Canadian Mining Journal

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Africa Snapshot: Eight companies seeking opportunities


Be it gold, copper or uranium, the African continent has powerful resources for mining. And there are several industry-friendly governments that are ready to secure their futures with new resource projects.

AFRICAN GOLD GROUP

African Gold Group (TSXV: AGG; US-OTC: AGGFF) has set its sights on building Africa’s next mid-tier gold producer. A definitive feasibility study was filed in July 2020 for its 100%-owned Kobada gold project in Mali. Developing the project would require a capital expenditure of US$125 million, plus a US$11 million contingency.

The study forecast the post-tax net present value at a 5% discount rate would be $266 million with an internal rate of return of 41.1% at a gold price of US$1,530 per ounce. The mine would produce 100,000 oz. gold per year for the first five years and a total of 728,654 oz. over a 9.4-year mine life. Over the life of the mine, all-in sustaining costs would be US$784 per oz. gold.

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