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Since its founding in 1999, Virgin Gold Mining Corporation has grown quickly to become one of the world's leading gold exploration and mining companies and a young, dynamic organization with a global reach and an international perspective. Based in Panama, an international offshore tax-free jurisdiction, Virgin Gold utilizes various offshore vehicles to facilitate its onshore business operations. This means we are able to generate good revenue and tax-free dividend to our shareholders worldwide.
With approximately 500 employees, Virgin Gold is efficiently managed, whereby everyone in the organization understands its mission, vision and corporate philosophies. Despite our tender age, Virgin Gold is better structured, and more prudently managed and financially viable than its peers, allowing it to optimally exploit any unforeseen volatility in the current financial market.
The executive boards are responsible for running the day-to-day operations of the corporation while the board of directors makes vital decisions and decides on major issues as advised by the various committees. The latter support the Board of Directors in assessing risks, setting remuneration, and monitoring the integrity of the financial statements. Meanwhile, both external and internal auditors collaborate closely to ensure every single operation achieves its objectives, shareholders enjoy maximum benefit and the corporation grows to greater heights.
Virgin Gold currently operates in parts of Africa and South America and is focused on growing shareholder value through joint ventures, acquisitions, exploration and the development of potentially large-scale gold projects.
Virgin Gold, as well as being a truly enterprising and ambitious corporation, retains realistic and achievable expectations. Currently a global niche player, our long term vision is to become an industry leader in gold mining, manufacturing and trading sectors.
We aim to achieve this through cooperation, joint ventures, partnerships, acquisitions and exploration across all geographical locations. Virgin Gold aims to raise 3 to 5 billion dollars of working capital through issuing new Convertible Preferred Stocks to the global community within the next few years.
Our corporate mission is to build a sustainable mining business that consistently delivers top earning per share to stockholders while leading in terms of safety, environmental stewardship and corporate responsibility.
While an Initial Public Offering (IPO) is an interesting and lucrative proposal, it is not part of our short term goal. We are currently comfortable as a private corporation because it allows us more room in which to grow and compete. Based in a tax and business friendly offshore jurisdiction, Virgin Gold is better-placed and more flexibly able to invest in many onshore operations than its bigger peers. Our short term goal is to grow this corporation into a global industry leader and return good and consistent dividends to shareholders.
However, going public remains our medium term priority. We foresee ourselves launching an IPO by year 2015 if the environment is conducive. It will be very interesting when this materializes since millions of our private shareholders will hold public listed shares. Virgin Gold Convertible Preferred Stockholders will be able to convert their shares into public traded common shares. The shares to which they currently subscribe with Virgin Gold will potentially appreciate several times over after the IPO.
For centuries, gold has been coveted for its unique blend of rarity, beauty, and near indestructibility. Nations have embraced gold as a store of wealth and a medium of international exchange; individuals have sought to possess gold as insurance against the day-to-day uncertainties of paper money.
Perhaps more importantly, in the past few years, gold has finally been treated as an asset class that investors must keep as part of their portfolios. Investment in gold can be in the form of physical gold bars (nuggets), paper gold, gold company shares, gold investment funds (mutual fund), gold futures and options.
Monetary authorities such as Central Banks and International Monetary Fund (IMF) have long held gold in their reserves. The public takes confidence from knowing that its Central Bank holds gold - an indestructible asset and one not prone to the inflationary worries overhanging paper money. Some countries give explicit recognition to its support for the domestic currency. Moreover, rating agencies will take comfort from the presence of gold in a country's reserves.
Gold is sometimes described as a non income-earning asset. This is untrue. There is a gold lending market and gold can also be traded to generate profits. There may be an "opportunity cost" of holding gold but, in a world of low interest rates, this is less than is often thought. The other advantages of gold may well offset any such costs. The opportunity cost of holding gold may be viewed as comparable to an insurance premium.
As for private individuals, nobody is suggesting that one should put 100% of their assets into gold investment. In any asset portfolio, it rarely makes sense to have all your eggs in one basket. Obviously the price of gold can fluctuate - but so too do the exchange and interest rates of currencies held in reserves. A strategy of reserve diversification will normally provide a less volatile return than one based on a single asset. Most investment consultants suggest exposure ranging between 10 and 35%.
The European Central Bank (ECB), for example, holds around 15-20% (depending on the market value) of its reserve in gold.
The question is not why, but rather how and how much.
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