News

December 08, 2008

Mediterranean Resources Comes Up With A Deal In Turkey That Its Peers Can Only Dream About

By Charles Wyatt

A casual remark at Mines & Money stuck in the brain of old Minews and the next day a perfect example appeared. What a certain director of a junior mining company said to Minews was that while few juniors have much money, the ones with brains will get by. He did not want to name any companies, and preferred to remain anonymous, but the deal recently announced by Peter Guest of Canadian-listed Mediterranean Resources fits the bill exactly. In a nutshell, what Peter has done is sign a letter of intent with Cengiz Holding Company to joint venture the future development of his company’s mineral properties in Turkey.

Not only does it give him a moneyed partner, but as a large privately-owned Turkish company with interests in mining, metallurgy, chemistry, energy, construction and machinery, Cengiz has all the right relationships throughout Turkey. That sort of clout can be invaluable when contemplating development of a mining project. But in fact, to come back to our original point, Peter points out that this deal is not the result of any financial pressure over recent weeks – he’s been talking to Cengiz...