Amara Mining ("Amara" or "the Company"), previously Cluff Gold plc, was formed in November 2003. The Company floated on the London Stock Exchange's AIM in December 2004. In October 2012 the Company changed its name to Amara Mining plc and trades under the ticker "AMA". Cash Flow Generation
Amara generates cash flow from its producing asset, Kalsaka/Sega
in Burkina Faso. Kalsaka/Sega produced 42,348 ounces of gold in 2013. Production in 2014 is expected to be approximately 60-70,000 ounces and cash costs are anticipated to decrease as the full positive impact of the higher grade Sega ore is realised. Amara expects the generate robust cash flow at current gold prices in 2014. A Strong Growth Pipeline
Amara has two key growth projects, Baomahun
, as well as three grassroots exploration licenses in Liberia
. Baomahun is a development-stage project in Sierra Leone, which is expected to transform Amara into a more sustainable producer. The Feasibility Study for the project was completed in Q2 2013, with an internal rate of return (IRR) of 22% and a net present value (NPV) of US$127 million. Yaoure in Côte d’Ivoire is an advanced exploration project. It is a large-scale, shallow-dipping sulphide deposit, which underlies the previously mined oxide resources. Yaoure is ideally located, with excellent existing infrastructure including the potential for low-cost hydro-electric power.The Right People
Amara believes that people are the most important part of any business. With John McGloin's appointment as Executive Chairman on 28 May 2012, the executive management team's skillset was enhanced. John's background in geology and the capital markets, Peter Spivey’s experience in building and operating African mines and Pete Gardner’s corporate finance knowledge gives Amara a unique advantage. The management team is supported by highly experienced operational teams across our assets.
In Q3 2012 Amara announced a long-term strategic alliance with Samsung C&T Corporation. The initial US$20 million debt facility [plus the recent US$5m working capital facility] will allow Amara to deliver its growth plans while maximising returns to shareholders. It also provides the framework for the long-term funding of the Baomahun project and other opportunities.
In Q4 2013 Amara acquired Amlib Holdings plc through a share purchase agreement and formed a partnership with RDV Corporation, Amlib’s majority shareholder. RDV became Amara’s largest shareholder and believes that moving Amlib’s assets into the Amara portfolio is the best way to deliver returns on its investment.
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