Excellent news for ORE FP/wire say Iamgold, rivals betting on West Africa
Iamgold Corp (C:IMG)
Shares Issued 467,982,919
Last Close 10/28/2019 $4.59
Monday October 28 2019 - In the News
Also Barrick Gold Corp (C:ABX) In the News
Also Newmont Goldcorp Corp (C:NGT) In the News
The Financial Post reports in its Monday edition that West Africa is fast becoming the hottest ticket in gold mining. A Bloomberg dispatch to the Post reports that producers and prospectors are pouring money into the region as prices rally and the industry at the southern tip of the continent keeps shrinking. While gold miners face a dearth of new discoveries globally, large parts of West Africa have barely been explored. The deposits tend to be shallow, meaning easy access, and relatively low-cost. Iamgold is mulling a new operation in Senegal. At the centre of activity are the Birimian belts, tracts of gold-rich volcanic rock stretching from the fringes of the Sahara to the Atlantic coast. While West Africa has a long tradition of gold mining, the vastness of the region and political insecurity in some areas mean its riches remain mostly untapped. AngloGold chief executive officer Kelvin Dushnisky says, "West Africa is brimming with potential." Both of Anglogold's larger rivals, Barrick Gold and Newmont Goldcorp, also have mines in the region, and Newmont recently completed an expansion project in Ghana. Iamgold's Oumar Toguyeni notes that most of West Africa's gold deposits have yet to be found and mined.