Following a key new announcement from Asia Broadband Inc (OTCMKTS:AABB) on Wednesday, the company’s stock came into focus among investors and ended up with gains of as much as 5%. The company was in the news cycle yesterday after it announced that it had been successful in completing a land purchase.
Asia Broadband Completes Plant Site Purchase to Process Gold and Silver Ore Stockpile Estimated Over $800 Million in Mexico
The land in question was purchased by Asia Broadband for the purpose of building a new processing plant as per the production agreement that had been signed in December 2022 for the large scale silver and gold ore deposits in Las Jimenez in Jalisco, Mexico.
The company had signed the agreement in question with the Mexican Mining Registry and that agreement would allow Asia Broadband to buy 4 million tons worth of ore stockpile at a price point which would be economically sustainable for the company.
Not too long ago an evaluation report had been produced and it estimated that the stockpile at the site represented as much as $800 million in silver and gold value. It is also important for investors to note that the project in question is highest yield asset addition to its portfolio. It now remains to be seen if the Asia Broadband stock could add to its gains.
Key Quote
“The new plant site acquisition was the next key step now accomplished to allow for a very large capacity to increase our revenues and profits in 2023 and long-term with the new stockpile agreement. Our mining operations are now well on their way to realizing a much higher level, which will also open new doors of opportunity to the Company going forward. Management and our mining group are exhilarated to have significantly expanded upon our successes to date with this new processing deal,” stated Chris Torres, AABB President and CEO.
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