Pasinex (CSE:PSE, FSE:PNX) is one of the very few pure-play zinc companies in production. With properties in two continents, Pasinex is actively mining zinc in the Adana region of Turkey and have an exploration-stage zinc project in Nevada, US.
As part of the Horzum joint venture with Akmetal AS, Pasinex owns 50 percent of the producing high-grade zinc Pinargozu mine in Turkey’s Adana region. Akmetal AS is one of Turkey’s largest family-owned conglomerates which also owns the nearby past-producing Horzum zinc mine. The Pinargozu mine produced 40 million pounds of zinc in 2017, with similar numbers projected for 2018. Stemming from this production rate, revenue for the joint venture in Q1 2018 was $9.49 million, up 62 percent from Q1 2017 revenue. The company has continued exploring the property with the goal of expanding the Pinargozu resource.
Pasinex also holds an option to acquire 80 percent of the Gunman high-grade zinc exploration project in Nevada. Pasinex is currently running a drilling program on the property where a minimum of four holes totaling approximately 900 meters will be drilled.
- 2017 net income of $5.8 million
- Pinargozu average zinc grade of 33 percent
- Pinargozu produced 57,675 tonnes of direct shipping material in 2017
- NI 43-101 completed in 2017 for Pinargozu shows three-year run rate for current production
- Exploration budget of approximately US $3 million for 2018
- Drilling has commenced on the Gunman zinc project, Nevada
- Strong operating results and guidance for the Pinargozu mine