Member Info for Cowichan

Tomorrow, Australian Trade and Investment Commission (Austrade) in collaboration with Australia Arab Chamber of Commerce & Industry will host the 4th MENA Connections webinar series 2020, specifically looking at opportunities in #Mining and Resources sector #Saudi Arabia & #Egypt

https://twitter.com/abedhakmi80/status/1328398192522780686

https://www.austarab.com.au/event/mena-connections-2020-industry-sectors-webinar-series-webinar-4-mining-and-resources/

Hey Tiger,
Interesting how this Endeavor acquisition spree turned out. So glad we didn't fall victim like SEMAFO and Teranga — I don't see those shareholders realizing any real benefit. Conversely Endeavor has acquired scale and resources for free — how did SEMAFO & Teranga's boards acquiesce to such paltry terms on behalf of their shareholders?? It's criminal in my book.

Creates a new top 10 senior gold producer with industry-leading low production costs and diversification across three countries...

Exchange ratio of 0.470x represents a premium of 5.1% based on the closing price on November 13, 2020, reflecting a balanced contribution from both sets of shareholders

La Mancha commits to inject $200 million in the combined entity

Existing Endeavour and Teranga shareholders will own approximately 66% and 34%, respectively,

https://www.juniorminingnetwork.com/junior-miner-news/press-releases/1125-tsx/edv/87676-endeavour-mining-and-teranga-gold-announce-combination-to-create-new-senior-gold-producer.html

4 - Under the Ministry of Mines and Geology;

The Council adopted a communication relating to the balance sheet of mining production as of September 30, 2020.

At the end of September 2020, the production of raw gold amounted to 28,330 tons against 23,549 tons in 2019, an increase of 20.30%.

This production is divided between the sub-sector of the small mine, at the level of 107.967 kg and that of the large mine, at a proportion of 28.222 tonnes.

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My Thoughts:
A 20% rise year over year is quite something - and once Centamin opens shop(s) the production coming out of Cote D'Ivoire will be hard for majors to ignore...

http://www.gouv.ci/_conseil-ministre-details.php?recordID=411

Austin Engineering says it has recently won contracts to deliver truck bodies and buckets to Africa (Egypt),

This is the first time in the company’s history that product has been supplied to these countries, it said.

https://im-mining.com/2020/11/13/austin-truck-bodies-buckets-on-their-way-to-egypt-ukraine-argentina-and-dominican-republic/

TORONTO, Nov 10 (Reuters) - Endeavour Mining Corp said on Tuesday it was in talks with fellow West African-focused gold mining company Teranga Gold over a potential merger, as it looks to add heft at a time of soaring gold prices.

As of Monday’s close, Endeavour had a market valuation of C$5.23 billion ($4 billion), while Teranga was worth C$2.2 billion.

Bloomberg had previously reported that Endeavour Mining was exploring a purchase of Teranga, citing people with knowledge of the matter.

Earlier this year, Endeavour acquired mining firm Semafo to create the biggest gold producer in Burkina Faso, increasing its focus on the country despite rising insecurity.

The Teranga deal, if completed, would add another operating mine – Wahgnion – to Endeavour’s four existing mines in Burkina Faso, and also give the company exposure to Senegal with Teranga’s operations.

Teranga bought Barrick Gold’s 90% stake in the Massawa project in Senegal last year in a $430 million deal.

https://www.kitco.com/news/2020-11-10/Gold-miner-Endeavour-Mining-in-merger-talks-with-Teranga.html

TORONTO, Nov 10 (Reuters) - Endeavour Mining Corp said on Tuesday it was in talks with fellow West African-focused gold mining company Teranga Gold over a potential merger, as it looks to add heft at a time of soaring gold prices.

As of Monday’s close, Endeavour had a market valuation of C$5.23 billion ($4 billion), while Teranga was worth C$2.2 billion.

Bloomberg had previously reported that Endeavour Mining was exploring a purchase of Teranga, citing people with knowledge of the matter.

Earlier this year, Endeavour acquired mining firm Semafo to create the biggest gold producer in Burkina Faso, increasing its focus on the country despite rising insecurity.

The Teranga deal, if completed, would add another operating mine – Wahgnion – to Endeavour’s four existing mines in Burkina Faso, and also give the company exposure to Senegal with Teranga’s operations.

Teranga bought Barrick Gold’s 90% stake in the Massawa project in Senegal last year in a $430 million deal.

https://www.kitco.com/news/2020-11-10/Gold-miner-Endeavour-Mining-in-merger-talks-with-Teranga.html

Ms Kabagambe has 35 years of experience spanning a diverse range of senior leadership positions in international institutions. She is a former Executive Director of the World Bank Group where she served from 2016 to 2020, representing the interests of 22 Sub-Saharan African countries...

http://www.barrick.com/English/news/news-details/2020/anne-kabagambe-appointed-to-barrick-board/default.aspx

https://twitter.com/CentaminPlc/status/1321772520354271232

'We are very pleased to announce the appointment of @BankofAmerica Securities as joint corporate broker alongside our existing advisors @BMO Capital Markets and Tamesis Partners.'

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My Thoughts:
Since Centamin first started tweeting a few months back there have been several choreographed photos adorning the news feed. Good to finally see some PR engagement utilizing social media (and perhaps further indication Sukari has been hosting some VIP meet & greets. )

Goldgnome FYI - Centamin already holds a mining/exploitation license at Konkera (Batie West) I'm surprised you aren't aware - a million shares and all...

see here -->
https://www.centamin.com/media/2337/estma-reporting-2019.pdf

Exploration license fees — BF $249,380 CDI $I89,262 total $338,642
Mining and other license fees — Egypt $179,512 BF $824,617 total $1,004,129

Therefore they can't 'convert' and to argue terrorism or the like whilst a dozen other companies are actively mining probably isn't a wise strategy IMO

The following taxes are applicable to the transfer of a large-scale or small-scale industrial operating permit:

- Capital gains tax at a rate of 20% (ie, 20% of the amount equal to the transfer price minus the acquisition price when the capital gain can be ascertained or 20% of the price where the capital gain cannot be ascertained). This tax is not payable if the large-scale or small-scale industrial operating permit is transferred for free to a Burkinabe company.

https://www.mondaq.com/energy-and-natural-resources/970474/mining-comparative-guide

My Thoughts:
Our CEO alluded that the company was coming up to the term limit of its exploitation license at Batie West — I believe its been extended once or twice but there is an eventual limit — develop or relinquish, even though we've been paying a cool million a year for the privilege of maintaining a license.

Hi Rebess,

Management selling us out at this stage would seriously suck for us LTH

I really hope this is not the case - but as you've been right so many times before I'm a bit worried. The only thing that doesn't add up is why take on a new CEO earlier in the year just to jettison him with a buyout? And all the new staff that our CEO has assembled, associates from his time at Toro, this would be a poor outcome for them I think.

There is also the possibility that we are the acquirer, or a joint venture, or a merger. Or perhaps setting up a separate entity/company to run the West Africa business. That would make sense, developing a management team devoted to Cote D'Ivoire & Burkina Faso. Something needs to be done to unlock the as-of-yet unquantified value of Batie West and Doropo.

Tibbs wanted to let you all know he's alright - just taking a short break from posting for personal reasons.

He appreciates the concern many have shown.

Anyone with a question for our new CEO please chime in as I believe Tibbs is going to raise the issues Kees Dekker outlined in his Sukari open pit analysis later this week. It seems much of our current open pit trouble could have been addressed years ago had the previous CEO and management team acted on Mr Dekker's report in 2017/2018

History need not repeat.

Yes, I am feeling a bit more optimistic after re-listening to our CEO's update & Q&A - thanks for asking!

As far as how realistic a buck a share is — we'd know better if the long awaited Batie West resource update ever was released. There's so much drilling data that was never quantified - at least never revealed to Centamin shareholders.

I remember when Norm Bailey was hired - ostensibly to figure things out in West Africa - then he get's unceremoniously dumped earlier this year. Who knows what funny business he was up to with the whole Endeavour attempted coup. I'm just glad our new CEO keeps populating the ranks with former Toro employees - at least we can rest assured these people have a degree of loyalty towards our leader.

Hopefully we get more than 'old news' on Dec 2nd - Cheers

After listening to our CEO's comments last week about how best to proceed with Batie West I could envision management selling a 50% interest to a major - perhaps Kinross - and distributing a special dividend to us LTH's

Last week's Kinross news for those who missed it -->

'Kinross believes that selling its mines in the Americas and relocating its African and Russian business to London would make the remaining parts of the company more valuable than if all the assets were kept inside one business unit, The Globe and Mail reported.'

https://www.mining.com/kinross-gold-mulling-sale-of-americas-mines/

I'd be happy with a buck a share special divi plus the expertise of Kinross in developing West Africa - sharing the risk/reward isn't necessarily a bad idea

Hi Tiger.
I'm glad your enthusiasm isn't as fickle as the open pit walls.
Always good to hear from you.

But I'll get over it.
Since everything has been said regarding our collective disappointment I won't add to the misery except to pose a question — what's up with the CEO/management choosing December 2nd as the 'reveal' date. Surely we've gotten the gist already. Why pick a random day to elaborate on bad news...
Signed,
Miserable.

That's what I want to read about tomorrow.

Canadian miner Kinross Gold (TSX: K) (NYSE: KGC) is said to be considering a sale of its gold mines in North and South America and moving its primary stock listing to London in a move to increase the company’s value.

The Toronto-based gold producer is also considering doubling down on its portfolio of assets in Russia and West Africa, The Globe and Mail reported, citing three unnamed sources familiar with the matter.

Kinross believes that selling its mines in the Americas and relocating its African and Russian business to London would make the remaining parts of the company more valuable

Kinross, one of the world’s top-10 gold producers, has four mines in the Americas.

https://www.mining.com/kinross-gold-mulling-sale-of-americas-mines/

Just for fun I'll call the other side of the coin and pose a few 'what ifs'

what if Sukari is amalgamated into the new royalty scheme and the 'postponed' 4th quarter production gets taxed instead of 50/50 profit-shared...

what if the long awaited LOM review outlines a greatly expanded super-pit , doubling life of mine and upping production...

what if Burkina Faso is finally approved and we discover the West African resource is doubled or tripled overnight...

The silence from management on all things exploration related will have to break sooner or later — I sincerely hope it's sooner !