Big picture - Why invest in AMARA MINING PLC
AMARA MINING PLC Snapshot
Amara Mining, previously Cluff Gold plc, was formed in November 2003. The Company floated on the London Stock Exchange's AIM in December 2004. In October 2012 the Company changed its name to Amara Mining plc and trades under the ticker "AMA".
9.6Moz Mineral Resources
The Company has the largest resource base of any London-listed junior gold miner and Yaoure is the largest gold deposit in Côte d’Ivoire with 6.8 million ounces of Mineral Resources (4.4 million ounces Indicated and 2.6 million ounces Inferred).
Rapid growth profile
Yaoure has the potential to produce 247,000 ounces per annum over a 10 year mine life, which ranks the project as one of the top 20 gold mines in Africa by production. Its operating costs are also among the bottom 5 in Africa, generating compelling returns for investors.
Fully-funded to deliver Bankable Feasibility Study for Yaoure
Amara raised US$22 million through a placing in Q1 2015 and it is now fully-funded to deliver a Bankable Feasibility Study for Yaoure in H1 2016. An in-fill drilling campaign at the project is now underway and a Mineral Resource update is expected in Q4 2015.
Experienced management team
Since John McGloin, Chairman and Chief Executive Officer, joined Amara in April 2012, the Company's resource base has more than doubled, adding significant value to Amara. John's background is in resource geology, complimented by extensive capital markets experience as an analyst. Pete Gardner, Finance Director, is a chartered accountant with strong corporate finance experience.
A low risk approach
Amara adopts a low-risk approach in all of its activities and while focus in 2015 is on Yaoure, the Company has a second strong growth opportunity in its Baomahun Gold Project in Sierra Leone.
Amara’s key growth project is the Yaoure Gold Project in Côte d’Ivoire. We have a second strong growth opportunity in the Baomahun Gold Project in Sierra Leone.
Yaoure, Côte d’Ivoire
Optimised Pre-Feasibility Study completed in Q1 2016 delivering 203,000 ounces of gold production over a 15 year mine life and a post-tax Internal Rate of Return of 25% at a US$1,000 per ounce gold price
7.3 million ounce Mineral Resource (1.1Moz Measured, 4.0Moz Indicated and 2.2Moz Inferred) and 2.7 million ounce Mineral Reserve with significant upside potential
Potential to be one of Africa’s largest gold mines by production
Low operating costs due to excellent infrastructure in Côte d’Ivoire
Amara is fully funded to the end of H1 2016, which will include advancing the Bankable Feasibility Study for Yaoure
To find out more about Yaoure, please view the Optimised Pre-Feasibility Study announcement, 7.3 million ounce Mineral Resource update or the latest NI 43-101 technical report.
To read more click here
Baomahun, Sierra Leone
Feasibility stage project in central Sierra Leone
2.8 million ounces of Mineral Resources (2.24Moz Indicated and 0.54Moz Inferred) and 1.2 million ounces of Mineral Reserves with further upside potential
Feasibility Study delivered in Q2 2013 based on 2Mtpa open pit only scenario
Optimisation work demonstrates potential to increase production to 100,000 ounces in 1Mtpa scenario
For more information please read the Baomahun first phase of optimisation results announcement, the Baomahun Feasibility Study announcement or the NI 43-101 compliant technical report.
To read more click here
Reserves & Resources
Amara has the largest resource base of any London-listed junior gold mining company with over 10 million ounces of resources.
To read more click here
John McGloin - Chairman and Chief Executive Officer
John McGloin joined the Group on 3 April 2012. A geologist and graduate of Camborne School of Mines, he worked for many years in Africa within the mining industry before moving into consultancy. John joined Arbuthnot Banking Group following 4 years at Evolution Securities as their mining analyst. Over the years, he has acted for many mining companies including African Platinum, Randgold Resources, Avocet Mining, European Goldfields and Titanium Resources Group. John's most recent position was Head of Mining at Collins Stewart which he held from July 2010 to the time he joined Amara Mining.
Pete Gardner - Finance Director
Pete Gardner joined the Group on 1 October 2009. Previously Chief Finance Officer for Alexander Mining plc and Corporate Finance Manager at PKF (UK) LLP, he is a qualified Chartered Accountant with a breadth of experience in financial management and corporate finance in the natural resources sector. Since joining the Group, Pete has implemented a number of improvements to the financial reporting systems and procedures. Based in the London office, he travels to West Africa when required.
Peter Cowley - Non-Executive Director
Peter Cowley joined Amara in January 2008. He is a geologist with 40 years of international experience in the minerals industry and has been involved in the discovery and development of a number of gold mines in Africa. Peter is also President and CEO of Loncor Resources Inc and a Director of Banro Corporation and was previously Managing Director of Ashanti Exploration Limited and Group Technical Director of Cluff Resources plc. He holds M.Sc and M.B.A. degrees and is a Fellow of I.M.M.M.
Geoff Stanley - Non-Executive Director
A Fellow of the AusIMM and SEG, Geoff Stanley joined Amara in October 2008. He has 26 years of international experience in the minerals industry. He has worked in exploration in Australia and as a gold analyst with a number of securities firms before moving to New York where he worked for S.G. Warburg J.B. Were Ltd and BMO Capital Markets. Geoff is a Director of Crescent Gold Limited, Riverfield Capital Limited, Indo Gold Limited and Bannerman Resources Limited.
Hendrik Faul - Non-Executive Director
Hendrik Faul joined Amara in May 2012. He is currently the Chief Executive Officer of Anglo American's copper division and was previously Group Head of Mining. He brings over 20 years of experience in surface and underground mining, processing, logistics and marketing, both in Africa and across the world. He has previously held several senior roles in the mining industry, including having served as Chief Executive Officer for Anglo American’s zinc operations and General Manager for the Lisheen Mine in the Republic of Ireland, during which time he also served on the boards of various non-listed Anglo American subsidiaries in South Africa, Namibia, and Ireland. Hendrik is a Non-Executive Director of Palabora Mining Company, and holds a Bachelor of Mining Engineering from the University of Pretoria and a South African Mine Manager's Certificate for metalliferous mines. He is an Associate Member of the South African Institute of Mining and Metallurgy, and is registered with the South African Council for Project and Construction Management Professionals as a professional construction project manager.
Peter Hain - Non-Executive Director
The Right Honourable Peter Hain MP joined Amara in March 2013. He brings over 22 years of international experience to the Company, including a great depth of expertise and understanding of Africa and African politics through his role as Minister of State at the Foreign Office from 1999 to 2002. During his time at the Foreign Office, when he was responsible for African affairs, Peter worked closely with the Sierra Leone government and was involved in a number of key initiatives and negotiations to bring stability to the country and facilitate a strong working relationship with the UK. Peter began his political career in 1991 when he was elected as the Labour MP for the Neath constituency in South Wales, a traditional mining area. He was a member of the Labour government between 1997-2008 and 2009-2010, serving in the Department of Trade and Industry, as Minister for Energy (including Mining) and the Wales Office, as well as the Foreign Office. He held the posts of Secretary of State for Wales, Leader of the Commons, Northern Ireland Secretary and Secretary of State for the Department of Work and Pensions, before leaving the Labour frontbench in 2012.
Alex Davidson - Non-Executive Director
Alex Davidson joined Amara in November 2013. He previously served as Executive Vice President, Exploration and Corporate Development for Barrick Gold, the world’s largest gold producer. Prior to joining Barrick, Alex was Vice President, Exploration for Metall Mining Corporation and he has over 25 years’ experience in designing, implementing and managing gold and base metal exploration and acquisition programmes throughout the world. In April 2005, Alex was presented the 2005 A.O. Dufresne Award by the Canadian Institute of Mining, Metallurgy and Petroleum to recognise exceptional achievement and distinguished contributions to mining exploration in Canada. In 2003, he was named the Prospector of the Year by the Prospectors and Developers Association of Canada in recognition for his team’s discovery of the Lagunas Norte Project in the Alto Chicama District, Peru. Alex is also a director of Yamana Gold, Capital Drilling, US Silver & Gold, Volta Resources, MBAC Fertilizer Corp and Orca Gold.
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