Rusoro Mining / RML (CVE)

Viel Spaß noch mit dem ungebetenen Gast, der mit der Rakete noch
mitfliegen will.

[Blockierte Grafik: http://zelos.zeit.de/bilder/2007/09/aktuell/teaser_artikel/chavez-oel-410.jpg]

@ Silberstation

Ahh, ein weiterer Casey-Subcriber. Kannst die Quelle ruhig nennen ;).

Habe auch Rusoro im Depot. Über Venezuela-Risiken muß man sich bei RML nicht so viele Gedanken machen (ein paar auf jeden Fall), denn RML hat eine russische Versicherung: Chairman Vladimir Agapov. Er verfügt über politische Unterstützung von Putin und steht in guter Verbindung zu Venezuelas Oberhaupt Chavez.

Grüße

Das russoro so wenige intressiert ? Ok der chart ist übel aber auch nur der.

Das klingt doch schon hammer:

CR: How many ounces do you have now after the purchase of Goldfields?

AA: Approximately 14 million ounces. The idea is to take it close to 20 million by the end of 2008 in all categories. Then, to be a producer in 2009 of at least 200,000 ounces per year, and 400,000 per year by 2010.

Cash kosten sollten unter 300$ bleiben, ab 2010 sollten bei den jetzigen gold preisen 240mio$ jahr hängen bleiben.
300 000meter bohrungen alleine 2008.

casey interview mit agapov

Casey Research: Casey Research interview with Rusoro Mining CEO Andre Agapov

AN INTERVIEW WITH ANDRE AGAPOV

Of all the mining jurisdictions in the world, one of the most prospective and yet also most troubled politically is Venezuela. Here at Casey Research, we get a lot of questions about Venezuela and the resource companies working there. So we decided to interview Andre Agapov, CEO of Rusoro Mining (V.RML), a Canadian junior with a Russian pedigree developing significant gold resources in that country. Here is Andre’s take on the latest developments, which are focused on his company, but which he believes are equally bullish for all mining companies working in Venezuela.

CR: Priviet, Andre.

AA: Priviet!

CR: We understand you have some news from Venezuela. Tell us about it.

AA: Well, every six months there is a Russian/Venezuelan High Commission, which is basically a business forum. The last one was held in Russia and this recent one was held in Venezuela, between October 24 and 26. It’s the aim of the Russian government to diversify into different sectors, and of course the closest attention is paid to the companies who already operate in Venezuela. Currently, the only company from Russia- actually the first company–is us, Rusoro, a private company until November 2006.

So, the Chavez administration–the minister of mining, the minister of environment, the vice president and president himself–are very well aware of our existence and have actually been helping us from day one. Russian Vice Prime Minister Zhukov–one of the very important ones–was hosting the forum this year, his third year of doing so. He had an official meeting with Jose S. Khan, Venezuelan minister of basic industry and mining, on the morning of the 26th. We were one of three companies that attended that meeting. Zhukov said that the Russian government, on all levels, has been keeping a close watch on the developments of Russian companies in Venezuela, us being the first one since we’re already on the ground. He said the Russian government supports us and that they expect the same from Venezuela–

CR: You’re keeping us in suspense.

AA: Well, Zhukov said he knows Venezuela will give total support to all our projects and Minister Khan confirmed everything Zhukov said, including that he knows us very well. And then Khan basically gave assurances that we will be treated fairly.

CR: Those were his words?

AA: His exact words were that we would receive all necessary support from his ministry. That meeting was also attended by a Russian ambassador, who really supports us. He is so proactive and helps all the Russian companies in Venezuela.
We are very grateful.

That was on the 26th. Then on Monday, the 29th, we met with Minister Khan again. The meeting was also attended by his vice minister and other top management in the Ministry of Mining, and we specifically discussed the transaction of Rusoro and Goldfields and how the transaction took place. And then Minister Khan said that Rusoro will replace Goldfields as the new partner of the Venezuelan government, with respect to concessions Choco 4 and 10, where the mine and plant are located. It will be a partnership, with Rusoro getting 95% and Minerven, a subsidiary of the mining operations, getting 5%. So, they’re welcoming us as their Russian partners in this particular operation.

CR: Congratulations. So the state is basically locked into 5% and that’s it.

AA: That’s correct, for Choco concessions 4 and 10.

CR: That’s a very big step forward.

AA: That’s right, and I’m not afraid of making that statement. The words of their Ministry of Mining speak for themselves. They are very proactive and pro-business, and we’re glad to state that.

CR: Your ties to the country helped.

AA: This is definitely a tie–we’re business partners with the government on this particular project, where the open-pit mine and plant are located.

CR: So it appears the level of political risk in Venezuela is significantly reduced.

AA: Absolutely. President Chavez knows personally of our mining activities.

We’ve been there over five years. He knows my father, who was part of an earlier delegation, and we feel supported and very secure in Venezuela.

CR: Do future projects have the same deal?

AA: No, Choco 4 and 10 are the only ones subject to the 95/5 split. There are other concessions that were owned by Goldfields and they’re all 100% owned by Rusoro now. So, we’re looking forward to developing those properties and others and increasing production, which will speak for itself in 2008. Everything Goldfields couldn’t do in terms of permitting and mining activities will be done by us, which will increase production. The government gets their 5%, so the more we produce, the more they benefit. We also have a lot of social obligations to the community that we’ll take care of.

CR: What does this mean for other mining companies operating in Venezuela?

AA: Everyone will be on the same terms. If you comply with the law, pay your mining title and taxes and do what your feasibility study says, there’s a bright future for all other mining companies, regardless of the mineral.

CR: Do you really think investor’s can assume the political environment in Venezuela is safer now as a result of this?

AA: Yes, there’s definitely upside for investors.

CR: When investors hear Chavez’ name, it still makes them nervous.

AA: The message to get across is that we’re a 95% shareholder, and the government holds 5%. It’s clear to us they mean business and that they support our company.

CR: What’s the next big news coming out for Rusoro?

AA: We have a 43-101 due at the end of November, which will be on all the Goldfields projects. And we’ll continue with other exploration projects, as well as upgrading the Emilia plant to increase milling capacity. That will take some time, but the goal is to produce 130,000 ounces with the existing mill at the Choco project in 2008.

CR: How many ounces do you have now after the purchase of Goldfields?

AA: Approximately 14 million ounces. The idea is to take it close to 20 million by the end of 2008 in all categories. Then, to be a producer in 2009 of at least 200,000 ounces per year, and 400,000 per year by 2010.

CR: Thanks for your time, Andre, and best wishes.

AA: Thank you very much.

Casey Research: Casey Research interview with Rusoro Mining CEO Andre Agapov

Rusoro kaufte ich gestern nach,die aktie ist nicht schlecht.
PM Aktien in Venezuela und Bolivia sind immer noch preiswert.

XEX

Zitat

Das russoro so wenige intressiert ?

[Blockierte Grafik: http://www.latinamericanstudies.org/venezuela/chavez-parrot.jpg]

Parrot schon mal da, Augenklappe und Holzbein fehlt noch.

Rusoro wird heute nochmal nachgekauft. Die Produktion läuf auf voller Kapazität und wichtige Genehmigungen wurden erteilt. Für 2008 ist ein 100.000m Drilling geplant!Link

Grüße

siehe da, es gibt schon einen RML-Thread! Da leg ich dich direkt was rein. Grüße

August 30, 2008 at 14:20:01

Why I'm NOT taking up an offer of a job to clean the lavatories at Gold Reserve's Spokane HQ...

When I first became embroiled in
reporting Venezuela's mining industry in 1996, I already understood
that there was a plethora of shady individuals involved in an
accumulation of political and economic corruption and political favors
given over more than a half century of pseudo-democratic misrule since
the fall of the the Marcos Perez Jimenez dictatorship in January 1958.

Certainly, there was more than an urgent need for President Hugo Chavez
Frias to deal firmly with the worst excesses in the area of mining for
gold and precious stones as soon as he became President in February
1999 ... but it is now more than nine long years since then and the
surface has only just been scratched!
The
complete nationalization of Venezuela's industrial and financial sector
and its mineral and natural resources took place way back in 1976 under
the quasi-dictatorship of corrupt President Carlos Andres Perez (CAP),
though his patriotic (?) allegiances appear more to have been to
Washington D.C. rather than Caracas. After his impeachment in May
1993 and imprisonment for two years in 1994 on $250 million corruption
charges, he is now 'suffering' in financially richer retirement in
Florida with luxury pads close to Central Park, New York, and in the
Dominican Republic ... who says crime doesn't pay?
Corrupt
presidential mandates since CAP's Supreme Court demise have sought to
profit from a pseudo-privatization of key industries ... mostly oil ...
but the massive gold fields in the Guayana region of southeastern
Venezuela were largely abandoned or fought-over through the Venezuelan
courts, or hauled off to international arbitration procedures that
serve mostly to keep a legion of lawyers on the lucrative food-chain
for the longest possible delays.

My rather ruder introduction, some 11 or so years ago, to
USA-Washington State Spokane-based Gold Reserve (GRZ) came out of the
blue when for the first time (but not for the last) I questioned the veracity of a Press Release issued by the Vancouver Stock Exchange listedGold Reserve.
The gold seeker's Press Release concerned their "claim" of a concession
at Las Brisas del Cuyuni bordering on the then-disputed Placer Dome
(PDG) "concession" at Las Cristinas 4, 5, 6 and 7.

Enduring a 40-minute international telephone diatribe of obscenities
from a "GRZ spokesperson" I was told that a journalist has NO right to
question the veracity of Gold Reserve's PR. ???
Quite frankly, the overall tone of the "conversation" only served to
heighten my instinctive misgivings of Gold Reserve's then
"representations" and, as the years piled by, the opinion was further
enforced by what I can only opine as deliberately misleading statements
by GRZ president A. Douglas Belanger and CEO Rockne J. Timm. Sufficient
to say that any GRZ news was treated with the usual suspicions and
mostly at the end of a very long barge pole.

NOW, of course, we are treated to the "news" that the Agapov Group's
Rusoro Mining is alleged by Bellanger to have offered about US$90
million for Gold Reserve's alleged "rights" at the 10 million ounce Las
Brisas gold project. Belleanger claims to have been trying to put an
operation "into production for more than 15 years!"

THAT comes on the heels of a previous and unsupported
claim that Gold Reserve had been in talks with Venezuela's Ministry of
Basic Industries & Mines (Mibam) on a combined Las Brisas and Las
Cristinas joint venture. Quite frankly, one is left in moderate
disbelief as ill-informed but usually savvy North American day traders
squabble over what to believe and how to profit best from market
movements a few cents one way or the other.

Reportedly, Gold Reserve's stock is 71% down this year after
Venezuela's Environment Ministry (MinAmb) rescinded a permit at Las
Brisas in May this year. THENcomes the 'out of the blue' news (like the 'news' of the Las Brisas/Las Cristinas joint venture) that the Russians have outlined "a potential takeover offer" which Belanger alleges to be "worth about $90 million."

In a press release, yesterday, Belanger emphatically states that "Gold Reserve is not for
sale" ... which is rather amusing, and quite rich, coming from a North
American executive who has been running around for at least the past
couple of years with a giant billboard pinned to the back of his jacket
proclaiming that it's a "sell" if the exorbitant price is right!

At this stage Rusoro president George Salamis has quite rightly
declined to comment... And a best bet is that there are no prizes for
guessing why!
Like
so many other points in time during the Belanger/Timm combo's luckless
careers in the jungles of Venezuela, it looks like the PR fest is about
to run out of steam. Without much prospect of EVER getting Las Brisas
off the starting block and with Venezuela's gold (and let's NOT forget the copper!) mining sector finally coming under government regulation for, and on behalf of, the true owners of Las Brisas del Cuyuni (i.e. the Venezuelan people!)
it's a sure bet that, sooner or later, the stock exchange punters
across North America and Europe will wake up to the fact that Gold
Reserve (GRZ) doesn't OWN a centimeter of dirt on the land where it's
outdated and untenable "concession" lies.

Since they're NOT (apparently)
prepared to go into a joint venture with the Venezuelan government; and
since they're NOT prepared to take Rusoro's allegedly proffered $90
million (what for?) and scurry away, what's left?

Which
is why I'm NOT taking them up on their emailed offer, some months back,
of a job at their Spokane HQ, cleaning up the mess they've created all
by themselves...

Ja, die relative Stärke im Vergleich zu den anderen Aktien ist mir auch auf gefallen. Auf dem Niveau natürlich wurde es auch Zeit Rusoro betont immer so die Nähe zur venez. Regierung. Die Freundschaft gibt´s bestimmt nicht umsonst. http://www.rusoro.com/s/News_Releases.asp?ReportID=318117

Grüße

Rusoro President, George Salamis stated,
"The Company is very pleased mit der Wurst von Hugo.

drecksglitsche..elendiges pack...sollen alleine pleite gehn und nicht noch versuchen grz aktionäre auszurauben..

rml=kry

hier eine höchstinteressante einschätzung zu rusoro aus einem anderen forum, die zugleich HECLA und GOLD FIELDS in sehr schlechtem licht erscheinen lässt.

NOTE: James Winston has been covering Rusoro Mining (RML-TSX) since it went public in 2006. Since then they have completed 3 acquisitions, and just announced their intention to complete a fourth, by taking over Gold Reserve (GRZ-TSX). James gives us his perspective on Rusoro’s latest consolidation play, and helps clarify the options for shareholders and interested investors alike.

Rusoro Mining (RML, TSXV) – Trading for pennies, this producing gold company is building a dynasty in one of the richest untapped gold districts in the world.
A year ago I proclaimed that Rusoro Mining was my top pick. This unhedged gold producer was forecasting to triple production by 2013 and with lots of cash in the bank, acquisitions looked like a real possibility which would only enhance the organic growth and the solid fundamentals the company possessed.

And boy was I right – more than I could possibly dream of! Rusoro seems destined to become one of the major market winners that will emerge from this market meltdown.

They have shown they can unlock the value in the ground for mining operations where others could not. Rusoro bought Choco 10 mine from Gold Fields and cranked up the production. They bought two mines from Hecla and are rationalizing them.

The management team of Gold Reserve has been plagued with delays at its multi-million ounce Brisas deposit, this after spending more than 15 years and over $230 million trying to advance the project. They have gone so far as to start selling some of the mining equipment to be used at the mine in order to raise cash, presumably for other purposes!

If this bid is successful, Rusoro will have almost 30 million ounces of gold in the ground, almost $100 million cash and production of over 100,000 ounces with a projected target of 300,000 to 500,000 within five years.

Andre Agapov, Chief Executive Officer of Rusoro flatly stated that they could “unlock the permitting deadlock that has plagued the timely development of the Brisas Project.”

To be blunt, Gold Reserve has basically nothing but a chunk of land in Venezuela, without mining permits, that will likely never produce, and an after debt cash position of $2 million.

The option facing their shareholders is, do I take a 30% stake in Venezuela’s biggest gold producer that is growing reserves and production like crazy or do I hope Gold Reserve management can resolve their permitting issues? If they think the later, their destined for failure.

History of Acquisitions

A year ago, Rusoro Mining purchased 100% of Gold Fields International's (GFI)Venezuelan assets featuring the producing Choco 10 mine for $516 million in cash and stock. GFI is now Rusoro's largest shareholder with a 38% stake. Rusoro only paid about $70 per ounce for GFI's gold assets. Just two years ago, GFI, the giant South African gold miner, paid $130 an ounce for the mine. Rusoro has purchased these assets at a deep discount with fantastic – and fast growing cash flow.

That seems like a sweet deal for Rusoro but why would GFI make such an offer? In Venezuela it’s all about relationships with President Hugo Chevez and his government. It’s something other foreign mining companies don’t have and a result, are being stalemated in developing their gold assets.

Rusoro's Chairman and controlling shareholder is a Russian entrepreneur, Vladimir Agapov, who has forged strong relationships in the country. And in a broader sense, Russia and Venezuela have very tight ties economically and politically.

But for us investors it means that Rusoro can get permits passed and bureaucratic problems are quickly solved. This is something GFI experienced and they very publically stated that Rusoro was better positioned to unlock the value of their Venezuelan assets, and took a back seat with a large share block – a win-win-win – for Rusoro, GFI, and us the shareholders.

This acquisition has given Rusoro 25,000 hectares of prime exploration ground in the prolific Bolivar State Gold Belt of Venezuela – which is comparable to other districts that have produced tens of millions of ounces, including Ashanti in West Africa and Kirkland Lake in Canada.

Bolivar State is also home to the 20 million ounce Las Cristinas deposit as is the 14 million ounce Brisas gold deposit. I can see the writing on the wall…

This past summer the relationship solidified between Rusoro Mining and the Venezuelan government when Rusoro was named as a ''partner of choice'' for gold mining opportunities.

This news came on the heels of an announcement that Rusoro received the government's approval to complete the US$25 million acquisition of Hecla Mining Co.'s Venezuelan assets. This deal saw Rusoro pay $20 million in cash and 4.3 million shares, then worth $5 million to acquire Hecla’s assets.

Hecla Mining was having some operational issues in Venezuela and after a three month shutdown Hecla decided a partnership scenario with Rusoro would be the best win-win option.

This time though, Rusoro and the Venezuelan Ministry of Mines with Basic Industries formed a 50/50 partnership involving Empresa de Produccion Social Minera Nacional C.A., a ministry subsidiary. The key assets in this deal are the Block B Isidora mining leases and the Camorra mill.

Rusoro reported on December 1st that after their first full month of operation, the Isidora mine produced 4,722 ounces at an estimated cash cost of $247 which were processed at the Choco 10 plant. “Gold production levels are being ramped up considerably up from the levels achieved in September, with a steady-state production level of 6000 to 7000 ounces per month established as a target.”

Obviously huge potential was unlocked from a formerly stalled operation where Hecla management did not have the connections in-country to get the job done.

But that still leaves two major targets…

Could Rusoro Unlock the Value for Gold Reserve and Crystallex??

Two of Venezuela’s top gold projects are currently stalled due to permitting issues. The Brisas project owned by Gold Reserve and next door Crystallex’s Las Cristinas project have huge potential.

The benefit for Rusoro shareholders is huge. Over 10 million additional gold reserves.

For Gold Reserve shareholders they get the benefit of:

• Immediate Production of over 100,000 gold ounces in 2008 plus organic growth.
• Organic production Growth from existing proven and probable reserves.
• World Class Reserve and Resource Base of 12.2 million ounces of proven and probable gold reserves. Measured and indicated resources, inclusive of reserves, would total 18.9 million ounces of gold. The combined company would also have additional resources of 9.3 million inferred gold ounces. In addition, the Brisas Project contributes 1.4 billion pounds of copper in proven and probable reserves.

Conclusion

Both Hecla Mining and Gold Fields saw the writing on the wall and opted for a partnership arrangement whereby they could still reap the rewards of their gold assets by allowing Rusoro to manage their projects.

Gold Reserve shareholders must now decide if they want 100% of nothing or 30% of Venezuela’s biggest producing and fastest growing gold company. Rusoro has proven they can quickly get permits and solve logistical problems where other well seasoned mining companies could not.

There are very few undeveloped large-scale gold deposits as you’ll find in Bolivar State in Venezuela. Venezuela's goldfields are where South Africa's were 125 years ago – just getting started. Rusoro is the recognized consolidator for major gold mines. Gold Reserve’s management might stay in denial about their ability to move Brisas forward but I think Gold Reserve’s investors will see the opportunity and Rusoro will eventually bring the Brisas into production.

As I’ve been stating for months, the only way private investors can profit from the vast gold wealth in Venezuela is by investing in Rusoro Mining.

ENDS