SEMAFO Inc
SEMAFO Inc
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With each of Endeavour Mining’s West Africa operations continuing to operate at normal levels, the company has posted a $US63M profit-to-loss turnaround to a $US37M net loss for the June 2020 qtr (Q2 20) from a Q1 20 $26M profit on gold production down to 149,000oz from 172,000oz.
Endeavour Mining $63M turnaround to a $37M Q2 20 loss as it assimilates its recent acquisition of SEMAFO. Watch this space
Endeavour Mining has completed its mutually agreed, $C1B ($US690.7M), all-share takeover bid for fellow Canadian miner SEMAFO to create the biggest gold producer in Burkina Faso and Ivory Coast.
The amalgamation creates a leading West African gold company with 6 operations, including 4 cornerstone mines, with combined FY/CY2020 year estimated output of 1Moz+, making it bigger than Newmont Goldcorp and Barrick in West Africa.
Despite a 4-week shutdown at the Boungou Gold Mine and the implementation of preventive measures against the COVID-19 virus, Canada-based takeover target SEMAFO has doubled its Mar 2020 qtr (Q1 20) attributable net income to $US14.1M from Q4 19’s $7.9M on gold production from its 2 Burkina Faso mines to 81,900oz from 69,900oz.
SEMAFO has overcome the COVID-19 virus bite to double Q1 20 profit on increased gold production from its Burkina Faso operations
Endeavour Mining has launched a mutually agreed, $C1B ($US690.7M), all-share takeover bid for fellow Canadian miner SEMAFO to create the biggest gold producer in Burkina Faso and Ivory Coast.
The amalgamation creates a leading West African gold company with 6 operations, including 4 cornerstone mines, with combined FY/CY2020 year estimated output of 1Moz+, making it bigger than Newmont Goldcorp and Barrick in West Africa.
Endeavour all-share bid for SEMAFO to create the biggest gold producer in Burkina Faso/Ivory Coast
Gold miner SEMAFO has overcome major shutdowns at both its Burkina Faso mines to increase Dec 2019 year (FY/CY19) production and cut costs to lift net income to $US50.2M from the previous year’s $8.2M loss and adjusted net income out to $73.7M from a $4.46M loss.
Despite the slings and arrows, the company lifted gold output to 340,900oz from 244,600oz and sales to 346,100oz from 235,400oz at total cash costs sold down to $525oz from $698oz and AISC to $724oz from $951oz.
With both of its gold operations hit by serious FY19 shutdowns, one following a 39-death worker convoy ambush, SEMAFO has managed a $$50+ profit
Challenges keep mounting for African Mining Services with the termination of its ongoing surface mining, load and haul contract at the Nsuta manganese mine in Ghana forcing a 16% cut in its FY20 net profit forecast.