FNT 0.00% 1.2¢ frontier resources limited

lets see if the sellers can hold their nerve today and let the...

  1. 2,157 Posts.
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    lets see if the sellers can hold their nerve today and let the buyers meet the market instead of dumping for a quick sale. This is going to climb considerable over the next few months so hold or sell high. A bit of background for those who are interested. Tolukuma is a 45min chopper ride from Port Morseby. Beautiful ride by the way. The Tolukuma mine is currently under revamp and has been for quite a while but is in the right place for a deal on recovery of gold from what is now our lease. There are currently plans to build a 11.2km road from the Tolukuma mine to the nearest public road which will provide access for all trucks and equipment. This is currently been delayed but the contractor has been appointed. the tolukuma mine is both Underground and open-pit. Open-pit production began in 1995 and underground mining in mid-1997. The mine is a low capacity, high-grade operation and employs 630 people, including 130 contractors. Average annual gold production (2003-2008) was 63,949 ounces (1,812,934 grams or @$123M AUD). Silver was also produced. The government sold the Tolukuma gold mine to a Singapore company, Asidokona, in 2015, for a reported price of K81.35 million. This has been a dodgy deal and the full sum has never been paid. The mine is currently reported as being in liquidation which means it may actually be up for grabs along with the processing plant. (Happy days). (https://ramumine.wordpress.com/2018/02/19/state-nets-next-to-nothing-from-tolukuma-mine-sale/)
    There appears to much more gold in the mine but the current owners were looking at a quick rollover to make some instant cash but the deal fell through. they have been upgrading the mining facilities and plant but no start up date has been listed and you may sell it all up for grabs at some point IMO. Either way we have all the surrounding gold so if the mine wants to continue it will eventually need what we have.



    IMHO

    DYOR

    GD
 
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