Marcus Engelbrecht of Stratex International plc, talks to Proactive at Mines and Money 2016 about his new role as chief executive and what’s he’s been focusing on so far.
”The main focus for me getting into the company is really looking at the operation that we co-own in Turkey – a company called Altintepe.
We own 45% of the company, we have a Turkish partner who has built the project and is operating it. They key for me is really getting in and getting that relationship sorted”.
”Secondly, we have a significant exploration project in Senegal … I’ll spend a bit of time down there talking to our partners and just reassessing the way forward for that project.”
Engelbrecht adds: ”Over and above that it’s really looking for other opportunities to grow the company”.
Talking in further detail about Altintepe, Engelbrecht says: ”It’s really an exciting project for us. Stratex signed a fantastic agreement when they went into partnership with Bahar, who is our partner. They effectively came in, put the money up to build it, we retained 45% of the company. The repayment for us is 20% of any distributions, once the capital is repaid we revert back to the 45”.
”We spent a total of £1.5 mln on the project, so I think there’s a lot of upside for us”.
Story by ProactiveInvestors