This week, the country’s parliament voted to extend a state of emergency that has been in place since Dec. 31, by six months – following a string of terrorist incidents in several northern provinces, included the recent murder of Canadian geologist, Kirk Woodman.
Burkina Mining News
The Canadian miner now owns 85% of Ity, the government of Ivory Coast 10% and State-owned mining company Sodemi the remaining 5%.
Firm said the $412-million construction project to upgrade the Ivory Coast-based gold mine remained on-time and on-budget.
Company has opened negotiations with local people in Ivory Coast in an effort to head off protests at two gold mines where the company aims to boost production by nearly 4% this year.
The Ity mine, in Côte d’Ivoire, has produced more than 1.2 million ounces of gold in its over 20 years of operations.
A drill program at the mine's North Kao deposit has added 262,000 ounces to the reserves, extending Karma's life to more than 10 years.
The company, which earlier this month revealed is in merger talks with African gold producer Acacia Mining, expects to produce between 600,000 and 640,000 ounces of the precious metal this year.
Year to date, the company has produced 408,000 ounces of gold from its five mines in Mali, Côte d’Ivoire, and Ghana, which represents a 8% increase compared to the same period in 2015.
The Company issued a total of 7,187,500 ordinary shares in the capital of Endeavour ("Shares") at a price of C$20.00 per Share, which includes the exercise of the underwriters’ over-allotment option in full, for aggregate gross proceeds of C$143.75 million (the "Offering").
The Cdn$240 million deal is expected to close in late April.
The security guard, a long-time employee at the Masbate gold project, was killed by a fellow guard on Saturday, following an argument between the two.
Canada is tying foreign aid to overseas mining development. It’s touted as “win-win,” but in Burkina Faso there are already some losers.
The miner plans underground operations at North Mara and inked a deal that could see it acquire up to 70%of a project in Burkina Faso.
Vancouver-based Riverstone Resources signed Thursday a deal to acquire Blue Gold Mining, in an all-share deal valued at $30.3 million, which will allow the new company to strengthen its exploration and near-term production activities at properties in West Africa.
The West African nation of Burkina Faso is forecasting its gold industry will boost growth next year, but the latest report from UK-based think-tank Exclusive Analysis, warns of increasing risks of kidnap and collateral harm by Islamist groups spreading from northern Mali.
Riverstone Resources Inc. (TSX VENTURE:RVS)(OTCQX:RVREF)(FRANKFURT:3RV) ("Riverstone" or the "Company") is pleased to report results from eleven diamond drill holes on the 100% owned Kao Deposit, which forms part of the Company's flagship Karma Gold Project in Burkina Faso, West Africa.