International Finance Corporation (World Bank Group) Invests in Côte d’Ivoire’s Mining Sector for the First Time
16th Feb 2012, 12:27 pm
by Jessica Hannah
The International Finance Corporation (IFC) has committed to investing C$1.2-million in resource company Sama Resources to support its nickel/copper exploration project in Côte d’Ivoire.
The IFC’s investment will be used to advance the Samapleu project, which is expected to provide future jobs and government revenues for Côte d’lvoire. The organisation will work with Sama to ensure that exploration is undertaken in an environmentally and socially sustainable manner.
Global Best Practice “The company looks forward to drawing from the IFC’s expertise to assist in ensuring that the progress at Samapleu follows global best practice for the mineral exploration industry, the environment and when working with local communities,” says Sama president and CEO Dr Marc-Antoine Audet.
He believes that the IFC’s support for the project will help to promote good environmental and social standards in the country’s mining sector and send a positive message for future foreign direct investment in the country.
Côte d’Ivoire has significant mineral resources; however, development of the mining sector in the country has been marred by political and military crises over the past decade.
Meanwhile, IFC global head for mining Tom Butler says the IFC is excited about making its first mining investment in Côte d’Ivoire, which is in line with its strategy to support early-stage exploration companies with financing and advice.
The Samapleu project is located about 600 km north-west of Abidjan. The area has good infrastructure with a road network leading to the project and all the required services are available in the nearby towns of Man and Biankouma, Sama reports.
The Samapleu licence is located adjacent to the large world-class nickel/cobalt laterite deposits of Sipilou, Foungouesso, Moyango and Viala.
---Jessica Hannah
Sama Resources Intersects 69 Metres at 1.10% Nickel+Copper and 1.06 gpt palladium+platinum at its Samapleu Nickel‑Copper Deposits in Côte d’Ivoire, West Africa
February 16th 2012 Sama Resources Press Release
Sama Resources Inc. (TSX.V SME | US: LNZCF) announced assay results from mineralized intersections of 11 holes drilled in October and November of 2011 at its Samapleu project in Côte d’Ivoire, West Africa.
Highlights Include:
· Hole SM25-009620 returned 69.50 m at 1.10% Ni+Cu & 1.06 gpt Pd+Pt; including 2.1 m at 2.9% Ni+Cu & 2.27 gpt Pd+Pt
· Hole SM44-494350a returned 26.95 m at 1.12% Ni+Cu & 0.51 gpt Pd+Pt; including 1.70 m at 3.41% Ni+Cu & 1.52 gpt Pd+Pt
· Hole SM44-494350b returned 39.60 m at 1.21% Ni+Cu & 0.46 gpt Pd+Pt; including 2.1 m at 4.89% Ni+Cu & 1.34 gpt Pd+Pt
· Hole SM24-771588 returned 11.45 m at 1.12% Ni+Cu & 0.98 gpt Pd+Pt
SM25-009620 returned 69.50 metres combined highly disseminated and massive sulphides grading 1.10% nickel+copper and 1.06 grams per tonne palladium+platinum, including 2.1 m of massive sulphide grading 2.29% nickel, 0.50% copper, 0.13% cobalt and 2.19 gpt palladium. The mineralized intersection starts at 33.75 m from surface, immediately below the overburden.
SM24-627794, located at the southwest end of the Samapleu Extension 1 poly‑metallic zone, returned 1.95 m of massive sulphide grading 2.29% nickel and 0.36% copper, indicating that the mineralized zone is also open toward the southwest.
Heavy media separation metallurgical tests showed that in treating material at 0.35% nickel and 0.33% copper, the resultant material grades are 0.66% Nickel and 0.53% Cu, while rejecting 55% of the feed material mass prior to the flotation circuit.
A 19‑km long Discovery at Gangbapleu-Bounta ridge contain several outcropping mafic and ultramafic bodies, as well as newly discovered Massive Chromite occurrences. These Massive Chromite occurrences, in addition to having significant potential by themselves as possible candidates for direct shipping economic material, are indicative of a highly favourable geological environment for additional Samapleu Ni-Cu style mineralization.
Johnston-Sequoia Commentary:
Led by Dr. Marc-Antoine Audet (former nickel laterite expert at Xstrata & Falconbridge) - Sama Resources continues to show impressive discovery potential at both its Samapleu Nickel-Copper project and its Samapleu Extension Nickel-Copper project in Côte d’Ivoire, West Africa. Dr. Audet's team is developing a historically under explored area for base metals (Ni-Cu) which also hosts palladium, platinum, cobalt, massive chromites and small amounts of gold.
Dr. Audet's track record includes the Falcondo laterite nickel operation, the newly discovered Serra do Tapas and Vale dos Sonhos deposits in Brazil and New Caledonia's Koniambo Ni-Co laterite project. Dr. Audet was manager of resource estimation and mine development, and the exploration manager and chief geologist for Falconbridge in New Caledonia.
Sama Resources Ownership model:
China Minmetals Corporation:
Minmetals Ownership in Sama (10% - with pre-emptive right to maintain):
Issued & Outstanding - 6,601,317 SME.V shares
Fully Diluted – 8,133,371 SME.V shares
“China Minmetals Corporation is one of the largest metals and minerals trading companies in the world and the largest iron and steel trader in China. The company handles more than 12 million tons of steel products annually. It also trades iron, nickel, coal, copper, zinc, and lead.
In 2011, Minmetals launched a $6.5 billion takeover bid for Equinox Minerals, a Canadian mining company. It was the largest unsolicited takeover attempt by a Chinese mining company to date. Equinox Minerals rejected the takeover offer later accepting a 16% higher bid by Barrick Gold.”
International Finance Corporation (IFC)
IFC Ownership in Sama (9.76% - with pre-emptive right to maintain):
Issued & Outstanding - 6,442,886 SME.V shares
Fully Diluted – 7,938,170 SME.V shares
“The International Finance Corporation (IFC) promotes sustainable private sector investment in developing countries.
IFC is the largest multilateral source of loan and equity financing for private sector projects in the developing world. It promotes sustainable private sector development primarily by:
- Financing private sector projects and companies located in the developing world.
- Helping private companies in the developing world mobilize financing in international financial markets.
- Providing advice and technical assistance to businesses and governments.
Advisors of the company include:
Ron Netolitzky: A gentlemen who has been directly involved in the mineral exploration industry in Western Canada since 1964. His knowledge of mineral exploration and aggressive business acumen has resulted in exploration success on three Western Canadian gold projects (all of which became producing mines): the Snip and Eskay Creek deposits in British Columbia and the Brewery Creek deposit in Yukon. He was honoured with the Bill Dennis Prospector of the Year Award in 1990 by the Prospectors and Developers Association of Canada.
Todd Hilditch (Director): As many of our readers know - a gentlemen who has over 15 years experience in the natural resource sector. Former President & CEO of Salares Lithium Inc. (TSX.V: LIT) which merged with Talison Lithium Inc (TSX: TLH) to become the world's largest producing lithium company in a $340 million merger - Current President & CEO of Terraco Gold Corp (TSX.V: TEN) which just acquired the option to purchase up to 2.5% net smelter royalty on the Barrick Gold/Midway Gold joint Venuture of Spring Valley, Nevada.
In addition - Sama is partnered with the government of Côte d’Ivoire (66.67% Sama & 33.33% SODEMI) on the Samapleu project (and arguably more importantly) - Sama has taken the initiative to develop the community in Côte d’Ivoire. Building Schools, clean water pumps, homes and providing technical jobs for the locals as well (this initiative is being led by Dr. Audet).
We shall watch with keen interest as Dr. Audet & his team develop this area in West Africa. We own shares in Sama Resources & are advisors of the company. As always please do your own due diligence.
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