|Mr. Anthony Byron Billis, 'Anton' serves as the CEO and Managing Director of RAND Mining Ltd. Billis has been an Executive Director of Tribune Resources Limited since February 22, 2003 and RAND since January 22, 2003. Both are ASX listed producers. Are they typical? Not exactly.|
The East Kundana Joint Venture (Northern Star Resources 51%, Rand and Tribune 49%) is an operational underground gold mining project located in the Eastern Goldfields of Western Australia, 25 km north-west of Kalgoorlie. The project comprises four producing underground deposits, Raleigh, Rubicon, Hornet and Pegasus.
|The addition of Pegasus has meant good production with costs somewhere around $ 400 to $ 600 per, meaning operations are highly profitable and have been for many years. And there's the rub. What 'happens' to the gold? Something around $315 million 'worth' of bullion from the two enterprises is stacked at the Perth Mint, but that gold is booked at 'cost' (around 200m) not 'market value'.|
In April 2013 the twins were then trading on a PE multiple of two. At $85 million, their combined market cap was described by Anton Billis as "about right".
|Michael Giovinazzo, right, greets ASIC investigators in April 2000||Croatian born Anthony Byron Billis, Anton Billis, was sentenced to 29 months in 1996 for attempting to sell Rand shares while in bankruptcy, thus defrauding his creditors. Within days of his bankruptcy order Billis tried to sell a block of Rand (then Tern Minerals) to an associate at a deep discount. In 2004 a 4 year ASIC probe collapsed after laws used to charge Billis were repealed. 6 out of 7 charges were dropped. In June 2006 he was found not guilty on the last charges
which included falsification of books and records.|
In July 2013 Rand and Tribune were sitting on 106k ozs of physical gold valued at $170m. The two companies combined had a market cap of $ 85m. By July 2017 that hoard was 207,305 ozs. Supposing 250,000 ozs today we are talking about a growing $312m gold hoard.
Michael Giovinazzo and Anthony Byron Billis
|Today Rand (RND) has 60m outstanding giving a market cap of $162.4m. Tribune (TBR) has 50m outstanding giving a mc of $ 320m. Financially the past 5 years have been kind to the Rand/Tribune duo.|
Terence McLernon watching a pair of boneyard dogs