Good audio presentation: stragegy of Beaty + history of Taca Taca…
The following should be noted:
- General malaise in base metals M&A market in 2012. The year 2013 should see a general recovery: Lumina = call option in a recovered base metals M&A market; Lumina believes they will have the opportunity to sell Taca Taca at some point during 2013.
- Taca Taca stands amongst his piers as one of the most attractive projects.
- LT Mine life-time: in excess of 40 years.
- Financing of October 2012 in which a Major mining Company took a 5% shareholding (note: more than 5%) in Lumina as a way to continue to monitor the company. This major mining Company has no pre-defined rights (to participate) in future financing but any further strategic move remains open to their own decision.
- Ross Beaty has 22% of the company but the whole management (including Ross Beaty) has about 27%
Question: “What’s about the deal with SALTA Explorations next door? Is it to chase ore or space for insfratructure?”
Answer: There is no “deal” with Salta – Lumina is a shareholder in a Joint company that owns two claims next door. This is not Salta but it is the other shareholder (note: no mention of his name). The owners of those two claims are required under argentian law to make investments in order to maintain them.
Question: “But is is to search for more ore or …?”
Answer: We are exploring those projects / two areas right now. Nothing more to add: this is the situation as it is…
Question: “Project extended from 2012 to 2013 – Is it because of additional technical information for the potential buyers or Argentinian political environment?”
Of the 8 companies that visited the site, 3 considered that additional technical anayzis should be considered (and this will be adressed in PEA), all the others were gave a positive feedback – No technical failure flaws. Issue with Argentina is short term.
Question NOT Asked: “Under the statement that Lumina is facing the law of diminishing returns in TACA TACA, why did you recently acquired so many additional claims in the proximity?”
For the audio – Registration required on http://www.gbm.scotiabank.com/ – Section Conferences – “Mining Conference” – November 29th 2012 ).