Semafo suspends Samira Hill ops pending sale
JOHANNESBURG (miningweekly.com) – TSX-listed Semafo on Monday announced that operations at its Samira Hill gold mine in Niger had been suspended and that the mine had been placed on care and maintenance.
The company said it had initiated procedures with employees and the labour union regarding termination of employment. Workers would remain on site until September 30 for upkeep purposes, pending the sale of the mine to Perth-based Middle Island Resources.
Semafo entered into an agreement with Middle Island in July through which Middle Island would pay $1.25-million in cash and a fixed net smelter return royalty of 1.2% on any gold sold from the Samira Hill plant, in exchange for a full interest in African GeoMin Mining Development Corporation, which held an 80% interest in Société des Mines du Liptako (SML), the owner and operator of the Samira Hill gold mine. The Niger government owned the remaining 20% interest in SML.
“The cessation of operations at this time ensures an adequate inventory of supplies to resume normal activities in the event the transaction closes,” Semafo stated.
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