EVG 0.00% 3.1¢ evion group nl

re: Ann: Further Delays to Financing Las Lagu... Hi sduncan,LL...

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  1. JID
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    re: Ann: Further Delays to Financing Las Lagu... Hi sduncan,

    LL wont be in production by the end of 2010. Commissioning was scheduled for March 2011 (9 months away). I would now add another month to that given the additional delays in accessing funding and the required slow down on the construction site.

    In terms of the share price I think it will be dictated by several key announcements for the remainder of 2010. These could include:

    (1) Bringing JV partner into line
    (2) Completion of Mac Bank process and access to funding
    (3) Hedging of gold at a high price
    (4) Consultants report on Ecuador
    (5) Critical milestones in construction process at LL
    (6) Commencement of drilling in Ecuador
    (7) Something from left field - corporate activity ??

    Give it enough time, and assuming BJ can pull this off I firmly expect the SP/ MC to be around 20c/ $100m within 2 years.

    LL is now estimated to spit out $160m in cash to EVG over the project life, still using some conservative later years POG inputs. NPV >USD $100m.

    Cheers
    John
 
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