Quote:"So you think they have roughly 3,600 ounces of gold in thier security vault/hut/box that they pay $100K pr annum for protection?"
I believe PRMO has a huge gold inventory. According to financial reports, 5000kg by Dec 2008, 6100kg by June 2009. Unfortunately they removed the tonnage from June 2010 and Sept 2010 reports. However, if production rate is consistent, there should be more than 10,000kg in inventory at this point in time.
10,000kg x 32.15 oz/kg = 321,500 oz at 91.3% gold content
321,500 x 0.913 = 293,530 troy oz pure gold
So, it is safe to say PRMO has 300,000 troy oz pure gold. If their previous reports/PRs/datas are true and consistent.
The market value of inventory at today's price ~$1400 is:
300,000 x 1400 = $420,000,000 USD (corporate income tax and export tax are not include in the calculation)
The above calculation consists of optimistic assumptions. However, it gives you ballpark estimates on the market value of PRMO. It is huge. All IMO.
PRMO is paying $100,000 USD annually for storage fee of the inventory. This is big time money in third world country. Imagine a storage space of approximately 1/4 gravel truck box, it is a small storage space. The value of the inventory must be huge.
As I wrote before, PRMO needs to disclose the market value of the inventory. Tonnage of pure gold, grade and gold content. IMO.
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