The company’s deposits are split roughly equally between precious metals and base metals.
“We have a significant precious metals content but on the base side, the zinc is about 900mln pounds, so that gets a lot attention in the marketplace,” he said.
The company has done an impressive 70,000 metres of drilling over the last ten years at its flagship project, Yenipazar, in central Turkey. Ilhan said the company has received good support from the Turkish authorities, with the Environmental Impact Assessment completed in just seven months, while an important permitting application was whizzed through by the region’s governor in two months.
The local inhabitants, many of whom are subsistence farmers, have also been supportive of the project and see the mine, when it has been built, as an alternative source of income for the region.
The company expects to complete all the land acquisition for the project in the first half of next year.
“In parallel, we’re going through a project financing. We expect the project financing to be complete by the end of next year,” Ilhan revealed. Once the financing is in place, construction will start, and that, on a conservative estimate, should take 33 months, though Ilhan personally thinks it will take as long as that.
“Target production is somewhere between end of 2019 and the early part of 2020,” the Alridge CEO told Proactive Investors.
Ilhan places great store in the company’s executives being close to the asset. “To manage and monitor the activities remotely is dangerous,” he believes.
The Aldridge boss uprooted himself from the US to live in Turkey, and said it was not a a particularly difficult decision to make.
“What’s important for me is to use this project to build a company, and that’s what I am excited about.”
Story by ProactiveInvestors