“It has taken about a year, but on Wednesday shares of Patagonia Gold PLC will be listed on the Toronto Stock Exchange” noted Barry Critchley in the Canadian Financial Post (FP).
But despite having a market capitalization of more than $600-million, it is hard to see how this company could deliver “production”, other than by a small test plant in Lomada de Leiva, Santa Cruz (Bill Humphries, chief executive of the gold company, set a target of 200,000 ounces of production by 2015).
Patagonia Gold has been proudly mentioned as a “national” company by the Mining Secretary of Argentina, Jorge Mayoral. It was formed after Brancote Holdings sold the Esquel project to Meridian Gold in 2002.
According to FP, “another goal of listing on the TSX is to increase the ownership of Patagonia held by North American investors. Currently it’s about 7% but figures can at least triple that”.
(Patagonia Gold is headquartered in London and listed on London’s Alternative Investment Market as well as the Toronto Stock Exchange.)