Firering Strategic Minerals: From explorer to producer. Watch the video here.
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For the French manager, who notes that there are no more attractive gold assets [to buy] currently in West Africa, the time has come for optimization and internal growth.
“We must make this whole thing sustainable and push our development projects.
Sébastien de Montessus intends, however, to continue investing in exploration to find the next deposits in the region, near his Burkinabè, Senegalese, Ivorian and Malian sites
To have the means for his West African ambitions, Sébastien de Montessus is now relying on his size, noting that his competitors in West Africa are few, smaller and less geographically concentrated than Endeavor.
“Clive Johnson, the boss of B2Gold (active in Mali and Namibia) has already indicated that he wanted his next major projects to be outside Africa. Nordgold, well established in Burkina Faso and active in Guinea, does little exploration and its production is declining. Iamgold is in the process of selling assets. In South Africa, Gold Fields wants to concentrate its efforts on Ghana, and AngloGold is in restructuring, ?”he says .
https://www.jeuneafrique.com/1165912/economie/or-naguib-sawiris-propulse-endeavour-dans-la-cour-des-grands/
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My Thoughts:
Montessus has a superiority complex... I would like to see him challenged by Mr Horgan asap
Yes interesting incite to Sebastien's mental function.
Perhaps he is losing it, by continued expansion ,with only expansion in mind , rushing in.
Seems unlikely ,but look carefully at their assets, AIM Companies ,and many problems with their current investments.
Seems he likes B/F .
Many have made that mistake that I have observed in my career.
Mining ,no Guaranties.
Ok pay the cash Seb.
The CEO will have to get the artisinal miners out prospecting again, in Burkina, they might even have to do some exploration themselves. The trouble with exploration is that unless done very well, it does not feed the company with sufficent growth, hence to grow = MandA.
The trouble with MandA, is that everyone is trying to do it now, and there are few good prospects on offer. So any good prospect will sell at a good premium in this market. The dogs are the ones to beware of, and their are plenty of them around. BUt it goes that the Business Development team in charge of MandA get their bonuses for doing deals, so deals must be done, and dogs get bought at a premium. A dog may look good for a year or 2 before the problems start to surface.
What problems? ... The geomet did not recognise the alteration zoning in the orebody, the geotech was not done properly, the resources did not convert to reserves (etc)
It never ceases to amuse me how many things get done poorly in the industry, even by companies who should know a lot better. The Rio debacle in Mongolia is a case. Oyu Tolgoi is the flagship greenfield (opper-gold) project of what is supposed to be one of the world’s pre-eminent resources companies. The extent of the mine development incompetence laid bare is almost inconceivable. It is so professionally embarrassing and the attempt at cover up...?
The investigative report into the project debacle has landed, and it completely blows out of the water Rio Tinto’s disclosure to the London and Australian stock exchanges of July 16, 2019 (!!), that OT’s expansion was running late and over budget because of “unexpected and challenging geotechnical issues.” Group executive Stephen McIntosh (since retired) even said “the ground conditions are more challenging than expected and we are having to review our mine plan and consider a number of options”.
To the contrary, “these off-footprint isolated ground condition ‘surprises’ are not considered significant contributors to the overall design, schedule and cost variances”, the report by Independent Consulting Group finds. “This is confirmed by the lack of specific schedule or cost analysis of these changes that would be expected if their impacts caused major variances.”
“Very few of the senior management in either the owner (Rio Tinto) or… mine builders [Worley] had experience in developing large caving projects nor of working in Mongolia, the two most critical aspects of this project.” Relevant expertise – who needs it?
Remember, it was explicitly for Jean-Sébastien Jacques supposedly impeccable stewardship of Oyu Tolgoi as Rio Tinto’s head of copper that Jacques was plucked from relative obscurity in 2016 by chairman Jan du Plessis to be the company’s chief executive.
Jacques successor Simon Thompson let Jacques waltz away from this slow-burning international scandal – to say nothing of the smoking ruins of Juukan Gorge! – with long-term performance shares worth $57 million.