Africa Snapshot: Eight companies with promising projects
Be it gold, copper, cobalt or uranium, the African continent has powerful resources for mining. And there are several industry-friendly governments that are ready to secure their futures with new projects.
African Gold Group
African Gold Group (TSXV: AGG; US-OTC: AGGFF) has set its sights on building Africa’s next mid-tier gold producer. A definitive feasibility study was filed in July 2020 for its 100%-owned Kobada gold project in Mali. Developing the project would require a capital expenditure of $125 million, plus an $11 million contingency.
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The study forecast the post-tax net present value at a 5% discount rate would be C$266 million with an internal rate of return of 41.1% at a gold price of $1,530 per ounce. The mine would produce 100,000 oz. gold per year for the first five years and a total of 728,654 oz. over a 9.4-year mine life. Over the life of the mine, all-in
Africa Snapshot: Eight companies seeking opportunities
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Endeavour Mining CEO Sebastian de Montessus is our Mining Person of the Year for 2020
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Interview: Endeavour’s CEO Sebastien de Montessus on M&A, the “magic box” and creating a Top Ten gold miner
A pit at Endeavour Mining’s Ity gold mine in Côte d’Ivoire. Credit: Endeavour Mining.
Endeavour Mining (TSX: EDV; US-OTC: EDVMF) has become a Top Ten global gold producer since announcing two major acquisitions last year – Semafo and Teranga Gold. It is now the largest gold producer in West Africa with a production base across six mines in three countries, and has the largest exploration portfolio in the region, with a development pipeline of six greenfield projects. Last year Endeavour produced 908,000 oz. gold, up 39% year-on-year, at all-in sustaining costs of US$860 per ounce, and announced its first-ever dividend. In less than 18 months it also reduced its net debt position by over US$660 million, ending 2020 with a cash position of US$70 million. This year the company’s priority is to unlock value organically through mine life extensions
Ross Beaty to step down as Pan American chairman in May
Ross Beaty at The Northern Miner’s Canadian Mining Sypmposium in London, England, in April 2018. Credit: Martina Yang.
Pan American Silver (TSX: PAAS; NASDAQ: PAAS) founder Ross Beaty will step down in May as the company’s chairman and has appointed board member Gillian Winckler to replace him.
Trained as a geologist, Beaty launched Pan American in 1984 and has served as its chairman since then. He was also CEO from the company’s inception until 2004.
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“I am so proud and grateful to have worked with our wonderful and dedicated team in building this great company,” he said in his announcement. “I would also like to thank our shareholders, who have supported my vision of creating a world-class silver mining company.”