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AFRIcA

287,000 ozpa over 15 years, generating
free-cash flow of $US1.46 billion in un-
discounted, pre-tax cashflow, ready to be
developed at an estimated cost of $US348
million (plus $US42 million in contingency).
At the time of print, there was no formal
proposal on the table, however, the at-
tention Cardinal has received and WAF’s
success are just two examples of ‘Brand
Australia’ in West Africa.
“I think Australia has a very good brand
recognition and very good reputation here
and I think we can be proud of all the min-
Potential elephant-sized gold deposits keep attracting Australian investment into West Africa
ing companies. They operate to high ethi-
cal standards across the board whether it
amongst the mining industry in West for governance as well,” Barnes said. is local hire and training, or environmental
Africa and a sense of cohesiveness,” “I think despite the problems in Burkina, standards or meetings with government, I
Askew said. actual interest and investment from Aus- think that they all standout there,” Barnes
“I’d like to think that the WhatsApp group tralian companies across the region con- said.
and work with WAMS 2019 and other tinues to be strong. That is a message the “That is what we emphasise to all gov-
things have had an impact; that is a real mining sector in Perth and the high com- ernments in the region when we talk to
silver lining to the poor security situation.” mission here want to continue to promote. them and we also reinforce the impor-
Security matters aside, Barnes said We need to get that message across to tance of that to mining companies. I think
it was “otherwise positive” on a number the east coast of Australia that we have we need to continue to work on the brand
of fronts for differing reasons in different got enormous equities here and we have recognition and help companies realise
parts of the region. to continue to pay high level attention to they have a responsibility that goes be-
Barnes settled into his Accra posting not that.” yond their own immediate situation.”
long after the 2014 Ebola virus outbreak Helping Barnes with his messaging has Despite the willingness from Australian
gripped the likes of DRC, Guinea, Liberia been the success of mining companies mining companies to ensure the trickle-
and Sierra Leone. like Richard Hyde’s West African Resourc- down benefits of revenues extend far and
He said that those countries, with the es Ltd (WAF). wide within the communities they impact,
exception of Liberia, were in significantly It is a rare feat these days for an explorer sometimes that is not always the case
better shape now than six years ago and to take a project through to development; and it is perhaps a requirement of govern-
he applauded the push for democracy but WAF accomplished it in March, cel- ments to rectify they way funds are spent
across the region. ebrating its first gold pour – 23.9kg poured in ensuring everyone benefits.
“The appetite for democracy and the re- in the first smelt on site – at its Sanbrado Nevertheless, the path forged by Aus-
sistance to the opposition for coups, the mine on March 18. tralian mining companies in West Africa
zero tolerance for coups in Africa gener- While WAF was rejoicing amid torrid has opened the door for further opportuni-
ally I think is pretty clear and I think that market conditions, fellow West African ties to be explored and Askew encouraged
bodes well for the region. The democratic company Cardinal Resources Ltd had an investors to look beyond the mine gate.
institutions are perhaps not that strong, offer on the table for its Namdini gold pro- “I think Australian investment needs
but are probably a lot, lot stronger than ject in Ghana. to increase beyond mining,” Askew said.
they were some years ago. I think that is a On March 16, it was announced that “There is a lot that can be done in the ag-
positive trend and things will strengthen in after acquiring Gold Fields Ltd’s 16.4%, riculture sector, services and education.
that regard, which will probably be better Canada’s Nord Gold SE increased its Attracting more interest from Australia in
stake in Cardinal to those areas has been a hard sell for us.
19.9%. “Part of the reason for that is that if you
Nord Gold ad- are sitting in Australia running an agricul-
vised it was con- ture company there are other places in
sidering a non- the world that are a little easier to get to,
binding indicative places you understand a little better and
and conditional market access is easier. So, people tend
proposal to acquire to not come here but, there are opportuni-
all issued capital ties outside the mining sector. While there
of Cardinal it does is some understanding of the environment
not already own in West Africa, it is still not perfect in Aus-
for 45.78c/share in tralia, so there needs to be a better under-
cash. standing, better sensitivity to what is actu-
Cardinal has the ally occurring here to improve our footprint
While security situations in several West African countries remain 5.1 moz Namdini in the region.”
volatile, Cote d’Ivoire is experiencing a period of peace, allowing gold project, esti- – Mark Andrews
exploration to flourish mated to produce

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