IPO Plans Disclosed by Ventura Ores Ltd
Here follows a recent announcement by Ventura Ores Ltd., a Peruvian based mining company, disclosing plans for an impending IPO. CEO Richard Henderson made an official statement to reporters after attending a regional mining conference.
- (1888PressRelease) March 17, 2016 - The latest statement that the Peruvian mining industry is to receive more than $58 billion dollars of investment, driven for the most part mainly by American, Canadian and Chinese organizations, closes months of postulation by the industry concerning Ventura Ores which, one of Peru's most lucrative gold, silver, copper and zinc mining organizations.
The declaration that Ventura Ore's is to move forward with a much anticipated IPO that will see the organization's shares sold openly and unreservedly on the stock market.
Richard Henderson, the organization's COO, speaking at a mining industry conference in Phoenix, USA, had the following to say, "The choice to list our stock on an open trade mirrors our aggregate trust in Ventura Ores' operational execution and exhibits our capacity to effectively oversee and hold costs under control."
Mr. Henderson was asked when the Initial Public Offering would take place, he recommended the organization's investment partners and private equity shareholders have yet to reach a decision on timing.
Quoting Mr. Henderson, " We are aiming at a public launch within a timeframe between sometime in the 3rd or 4th quarter of 2016 would be most appropriate, but the possibility of a delay until the 1st quarter of 2017, can't be ruled out."
Mr. Henderson was also keen to add, "We are in the process of vetting and appointing a lead underwriter for the listing and I can confirm that we are engaged in preliminary talks with several banks and an announcement will be made in due course."
In the last financial year an 18% increase of gold production, up from 170,000 ounces to 200,000 ounces, was recorded by Ventura Ores, an increase of more than 30,000 ounces from the previous year. The organization says that in spite of the fact that interest for gold in Peru had dropped marginally in 2015, they are more than confident that domestic market could and most probably would absorb their entire 2016 production.
The COO's prediction that the price of gold will increase steadily this year, Richard Henderson added, "Knowing the relatively cheap price of gold in last year and a half, demand for this metal is going to increase for certain. Gold is an asset you would definitely want in your portfolio as the only way is up. As our production costs are much relatively cheaper than some of our rivals this will result in greater competitive advantage going forward."
Referring that the central bank's recent monetary policy decisions the COO added, "USA, China and Europe and other significant economies undoubtedly face some difficult obstacles ahead, we believe that their policymakers' reaction to those obstacles will only serve to increase demand for gold."
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