Axmin Q3 Results Out. Two Updates From The MD&A:
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Posted On: 11/27/2020 9:27:28 AM
Axmin Q3 Results Out. Two Updates From The MD&A:
Page 5: The Company has been advised that Presidential and legislative elections will be held simultaneously on December 26, 2020, with results to be officially announced one week after the elections. On November 2, 2020, the Company has received notice from Central African State to confirm in participating in the mediation process with the company’s subsidiaries AURAFRIQUE SARL SOMIO TOUNGOU SA. Mediation between the Company and the Central African State is progressing and practical arrangements are being made to resolve the difficulties within a short period of time. The date will be further confirmed from the arbitral chamber. The Company has received notice that the Central African State will be represented by Flavien Mbata, Minister of Justice and Human Rights, and Léopold Mboli Fatran, Minister of Mines and Geology in the arbitration.
Page 7: On November 16, 2020, Endeavour Mining Corporation (TSX:EDV) and Teranga announced that they have entered into a definitive agreement whereby Endeavour will acquire all of the issued and outstanding securities of Teranga. In their joint press release, the companies stated that the combination would “leverage Endeavour’s West African operating model to extract significant financing, operating and capital synergies across all of Teranga’s assets [including] Sabodala-Massawa, in Senegal, to become a flagship asset alongside Ity and Houndé with the potential to become a top tier asset given its high grade, low cost, long mine life, large reserves and significant exploration potential.” The Company is in discussions with Teranga regarding the 5 proposed targets within Bransan Lot C on whether the Company will participate in the exploration, which will include funding 20% of proposed work costs, or elect to convert to a 1.5% net smelter royalty.
Page 5: The Company has been advised that Presidential and legislative elections will be held simultaneously on December 26, 2020, with results to be officially announced one week after the elections. On November 2, 2020, the Company has received notice from Central African State to confirm in participating in the mediation process with the company’s subsidiaries AURAFRIQUE SARL SOMIO TOUNGOU SA. Mediation between the Company and the Central African State is progressing and practical arrangements are being made to resolve the difficulties within a short period of time. The date will be further confirmed from the arbitral chamber. The Company has received notice that the Central African State will be represented by Flavien Mbata, Minister of Justice and Human Rights, and Léopold Mboli Fatran, Minister of Mines and Geology in the arbitration.
Page 7: On November 16, 2020, Endeavour Mining Corporation (TSX:EDV) and Teranga announced that they have entered into a definitive agreement whereby Endeavour will acquire all of the issued and outstanding securities of Teranga. In their joint press release, the companies stated that the combination would “leverage Endeavour’s West African operating model to extract significant financing, operating and capital synergies across all of Teranga’s assets [including] Sabodala-Massawa, in Senegal, to become a flagship asset alongside Ity and Houndé with the potential to become a top tier asset given its high grade, low cost, long mine life, large reserves and significant exploration potential.” The Company is in discussions with Teranga regarding the 5 proposed targets within Bransan Lot C on whether the Company will participate in the exploration, which will include funding 20% of proposed work costs, or elect to convert to a 1.5% net smelter royalty.
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