Orofino Gold Corp. (PINK:ORFG) engages in acquisition, exploration, and development of gold properties in Mexico and Colombia. The company has an option to acquire properties in the Sur de Bolivar Department of Colombia South America. Orofino Gold Corp. was formerly known as SNT Cleaning, Inc. and changed its name to Orofino Gold Corp. in December 2009. The company was founded in 2005 and is based in Central, Hong Kong.
Orofino Gold Corp. has several gold properties & projects in Colombia, a current hot spot of gold production in the world markets. Geologically it looks the same and local informed geologists say its model is bigger, broader widths and longer strike.
With the frequent occurrence of the very high grade gold vein systems in the central area of its Senderos de Oro project, and with several small-scale grinding and amalgamation mills in-place, Orofino is planning to design a new central processing and recovery facility that is modular in design (each additional module added creates 10,000 ounces of annual production) and will be capable of processing enough high-grade material to produce up to 120,000 ounces of gold annually.
Ownership of gold and silver – along with quality precious metals mining shares – is becoming one of the hottest investments on the planet.
Randgold Resources (Nasdaq:GOLD) reported recently that commissioning of the plant at its new Tongon mine in C�te d�Ivoire was under way ahead of schedule. Because of the expected earlier start-up, Tongon�s production guidance for this year had been increased by approximately 10%. The company said it is targeting to bring the start of construction at the giant Kibali project in the Democratic Republic of Congo forward by six months to the middle of 2011 in the light of the rapid progress it had made in the pre-development phase.
While production for the quarter was down 17%, the profit of US$36.4 million was boosted by a higher gold price, a gain of US$6.3 million on the sale of part of the company�s stake in Volta Resources and by the write-back of a US$13 million provision in respect of an investment in Auction Rate Securities following the settlement of this issue.
Production and hence the cost profile for the quarter were impacted by issues at Randgold�s flagship Loulo operation in Mali, which suffered from extensive power black-outs during the period. Loulo is also still settling down its plant expansion project and dealing with the Yalea underground development. Production and cost levels are expected to be back on target by the fourth quarter.
Newmont Mining Corporation (NYSE: NEM) recently released information correcting a number of inaccurate claims by PT Pukuafu Indah (“PTPI”), an Indonesian shareholder in PT Newmont Nusa Tenggara (“PTNNT”). PTNNT owns and operates the Batu Hijau gold and copper mine on the island of Sumbawa.
Recently, PTPI issued public statements claiming the right to acquire previously divested shares in PTNNT. Newmont’s and Sumitomo Corporation’s subsidiaries divested these shares to another Indonesian company as required under PTNNT’s Contract of Work with the Indonesian Government and in accordance with a 2009 ruling of an international arbitration panel.
“PTPI has long wished to have a right to acquire the divestiture shares,” said Blake Rhodes, Vice President & Deputy General Counsel. “The Indonesian Government, however, has an explicit right of first refusal under the Contract of Work. PTPI’s claims are contrary to the Government’s priority rights.” The Contract of Work expressly provides that PTNNT “…shall ensure that its shares owned by the Foreign Investor(s) are offered either for sale or issue firstly, to the Government….”
At all times relevant to fulfilling the divestiture obligations, PTPI did not, and presently does not, have any right of first refusal to acquire the divestiture shares. Furthermore, in fulfilling its divestiture requirements, Newmont did not breach any obligations to PTPI. Certain of PTPI’s public assertions – including that PTPI paid Newmont for some or all of the divestiture shares – are patently false as Newmont did not receive any such payments. If it had, the Company would have been required to disclose the payments.
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