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Xtract Resources CEO says gold mine in Mozambique is “game changer”

Xtract Resources (LON:XTR) CEO Jan Nelson tells Proactive Investors about plans to build the  Manica Gold licence into one of the lowest cost gold producers in the area. “What it does for us is it gives the company critical mass.. it really is a game changer for the company. It will give us, when it is in production, EBITDA $27mln over a life of fifteen years that will pay back the acquisition and the capital costs in less than three years” he said.

Nelson said he has been involved in tracking the progress of this asset for a long time, knows it extremely well and has a high level confidence in the project. The time was right for all parties. “It was always acknowledged that (the owners) are explorers and not really builders of mines and we have been in discussions with them over the last year in terms of potentially acquiring the asset, but I think a year ago we were not in the position to raise this kind of capital that we are buying the mine with,” he said

Quick facts: Xtract Resources PLC

Price: 5.26 GBX

LSE:XTR
Market: LSE
Market Cap: £32.88 m
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Xtract Resources to become mid-tier gold producer by end 2017 – CEO

Jan Nelson, chief executive of Xtract Resources PLC (LON:XTR), says the restructuring of the Chepica mine in the last quarter of last year is paying off. “I know it was very difficult and hard for investors at the time, but I think you can see that the plan in terms of stopping and...

on 05/05/2016

2 min read