Page 20 - pd296-August21-mag-web

COVER

Firefinch darts refinch darts
Fi

o
onto West African nto West African

gold sceneold scene
g

wo transformative corporate deals and two in-
Tcountry coups – it has been quite the 12 months
for Firefinch Ltd in Mali and a full throttle introduction
for new managing director Michael Anderson.

nderson was appointed in May with Bestowed as “Morila the Gorilla” by ahead of Africa Down Under in October
AFirefinch on the cusp of a new era. Barrick chief executive Mark Bristow dur- 2020, Cowden drew obvious parallels to
Having taken its Goulamina lithium pro- ing its days under Randgold Resources’ recent domestic success stories such as
ject towards DFS in early 2020, a falling stewardship, the Morila mine was the Northern Star Resources Ltd and Evolu-
price environment had left the company landlocked West African nation’s first tion Mining Ltd.
adrift in the market. Chairman Alistair world-class operation, producing 7.45 “The best buying you can do is from
Cowden and the board decided to switch moz gold @ 3.82 g/t over nearly two dec- a receiver or a major,” Cowden said at
focus back to gold. ades of production. the time. “There are a lot of people in
By September 2020, investors found A resource of 2.2 moz gold remains in this town [Perth] who have made a lot
out just how dramatic the switch had the main Morila orebody and five satel- of money out of buying assets from the
been with the company announcing a lite pits adding a further 218,000 ounces majors.”
$US70 million capital raising to fund a gold. For Anderson, the style of acquisition
$US30 million deal to acquire the Mo- In introducing the rebadged company may have parallels to Australian sto-
rila gold mine from majors Barrick Gold (it dropped the Mali Lithium tag in fa- ries but the opportunity now in front of
Corp and AngloGold Ashanti Ltd. vour of Firefinch after raising the capital) Firefinch is akin to several West African

PAGE 20 AUGUST 2021 AUSTRALIA’S PAYDIRT