Resolute Mining says it will pay Mali $160 million in tax dispute
The company’s shares in Sydney were suspended on Thursday, after tumbling 40% since news of the detention of CEO Terry Holohan.
California-based Casablanca Mining reported first quarter results that consolidated the gains made by the exploration and intellectual property rights company in 2010. Total assets increased to $3.8m and net loss declined to $0.01/share.
Construction of Sulfatos Chile Copper Sulfate plant using the company’s patented electrolysis extraction process was continued. Casablanca also said it is in negotiation to acquire further gold mining properties in Chile and has some 43-101 technical reports in progress.
In a press statement Juan Carlos Camus, CEO of Casablanca Mining commented: “2010 was a year of strategic acquisition of gold and copper mineral rights, intellectual property rights for efficient copper processing and plant design and construction of the Sulfatos Chile Copper Sulfate project.”
“We were able to secure funding through Angelique de Maison which has enabled us to pursue the four main categories of our mining operations: Mining, Exploration, Processing and Intellectual Property,” he added. Angelique de Maison is an early round investor in technology companies and CEO of Kensington Leasing.
As a result of the acquisition of Santa Teresa Minerals on December 31, 2010, total assets increased from $0 at December 31, 2009 to $3.8 million at December 31, 2010 and stockholders’ equity increased from a deficit of ($38,750) to $2.25 million.
Total expenses dropped from $47,240 in 2009 to $23,850 in 2010 and as a result the net loss dropped from ($48,880) or ($0.05) per share in 2009 to ($26,051) or ($0.01) per share in 2010.
The company trades on the US Over the Counter securities market and has some 52m shares outstanding with a float of just over 3m. On Wednesday the company was trading down 14% at $7.00 according to data supplied by Bloomberg.
Zirk Engelbrecht, President of Casablanca Mining said in a press statement: “2010 set the basis for our mining and processing company to take advantage of the global growth opportunities in gold, copper and agricultural chemicals. We have focused our operations in Chile because it is the #1 copper producing and #17 gold producing country in the world. A stable government, strong GDP growth and exemplary rule of law in Chile have given us the confidence to build a diversified revenue stream company with global reach.”
