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A quote from Kitco report:
"Eight out of the top ten lowest cost mines in the region located in West Africa."
https://www.kitco.com/news/2021-05-18/Top-10-lowest-cost-gold-mines-in-Africa-in-2020-report.html
2020 All In Sustaining Costs
B2Gold's Fekola Mali $599/oz
Endeavour Natougou-Boungou mine in Burkina Faso $609/oz
Perseus' SGP mine in Ivory Coast $692/oz
Newmont's Akyem mine in Ghana $757/oz
Barrick Kibali mine in the Democratic Republic of the Congo $778/oz
Newmont's Akyem mine in Ghana $757/oz
Barrick Tongon mine in Ivory Coast $791/oz
Endeavour Ity mine in Ivory Coast $808/oz
AngloGoldAshanti Iduapriem mine in Ghana $809/oz
Resolute Mako mine in Senegal $812/oz
Burkina Faso isn't a country we should or can afford to abandon going forward.
Also, deferring to Centamin's 'large institutional investors' to provide sound advice/direction for the company is ridiculous. VanEck, BlackRock, et al — ETF's have altered the world of investing and shareholder activism in ways incalculably detrimental.
Thanks Cowachin.
The discovery rate of commercial mines is also heavily weighted to West Africa. The Birrimian greenstone belts are the home of v large profitable mines (as you point out), and I would contend the buld of the ines have been discovered by United Nations Geochem Surveys (poor quality) and drilling under Artisinal Miners diggings.
The development of the weathering profile in West Africa is different to other similar lateritic profiles, which means that understanding the regolith is a pre-requisite for efficient an effective science based exploration.
In fact the scientific based exploration in West Africa is only in its infancy. Public data sets/Open file reports and databases the like of which we take for granted in Australia, and Canada do not exist. Yes some have aeromagnetic covergae now, but the analysis of this is rudimentary.
The results from the 2 projects in Cote IVoire are positive and encouraging, and the smart money is to see whether they can be made more positive by expanding the resource base, or building a better appreciation of the upside by some smart exploration.
Great position to be in.
In Burkina, I am perplexed by them not releasing an updated resource, and this leads me to thinking as opined previously, that the problem is not scale, but the geomet and/or energy/minig/sgrip ratio of the known 3 m ozs. The basics must be held in the energy cost, whichif reliant on external govt supply is v expensive, and if reliant on imprting diesel, is also expensive. But there are other forms of energy, and in the sub-sahara, this would equate to solar! Of interest then is Centamins work on solar powering in Egypt, and in Australia. IN Australia the renewable ming has started ..
"Gold Fields .....In June 2019, the company announced plans for Agnew become one of Australia’s first mining operations to be predominantly powered by renewable and low-carbon energy, signing an agreement with energy producer EDL for the creation of a “world-leading” energy microgrid, combining wind, solar, gas, and battery storage. The agreement constituted an A$112m (approximately $80.2m) investment, with EDL owning and operating the microgrid. The Australian Renewable Energy Agency (ARENA) provided A$13.5m in funding as part of its Advancing Renewables Program.
The 56MW Agnew Hybrid Renewable Project was completed in May this year, with four key components controlled by an advanced microgrid system: five 110m wind turbines with a rotor diameter of 140m delivering 18MW, a 10,710-panel solar farm generating 4MW, a 13MW/4MWh battery system, and an off-grid 21MW gas/diesel engine power plant. The culmination of all those parts is Australia’s largest hybrid renewable microgrid...
best
the gnome
So it is a great area to work in. Having opreated in West Africa for more than 2 decades, none of our operations have ever been held up or nationalised despite their being coup's in Burkina Faso,
Kitco report:
"Eight out of the top ten lowest cost mines in the region located in West Africa."
https://www.kitco.com/news/2021-05-18/Top-10-lowest-cost-gold-mines-in-Africa-in-2020-report.html
2020 All In Sustaining Costs
B2Gold's Fekola Mali $599/oz
Endeavour Natougou-Boungou mine in Burkina Faso $609/oz
Perseus' SGP mine in Ivory Coast $692/oz
Newmont's Akyem mine in Ghana $757/oz
Barrick Kibali mine in the Democratic Republic of the Congo $778/oz
Newmont's Akyem mine in Ghana $757/oz
Barrick Tongon mine in Ivory Coast $791/oz
Endeavour Ity mine in Ivory Coast $808/oz
AngloGoldAshanti Iduapriem mine in Ghana $809/oz
Resolute Mako mine in Senegal $812/oz
Burkina Faso isn't a country we should or can afford to abandon going forward.
Opinion of Kees Dekker Mining Analyst
But…… they are in Africa with all its associated risk. Take for example the recent coup in Mali, Jihadist threats and when in the DRC a very corrupt government and society. I anyway for not like cash cost metrics because they are so open to manipulation.
Just capitalise much of your waste stripping cost as “deferred” and voilá you dropped out a lot of cash cost.
I do not understand the comment that Burkina Faso is not a country. It is.
I guess this has become a very touchy subject. To explain:
"Burkina Faso isn't a country we should or can afford to abandon going forward."
that is to say
"Burkina Faso is not a mining district we should or can afford to abandon going forward"
or to articulate further
"Burkina Faso is not an area we should or can afford to abandon going forward"
This wasn't to suggest that BF is not a country or an area or a mining district... but thanks for reminding us BF is a country ;-)
I’m personally make very happy reading regarding the project news on the last RNS, especially Doropo adding potentially another 200,000 ounces annually. I also believe it was a case of the sell on news brigade along with the ridiculous 82p broker note that contributed to the excessive drop & panic selling.
When a decent RNS lands on any company I’ve seen many a time that the sp will sell off....only to recover again quickly a week or so later, I believe this will be the case with CEY.
7 Wall Street analysts have issued ratings and price targets for Centamin in the last 12 months. Their average twelve-month price target is GBX 153.29 The high price target for CEY is GBX 240 and the low price target for CEY is GBX 82. There are currently 1 sell rating, 1 hold rating and 5 buy ratings for the stock, resulting in a consensus rating of "Buy."