4 September 2015

Rusoro looks at London

03/09/2009 Robert Tyerman

Hugo Chavez, a friend of potential AIM entrant Rusoro Mining. Picture: Agencia Brasil

Hugo Chavez, a friend of potential AIM entrant Rusoro Mining. Picture: Agencia Brasil

Andre Agapov, boss of Canada-quoted Rusoro Mining, is thinking of dangling its Venezuelan gold prospects before London investors.

Rusoro, now listed at the equivalent of 22.5p on the junior Toronto Venture Exchange, claims potential resources of 17 million ounces of gold in the oil-rich South American republic’s El Callao, El Dorado and Cuyuni districts, with two million oz at 3.5 grammes of gold per tonne of ore in the proven and probable category. The company’s Choco project, sold to it by major South African mining group Goldfields in exchange for a 26.4 per cent stake, is set to show it has exceeded target production of 170,000 oz for this year at a cash cost, before capital and financing expenses, now down to $322 an ounce, against today’s market price of nearly $965.

Agapov, whose father Vladimir is chairman and major shareholder in Rusoro and on friendly terms with Venezuela’s controversial president Hugo Chavez, says the company aims to produce 500,000 oz of gold a year from Choco alone by 2012, but will need £125 million to progress its projects. He and Rusoro’s president George Salamis point out it has £34 million cash and £50 million convertible debt in place, some of it from Russian gold miner Peter Hambro Mining, and hint the company could seek access to the new Russo-Venezuelan development bank – but indicate they are also thinking of a London listing to test the UK equity market.

The entrepreneurial Andre Agapov, who says his own earlier dispute with the Thai government over the Bangkok Bank of Commerce was satisfactorily resolved, argues the Chavez regime is not as hostile to foreign mining companies as many, especially in the USA, believe. He acknowledges a long-running dispute over the future ownership of Venezuela’s Las Cristinas gold mine has done little to reassure overseas investors, but insists Rusoro has always been able to secure acceptable terms.

Tags: AIM, Fundraisings, New Issues

Cash Shells 2015

Published in September 2015 this annual research report provides a comprehensive overview of cash shells on the Main Market, AIM and PLUS landscape. You can purchase the directory at the pre-order price with a 15% saving (+VAT). Offer valid until 15th September 2015. Order your copy today

 

Superb investment toolkit for private investors

SharePad is the new web-based service from ShareScope. Easier to use and more powerful. Perfect for tablets, Macs and Windows PC. Covers ALL your investment requirements.

Growth Company Investor: free trial

Since 2008, our share tips outperformed the benchmark by 281%. Take a free trial and get access to our recommendations today. Start free trial now.

Directors' Pay on AIM 2015

The most comprehensive review of AIM directors' pay available, and this year includes a record sample of 1000+ AIM-quoted companies. The full report is available to order for £385 + VAT. Click here for more info

 

Latest small-cap and growth company news

Daily coverage of small-cap company stocks on London's junior markets AIM and PLUS, breaking news, stock research and latest share price information for investors. Full sector coverage with all the latest news on smaller listed companies, updated several times a day with financial reports, trading statements and links to further web resources.

Popular News

Latest News

Casino gaming has been changed by new technology

Technology is changing the face of the casino  18/08/2015

Technological innovations have seriously helped reshape the way in which we interact with the world and the people around us. And the smartphone has become a one-stop device for communication, travel, online browsing, taking photos, watching videos and even high-definition gaming.

Nominations open for the Grant Thornton Quoted Company Awards 2016 18/08/2015

Nominations are now open for all categories in the Quoted Company Awards, to be held on 27 January at the Natural History Museum in London. 

Empiric Student Property makes £8.1 million investment  17/08/2015

Empiric Student Property has confirmed to the market an investment of £8.1 million in a complex of 132 purpose-built student apartments in Falmouth, Cornwall. 

Satellite Solutions Worldwide makes French acquisition  17/08/2015

AIM-listed Satellite Solutions Worldwide has announced the purchase out of administration of French broadband provider Sat2Way. 

Venn Life Sciences shares gain ground in wake of positive trading update  13/08/2015

Shares in clinical research organisation Venn Life Sciences are up around 5 per cent at the time of writing following the company's positive trading update ahead of its results announcement for the first half of the year on 22 September.

VPC Specialty Lending declares maiden dividend  13/08/2015

A dividend of 0.9p per share will be paid by VPC Specialty Lending for the period from its incorporation to 30 June 2015.

More News