Sommaire - Performances Group

Semaine 42 – du 17 au 23 octobre 2011
N° 196
Sommaire
Dangote Signs $750m Agreement In Congo, Ethiopia ----------------------------------------------------- 2
Où en est-on avec la cimenterie de Baoré? -------------------------------------------------------------------- 3
Sénégal: Secteur minier - Les projections de croissance attirent les investisseurs
étrangers ------------------------------------------------------------------------------------------------------------------------- 4
Guinée: Remise symbolique du code minier à l'agence française de développement
par le ministre des mines et de la géologie lors d'une cérémonie au ministère le 12
octobre 2011 à 16 heures ------------------------------------------------------------------------------------------------ 5
Rio's $700m tax to boost Guinea's infrastructure --------------------------------------------------------------- 6
Alcan: Rio Tinto veut vendre 13 actifs ------------------------------------------------------------------------------ 6
UN draft resolution would hit Eritrea mining ---------------------------------------------------------------------- 7
BHP Billiton reports strong iron-ore production growth ------------------------------------------------------ 8
Zambia suspends issuance of new mining licences---------------------------------------------------------- 9
Golden Rim invests in Burkina Faso project----------------------------------------------------------------------- 10
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Dangote Signs $750m Agreement In Congo, Ethiopia
In continuation of its investment expansion drive, the PanAfrican Conglomerate, the Dangote Group has signed
fresh investment agreements worth $750 million with the
government of two African countries for the production of
cement.
During the week, the Dangote Group signed a $350million
investment agreement with the Central African Republic of
Congo and another $400 million of with Ethiopian government.
The deals were consummated at separate occasions in the capital of both countries where president and chief executive officer of the Dangote Group, Alhaji Aliko Dangote signed on behalf of
his company, while three Congolese Ministers, Mr. Pierre Moussa in charge of ministries of Planning,
Economy, Integration and Coordinator of the Economic Pole; Mr. Rodolphe Adada, minister for Industrial Development and Private Sector Promotions and Mr. Pierre Oba of the ministry of Mines and
Geology endorsed the agreement on behalf of the government.
Only last week, a similar agreement was signed with the Camerounian government after which a
ground breaking ceremony for the laying of the foundation for a $115 million cement factory was
held.
Congolese minister of Industrial development, Adada, who spoke on behalf of the government,
hailed Dangote’s deft move to invest in the country and pledged full support of the government for
the project.
According to him, Dangote has become a symbol of the emancipation of the African continent
with the significant investment in Congo and other African countries. He said, “The Dangote project
is important to our people and our economy as it enables us achieve President Denis Sassou
Nguesso’s vision for a robust and diversified economy. The project will help the country significantly
reduce the import of cement and even enable us become a net exporter of cement while boosting economic growth, development, job creation and income generation.
“We are proud to have Dangote in Congo and it is a demonstration of an excellent relationship
between the governments of the Federal Republic of Nigeria and the Republic of Congo,” he added. Speaking at the event, Alhaji Dangote said the intention of the group in its foray into Congo
was not just to make profit but also to further empower the people of Congo, create new jobs and
wealth.
“We are committed to our business all over the world and Congo will be no exception. We are
going to invest $350 million in the construction of a fully integrated cement factory with an installed
capacity of 1.5 million metric tons per year within the next three years and transform Congo into a
net exporter of cement,” Dangote said.
According to him, this investment will serve as a launch pad into other sectors of the Congolese
economy.
The factory is to be located in the territory of the Administrative District of Bouenza in the Southern
part of the country. As a fully integrated plant the facility will process local limestone and other raw
materials.
Alhaji Dangote assured of a successful delivery of the project, which is one of many other successful projects in 14 other African countries, where the company has invested noting that the investment would further strengthen the bilateral ties between the two countries.
“This indeed, shows that Africa is gradually taking its destiny in its own hands rather than wait for investors from outside Africa. Investment in the real sector of the economy is the only way that our
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continent can achieve the much desired accelerated growth and development that we have
yearned for.
“The developmental challenges of Africa are quite tremendous. According to a report by the
McKinsey Global Institute issued in June 2010, Africa requires at least $46 billion in spending annually
to meet infrastructural needs. It is obvious that African governments alone cannot hope to meet
this demand due to the various competing needs in other aspects of the economy.
“This is why private companies are needed to complement the government’s efforts. It is in this light
that we have decided to invest in Cameroon,” Dangote explained.
He added;“We are motivated to create an African success story because we believe that entrepreneurship, especially our own home-grown African entrepreneurship, holds the key to the future
economic growth of the continent. The fact that Africa offers one of the highest returns on investment
(ROI) in the world is an additional incentive for any discerning investor, who can take calculated
risks,” he added.
Underscoring the Dangote Group’s commitment to Corporate Social Responsibility (CSR), he stated
that while Dangote Group was in the business of creating wealth primarily, it was also mindful of the
need to touch the lives of people especially in the immediate areas of its operations.
He stressed that; “As a company, we have always been conscious of the need to give a little of our
profits back to the society as a guarantee for sustainable business success. This has been our guiding business philosophy. In all our host communities where we operate, we have a robust corporate social responsibility strategy in place, for translating this philosophy into projects and actions
that touch positively on the citizens,”
“With the cooperation of our host communities, we will create employment opportunities and help
small businesses to grow in Congo”, he assured.
The business mogul hinted that the long term ambition of the Group was to develop 50 million metric tons of cement production and terminal capacity in Africa by 2015, stressing that Dangote
Group nursed the ambition to become a truly pan-African champion in the manufacturing sector,
capable of competing globally with the largest cement companies in the world.
“We quite understand the dynamics of doing business in Africa because we are Africans. We respect the people and their cultures anywhere we operate in Africa and for us this is an undeniable
edge.” He said.
Meanwhile, the deal to build a cement plant in Ethiopia was also signed between Alhaij Dangote
and officials from the Ethiopia’s Oromiya region, where the plant will be constructed with an initial
plan of two million ton production per annum. The project is scheduled to be concluded in 2013
Où en est-on avec la cimenterie de Baoré?
Par Kodibaye Christian, APT - 25/09/2011
© ATP
Dr. Nodjitolbaye Kouladoumadji, ministre des Mines et de la
Géologie
Une rencontre a eu lieu entre une délégation d’EXXIM
Bank et le ministre des Mines
Les représentants de la Banque chinoise, EXXIM Bank, qui
a financé la construction de la Cimenterie de Baoré, sont
allés rendre visite au ministre des Mines et de la Géologie
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Dr. Nodjitolbaye Kouladoumadji à son bureau. Cette délégation est venue s’entretenir avec le ministre sur un certain nombre de questions relatives à la construction de ladite cimenterie avant de
pouvoir se rendre prochainement sur le terrain pour constater de visu l’état d’avancement des travaux. Selon le ministre des Mines et de la Géologie, il a fallu à l’Etat tchadien un emprunt auprès de
la Banque chinoise pour la construction de la cimenterie de Baoré. Pour lui, l’Etat tchadien s’est
engagé à rembourser entièrement ce prêt. Maintenant que les travaux sont presqu’achevés, la
banque est en droit de venir se rendre compte de son avancement.
La cimenterie devrait être même opérationnelle depuis le mois de juillet, n’eut été quelques aléas
d’ordre économique constatés. Qu’à cela ne tienne, a-t-il poursuivi, les discussions sont en cours et
l’institution ouvrira ses portes dans les tous prochains jours. Dr Nodjitolbaye Kouladoumadji a aussi
indiqué que comme l’Etat a respecté les closes du contrat, il ne lui reste qu’à mettre sur pied une
structure légère de gestion de ce ciment «Made in Tchad». C’est ce qui a été fait avec la création
de la Société Nationale de cimenterie constituée uniquement des cadres et ouvriers tchadiens.
Cette société jouera le rôle d’interface entre le ministère et la compagnie chinoise, CAMCE. Et de
dire qu’une autre société chargée de la gestion au quotidien de la cimenterie verra également le
jour pour une gestion.
Sénégal: Secteur minier - Les projections de croissance
attirent les investisseurs étrangers
Cette semaine, le Sénégal et la sous-région accueillent une délégation canadienne d'investisseurs.
A Dakar, hier, celle-ci s'est réunie avec les acteurs économiques sénégalais pour discuter des
moyens de renforcer les échanges commerciaux entre le Sénégal et le Canada, dans l'intérêt des
deux pays.
C'est un voyage organisé dans toute la région d'Afrique de l'Ouest qu'a effectué la délégation
d'une quinzaine d'organisations canadiennes de fournisseurs de services et produits aux entreprises
du secteur minier.
L'étape d'hier, à Dakar, s'est tenue sous la forme d'un atelier de lancement de service du secteur
minier organisé par le ministère du Développement économique de l'innovation et de l'exportation
du Québec (Mdeie) en partenariat avec le service des délégués commerciaux du Canada.
Cette journée d'échanges qui a mobilisé les décideurs des secteurs publics et privés sénégalais,
s'est structurée autour du thème 'Canada - Sénégal : services du secteur minier'.
'Ce séminaire marque le lancement de la plus importante des missions canadiennes dans le secteur minier en Afrique de l'Ouest', a annoncé le coordonnateur du Mdeie, Alain Carrier. Avant de
préciser : 'L'Afrique de l'Ouest représente un marché en pleine expansion où les occasions d'affaires
sont grandissantes'.
Sur le choix du Sénégal, il confiera que c'est une porte d'entrée pour le continent Africain. 'Vous
nous permettez d'avoir accès à tout cet espace géopolitique qui est en pleine effervescence
économique. D'après des économistes, la croissance économique prévue pour les prochaines années est d'au moins 5 %', argue-t-il.
Dans le contexte actuel de la mondialisation et de la course effrénée aux ressources naturelles
dans le monde entier, le Québec voit au Sénégal un partenaire stratégique.
Sans tourner autour du pot, l'ambassadeur du Canada, Pery J. Calderwood, décrit clairement l'objectif d'une telle collaboration. 'Il s'agit de trouver les meilleures perspectives d'affaires pour les entreprises québécoises', note le diplomate.
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Et de rappeler la pertinence d'un partenariat avec le Canada, qui, selon lui, peut être un investisseur stratégique dans les intérêts du Sénégal. Cela, parce que le Canada a investi près de 7 milliards de dollars dans la région de l'Afrique de l'Ouest et plus de 400 millions au Sénégal.
Côté sénégalais, c'est la question de la sous-traitance qui mobilise aussi bien les membres du secteur privé que du public. 'Autour de la mine, il faut des activités annexes', commence le directeur
des mines et de la géologie, du ministère des Mines, de l'Industrie, de l'Agro alimentaire et des Pme,
Ousmane Cissé, lors du premier panel de la journée.
En effet, ces activités dites annexes sont identifiées par le directeur comme plus durables et pouvant être à l'origine d'un effet multiplicateur, source de croissance pour le pays. 'Sur les données
des mines actuelles, 7 300 emplois directs ont été créés, et 22 000 emplois à travers la soustraitance. Il y a donc un effet multiplicateur', note Ousmane Cissé.
Qui estime que ce sont de réelles opportunités à exploiter. Cependant, force est de constater, selon ce dernier, que souvent la quasi entièreté des investissements étrangers effectués au Sénégal
sont réexpatriés à l'étranger.
Ainsi, l'enjeu pour le Sénégal sera d'aller vers un partage plus équitable des richesses dans le cadre
d'un partenariat comme celui dont il sera question avec le Canada. Ce, afin de 'trouver une solution pour que l'argent investi dans notre pays y reste', conclut M. Cissé.
http://www.walf.sn/
Guinée: Remise symbolique du code minier à l'agence
française de développement par le ministre des mines et
de la géologie lors d'une cérémonie au ministère le 12
octobre 2011 à 16 heures
L'AFD a appuyé les autorités guinéennes pour la révision du Code minier de 1995 et sa mise aux
normes internationales, notamment à travers le financement de deux prestations:
- un expert technique international résident conseiller du ministre des mines, et membre de la
Commission technique ad hoc;
- le marché Sofreco, bureau d'études retenu sur consultation internationale pour appuyer les autorités et encadrer ce travail de révision.
L'AFD a salué l'adoption du nouveau Code minier par le Conseil National de Transition le 9 septembre 2011. La rédaction et l'adoption de ce Code résultent en effet d'un processus participatif
de qualité, qui met la transparence et la bonne gouvernance au centre des pratiques et qui introduit des dispositions relatives à la responsabilité sociale et environnementale pendant et après
l'exploitation minière, et qui prévoit l'association des communautés et le financement du développement local. Le nouveau code apparaît également plus équilibré en matière de partage de la
valeur ajoutée dans le secteur et de fiscalité.
S'il est vrai que le texte n'a pas pu être certifié par SOFRECO comme étant «conforme aux meilleures pratiques internationales» en raison de la présence résiduelle de certains articles introduits
dans le texte final contre l'avis d'expert du consultant, le Code minier de 2011 apparaît néanmoins
«aux normes internationales».
La cérémonie permettra la remise symbolique d'un exemplaire du Code par le ministre des Mines
et de la géologie au directeur de l'AFD Conakry.
http://www.aminata.com/
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Rio's $700m tax to boost Guinea's infrastructure
The government of Guinea will use 35% of a $700-million windfall from Anglo-Australian miner Rio
Tinto to rebuild the mineral-rich West African nation's broken infrastructure, a Guinean official said
on Sunday.
Rio struck a deal with Guinea in April to settle a dispute over its stake in the Simandou iron-ore
project, agreeing among other terms to pay $700-million in compensation – a sum that is nearly
75% of the poor nation's 2008 budget.
Guinea did not release budget figures for 2009 and 2010 when it was under the rule of a turbulent
military junta.
The $700-million is expected to boost Guinea's $4.5-billion economy, held back by years of political
instability and lack of infrastructure despite its mineral wealth in bauxite, gold, iron ore and diamond coveted by major miners including Vale, Rusal and Chinalco.
About $240-million will be spent on improving roads, electricity, health, the justice system and education in this fiscal year, said Amadou Camara, member of a council that is acting as Guinea's
transitional parliament.
Camara said Guinea's budget minister presented the body with a revised budget including a
spending plan for part of the money and the council had adopted the plan.
"About 770-billion Guinean francs ($112-million) will be used in the power sector including the
launch of the 240 megawatt capacity Kaleta Dam and the purchase of a thermal power station
with a capacity of about 100 megawatt," Camara said.
Camara said about $25 million will be used for military and security spending while about one percent of the amount released will be spent on education.
The remaining $460-million will be kept in the state treasury for future budget outlays, Camara said.
Edited by: Reuters
Alcan: Rio Tinto veut vendre 13 actifs
Rio Tinto a annoncé dimanche son intention de vendre 13 de ses actifs dans le secteur de l'aluminium, incluant des raffineries, des centrales électriques et une mine, alors que le géant minier tente
de rationaliser sa division Alcan.
Rio Tinto a fait l'acquisition de la société canadienne Alcan pour 38 milliards $ en 2007.La compagnie a indiqué que cette décision lui permettrait de se concentrer sur sa stratégie visant à accroître
la valeur de ses actifs de catégorie supérieure ainsi qu'à améliorer ses résultats financiers.Tom Albanese, chef de la direction de Rio Tinto, a souligné que "les actifs destinés à la cession sont des
établissements solides et bien gérés qui disposent d'une main-d'oeuvre productive".
Il a toutefois ajouté qu'ils ne correspondent plus à la stratégie de la compagnie, et que de nouveaux propriétaires pourraient leur assurer un bel avenir.M. Albanese a soutenu que Rio Tinto avait
suffisamment de solidité pour choisir le temps opportun pour vendre ces actifs, et qu'elle pourrait
donc attendre que le climat économique s'améliore.
Les intérêts de Rio Tinto dans six actifs situés en Australie et en Nouvelle-Zélande seront transférés
dans une nouvelle unité d'affaires. Cette unité s'appellera Pacific Aluminium et sera gérée séparément du groupe de produits Rio Tinto Alcan en attendant la cession.
Sept autres actifs hors des activités principales de Rio Tinto continueront d'être gérés par Rio Tinto
Alcan, notamment en France et en Allemagne.
http://www.lesaffaires.com/
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UN draft resolution would hit Eritrea mining
Mining companies would be banned from investing in Eritrea's potentially booming minerals sector
under a draft UN resolution that Security Council members are due to start negotiating on Tuesday.
The council is weighing the investment ban, as well as an import ban on Eritrean minerals and other
measures to add to existing sanctions against the Horn of Africa state in retaliation for Eritrea's alleged support of Islamist rebels in Somalia. Eritrea denies supporting the rebels.
But diplomats said some of the toughest provisions in the proposed resolution, which has been
drafted by Gabon, faced opposition from some members of the 15-nation council, meaning the final text could be watered down.
Proposals by an East African bloc to toughen sanctions on Eritrea have been stalled for three
months as the search went on for an African state sitting on the Security Council to sponsor them.
The Inter Governmental Authority on Development, or IGAD, which groups seven East African
states, called in July for more sanctions to hit the Eritrean mining sector and remittances.
Eritrea has blamed its rival Ethiopia, from which it split away in 1993, for the drive. In a letter this
month to the council it urged the body to "reject Ethiopia's current hostile campaign" and immediately lift all sanctions against it.
The new draft, a copy of which was obtained by Reuters, says that "all states shall prohibit investment by their nationals, persons subject to their jurisdiction and firms incorporated in their territory or
subject to their jurisdiction in the extractive industries and mining sectors in Eritrea."
It also says all states shall prohibit the import of gold and other raw materials from Eritrea.
DIASPORA TAX
The draft also seeks to block payment of a 2% "diaspora tax" on their incomes that Eritreans working
abroad are expected to pay to their local Eritrean embassy.
Eritrea is seen as being on the brink of a minerals boom that could revive its struggling economy.
Remittances that it receives from its large diaspora in the West and Middle East are its biggest
source of foreign exchange.
The country's most advanced mining project, Bisha, believed to contain gold, copper and zinc, is
run by Canada's Nevsun Resources. Earlier this year, Eritrea granted Australia's Chalice Gold Mines
two new exploration licenses in a nearby location.
The fresh sanctions drive follows a report by a UN monitoring group in July that found Eritrea continues to provide political, financial, training and logistical support to al Shabaab and other armed
groups in Somalia.
Eritrea has denied repeatedly that it funds and arms the Islamist al Shabaab but the accusation
prompted the Security Council in 2009 to impose an arms embargo, asset freeze and travel ban on
leaders and firms in Eritrea.
The new resolution would add more individuals and organizations to those already under sanctions.
But council diplomats suggested it could be toned down.
"Council members are generally well-disposed towards a strengthening of the Eritrea sanctions regime but several cannot accept the most substantive elements of the draft, particularly those that
amount to sweeping economic sanctions," one diplomat said.
"However, the key point is to target the regime and its destabilizing activities in the region and it
should be possible to find consensus on measures that achieve that."
The diplomat did not identify the countries that were objecting but China and Russia typically are
cautious about sanctions. --- Edited by: Reuters
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BHP Billiton reports strong iron-ore production growth
Mining giant BHP Billiton’s iron-ore production climbed 24% to 39.57-million tons in the September
quarter, with shipments from its Western Australian operations hitting a record annualised rate.
The miner, which is spending billions on capacity expansions in Pilbara, said its Western Australian
iron-ore shipments rose to an annualised 173-million tons a year, which is 28% improvement on the
previous corresponding period.
“Western Australian iron-ore operations continued to benefit from the dual tracking of the company’s rail infrastructure, increasing overall system capability,” the miner, led by CEO Marius Kloppers,
said in a production report.
The company also said that the consistently strong performance at the Samarco operations in Brazil, following the ramp-up of the third pellet plant, continued to reinforce its confidence in the next
phase of its expansion.
The Samarco partners earlier this year approved a $3.5-billion expansion to lift iron-ore pellet production capacity by 8.3-million tons to 30.5-million tons by 2014.
BHP also reported record quarterly production at the New South Wales energy coal and Illawara
coal projects, both in Australia, as well as the Cerrejon project in Colombia.
Energy coal production increased by 8% year-on-year to 18.46-million tons during the three months
to September.
The mining giant said that a significant improvement in performance was delivered across its highvalue, export-oriented operations as quarterly production records were achieved at New South
Wales Energy Coal and Cerrejon Coal.
The South African coal operations also recorded an 11% increase in total production from the prior
quarter.
Lower production at New Mexico operations, in the US, was indicative of an increase in the strip ratio at Navajo Coal and an underground fire at San Juan Coal in September 2011. The San Juan
coal mine remains closed pending an investigation into the cause of the fire, BHP reported.
Metallurgical coal production fell by 10% year-on-year to 9.29-million tons.
BHP said that the Queensland coal volumes, which were hit by weather-related production setbacks earlier this year, increased in the quarter. It reported that production continued to ramp up
to pre-flood levels, despite stoppages associated with ongoing labour negotiations.
“Consistent with prior guidance, we expect to be impacted by the remnant effects of the wet
weather, to some extent, for the remainder of the 2011 calendar year. At this stage it is not possible
to determine when the labour negotiations will conclude,” the miner added.
The Illawarra coal operation achieved record quarterly production following longwall moves at
Dendrobium and Appin in the June 2011 quarter. However, lower volumes were forecast for the
December 2011 quarter with a planned shutdown at the West Cliff coal handling preparation plant
to enable upgrade works to be completed.
PERTROLEUM
Meanwhile, the diversified miner also reported on Wednesday that petroleum production for the
three months to September had increased by 19%, reflecting the successful acquisition of the
Fayetteville and Petrohawk onshore shale businesses on top of strong operating performances from
existing assets.
Total petroleum production increased to 51.4-million barrels of oil equivalent.
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Liquids production increased on the June 2011 quarter following strong operated field performance, development drilling at the Shenzi project, in the US, and new volumes from the onshore US
assets.
This was partly offset by shutdowns associated with non-operated maintenance and drilling deferrals in the deepwater Gulf of Mexico. Importantly, Mad Dog production was expected to restart by
the end of the 2011 calendar year, following a period of maintenance-related downtime.
BHP reported that natural gas production was higher than all comparable periods and reflected
around 40 days of production from the recently acquired Petrohawk shale assets and a full quarter
of production from the Angostura Gas Phase II project, in Trinidad and Tobago.
BASE METALS
BHP said that copper production for the quarter to September had decreased by 24% quarter-onquarter, and by 19% when compared with the June quarter, to 220 300 t.
Lower ore grades and industrial action at Escondida, in Chile, planned maintenance activity at
Pampa Norte, also in Chile, and planned smelter and refinery outages at Olympic Dam, in Australia, all impacted copper production in the period. Record material mined and milling rates were,
however, achieved at Antamina and coincided with operations progressing through a copper-rich
ore zone.
The miner said that due to industrial action that impacted operations in the September 2011 quarter, Escondida production was now expected to be marginally lower in the 2012 financial year with
volumes weighted to the second half. Production was expected to improve beyond the 2012 financial year as mining activities progressed towards higher-grade ore with completion of the Escondida ore access project in the main pit.
Lead, zinc and silver production also declined by 19%, 42% and 25% respectively when compared
with the September quarter of 2010, which BHP ascribed to a broad decline in average ore grades
across the Antamina and Cannington operations.
Lead production reached 55 659 t, while zinc was 23 444 t and silver 9.1-million ounces.
Edited by: Mariaan Webb
Zambia suspends issuance of new mining licences
Zambia has suspended the issuance of new mining licences to root out potential corruption and
"clean up" the process, the Mines Minister in Africa's top copper producer said on Thursday.
"My Ministry has with immediate effect and until further notice suspended the issuance of new applications, renewal and transfer of mining and non-mining rights," Wylbur Simuusa said at a media
briefing.
"During the suspension period, there will be an audit and clean-up of all mining and non-mining
rights."
Zambia's long-time opposition leader Michael Sata won election in the southern African country a
month ago on a populist platform, with criticisms of foreign investors and promises to fight corruption.
Simuusa said the current issuing process was inefficient.
"I've also observed irregularities, litigation and allegations bordering on corruption," he said.
Simuusa said last week that Zambia will negotiate larger stakes in projects with foreign mining firms.
It plans to revamp tax collection to improve transparency and maximize benefits for itself.
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The existing tax collection process is difficult to administer and its revision would lead to greater tax
compliance by the mines, he has said.
Foreign mining companies operating in Zambia include Canada's First Quantum Minerals , Londonlisted Vedanta Resources, Glencore International, Barrick Gold, Brazil's Vale and Metorex of South
Africa.
Edited by: Reuters
Golden Rim invests in Burkina Faso project
ASX-listed explorer Golden Rim Resources has signed agreements to acquire the Diapaga gold
project, in Burkina Faso.
The Diapaga project comprises four adjacent permits, covers an area of 960 km2 and lies on the
Diapaga Birimian greenstone belt and is connected to the major Markoya Fault system, which hosts
a number of important gold deposits in the country.
Golden Rim said on Thursday that owing to the remoteness, the Diapaga Birimian greenstone belt
was one of the most underexplored greenstone sequences in Burkina Faso, and had received no
significant modern exploration.
The explorer believed that the Diapaga project was highly prospective for disseminated intrusionhosted gold deposits, similar to the existing Balogo project, as well as for shear-hosted gold deposits.
The company said that the acquisition was part of its strategy to acquire new holdings, while ranking and divesting existing permits considered to be of lower prospectivity, thereby ensuring a pipeline of high-quality projects.
Edited by: Creamer Media Reporter
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