Santacruz Silver Mining (TSXV:SCZ) - 'Undervalued?' Investment Series, with Art [20:46-25:48]

mostly most of them pure silver no so that's I think that's a clear way for us to allocate capital and and keep building and growing the company no eventually math I think it's in our plans and we recognize that if we keep seeing the chair price where it is today as the under-value definitely a turbine that program will be in place and will take advantage if you allow me to put that way of of the situation and start eliminating some chairs out of that or the markets I think what it was interesting was the way that local markets be versus international markets potentially you wrote to subscribe the bond that you did recently I mean we talked about going very very quickly what's the what's the difference in mentality in international and local investors that's a good question I think I mean locally and this was a bond that we or a or a premise we know that we issue in Bolivia and and it was as you point out math it was absorbed in less than 15 minutes no it was over subscribed for more than four times no so it was very well received and the main reason for that is that the local markets have a clear feeling and understanding about our operations in the country we are the largest underground mining company in the country we are a big employer in the country we have more than 2000 employees and we have a very and we take this very serious we have a very let's say good reputation in the country from a social point of view from our responsible mining practices to do and also we San Lucas is a great vehicle for us to to share the values of good mining in the in the in the communities as we have discussed in previous interviews San Lucas trains small miners provide them with with safety gear at some point and safety training and so we take this very serious and I think that local investors in Bolivia recognize the level of of the company and the quality both in the fiscal point of view and so in the in the quality that even the quantity of aspects I think it's an interesting potential advantage to you because I like why fundamental thought is come up funding model scale you know could they get bigger because I don't think international investors are any smarter than local market investors or the other way around I just think that maybe this is where the jurisdictional discount comes into play or maybe you know it's you know it's kind of the equivalent of you know invest in your own here so do you think that that funding model could scale for you at a future date definitely it I mean we can do that I mean today San Lucas wonder is the issue of those promissory notes in Bolivia but but also another of our companies since you wider has been approved just recently to issue promissory notes in the open markets as well so we can we can leverage on that what we're going to do in the next coming months is also graduate the program from a promissory note kind of a program to a bond program and the bond bonds will allow us to go instead of revolving every year we can go three five even seven years of ten or no so those are the kinds of things kind of things that we're working towards let's say treasury efficiency and discipline approach to our fiscal needs and requirements but definitely we can grow an issue in different instruments promissory notes and eventually these bond programs and keep being financing the working capital in Bolivia without a problem okay you operate multiple minds in multiple jurisdictions with multiple