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Message: Some thoughts on projections from the Conference Call

The Gold forward loan is based on 12% of estimated production and 3% of reserves. There are no fees or commisions with our gold loan. The schedule of reimbursement is as follows:

Year Gold payment

2010 5700

2011 8000

2012 13000

2013 17000

2014 17000

So this would be taken off our production numbers. So for 2011, our target production is 113k ounces and off this we will pay 8000 ounces leaving us with 105k net ounces for earnings.

The other very important aspect is:

The company has also been provided a margin-free gold trading line for up to 180,000 ounces of gold and a currency trading line

So we have a line of credit worth 180M dollars that is available to the company. This is very significant IMO and can be used strategically of M&A without fear of dilution. These guys know what they are doing and the market will see that soon!

glorieux

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