Terrorist Threats
Terrorist threats from Mali to Burkina Faso have spread to border areas with Ghana and Ivory Coast as Islamist militants seek to extend their influence. In January, the body of an executive of Vancouver-based Progress Minerals Inc. was found with bullet wounds after being kidnapped from an exploration site in the northeast of Burkina Faso. There are also more conventional challenges. A lack of skilled workers and basic infrastructure such as electricity supplies and roads makes mines more expensive to build, Toguyeni said. Still, once projects are up and running, there’s good money to be made. Gold Fields Ltd. produces at a cost of about $950 an ounce at its Tarkwa mine in Ghana, said CEO Nick Holland. Once the waste rock is stripped away, “there is quite a lot of meat on the bone to go for,” he said. “If you can manage costs and be efficient, open pits, it’s great business.” Several smaller companies are exploring for gold in West Africa, aiming to either develop their own mines or find a buyer once a discovery is made, said Cora Gold Ltd. CEO Jon Forster. Cora is exploring a deposit in Mali and believes it can get investor support for a mine, said Forster, a veteran geologist who has worked in West Africa for about 25 years. “It’s one of the world’s great gold provinces, he said. “This gives investors the confidence that you can take a project from exploration stage to mining.”DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
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