I've just finished reading the M&D report. Excellent results all round. Big percentage jumps all over the shop. Well on the way to making over $100 million net profit for the year. Looking forward to the web cast. We should have some more analyst's reports out again soon. All we need is the mining review process to be settled over the next few weeks.
Some highlights that I thought I'd add:
Philippines: the local government authorities and the Barangay Poblacion community that is located near the Itogon project endorsed the Company’s work program in July which allowed for the planned drilling at Frog Vein North to proceed. The first two surface Diamond Drill holes have intersected Frog Vein, and a third hole is in progress with the first assay results from these intercepts expected in late October. Channel sampling of the underground workings at the old Itogon mine has begun.
Community Development The Company’s community development programs in the DRC continue to focus on health, education, local employment and small business development.
At Kinsevere, construction of two schools and a health clinic commenced during the third quarter, with both projects having benefited from successful discussions held with the Ministries of Health and Education during the June Quarter. In addition to these projects, the Company and its development partner Pact, also initiated the start of a permanent market place to enhance the local economy.
The commencement of early works on Kinsevere Stage II has resulted in the Company undertaking a number of “in-community recruitment drives” to support the development of Kinsevere Stage II and in the past month, 80 labour positions have been filled.This is consistent with the Company’s goal of maximizing local employment.
In Lubumbashi, the Company is providing technical support and expertise for the development of the city’s five year Urban Development Plan, which the municipal government will use to strategically manage its urban renewal efforts to meet the expanding population growth that has occurred since last year’s democratic elections. This activity complements the discussions that were held during the September Quarter with donors and other responsible mining companies regarding the development of a coordinated response to the regional infrastructure requirements of the Katanga province.
Anvil’s collaboration project on the Voluntary Principles for Human Rights and Security with the Multilateral Investment Guarantee Agency is on schedule and the Comprehensive Implementation Guide (the “Guide”) was completed this quarter. Roll out of the Guide is expected to begin during the fourth quarter of 2007. Looking forward, the fourth quarter will see continued progress on community development projects and a focus on alternative employment opportunities for artisanal miners.
AVM Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
