Non-executive chairman Christopher Hall told Stratex (LON:STI) shareholders the company is in a position that is the envy of many of its peers.
Speaking at the company’s annual general meeting, Hall said: “As many explorers have struggled with financing, Stratex has spent the past year using its significant cash position to develop a high-quality portfolio. With the receipt of the Forest Permit at our 45% owned Altintepe gold project in Turkey, 2014 has already seen the company take a major step to becoming a gold-producer.”
Hall revealed mine construction at Altintepe should be completed within six months, resulting in production by the end of the year.
“Together with future royalty income from Öksüt, continued progress at Dalafin in Senegal, early stage exploration in Liberia, maiden drilling at Pandora in Djibouti and a managed strategic investment in Tanzania, Stratex is able to offer shareholders an impressive spread of assets with real potential for substantial value creation,” he added.
The company started the year with around US$17mln, and recurrent cash flow is not far over the horizon. As a result, the company is “highly optimistic about developing our existing portfolio in 2014 and will continue to assess quality projects where we can accelerate progress through investment or acquisition.”