Resumption of production at Besra’s Bong Mieu site in Central Vietnam is progressing and costs are being strictly analysed on an ongoing basis and are reducing. Following close of the company's financing, further funds are expected be allocated to bringing Bong Mieu back to normal production.
Preparations are also being made for a return to production at the nearby Phuoc Son site, should there be a favourable outcome from the pending report of the Prime Minister’s enquiries team on taxes and royalties. This should also clear the path for a capital injection from the company’s Vietnamese bankers.
Meanwhile, the Ontario Securities Commission has issued a cease trade order (CTO) for Besra securities, and it is not expected that this will be lifted until after the company remedies its continuous disclosure defaults. As the full CTO means that the company cannot advance the financing, Besra is applying for a variation of the CTO to permit the financing to occur and if such an order is granted, the company is expected to continue to pursue the financing.
Besra continues to advanced discussions with parties from the mining industry and financial markets interested in buying into the Bau Project in East Malaysia.
The company has a plan in place to return to production in Vietnam, keep costs low, relist on an appropriate trading platform and develop the world-class Bau goldfield - all of which can begin to occur after the closing of the current financing. Although there remain many obstacles to resuming business as usual, Besra management is committed to the challenge.