Great Basin's focus in on delivery of its two projects - Ferdi Dippenaar, CEO
In an interview on Radio 2000 @ 18:30 on 18 October 2007
[miningmx.com] -- GREAT Basin Gold (GBG) will not return to the market to raise more capital because it finances are in good shape, said CEO Ferdi Dippennar.
"We will not be asking our investors for more money, the company is in a good state," Dippennar said on the Moneyweb Power Hour, a week-nightly radio broadcast.
In April, GBG raised $149m towards the financing of it Hollister project in the US as well as the Burnstone project in South Africa.
"We looked at our cash position following the receipt of $47m from our black economic-empowerment partner in South Africa and we had in excess of $100m in cash, we are also going to see production coming out of Hollister soon and that would contribute towards increasing our cash flow, said Dippennar.
"We have raised more cash than we need so the focus is now on delivery at our mines."
The current gold price was also boding well for the company whose stock is rated the best performing gold stock in the world.
Commenting on safety, Dippennar said both mines were being developed for safety.
"We have made safety an issue at out mines, they are designed for safety, but mining companies also have to instill the culture of safety at their operations," said Dippennar.
Safety is in the spotlight in South Africa, with each death leading to mines being temporarily closed by the government as it pushes for compliance with health and safety laws.
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