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AFRICA

From little things,

big things grow

by Michael Washbourne

hesser Resources Ltd is looking to prove that size doesn’t Bondala tenement and we’ve tried to do some other M&A
Calways matter. deals to sort of build that out, even if they are not always easy
Since acquiring the Diamba Sud project five years ago, to execute.
Chesser has consistently faced questions about whether its “Everything else will fall into place, one way or the other, over
modest footprint on the eastern edge of Senegal contains time. The important thing is we’ve now got the company into a
enough ounces to warrant development of what would be only position where we’ll be the first mover with a process plant and
the third operating gold mine in the tiny West African country. we can go from there.”
A discernible lack of large exploration plots is often cited as the Grove is no stranger to Senegal, having previously facilitated
main reason why investors have overlooked Senegal in favour bank finance for Mineral Deposits Ltd to develop the Sabodala
of opportunities in the neighbouring Mali or Cote d’Ivoire. gold mine, now owned by Endeavour Mining Corp.
Chesser believes it can – slowly but surely – change those Chesser chairman Mark Connelly and commercial director
investor perceptions of projects in Senegal. The ASX-listed Boubacar Thera were also integral in the delineation, financing,
company has already made a promising start in that regard, and construction of Senegal’s only other operating gold mine,
defining just shy of 1 moz gold across four shallow deposits, Mako, prior to the acquisition of Toro Gold by Resolute Mining
while growing the total search space at Diamba Sud from 52sq Ltd in 2019.
km to circa 872sq km. Woodside Energy Ltd is perhaps the most recognisable name
In his previous role with successful West African gold producer currently operating in Senegal via its $4.5 billion offshore
Perseus Mining Ltd, Chesser managing director Andrew Sangomar oil and gas development project which remains on
Grove cast his eye over Diamba Sud. He admits to also once track for first production later this year.
being sceptical of the project’s small footprint. Despite the long established presence of larger players such
“I came in with the view that we needed a bigger footprint, but as Woodside, Endeavour and Resolute, Grove is still often
in reality I think the prospectivity of Diamba Sud is much better asked whether Senegal presents any geopolitical risk to
than I’d anticipated,” Grove explained to GMJ on a recent site investment.
visit in Senegal. “There’s a lot of investors who don’t know West Africa very well,
“We’ve got nearly 1 moz now, it’s still growing and the so they do ask about Senegal as an investment jurisdiction,
economics we’ve wrapped around the project are excellent. but it’s a pretty easy one to answer at the end of the day,”
We have managed to increase the footprint with our new Grove said.

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