Mali to get $1.2 billion from miners after talks
Mali’s military leadership has taken a harsh stance against international miners with an extensive overhaul of the sector in recent years.
Shares in Roxgold Inc (CVE:ROG) raced higher on Wednesday after the company released the maiden resource at a satellite target at its ultra-high grade Yaramoko project in Burkina Faso.
The Toronto-based junior was changing hands at $1.17, up 5.4% on the Toronto Venture Exchange on the day, bringing year to date gains for the $417m counter to 70%.
Roxgold announced an initial resource estimate at Bagassi South, a satellite target called QV1 within 1.8 kilometres of Yaramoko’s 55 Zone deposit. The inferred mineral resource was estimated at 563,000 tonnes at 12.14 grams of gold per tonne gold for 220,000 ounces of gold at a cut-off grade of 5.0 g/t Au. Roxgold said QV1 remains open down plunge.
The company is expected to pour first gold at the $111 million underground mine in West Africa in June. The underground mine will produce 99,500 ounces on average annually for an initial 7.4 years.
Before the QV1 resource which should add significantly to mine life and cash flow from Yaramoko, the project was already one the highest grade undeveloped deposits in the world containing probable reserves of 759,000 oz of gold at an average grade of a 11.83 g/t gold. It also boasts some of the lowest costs in the industry – all in sustaining costs of $590 an ounce.
Roxgold owns 100% of Yaramoko, but the government of Burkina Faso is entitled to 10%. Top shareholder is Appian Capital Advisory, a $750 million private equity firm formed by industry veterans last year.
Others juniors operating in the region include B2Gold (TSE:BTO), True Gold Mining (CVE:TGM) and Orezone Gold (TSE:ORE). Burkina Faso is the continent’s fourth largest gold producer after Mali and has commissioned eight new mines over the past six years.
SEE ALSO: World’s top 10 rookie gold mines
2 Comments
Mason Al
Of course this Den of Thieves is leaving the rate unchanged…they can’t
raise it anymore. Even the thought that these idiots could raise the
rate “4 times” this year is laughable…They took that back and then
said two or three. I can say it is NOT going to happen until late 2017.
And even then, it will be one small move of 25 bp.
The Fed only
raised it from 25 to 50 because people were becoming wise to the fact
that the Fed and Yellen have no idea what they’re doing and that so many
idiots are gambling in the markets on margin, that a rate increase will
implode these over-inflated bubbles of markets that only the greedy and
the stupid would b dumb enough to invest in at this point.
Anyone with a brain is SHORTING THE MARKETS…the rest will lose.
Gold
is near all time highs in all currencies (except the USD) and people
are starting to lose faith in paper currencies ans starting to see the
value of holding REAL assets, rather than toilet paper.
The Fed will not be raising rates again for a least a year if at all…
Ronald West
Mason – Could not have said it better myself. Fact of the matter is that the US will be bankrupt before they ever raise interest rates. You and I know why they will not raise rates… they cannot afford the extra debt-service cost on their debt. It’s pathetic that the mainstream media bobbleheads continue to spew out lies because they are told by their masters to keep cheerleading this biggest bubble in history because if it bursts, you guys are out of a job.
Raising rates will only hasten their inevitable bankruptcy, and they know it, so in the meantime, as Peter Schiff so eloquently put it, they can only continue to spend and pretend and kick the can down the road, except now the can is a big huge block of gold and unless they come back to gold, the entire world monetary system is doomed. Gold and silver reigns supreme as non-inflatable money.