Ben Kramer-Miller
Gold & precious metals, macro, research analyst, deep value

Orvana Minerals: Cheaper, Safer, And More Efficient

An Overview of Orvana Minerals and My April Investment Thesis

Orvana Minerals (OTCPK:ORVMF) is a small gold producer with two gold mines: El Valle-Boinas Carles (EVBC) in Spain and Don Mario in Bolivia.

In April I argued that Orvana Minerals was undervalued. Investors were placing too much emphasis on the fact that the company's Don Mario mine is in Bolivia--one of the riskiest places in the world to mine. Furthermore EVBC was seeing rising production costs, and they were set to keep rising as the company was mining lower grade ore and financing repairs. I argued that these were near-term problems. Don' Mario has a short mine life given its reserve base, and it contributes very little to...

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