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AFRIcA DoWn UnDeR PReVIeW

Pandemic fails

to stem African

growth story

espite the global pandemic restricting numbers, Africa Down Under 2020 still went ahead in
D Perth last November. Expect bigger crowds both in person and in the virtual world this year as
resources executives, investors and governments grow more comfortable with online discussions

f 2020 was all about survival, the prevail- which led to a major overhaul of the Adavale Resources Ltd have all tapped
Iing theme of the 2021 edition of Africa country’s mining policies. the market for exploration and develop-
Down Under will be revival. Bristow – who described the meeting ment funds.
While the continent’s miners are still as “highly constructive” – said Barrick OreCorp raised $56 million in June
battling the ravages of the pandemic and was looking to acquire new licences un- to fund exploration and feasibility study
associated international travel restric- der the Twiga JV. work on its Nyanzaga gold project. Man-
tions, many of the Australian companies “I confirmed that Barrick was in Tanza- aging director Matthew Yates said there
in the region are enjoying a more favour- nia for the long term and that we’ll be us- was a direct correlation between the suc-
able outlook thanks to strongly perform- ing our North Mara-Bulyanhulu complex cess of the raising and Suhulu Hassan’s
ing assets, robust commodity prices and as the base for further investment in the fresh approach.
changing political winds. country, which is highly prospective but “There is a big change in attitude and a
Nowhere is the political climate chang- still largely unexplored,” Bristow said of willingness to receive investment,” Yates
ing more than in Tanzania where Presi- the meeting. “We see the potential for said. “It could be a very exciting chapter
dent Samia Suluhu Hassan has shifted more world-class gold discoveries here, for Tanzania. There is a good president
discourse over foreign investment since but in order to achieve exploration suc- who is a good listener and communica-
taking on the role following the death of cess, we need to keep turning over our tor who wants to welcome investors with
John Magufuli. licences and assessing new ground.” open arms.”
After suspicion and mistrust built up The change in investment climate is fil- Walkabout has gone one step further
between government and foreign miners tering through to the junior sector. More than OreCorp, completing all financing
during Magufuli’s tenure, Suluhu Hassan than a dozen ASX-listed juniors have requirements for its Lindi Jumbo graphite
has struck a more conciliatory chord with been stymied by policy changes and a project in the south of the country.
international investors. lack of market appetite for the East Afri- In July, Walkabout announced closure
In July, Suluhu Hassan met with Bar- can country over the last four years, but of a third tranche of equity raisings to ac-
rick Gold Corp chief executive Mark Bris- Suluhu Hassan’s emergence has seem- company the $US20 million debt pack-
tow to review the performance of Twiga ingly unlocked capital markets. aged arranged in May.
Minerals Corp – a JV set up in 2019 fol- In the last three months, the likes Chief operating officer Allan Mulligan
lowing the bust-up between Government OreCorp Ltd, Walkabout Resources Ltd, said financial closure was confirmation
and Acacia Mining (now part of Barrick) Black Rock Mining Ltd, EcoGraf Ltd and of positive sentiment for both company

Page 26 aUgUST 2021 aUSTRaLIa’S PaYDIRT