The only thing I noticed worth mentioning is that they are writing down their investment in the mining assets of $53.2M to $47.6M or a reduction of $5.6M. It appears they are amortizing the investment by $2.8 M per qtr.
It is typical for mining assets to move up and down in value on the balance sheet on the basis of PM prices. I would guess that the value will move up in the next report with the recent rise in POG.
Dos Marias now appears in the latest Hochschild corporate presentation under greenfield exploration:
see Slide 18. No information given but placed on the map
The project also appeared in at least a couple of places late last year in Spanish press:
I haven’t really checked in for a while paying attention to other things.
I find most interesting the fact that Caren did not even receive mention in July and activity at Fortuna has taken more of a position out front. It has been a long time since any real progress on the Caren has been reported. The chimney issue has been the only thing really mentioned for almost 2 years now.
Perhaps this turned into a more expensive item? Perhaps it turned out to be more complicated in terms of permitting than expected? It seems to me that a calculation must have been made that it may be easier to get some early quick gold revenue from Fortuna than the Caren. Since there is so little information though there isn’t much to do but wait. The POG will help this move forward though IMO.
That is exactly what I would expect, but they specifically stated they are amortizing it at a rate of 2.8m per quarter. I assume that is ongoing.
During January 2018 Cerro Dorado, Inc entered into an asset purchase agreement
with this Chile based mining company to acquire mining concessions in exchange for
6,650,000,000 (six billion, six hundred fifty million) shares of common stock of Cerro
Dorado, Inc. and the return of its 5,000,000 shares of the Chile based mining company.
Amortization expense for the six months June 30, 2019 and 2018 was $2,800,000 and
As of June 30, 2019 and 2018 the mining concessions are reported at $47,600,000
and $53,200,000, respectively
BTW it is good to hear from you, it seems like a long time!