Aris Mining Corp (ARMN)

[baystock1]

I wonder how the search for a CEO is going ?

Following is 9 months old but indicates that GCM has been searching for a new CEO:
http://www.mining.com/web/u-s-globals-ralph-aldis-on-the-life-changing-magic-of-an-asset-allocation-plan/

TGR: Let's talk about some of the specific gold mining companies in your portfolio that are doing well or have significant catalysts coming up.

RA: Gran Colombia Gold Corp. (GCM:TSX) is one that we've been involved with for a number of years. The challenge of operating in Colombia isn't as much the narcotics drug lords as it is the socialist slant of the government. We have seen a restructuring of the board members, and Gran Colombia is kicking off a CEO search. Rodney Lamond, Mark Ashcroft and Mark Wellings are three new board members. Wellings was one of the people who ran GMP Securities for a very long time for Griffiths McBurney & Partners. He's highly respected on the Street. All three people have a great track record. Gran Colombia has also formed a technical committee of the board. Having a plan and executing on that plan will be important for Gran Colombia going forward. With these new board members and the right CEO, I think we could have great opportunity on this one.

The common share price is very cheap. The real play right now is to buy the depressed debt securities because those will see the rerating first. The silver notes have a 1% coupon, but the gold notes will have a 6% coupon. The yields of 25% to 30% are very attractive in this market. So once the market gets some clarity on how Gran Colombia is going to be led, that could be a game changer for the company.

TGR: In addition to the changes on the board, Gran Colombia also just completed a debt restructuring. How important is that for reducing costs?

RA: That's a big deal because bringing down the interest payments will free up a lot of cash flow to do more things. It will give the company a lot of flexibility on the operating side.

Plus the Colombian peso has fallen quite a bit. That is another example of where a company benefits from paying its labor with the Colombian peso, but profiting from a higher gold price.