Paraguay Mineral Mining SA (PMMSA)’s ORET ICO Token Plans to Revolutionize Gold Mining
How The ORET Token Will Revolutionize Gold Mining
Over the years, gold has continued to fascinate the human race. It is one of the earliest discoveries that are still influential in the present age. This is because in addition to being a precious metal, gold was a commonly-used medium of exchange before money came into existence.
Paso Yobai is a gold-endowed town located approximately 150 kilometers from the capital of Paraguay, Asunción. Initially, the locals of this small town formed APM (Small Miners Association) to explore the gold deposits. However, they could only mine 30% of the gold due to limited resources. As a result, they were forced to sell their land to wealthy investors who had the ability to purchase the heavy machinery required to excavate the precious mineral.
Paraguay Mineral Mining SA (PMMSA)
PMMSA is made up of the elite minds in the gold mining sector. Their primary objective is to acquire the gold-rich lands from APM and with the help of a world-class processing plant, mine the gold and sell it at a profit. PMMSA has already conducted the necessary geological surveys in Paso Yobai and discovered that the area has significant volumes of gold deposits. This was done using a test plant that had state-of-the-art drilling equipment.
PMMSA believes that the integration of emerging technologies such as blockchain has the potential of transforming the gold mining industry in Paraguay. For this reason, the organization has partnered with the ORET token. Specifically, PMMSA will conduct an ICO of the ORET token to raise the capital required to purchase the land from APM, as well as the acquisition of the machinery and equipment required to facilitate the excavation of gold.
The ORET token is ERC20 standard token based on the Ethereum blockchain. As expected, it bears the advantages of blockchain technology, including transparency, security, dependability, and efficiency. Additional attributes of the ORET token include:
- Each ORET token is valued at $0.50
- An individual can buy at most $150,000 worth of ORET (300,000 tokens)
- The ICO hard cap is set at 12,500,000 ORET tokens
- Residents of USA and China cannot participate in the ORET ICO.
To promote transparency, no tokens will be issued to the PMMSA team members. This also applies to the relatives and close associates of the team members. A majority of the proceeds from the token sale will be invested in PMMSA, with only 10% going to the reserve account.
Before the ICO, PMMSA will distribute 500,000 ORET tokens as airdrops. The remaining 12,000,000 tokens will be sold during the ICO event.
- During the ICO, PMMSA intends to raise between a minimum of $2.5 million and a maximum of $6 million.
- The total supply of ORET tokens is fixed at 12,500,000. No more tokens will be produced in the future.
- The token sale will be governed by an Ethereum smart contract.
- The tokens can only be bought using Ethereum.
- All proceeds will be invested in PMMSA.
After the completion of the ICO, PMMSA plans to mine the gold in three phases.
- Phase 1 ($6 million): this would involve the mining of 42,597 ounces of open pit gold and 276,505 ounces in tunneling, amounting to a total of 319,102 ounces.
- Phase 2 ($4 million): this would involve the mining of 28,398 ounces of open pit gold and 184,336 in tunneling, amounting to a total of 212,734 ounces.
- Phase 3 ($2.5 million): this would involve mining of 14,199 ounces of open pit gold and 92,163 in tunneling, resulting in a total of 106,367 ounces.
Benefits To Investors
Every week, PMMSA will distribute 45% of the net profits earned from the sale of gold mined in Paso Yobai to ORET token holders. The dividends will paid in out in the form of Ethereum. Other benefits that investors are set to enjoy include:
- PMMSA will sell the extracted gold every week in US dollars.
- The company will cater for taxes and other related expenses.
- Every investor with an ERC20 compatible wallet will get dividends on a weekly basis.
- The profits would reduce from 455 to $0 % in the second year. The 5% will go towards the development of PMMSA.
- The profits will be guaranteed, even if they are little.
It is worth noting that investors who list their tokens on exchange platforms will be barred from receiving the weekly dividends.
PMMSA intends to become a trailblazer of the next-generation gold mining by embracing blockchain technology. In due course, the company will become a leader in the gold mining sector.