The curtain is about to fall on
The final gold pour of 656 oz. took place in mid-August, and the company is now seeking a buyer for the processing plant, the only remaining asset on site.
A previous sale of mining equipment netted proceeds of US$900,000, which will be used to pay down an outstanding loan to Caterpillar. The remaining balance of US$385,000 will be repaid in stages ending July 1, 2001.
Eden Roc had previously refinanced its project loan with NM Rothschild & Sons as a convertible debt. The refinanced loan of US$4.6 million has since been reduced to US$3.3 million from the sale of various mining assets.
On the financial front, the company reported a net loss of $3.3 million in the latest quarter ended Sept. 30, compared with income of $212,000 a year earlier. The net loss for the first nine months of this year totalled $5.7 million, compared with a loss of $114,000 a year ago.
Eden Roc still holds exploration projects in Ivory Coast and is negotiating a final agreement with Anglo American of South Africa. The major intends to begin work once permits are in hand and a formal joint-venture agreement is signed.
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