Starting a junior exploration company is always a high risk venture, even for the most mining-savvy entrepreneurs. But it is a move that is paying off for Pasinex Resources Ltd. (CSE: C.PSE, PSXRF, Forum) CEO Steve Williams and the company’s financial backers.
Not only has Pasinex been able to get its high grade Turkish zinc mine into production without going through all the usual development and financing hoops, it has also ridden the bull market for zinc metal that many analysts say will continue for another couple of years.
After posting a profit of $826,906 or $0.01 per share in 2016, the company is quickly transforming itself into a mid-tier zinc producer and looking forward to discovering more metal in the vicinity of its flagship Pinargozu mine.
The shares closed at 20 cents May 4, 2017, leaving a market cap of $23.3 million based on 113.9 million shares outstanding. The biggest single shareholder is Larry Seely, an Ontario-based former Falconbridge Ltd. and Lakefield Research executive.
That fact that Pasinex is now bringing on production at a time when other zinc operations have been shutting down is a scenario that Williams could not have envisaged when he launched the company in 2012 with the intention of acquiring base metal assets in Turkey.
An Australian metallurgist with a background in geometallurgy, he decided to join forces in a 50/50 joint venture deal with Turkish mining company Akmetal AS to look for zinc and lead deposits in the Adana and Kayseri regions of southern Turkey.
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