SEMAFO Inc
SEMAFO Inc
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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.
Australian-based contractor Perenti has exited a long-standing project in northern Burkina Faso following last month’s terrorist attack that killed 39 workers, including 19 employees of its subsidiary African Mining Services, from the nearby Boungou mine.
Perenti says it will not renew its equipment hire, maintenance and mining services contracts with Nord Gold at the Bissa gold mine following consultation with security consultants and government agencies.
Cyprus-based investor Sycamore Mining has signed a deal with Guinea’s govt to redevelop the Kiniero Gold Mine, 591km E of Conakry in the country’s east, Reuters reports.
Sycamore and 3 other mining companies had made bids for the mine, which has been out of production since Canada’s Semafo placed it under care and maintenance in 2014 and sold it to New Dawn Mining.
The death toll in the ambush of 5 trucks transporting Canadian-based Semafo’s Boungou Gold Mine workers in E Burkina Faso has risen to 39, with 60 injured from 141 accounted for and one unaccounted for.
SEMAFO president/CEO Benoit Desormeaux says that over the weekend the company began transportation of people by helicopter from the site of late last week’s attack site. He says 241 of SEMAFO’s employees, contractors and suppliers were involved in the attack.