Featured Image: A Coffee Break in Lisbon
We write this week from a café in our new home of sunny Lisbon, the San Francisco of Europe. Work is on again and we start in Ethiopia next week for a private client. I for one look forward to hitting some rocks and eating some Injera (washed down with a few St George beers, of course!)
Africa as a whole is becoming more active although COVID-19 still dominates the news of profit losses and end of year guidance forecasts.
West African M&A activity is still hot, after Endeavour Mining (TSX:EDV) and Semafo announced they were joining forces, now Russian miner Nordgold (LON:NOR) has increased an offer for Australia’s Cardinal Resources (ASX:CDV) worth A$0.66 per share up from the A$0.46 offered in March. Cardinal are developing the 5.1MOz Namdini project in Ghana. This new offer was no doubt prompted by a higher bid by China’s Shandong Gold… China or Russia, both very active in Africa, who will dominate in the new m&a era?
We start the results this week with one of my favorite companies out there at the moment Oriole Resources (LSE:ORR) , they have been busy drilling at the former Stratex property, Pandora, in Djibouti, results include 16.86m @ 1.42g/t Au. The team are slowly but surely piecing together this interesting gold system in the desert.
Over in West Africa it has been a quieter than usual week for exploration results with the only group releasing resulting in the last 10 days being a Australia’s Predictive Discovery (ASX:PDI) releasing 99m @ 1.17g/t Au at their Kaninko Project in Guinea. Also in Guinea Lindian Resources (ASX:LIN) announced an internal mineral resource for their Gaoual aluminium silica project with a estimated total of 101.5MT @ 49.8% Al2O3 and 11.5% SiO2.
Just across the border in Mali, a Canadian (finally) company African Gold Group (TSXV:AGG) announced the results of their feasibility study at Kobaba in Mali. The results look promising and include a post tax NPV (5%) of US$226m and IRR of 41.1% on their 754.8koz deposit.
We conclude in Côte d’Ivoire where, all being well, I’ll make a trip back to in a couple of weeks. CDI has become hot property with a load of projects developing at a very rapid pace. A new one for me is Manas Resources (ASX:MGP) who are working on the Mbengué project in the Tongon region of the country. For me the country is the most prospective up and coming in the region and as such we are likely to see a massive amount of results and development once COVID and the rains pass this year. One project that is already making strides in CDI is the previously mentioned Abujar deposit owned by Australia’s Tietto Minerals (ASX:TIE) who announced this week that they have lodged a mining application with the government.
Liam caught up with Mark Strizek, executive director at TIE – you can check it out here:
Until next time, happy exploring!