Ortac woos the locals

By Robert Tyerman | Saturday 5 July 2014

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Vassilios Carellas, chief executive officer of Ortac Resources (ORC), is not resting on his laurels, after beginning trial underground mining at the company’s 1.32 million-oz. gold in Slovakia’s Kremnicko region, with the first permit issued there for 20 years. The authorities are already considering London-based Ortac’s application for a licence to take the project further, in the hope of producing around 70,000 oz. of gold a year, with cash costs (before capital repayment) of below $600/oz an ounce, against today’s $1,319.8/oz market price. Ortac is launching proposals for a series of employment-creating, environmentally-friendly -- and potentially money-spinning -- developments to calm suspicious local critics.

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