To develop El Gallo and build the company without Argentina, we would have to go back to the market and look for about $150-million. I don’t think that’s going to be the case.
El Gallo is on course to start phase 2 during Q3 of this year with production commencing mid 2014.
Presently we have enough to partially fund the start of phase 2 (30 million), that leaves us 150 million required to finish off phase 2. Considering the lengh of time it takes to close off a deal of this magnitude (6 to 12 months), it is reasonable to believe there is a buyer right now! , perhaps adds reason why there is a lid on this stock allowing some to gradually pad there position.
BUENOS AIRES--Argentina's mineral-rich San Juan Province has cleared two mines owned by Barrick Gold Corp. (ABX, ABX.T) of posing a threat to Andean glaciers in a move likely to be contested by environmentalists trying to use a glacier protection law to stop several mines.
Argentina has enjoyed a mining boom in recent years thanks to high mineral prices. But grass-roots opposition to mining, soaring costs, regulatory and tax changes, and the controversial glacier law could jeopardize investment in the sector.
San Juan's findings come as good news for Barrick and other mining companies operating in the province, which have asked the Supreme Court to strike down the glacier law.
The San Juan government said the study it plans to submit to the Supreme Court didn't find "potential or actual environmental impact on glaciers or peri-glaciers in the areas" surrounding Barrick's Pascua Lama and Veladero mines.
The Veladero gold mine started operations in 2005, while the $8.5 billion Pascua Lama project, which straddles the border between Argentina and Chile, is under construction.
A Barrick spokesman declined to comment.
San Juan has joined Barrick in challenging the glacier law, saying that environmental matters fall under provincial jurisdiction.
"We are going to continue complying with the law, but always defending our rights," said San Juan Gov. Jose Luis Gioja in a statement.
The provincial government said it will next conduct a glacier survey for Canada-based McEwen Mining Inc.'s (MUX, MUX.T) $2.9 billion Los Azules copper project and the Paso Agua Negra tunnel.
The audit is a follow on to the work done by the province in the second half of 2012. Mux has already done glacier work the last 3 years and has only shown 2 small glaciers close to the project and both will NOT be impacted with present resource projection.