West Africa and Gold

Ah, of course, WAF

alanjohnson said:

West Africa is continuously referred to as a “hotspot” for gold mining these days. I am looking to pick up shares in a company that will take off, someone has suggested Volta Mining. Any thoughts?

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hope you didn't blow your dough, Alan (<<Joined 28 November 2011; 5 posts; Last seen 9 January 2012>>)

Sean K said:

Was trying to find a West African Coups thread and this is as close as I could find.

This time, it's Burkina Faso. Not sure who is mining gold there.

Mutinous soldiers announce overthrow of Burkina Faso president​

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I know little about and have always tried to avoid any investments in West Africa or Western Africa as it is also known. A quick look at Wikipedia will fill in anyone interested on the region. It certainly has it's fair share of problems.

Interestingly the Wikipedia page does not mention Russia nor Ukraine which both have military/influence assets in the area. I found an article from "The Conversation" a preachy little site full of Guardian readers which if you can sift through the woke propaganda gives a useful update on affairs in the dunny of civilisation and Mali in particular.



gg

Ivory Coast has become the latest African state to kick all French soldiers (600) out of the country. Ivorian President Alassane Ouattara made the announcement in his end-of-year address.

France has earlier been forced to leave Mali, Burkina Faso, Niger, Senegal and Chad have previously France has now been kicked out of more than 70% of African countries where it had a troop presence since ending its colonial rule in the 1960s.

French troops will now remain only in Djibouti, with 1,500 soldiers, and Gabon, with 350 troops.

Must read for punters thinking about WAf investments.

It's still risk v reward to me.

Could lose everything or make a motza.

I think I'm in front, so far.


(Kitco News) - Resolving an escalating dispute in Mali could significantly shape how investors view West Africa, Barrick Gold CEO Mark Bristow told Kitco Mining at the Future Minerals Forum in Riyadh, Saudi Arabia.

The standoff between Barrick and the Malian government has intensified, with authorities accusing the company of owing more than $500 million in taxes—a claim Barrick denies. The government's actions have included detaining employees, issuing an arrest warrant for Bristow, restricting gold shipments from the Loulo-Gounkoto mining complex, and seizing gold worth approximately $245 million. These measures forced Barrick to temporarily suspend operations at the site earlier this week.

"This is a dynamic situation," Bristow told Kitco Mining. "We are very focused on finding a solution."

Mali has been central to Bristow's career, serving as a cornerstone for Randgold Resources, where he was CEO before its 2019 merger with Barrick.

Bristow expressed dismay over the current situation, emphasizing Mali's role in shaping his business legacy and the company's long-standing contribution to the country's economy.

"Mali is the very foundation of my business development," Bristow said. "We've had a strong relationship with the people and the many governments of Mali over time."

Broader Implications for Africa

Bristow warned that the Malian government's actions could create a perception of instability among global investors, potentially discouraging investment not only in Mali but across Africa.

"This is an important conversation for Africa," Bristow explained, indicating the misunderstandings can lead to perceptions that governments will strongarm companies to increase their share of revenues.

Drawing on his experience growing up in post-apartheid South Africa, Bristow emphasized the importance of dialogue and transparency in resolving disputes.

"Mali was historically a magnet for investment," he said. "The question is, how do we restore that? Transparency and open dialogue are key to fostering trust and creating an environment where everyone benefits."

good luck.

"In a surprising turn of events on January 17, 2025, a convoy of over 100 vehicles - including tanks, trucks, IFVs, artillery, and other heavy equipment, rolled into Bamako, the multi-million capital of Mali, seemingly appearing out of nowhere..."

Dona Ferentes said:

good luck.

"In a surprising turn of events on January 17, 2025, a convoy of over 100 vehicles - including tanks, trucks, IFVs, artillery, and other heavy equipment, rolled into Bamako, the multi-million capital of Mali, seemingly appearing out of nowhere..."

Special Report: A Convoy of Over One Hundred Russian Vehicles Arrives in Mali

Assessing the Convoy and Its Origins

frontelligence.substack.com

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I sold everything in WAf a while ago because @finicky told me to.

I'm sure you're following Sean K Trading intently, and saw that. :-D

Sean K said:

I sold everything in WAf a while ago because @finicky told me to.

I'm sure you're following Sean K Trading intently, and saw that. :-D

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yes, I may well have. And the Russian mercenaries waited until they saw you were out, too.

information is power

yeah, right...
.
Orezone, capitalised at $C342 million ($380 million) on the Toronto Stock Exchange and backed by Resources Capital Fund, has commenced testing Australian investors’ appetite to help it join the ASX boards.

Stockbroker Canaccord Genuity last week began inviting global fund managers based in Sydney and Melbourne to one-on-one chats with Orezone’s management. It is early days with Orezone yet to make a final decision on the ASX listing, but sources said it could seek to raise as much as $80 million if it can find the demand. Should it proceed with the dual listing as expected, the process is expected to take anywhere between six and 12 months.

Orezone, led by CEO Patrick Downey, owns 90 per cent of the open-pit Bombore mine in Burkina Faso, which is expected to produce 209,000 ounces of gold on average over its 11-year mine life. Commercial production began two years ago, and the December quarter saw it dig up 36,502 ounces of gold (up 37 per cent over the previous quarter) for $US91.7 million in revenue ($149.7 million).

Dona Ferentes said:

yeah, right...
.
Orezone, capitalised at $C342 million ($380 million) on the Toronto Stock Exchange and backed by Resources Capital Fund, has commenced testing Australian investors’ appetite to help it join the ASX boards.

Stockbroker Canaccord Genuity last week began inviting global fund managers based in Sydney and Melbourne to one-on-one chats with Orezone’s management. It is early days with Orezone yet to make a final decision on the ASX listing, but sources said it could seek to raise as much as $80 million if it can find the demand. Should it proceed with the dual listing as expected, the process is expected to take anywhere between six and 12 months.

Orezone, led by CEO Patrick Downey, owns 90 per cent of the open-pit Bombore mine in Burkina Faso, which is expected to produce 209,000 ounces of gold on average over its 11-year mine life. Commercial production began two years ago, and the December quarter saw it dig up 36,502 ounces of gold (up 37 per cent over the previous quarter) for $US91.7 million in revenue ($149.7 million).

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Making themselves friendlier for WAF.

https://x.com/nexta_tv
NEXTA

Russian mercenaries escorting gold miners ambushed by jihadists in Mali: around 30 KilledIn northern Mali, jihadists ambushed a convoy of civilian vehicles escorted by Malian troops and Russian mercenaries, whom French media identify as The Wagner Group. At least 32 people were killed. The convoy consisted of gold prospectors, primarily local residents and a few foreigners, heading to gold mines in the Intahaka region. Near the village of Kobi, attackers laid an ambush, with gunmen emerging from both sides of the road and opening fire indiscriminately.

According to AFP and Le Monde, the attack on the convoy in northern Mali was allegedly carried out by ISIS jihadists.

..

West African gold developer Robex Resources launched an underwritten initial public offering on Tuesday morning to raise $120 million.

The company had brokers Canaccord Genuity and Euroz Hartleys as its joint lead managers.

Shares were offered at $3.11 per CHESS depository interest – representing a 14.8 per cent discount to the last close price on Toronto’s TSX Venture Exchange – to institutional investors and retail clients of the brokers.

The proceeds will be used to develop its Kiniero Gold Project in Guinea. They’ll also go towards pre-production and financing costs.

Robex is a West African gold production and development company based in Quebec. It owns two assets in the prospective Birimian Greenstone belt

believe this or nay

Wagner PMC has announced that it has completed its "main mission" in Mali and is leaving the country. The statement was published by a Telegram channel close to the mercenaries, called “Wagner’s Unloading.” The post claims that for three and a half years, the mercenaries "fought shoulder to shoulder with the people of Mali against terrorism."

“We eliminated thousands of militants and their commanders who had been terrorizing the civilian population for years. We helped local patriots build a strong and disciplined army capable of defending its land. And we accomplished the main task — all regional capitals have returned under the control of the legitimate government. The mission is complete. Wagner PMC is returning home,” the post reads.

Dona Ferentes said:

believe this or nay

Wagner PMC has announced that it has completed its "main mission" in Mali and is leaving the country. The statement was published by a Telegram channel close to the mercenaries, called “Wagner’s Unloading.” The post claims that for three and a half years, the mercenaries "fought shoulder to shoulder with the people of Mali against terrorism."

“We eliminated thousands of militants and their commanders who had been terrorizing the civilian population for years. We helped local patriots build a strong and disciplined army capable of defending its land. And we accomplished the main task — all regional capitals have returned under the control of the legitimate government. The mission is complete. Wagner PMC is returning home,” the post reads.

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From a whisper I have heard one of Wagners group lives or lived not too far away.
The rumour was in hand to hand or any form of stealth combat only one survivor , him.

This has been going on for a while, but there's a few ASX West African gold players who must be slightly concerned.




Burkina Faso has completed the transfer of five gold mining assets to the country’s state-owned miner, according to a decree published late on Wednesday, finalizing a process that began in August to increase control over its mineral resources.

Like its neighbours Mali and Niger, Burkina Faso is seeking to control a larger share of its resources after revising its mining code last year. It has established the Société de Participation Minière du Burkina (SOPAMIB) as a vehicle to own, manage and operate strategic mining assets.

The five assets transferred to the state are two operating gold mines and three exploration licences held by subsidiaries of London-listed Endeavour Mining and Lilium, including Wahgnion Gold SA, SEMAFO Boungou SA, Ressources Ferké SARL, Gryphon Minerals Burkina Faso SARL, and Lilium Mining Services Burkina Faso SARL.

A deal to sell the Endeavour assets to Lilium had stalled, leading the state to step in.

“This acquisition is in line with the state’s policy of sovereign ownership of mining resources to optimize exploitation for the benefit of the population,” the decree said.

Burkina Faso is Africa’s fourth largest gold producer, producing more than 57 tons of gold in 2023. It plans to continue with the nationalization efforts, which it has said will deliver more income for the state, particularly after a 27% surge in the price of gold this year.

However, the reforms have alarmed Western investors, which also include Canada’s IAMGOLD, Nordgold and Australia’s West African Resources Ltd.

(By Maxwell Akalaare Adombila; Editing by Jessica Donati and Kirsten Donovan)

West Africa is always a worry. It is not so long ago that the rulers of the states that make up the joint were selling their own people as slaves north to the Arab countries and west to the Americas. Greed rather than nationalism is the main force behind the nationalisation of gold assets and as with the slave trade ( which I am told is still ticking along in small numbers ) the London markets give a veneer of respectability to the process.

I myself hold stock in a bauxite miner/producer in the district, and it is an area, which whether for gold or other commodities, can provide huge profits and devastating losses. I have not been brave enough to invest in gold there, although should one buy a gold mining ETF one would find that West African miners are included in the mix.

I don't like the place, then I don't like lots of places. In truth I don't like the people. they would sell their own family members to make a dollar.

gg

and some nice people doing their bit for humanitarian assistance . and, oh, those dust storms, how they 'lock in'' on the radar.

Russian Su-24 Reportedly Crashes in Mali During Combat MissionA Russian Su-24M, reportedly operated by the "African Corps," crashed near the Gao River while returning from a mission in support of Mali’s Armed Forces.
Mali’s General Staff confirmed the aircraft was not part of their official inventory. The crash was attributed to a sudden dust storm.
Earlier, satellite imagery by Maxar confirmed the presence of Russian Su-24s deployed in Mali. https://militarnyi.com/uk/news/mig-buty-rosijskym-su-24m-u-mali-rozbyvsya-bojovyj-litak/

Mali has become a bit of a worry for gold investors.
Barrick the latest to feel the wrath.
A Malian court has ordered Barrick Gold Corp.’s Loulo-Gounkoto mine into six months of provisional administration, transferring control of one of the Canadian firm's key assets to a state-appointed manager. Judge Issa Aguibou Diallo said Soumana Makadji, an accountant and former health minister, will oversee operations, according to Bloomberg.

The ruling follows months of tensions. In January, Barrick suspended operations after authorities blocked exports over a tax and royalty dispute. Though the company agreed to a resolution in February, it says Malian officials have yet to act. Meanwhile, exports from the mine—responsible for 723,000 ounces of gold last year—have been halted since November.

Mali’s junta, facing financial strain, demands back taxes and adherence to laws that would grant the state a larger stake and higher royalties. In October, Barrick paid $85 million as part of ongoing negotiations. The government has since seized 3 tons of gold and detained four Barrick employees.
Mick

mullokintyre said:

Mali has become a bit of a worry for gold investors.
Barrick the latest to feel the wrath.
A Malian court has ordered Barrick Gold Corp.’s Loulo-Gounkoto mine into six months of provisional administration, transferring control of one of the Canadian firm's key assets to a state-appointed manager. Judge Issa Aguibou Diallo said Soumana Makadji, an accountant and former health minister, will oversee operations, according to Bloomberg.

The ruling follows months of tensions. In January, Barrick suspended operations after authorities blocked exports over a tax and royalty dispute. Though the company agreed to a resolution in February, it says Malian officials have yet to act. Meanwhile, exports from the mine—responsible for 723,000 ounces of gold last year—have been halted since November.

Mali’s junta, facing financial strain, demands back taxes and adherence to laws that would grant the state a larger stake and higher royalties. In October, Barrick paid $85 million as part of ongoing negotiations. The government has since seized 3 tons of gold and detained four Barrick employees.
Mick

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Seems to be just getting worse. Do these juntas really think they can operate mines by themselves? Maybe raise the royalties and increase government free carry but you don't kill the golden goose. They can't be that dumb.