Our stock price has dropped in the last few months. The stock's drop has nothing to do with the company's corporate developments. As I am sure you know, the vast majority of junior mining companies have dropped even more steeply due to the drop in the gold price. In addition to being in the junior gold category, we were in an index fund that suddenly raised its market cap requirements from $100 million to $700 million. As a result, funds such as Van Eck became a seller. Finally the short sellers climbed on board and caused great damage to our stock price.
Please be assured that I and the company are working hard to get us to production as soon as possible. On Kigosi we await a process called de-gazette. This will require the President of Tanzania signing one final document allowing TRX full access to the nearly 10 kilometers of property that the company fully expects to commence mining on. I just returned from Tanzania with full confidence of the culmination of the new description of our mining license as no longer contained within a reserve and therefore de-gazzetted.
At Tempo/Bingwa which are Buckreef properties we await final results to the chemical process metallurgical test that we need before finalizing plant configuration. That is due very shortly. To properly anticipate when to expect production we need to take into consideration that present negotiations with the plant builders shows a lead time of about 28 weeks from order to commissioning on the property for production.
Our cash position is firm and our spending rate is well under control.
We have already paid for 80% of the first plant required to be a producer and this plant now sits at Buckreef awaiting commissioning.