Dagar innan Cluff gold inleder samarbete med Samsung säger han att Cluff Gold är ett bra exempel på en liten producer som borde bli uppköpt.
TGR: Which smallish producers could see some M&A interest?
BS: Cluff Gold Plc (CFG:TSX; CFG:LSE) is a good example of a small producer that could see some attention. It has a small producing asset in Burkina Faso and a substantial, undeveloped project in Sierra Leone. Cluff's producing mine offers immediate, added production and cash flow to a bidder. Its undeveloped project, which is receiving little valuation in the equity market right now, offers upside.
Han ger tre tips för att hitta bra exploration företag i Afrika.
"TGR: What three things do you look for before buying into a gold exploration company operating in Africa?
BS: I look first for grade: a high-grade asset, meaning over 2 g/t, open pittable and free milling. By that, I mean no metallurgical issues and ready for treatment in an off-the-shelf plant.
Second, I look at the fiscal regime of the country where the company operates. Fiscal regimes also vary. When you tally up all the taxes, royalties and carried interest in Ghana, it equates to a 48% tax equivalent. Senegal, which has a 7-year tax holiday, is at a 23% tax equivalent.
Finally I would look for cash in the bank or a supportive strategic shareholder."
Inga kommentarer:
Skicka en kommentar