Honduran Authorities Don’t Know Who Minerco Resources Is

©image: Minerco Resources Inc.

In a press release published in MarketWatch.com on June 1st, it was announced that Minerco Resources had received approval from the National Energy Commission of Honduras to develop Hydro Power Plant Chiligatoro. Textually: “’The approval by the National Commission of Energy of our Chiligatoro Project is a critical milestone in making the Company's new vision to develop clean, renewable energy in Honduras, and the region a reality. We have extreme confidence in our operations moving forward and look forward to working closely with the Honduran Government in the remainder of the approval process’, said V. Scott Vanis, President and CEO of Minerco” (link).

When asked via telephone, Honduras’ Energy Director, Manuel Manzanares, stated he did not know the company. Julio Perdomo, another official from the Ministry of Natural Resources, stated that he was only aware that Project Chiligatoro is owned by Rota Inversiones, a Honduran Investment corporation.

Minerco has released various statements, informing that they had been invited to the Presidential House of Honduras to discuss the project (link), and it has also published its business plan for the project in its website.

Violeta Slavthevska, market analyst, wrote an article in Hotstocked.com, where it noted that Minerco’s shares have fallen sharply after rising 50% in the past few days. She also notes that by the end of April, the company had a cash balance of $85 (link).

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