g/t gold.

[investment dave] 16/8/2017 16:53

Just did quick search what does his mean?

[investment dave] 16/8/2017 16:45

What do you mean??

[minera] 16/8/2017 12:58

Good 2nd Qtr results gold sales up Administrative expenses down.
Gold rising and Coriharmi extended until mid 2020.
Hopefully finance can be raised Capex reduced for Ollachea and Cofide repaid and Minera can move on towards production.

[andy] 12/8/2017 10:11

It went up 50% on 7000 shares traded!

Total farce.

Now back down again!

2017-08-11 C MIRL 0.09 0.09 0.085 0.09 -0.045 63,000 4 0.085 0.14 63,000
2017-08-10 C MIRL 0.09 0.135 0.09 0.135 0.035 7,000 2 0.09 0.135 7,000
2017-08-09 C MIRL 0.10 0.085 0.14

[andy] 11/8/2017 17:51

potter,

I agree, I cannot possibly see an AIM listing anytime soon, and certainly not whilst COFIDE are trying to take the property.

[pottermagic2310] 11/8/2017 17:40

Are you quite sure they can re-list on AIM anytime soon considering the legal dilemna and serious indebtedness the Business faces ?
Consider why they had to delist in the first place.
Consider the reasons why a Business may be forced by AIM to delist ?
How does that fit with MIRL's current situation as a viable Business ?

[investment dave] 11/8/2017 13:55

agreed but not much on the offer either! They said Q3 to relist on AIM????? How much longer now? I reckon they will also try and raise funds on the London market.

[andy] 10/8/2017 14:51

dave,

There's only 20,000 on the bid at 9 cents!

[investment dave] 10/8/2017 11:28

yes its moved up to 0.14 offered but extremely thin volume. We should be hearing something soon here

[tevita] 07/8/2017 17:48

FALSE ACCUSATIONS and LIES your SPECIALITY