Last Friday, November 8, we organized a meeting where Fernando García Sanz, CEO of Innovaminex shares with the entire MINX community the current status of our project, resolving all questions and doubts that arise.
The live meeting can be found on our Youtube channel in Spanish and you can access through this link. But here we leave you a small summary of some questions and with Fernando’s answers. Here we leave you a small summary of some questions, with Fernando’s answers. Introduction by Fernando on the first washing of the ore and clarifications on the state of the mines.
Respect to the first washes of the ore, Fernando tells us about the progress and how it can affect us economically.
“First of all, we have already started to wash the mineral, and although we start with small quantities, it is necessary to control and know exactly what we have. We are not using our processing plant, we are using another plant. And initially you have to process a few tons to grow from there, because that way you have to calibrate that plant.
At first we were asked for a mineral that was very rich, and for those first washes we sent ore with 40-50 grams per ton. This is not going to be the usual, but as I say we are calibrating the plant.
Then, for subsequent washes, they will ask us for a little poorer mineral and then vein mineral.
These tests are absolutely necessary. We know the level we’re going to take out of the mines.
We have estimates of 6 gr/ton on average, but the reality is that we know that there is much more, but we must be conservative with the figures.o digo estamos calibrando la planta.
At the time of making the numbers that we have done has been taken into account a value for gold on the 1.200 dollars the troy ounce, when right now it is on the 1.500 dollars the ounce. This $300 difference is not within our business plan, but it is certainly something that adds positively to our numbers. So if the gold price goes down, we’ll still be profitable.”
Some clarifications on the state of the mine.
“We found the main vein, we knew where it was, but we’ve already seen it personally.
We knew the extent, the quantities, we knew everything, but when you see it you get calmer.
Only with this vein (which is the smallest) we have for 33 years. We have already found and verified the vein, the mine is operational and we are exploding with controlled explosions. We already have a professional mine.”
The round of questions of the assistants to the webinar begins.
1. When you say 33 you mean a washing rate of 500 tons a day?
“We’re talking 450 tons a day. The grain is very large, the conditions in which it has been made are perfect. Our priority right now is to get enough money to exploit this as quickly as possible. What we’re trying to do is make a plant proportional to the ore we have.”
2. Where’s the ore being washed right now?
“It is being washed in a third party plant, it is clear that the maximum profitability will be in doing it in our own plant. The focus now is to develop that washing plant. There are relevant data and is that the first washes are not charging us as it is staff who work with us. Fortunately, the people we work with do their jobs in a serious way.”
3. Mine infrastructure.
“Our mine is industrialized, we have the compressors and we keep working on it. We’re finishing the offices, we’re finishing the road and the lab. In a matter of months it’ll all be over. We hope that in a few days the offices will be finished. The track issue is complicated because it’s a rainy area, but it’s getting stuck.”
4. Is not there any possibility to buy MINX as in the beginning through Innovaminex to keep them in the cold wallet?
“No, at the moment MINX are bought in exchanges where the market is. Through the page www.innovaminex.com you will find the two exchanges we work with that are CoinBene y P2pb2b.”
5. When we have our production plant will be large enough for the other 6 mines?
“This project has a plant, each project will have its own plant as transport in Colombia is complicated by the roads.”
6. When those two months pass, how many tons will we be washing a day?
“That can not be estimated accurately, the projection is to get to wash 450-500 tons a day . The production projection for next year is good. If we do everything right and get the investment we’re looking for, we can be between 500-700 kilos of gold.
We have a mine that’s magnificent. If any of you visit the mine, you’ll be convinced of what we’re doing. I recommend you visit her.
Right now the production is small and it’s the best time to do it. When starting to produce large quantities will not be allowed to stop production by visits.”
7. When will the MINX takes value?
“This in the moment you can sell products in our e-commerce. Currently, our focus is to start our own plant to generate products.
Right now, when it’s at its lowest, it’s time to buy MINX, you have to take advantage of it. The moment the first products go on sale, their value will go up a lot.”
8. When is the plant expected to be finished?
“It’s a purely economic matter. We have everything done, we have all the engineering in detail. Although we’re not worried right now, the funding is coming in.”
9. Whose plant are we using now?
“The same company that sells us the materials for ours, in Manizales. One of our suppliers who isn’t charging us for the first wash.”
10. They say the profits from the gold go directly to building the profit plant.
“No, this is not true. Minexcorp’s profits are for the plant, but the project investors’ profits are already being paid. Those who are investors in the company, that is to say, the partners of the company are the only ones who still do not acquire profit since they are subject to the company generating them.
In the case of Innovaminex, which is like an investor, what is being done is to reinvest in putting our cryptomone into operation.”
11. Those of us who invest more than 10,000 dollars with what periodicity will we receive and from when? And where do we receive these amounts?
“In the case of Innovaminex it is not possible to share the benefits that are not yet available, it is a long-term project. Of course, they will receive their profits once a year like all companies. What happens is that at the moment we are not yet in the distribution of profits because there are still things to do.”
12. ¿Do you estimate e-commerce and gold sales for more than a year from now?
“Depends, I think next year it’ll be up and running. What we want to do is produce gold and refine it. When we have this closed, e-commerce will work. Everything has an order and for e-commerce to be profitable we must first have our own plant that generates the mineral and that is where we are now.”
13. How do you plan to get the funding?
“We’re on different fronts, we’re still looking for funding. We are touching big investors, so if a big one came in, it would solve the situation, but in the meantime, there are other ways that are being worked out where the money comes in. Fortunately we have resources, and money is coming in. It’s just a matter of time.”
14. What is the point of the small profit we have made? Why has it not been reserved for the construction of our own facilities?
“The first idea was to use these resources to continue with the plant, but there is also an issue that was raised and it is logical that if you take money from the laundries you start to distribute, as we said at the beginning. We don’t contemplate a company with debts, everything we said we’re doing.
It’s a safe project, it’s not risky. Therefore, it does not mean taking a share and distributing profits. It’s a real project, but in the long run. By 2020, I estimate that we will have a turnover of around €30 million, which will give us greater profitability when we can have our own plant.”
15. What problems do potential investors see in a business that looks so splendid?
“When someone’s well informed, there’s no problem. In this type of business people are accustomed to being promised monthly benefits and in many cases are not fulfilled and this generates much rejection when making investments, so this type of people seek the failure of the project. And there are other people who believe faithfully in the project and that is why I insist that you come and see it with your own eyes.
But concerning the question, there are investors who have wanted to buy the mine. What happens is that when a big investor wants to come in, they try to control the business and I can’t let that happen because I’m responsible for the things I’ve told you. If you want to enter has to be under certain conditions, this model is intended for all types of investors especially small investors who are offered to invest in a project of mines for quantities and conditions that have never existed.”
16. Will the transfer of shares of the Innovaminex company be based on the capitalization obtained and the investment made by the investors? When will the meeting of the transfer of Innovaminex shares take place?
“The meeting for the divestiture of the Innovaminex parties is scheduled for mid-December in Madrid. It will be reported soon.”
17. What guarantees do we have on our investments?
“All of us, we have a profitable project that is working. We said to split a series of profits and we’re already doing it. Every year the annual accounts are presented, they are clear and the ones for next year you will have them. We want the partners to be happy.”
18. The ones we invested in Innovaminex? Do you receive us if we go to the mine?
“Of course, we are all participants in the project. This mine is our pride.”
“Thank you all for listening to me and for your support.”
Fernando García Sanz CEO of Innovaminex.
