PFS. What else? Report to Ortac Investors

Last week Ortac Resources announced the preliminary feasibility study (PFS) for the mining project in Kremnica was completed. There are some other facts to mention, too, if we want to see the full picture.

In early March 2013 Procházka&partners law firm representing the civil association Kremnica Beyond Gold made a complaint before the county prosecutor in Banska Bystrica for failure to act by District Mining Authority, which should have withdrawn the opencast mining license from Ortac Resources as early as in July 2012. The complaint is but initial legal step to be followed up by legal charges.

Ortac Resources’ unfavourable standing on the market and suspicious past are well known in Slovakia, too — no broker would encourage you to purchase their shares. Despite a massive PR campaign, so far only a handful of locals have shown interest in Ortac Resources‘ promotion events (especially Ortac’s employees).

Ortac Resources tries to hide away the fact that repeated attempts to change Slovak mining and geology laws in favour of mining companies never succeeded in face of unyielding resistance of municipal authorities. On 13 March 2013, Peter Žiga, the Slovak minister of environment, confronted with public pressure (Association of Slovak Towns and Villages, Town Union of SR, group objection by Greenpeace) reaffirmed the veto rights of municipal authorities when it comes to mining activities. As a result, municipal authorities will keep their power to ban geological survey of radioactive minerals on their cadastral lands. The Mining Act gives municipalities and regional governments the right to veto the use of cyanide extraction in mining industry.

Vladimir Maňka, the prime minister of regional government, made another important statement on 22 March 2013: „The regional government opposes the use of cyanide extraction. When the whole region is outraged against mining, it is a serious issue. Having the right to veto if they (municipalities) say no again in three, four years, the costs will rise. Tension is growing critically in the region. Investors are worried, producers employing thousands of people are also worried feeling threatened.“ Regional government rejected gold mining in Kremnica also in 2007.

Zuzana Balážová, Kremnica mayor

PFS. A ďalej?

Spoločnosť Ortac Resources minulý týždeň vyhlásila, že práve dokončila tzv. predbežnú štúdiu uskutočniteľnosti(PFS, preliminary feasibility study) k projektu ťažby zlata v Kremnici. Aby sme získali úplný obraz, túto informáciu treba doplniť o ďalšie fakty.

Začiatkom marca 2013 podalo OZ Kremnica nad zlato prostredníctvom svojho právneho zástupcu Procházka&partners podnet na krajskú prokuratúru v Banskej Bystrici vo veci nekonania OBÚ v Banskej Bystrici, ktorý mal spoločnosti Ortac Resources odobrať licenciu na povrchovú ťažbu už v júli 2012. Podnet je len prvým právnym krokom, ktorý pravdepodobne vyústi do žaloby na súde.

Neradostné postavenie spoločnosti Ortac Resources na trhu a jej podozrivá minulosť sú dostatočne známe aj na Slovensku, žiadny broker by vám neodporučil kúpiť si ich akcie. Napriek masívnej komunikačnej kampani prejavuje o propagačné akcie Ortac Resources záujem len niekoľko miestnych jednotlivcov(predovšetkým ich zamestnanci).

Ortac Resources sa pred svojimi akcionármi snaží udržať v tajnosti, že opakované pokusy zmeniť slovenskú banskú a geologickú legislatívu v prospech ťažobných spoločností nikdy neuspeli pre neochvejný odpor samosprávnych orgánov. Naposledy minister životného prostredia Peter Žiga 13. marca 2013 potvrdil pod tlakom širokej verejnosti (Združenie miest a obcí Slovenska, Únia miest SR, hromadná pripomienka Greenpeace), že samosprávnym orgánom sa zachová právo „veta“ v otázkach súvisiacich s banskými činnosťami. Samosprávy tak budú mať naďalej právomoc zakázať geologický prieskum rádioaktívnych nerastov vo svojich katastroch. Podľa banského zákona majú slovenské obce aj samosprávne kraje právomoc odmietnuť použitie kyanidového lúhovania v banskom priemysle.

Dôležité je aj nedávne vyhlásenie predsedu samosprávneho kraja Vladimíra Maňku (22.3.2013): „Samosprávny kraj s metódou kyanidového lúhovania nesúhlasí. Keď je celý región nabrúsený a nechce ťažbu, je to vážna vec. Keď majú právo veta (obce) a povedia to zase o tri štyri roky, vzniknú ďalšie náklady. Vzniká obrovské napätie v regióne. Investori majú obavy, obavy majú aj výrobcovia, ktorí zamestnávajú tisícky ľudí a cítia sa byť ohrození.“ Samosprávny kraj odmietol ťažbu zlata v Kremnici už v roku 2007.

Zuzana Balážová, primátorka mesta Kremnica

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2 Responses to PFS. What else? Report to Ortac Investors

  1. Dear Ortac shareholders…This issue,ist not only about our Mayor Mrs. PhDr. Zuzana Balážová standig, ist about US. http://www.kremnicanadzlato.sk/ You are gambling on LSE, but its not ABOUT NUMBERS ( for example today, is your share price 0.30p ),but ist ABOUT OUR LIVES and future our children, for who we are strugling.We want save our enviroment in this area healthy. WE ARE human being !The power of money can not beat the value of a moral right. Rights to live in freedom, without pressure of some speculators, who call themselves „investors.“ It guarantees the Slovak Constitution. No stranger should not dictate to us, how we can live,because Slovakia is the legal and sovereign state. HEY ORTAC ! YOURS AND MINE, NOT YOURS TO MINE !

  2. Dear Ortac shareholders, I am convinced, that you surely would´nt want toxic huge hole with cyanide lakes around behind your houses. Would you?
    For our vizual of open pit, we used this source – the only one what is presenting for locals – The Birth of Sturecland (in slovak language -Zrod Stureclandu, funny rubish project for 750 mil Dollars to invest ). Sturecland : page nb.12, point d)
    It is worth noting that the lack of data on the depth. Did you realized it? We know that dimension of depth from Ortac Quartal promoting presentations – just performed for investors in London (locals are not allowed to know) the hole shoud be 300 meters deep. We´ve found this info, just by reading on official web page ortacresources.com. ( Note – as a confirmation, that is true,what I am writing you here, is ORTAC „DISLAIMER“ – read it properly, and you´ĺl find the answer and your control light could be finnaly swith it GREEN !!! Still hoping that they are some inteligent people out there to understand. GAME IS NEARLY OVER.
    http://www.kremnicanadzlato.sk/wp-content/uploads/2013/04/KremnicaWeb-lomEng.jpg

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