John Dow of Troy Resources at the Sydney Mining Club February 4th 2010
“Troy Story” at the Crossroads…
The names Troy Resources and John Jones have for a great many years been as joined in WA gold as skip and winder. Resourceful, lean and a loyal payer of dividends to the dynasty of founding shareholders, Troy now finds itself at fresh crossroads. With former large gold company executives Dow and Benson at its helm, it is looking to graduate to mid-tier gold producer – if it can work past current shareholder tensions and a public stoush at the end of last year.
Troy is set to become a mid-cost 100,000 ounce pa gold producer in two years with its two existing mines in WA (Sandstone) and Brazil (Andorinhas), and its new development project in Argentina (Casposo). Troy must merge its street smart skills with the greater horizons its leaders knew in former roles with Newmont and BHPB. Shareholders are apparently divided. Next Troy wants to lock in a one million ounce reserve through exploration and project acquisition, and sharpen its engineering and management skills.
Since buying the Casposo gold-silver project in NW Argentina last May, Troy has bumped up the resource by +30%. By shipping a near-new gold plant from Cobar to the site at Casposo, it has helped cut capex by 47% to US$45M. A $25M placement last year to fund this project topped up some $19M cash in hand. John Dow became Troy’s Chairman in October 2008. Paul Benson started as CEO at Troy Resources in late 2007 after crossing from ‘the other side of the tracks’: At BHPB he was Base Metals Chief Development Officer and a member of the Base Metals Executive Committee. Old-new, small-big… Troy’s future is in play and ready to unfold – not to be missed!
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