Ore to Sell or Refine

[LawyerwithQuestion]

I represent a client who was given one ton of ore as collateral for a loan. The debtor defaulted, and we have seized the ore. We have a couple assays showing substantial value in the ore, but fire assays showed that the ore was nearly worthless. The debtor explained that the minerals needed to be extracted via plasma refining (or alternative methods) because the fire would burn up the minerals before it would extract them from the ore. I am looking to sell this ore to recoup my client's money or to refine the ore and then sell the minerals. My client is of limited financial resources and any refinement would have to be paid out of the minerals obtained by the refinement.

How I can get a commercially reasonable value for this ore?

My expertise is in civil litigation, not gold refining, and I apologize that my summary is based on a lay-man's understanding. Thank you in advance for your help.

 

[Palladium]

I would be happy to help you if you can just send me your contact info either here or through private message so i can check with the bar association to verify the legitimacy of your claims.

 

[4metals]

Unfortunately if one isn't well versed in metals recovery and sampling it is easy to be duped. If all that was provided a sheet of paper with some sort of analytical result, and a bag of ore, dirt or whatever, your first step will be to secure the material in a tamper proof way and sample it properly and have it assayed reputably. Likely with the debtors explanation there was some less than honest dealings going on. Every major precious metal find ever exploited was verified by fire assay, if it doesn't fire assay for values, they are not there. There are possible situations where profitable extraction from the ore is by some exotic means other than by fire (by which I assume they mean roasting) but a classic lead reduction fire assay fusion and cupellation tailored to the ore in question will find any precious metals in the material and quantify the value contained in the ore.

It is your job to secure the material and sample it properly and have it properly fire assayed. You may be throwing good money after bad as this process will not be done by anyone qualified for free. But if you need to quantify the value of the ore, there is only one right way to do it. I guess you have to figure out wether your clients worth the risk financially and figure out how to proceed.

 

[LawyerwithQuestion]

My email is [email protected]. My office number is 801-691-7770. Thank you.

 

[nickvc]

If the fire assay is by a reputable company I fear your clients money has long gone and any further effort or time spent on this is a losing proposition for both you and your client.