Rabu, 4 Januari 2012

People

The success of our business is tied directly to the accomplishments and well-being of our work force of about 500 employees and contractors. Our goals are to build a workplace culture that fosters leaders, and to create a workplace that allows every person to thrive, contribute and grow.

Our core values include a commitment to teamwork and honest communication. We expect employees to act with integrity, trust and respect. We believe employees and contractors are Virgin Gold’s ambassadors to the communities in which they work.

We are accountable for fair and equitable treatment of all our employees — including safeguarding their working conditions and human rights. With global operations, cultural sensitivity is the foundation for our human resources efforts. We adapt practices to local cultures, norms and regulations. We create policies on hiring practices, compensation and overtime that are consistent with the customs in each country where they apply.

Health & Safety

We put people first and our number one priority is the safety of every employee. At Virgin Gold, we believe the health and safety of our work force is more critical to sustaining our business than the amount of ore we mine. By demonstrating our commitment to protecting the welfare of others, we can attract and retain experienced employees, encourage host communities to do business with us, and secure financial investments to explore and develop new regions.

We also believe that to achieve our production and financial goals, we must make health and safety a stated value and key priority in everything we do. Our primary objective is to create a culture where people trust it is possible to work free of illness or injury — regardless of where a mine is located in the world or the role each worker performs.

Safety is a core value to Virgin Gold because while our business priorities may change, our values do not. We firmly believe all occupational illnesses, accidents and injuries are preventable.

We have learned that safety is about passion for protecting and caring for our people, and about providing development opportunities through efficient and secure operations. We also recognize that to be considered an industry leader, we must continually improve health and safety systems regardless of our production level.

Environment

Virgin Gold takes its responsibility for environmental stewardship very seriously and regards sound environmental management and performance as a key priority at every operation. We exercise utmost vigilance in protecting the environment and seek ways to minimize our environmental footprint wherever we operate; a commitment that is enshrined in our corporate responsibility principles and our corporate Environmental Policy. We will always meet, and where possible exceed, regulatory requirements in our environmental performance.

In recent years, in accordance with our corporate Environmental Policy, we have been implementing a company-wide Environment, Health and Safety (EHS) Management System. This system provides the structure, guidelines and standards through which we strive for continuously improved in environmental performance in all our global operations.

Frequently Asked Questions (FAQ)

About Virgin Gold

Risk Factors

There is actually no real risk in subscribing to Virgin Gold Convertible Preferred Stocks (CPS).

First of all, CPS can be unsubscribed by giving the company prior notice for a full refund. If any shareholder is dissatisfied with how the company is being run, they may take back their capital investment; thus eliminating any further risk. In any case, CPS holders receive guaranteed monthly dividend payments and provided gold remains at around $1,000/oz, are expected to recover their investment within 1 year.

Secondly, even if the gold price plummets, Virgin Gold will not face any difficulty in fulfilling its dividend payment obligation to CPS holders as the dividend is paid in gold. The only difference is that CPS holders might have to wait longer to recover their initial investment because when the gold price is low, the monetary value equivalent is also lower.

The only possible risk is of Virgin Gold going bankrupt. However, a company the size of Virgin Gold involved in gold exploration and mining has never been liquidated unless there is massive mismanagement. Our corporate values, governance policy and structure ensure that decisions are evaluated and monitored at almost every level of this corporation. Thus the risk of Virgin Gold ceasing operations can be ruled out. Moreover, Virgin Gold in particular has not been known for taking unnecessary risks. In fact we have proved ourselves to be a rigorous and financially disciplined corporation over the past decade. This corporation has never over-committed itself to projects that might not be profitable or dependent on a high gold price.

In the worst scenario of liquidation, CPS holders enjoy priority distribution of the company's assets over common share holders. So the risk of investors losing their investment is seriously negligible.

Nevertheless, it is still advisable for any potential investors to take advice from their qualified local financial and legal advisors before subscribing to Virgin Gold Convertible Preferred Stocks.

How it works

Step 1 of 2

Fill up our online “Shareholder Application Form”. Once your online application is
accepted, you will have a Shareholder ID which you can use to login to your
online transaction account using your chosen password. You may start your
transaction immediately.

Step 2 of 2

All shareholders are required to send us a scanned copy of their International Passport or National Identification card and another document to prove their address, such as a utility bill or bank statement within 30 days of registration or risk suspension of their account until we have received the requested documents.

Subscribe for shares

To subscribe for shares, you must top up your credit account. You may do so by:
- Requesting a wire transfer to us (minimum amount USD10,000); or
- Arranging an internal transfer from other shareholders.
Accounts

Every shareholder will have:
- a gold account, value in ounces (oz)
- a credit account, value in United States Dollar (USD)
- a trading account, to hold/trade paper gold positions
Gold can be freely converted to dollars at any time by the account holder wish at real-time spot gold conversion rates and vice versa.

The trading account is for shareholders to hold a gold position for medium to long term gain. Every shareholder is allocated a credit facility equivalent to 3 times their share subscription monetary value to hold a gold position. For example: If John subscribes to 100,000 shares at 1.20/share = USD360, 000; John will be given trading margin USD360,000 to hold/trade paper gold positions. This credit facility comes with zero deposit and zero interest payment. Once a position is closed, gains or losses are credited into the Credit account.
Withdrawal of fund

Shareholder may withdraw monies in their credit account by requesting a wire transfer to their personal bank account anywhere in the world. There will be no wire transfer into 3rd party accounts in compliance with International Anti Money Laundering and Terrorism Law/Act. Minimum withdrawals are set at USD500.

Why it works

For Stockholders

CPS stockholders get fixed monthly shareholder dividends. These are paid in ounces of gold, which are freely convertible into monetary value at the spot gold price.
CPS holders may unsubscribe their shares by giving 45 days’ notice to the company.
CPS holders may transfer their shares to another willing buyer at a higher price than their initial subscription price as Virgin Gold’s share price will increase over time alongside the net asset value of the company.
CPS holders are given capital and an interest free account in which to hold paper gold up to 3 times their share subscription value. Another great opportunity to further increases their medium to long term return.
CPS holders may convert their shares into Common stock when Virgin Gold chooses to go public. If they choose not to do so, CPS holders will be refunded according to their subscription amount.
CPS holders may even enjoy other incentives for referring new shareholders to the company.

For Company

Capital from new shareholders enables the company to engage in bigger and more profitable operations.
Higher turnover and liquidity enables the company to reach the IPO stage faster than its original plan.
CPS holders will not interfere with the company’s operations and decision making, thus giving the current management a free hand to achieve the company’s short, medium and long term targets smoothly.

What we offer

Virgin Gold is undertaking an exercise of issuing fresh Convertible Preferred Stocks (CPS) and invites willing investors worldwide to take up this offer. The offer price starts at $0.80/share on 1 January, 2010 and will be increased periodically in accordance with the net asset value of the company. Such offering may be subject to a time limitation and the corporation’s need for capital.

Preferred Stock

Although preferred stock does not offer the same potential for profit as common stock, it is a more stable investment vehicle because it guarantees a regular dividend not directly tied to the market like the price of common stock. This type of stock guarantees dividends, unlike common stock.

The other advantage of preferred stock is that preferred stockholders get priority when it comes to dividend payment. In the event of a company's liquidation, preferred stockholders get paid before those owning common stock. In addition, if a company goes bankrupt, preferred stockholders enjoy priority distribution of the company's assets; while holders of common stock do not receive corporate assets unless all preferred stockholders have been compensated.

Like common stock, preferred stock represents ownership in a company. However, owners of preferred stock do not get voting rights in the business.

Convertible Preferred Stock

Convertible preferred stock is a type of stock which has a conversion price named at its issuance so that it can be converted to a company's common stock at the set rate.

Virgin Gold Convertible Preferred Stock may be converted into Common Stock of the company when the company chooses to launch an Initial Public Offering (IPO) by paying 50% of the price difference between the subscription price of Convertible Preferred Stock and the IPO share price.

Virgin Gold Convertible Preferred Stockholders are entitled to a fixed monthly dividend payment as agreed at the time of subscription. Convertible preferred stockholders may also unsubscribe their shares by giving 45 days’ notice to the company for a full refund of the subscription amount.

Preferred Stock

Convertible Preferred Stock

Why Gold

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.

Africa

Africa is a major gold producer, producing up to 30% of global production. South Africa was the leading gold producer for many decades until the Chinese recently took over. The industry is relatively well developed here, mining costs are high and opportunities rare for new ventures.

Other areas however, especially Western Africa, offer many opportunities for the discovery and development of new mines. Tanzania and Mali are rapidly becoming Africa's newest gold producers with several mines being commissioned or in the final feasibility stages while Ghana is also a major global gold producer.

Gold mine production centers on underground and open pit operations in Achaean age greenstone belts in Ghana, Tanzania, Burkina Faso, the Ivory Coast and Zimbabwe. Exploration efforts centered on West as well as East Africa are focused on surface-weathered gold-bearing lateritic and saprolitic rock, which is very suitable for relatively economical surface mining methods.

Virgin Gold, through its joint ventures with local mining companies, has considerable exposure in this part of the world where mining costs are relatively very low. In some places here, gold can still be produced at a cost of less than USD200/oz, whereas the average global production cost for the past few years has been in the range of USD400/oz and above.

Virgin Gold is also currently involved with local mining companies to explore a number of possible mining sites in the African continent with the option for development and production in a few years time. In the African continent, it is vital that we demonstrate our corporate responsibility leadership, especially with regards to environmental issues and developing the community where we plan to operate.

South America

South America has a strong, active and prosperous gold mining industry which is internationally recognized. Gold mining culture here pre-dates European colonization and the Incas and Mayas have been mining gold since time immemorial.

Several major international resource companies are active across the continent especially in Brazil, Chile, Peru and Argentina with major mining operations and excellent mining support infrastructure. However, gold mining opportunities remain plentiful in Peru, Venezuela, Colombia, Guyana, Suriname and even some remote areas of the upper Amazon region and higher plateaus of the Andes mountain range.

Some countries are politically unstable while in some places environmental and human rights issues are of major concern. The lack of transparent government policy is also a hindrance to significant investment in this part of the world.

Though opportunities abound, Virgin Gold has been cautious as always. Exploration costs are sky high and the success rate is declining. These days it costs an average of $50 to find each ounce of gold, against $7.50 in today's money half a century ago.

To increase its footprint and production capacity in South America, Virgin Gold is employing a strategy of cooperation and joint ventures with local mine operators through its offshore set ups.

Gold Mining

Owning a gold mine, although potentially very profitable, may also be a source of ruin for many corporations. 95% of gold discoveries worldwide are not economically viable. It takes somewhere between 8 – 13 years to bring a gold mine from scratch into production, though this time frame can be halved in certain cases. Regardless of the amount of money that has had to be spent and the resources involved, many ventures have had to be scrapped at some stage due to unsolvable problems.

Stage 1: Exploration

Duration
- 3-5 years
Objective
- Prospecting to discover and confirm mineral reserves
Process
- Conduct geological survey/geochemical sampling to locate and delineate ore deposits
- Conduct core drilling to determine the ore grade and geologic characteristics
- Begin collection of environmental and community baseline information
Stage 2: Development

Duration
- 3-5 years
Objective
- Design and receive approval for mine construction and operation
Process
- Complete engineering design of the optimal mining method (open-pit or underground) and mineral recovery process
- Complete project feasibility study
- Obtain necessary construction and operating approvals
- Obtain land and water rights
Stage 3: Construction

Duration
- 2-3 years
Objective
- Construct mining facilities in accordance with approvals, requirements and standards
Process
- Establish a skilled construction team to execute the development plan
- Construct mine and processing facilities and associated infrastructure, such as roads, power and water lines, and employee facilities
Stage 4: Mining

10-35 years is the average lifespan for a gold mine.
Stage 5: Closure/Reclamation

Gold mining can be politically risky, for many reasons. Gold mines cannot be moved and are very capital intensive, making them very tempting targets for abuse by governments or organized labor. Even though some world regions are considered riskier than others due to different property-rights traditions and current geopolitical events, ultimately every gold mine on earth bears some level of political risk. While gold mines in Africa can be outright confiscated by malicious Marxist governments and rebel militias, those in the West can be shut down just as easily by liberal and pro-environmentalist politicians.

Though these unfortunate events are very rare, they are one of the key reasons why it is so vital for Virgin Gold to diversify its investments into different quality gold mines in different global regions.

There is no reason to regret the fact that Virgin Gold has yet to own a gold mine outright, even after a decade in this business. It is rather a testimonial of how prudent this corporation is in its decision making and toward fulfilling its responsibility to its shareholders.

There is a saying that, "a gold mine is just a hole in the ground surrounded by liars". Operating a gold mine incurs considerable costs and more often than not, gold mines with “probable reserves” turn out to be not as lucrative as portrayed. The acquisition of gold mines with “proven reserves” has reached a record high; reflecting the record price of bullion gold. If gold price were to drift into a correctional phase, such investment in a gold mine at a peak price would equate to a major loss for many years down the road. Many current profitable gold producers acquired and developed their mines when gold prices were at record lows many years ago.

In fact, Virgin Gold is involved in a few gold ventures in both South America and Africa through its onshore investment vehicles. Our subsidiaries also jointly own rights to perform exploration and development work in both continents. We are sure that at the appropriate time and with the right opportunity, Virgin Gold will have outright ownership in some of the better gold mines worldwide.

What we aim

Vision

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.

Mission

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.

IPO

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.

OPERATIONG ( VGMC BRUNEI )

We produce gold at the cheapest cost and sell at the highest market price. This is Virgin Gold's one and only operational philosophy, which is understood by each of Virgin Gold's employees. No corporation can go wrong by producing at the lowest cost and selling at the highest price.

Although the whole world is generally bullish about gold price hitting USD2,000 an ounce in the medium term; correction in-between rallies can be as much as 30-50% and last for a few years. Corporations that are not ready and do not foresee such possibilities will end up losing a lot of shareholders' monies.

With odds of only one in 3,000 discoveries leading to mine development, and only 10 percent of the world's gold deposits containing enough gold to mine, exploration can be tedious and expensive. For every one successful gold mining venture; there are at least 8 that failed. Greedy company owners led innocent investors to lose hundreds of millions every year believing in the gold rush.

At Virgin Gold, we are very prudent about production costs. We have been in operation since 1999 and have always been able to generate good profit regardless of gold price because of how we operate. We have never over-committed our resources and never over-estimated gold price rises.

Whenever possible, our employees are involved in field operations. At times when we are limited by human capacity and capital resources, we achieve our targets through cooperation, joint ventures, stock swaps, stake holdings and other financial arrangements with local and senior mine operators.

For our future operations, we are working our way into gold manufacturing and trading.

http://vgmcbrunei.blogspot.com/

Corporate Values

Our values and principles help us on our journey towards sustainable development. By living according to our defined Corporate Value, we can meet the current needs of our organization and stakeholders, thus protecting, sustaining and enhancing human, natural and financial capital for the future.

People first
We respect every individual. We draw strength from equal opportunity and diversity, while also supporting personal growth and development. We treat people’s lives and well-being as the key commodity for our organization’s future. We value human rights and all benefit from the entrepreneurial spirit of each individual. We will ensure all our people are kept informed of important company developments and issues.
Corporate citizenship
We are committed to the highest ethical and governance standards in the industry. Commitment to our corporate responsibility will remain a key business priority for our organization.
High performance culture
Virgin Gold is a result-oriented company; focusing relentlessly on delivering and executing high business objectives. We value innovation, adaptability and accountability in executing against our business strategy. Teamwork and continuous improvement is central to our business culture. Therefore, we recognize and reward excellence.
Financial discipline
We will constantly be prudent with shareholders’ money, hence discipline is central to our financial management philosophy. We will always seek new, more efficient ways to use the company’s resources to the benefit of our stakeholders.
Integrity
Above all, we are committed to integrity in all that we do; to our shareholders, partners, employees, society and community, always and everywhere.

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Rabu, 4 Januari 2012

People

Health & Safety

Environment

Frequently Asked Questions (FAQ)

Risk Factors

How it works

Step 1 of 2

Step 2 of 2

Why it works

For Stockholders

For Company

What we offer

Preferred Stock

Convertible Preferred Stock

Preferred Stock

Convertible Preferred Stock

Why Gold

Africa

South America

Gold Mining

What we aim

Vision

Mission

IPO

Ahad, 1 Januari 2012

Corporate Values

Mining Industry Study

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