Economy

Desert Gold Gains Strategic Partner in West Africa

Published

8 years ago

05/04/2017

By Modupe Gbadeyanka

Desert Gold Ventures Inc has announced closing its private placement, noting that it issued 2,860,800 units at a price of CAD$0.25 per unit, raising gross proceeds of CAD$715,200.

Securities issued resulting from this private placement will be subject to a statutory hold period. However, the private placement is subject to approval by the TSX Venture Exchange.

Also, Sodinaf International SA has become financial and strategic partner in Western Africa and Mr Salif Keita is appointed to the position of Vice President of Operations, West Africa.

Desert Gold outlines $1.5 million exploration program for its gold exploration portfolio in Western Mali.

It was gathered that Sodinaf International SA subscribed for 2,760,800 units representing the majority of the placement.

Sodinaf is a West African gold mining company that owns a 55 percent interest in the Kodieran Mine in Southern Mali as well as a substantial gold exploration portfolio in Western Mali and Ivory Coast.

The Kodieran gold mine is situated approximately 300 kilometres southeast of Bamako, the capital of Mali.

The mine and associated mining lease is operated by Wassoul Or SA a private joint-venture company where Sodinaf is the majority shareholder at 55 percent.

The Kodieran mining license and regional land package is situated on the West African Birimian greenstone belt; one of the most prolific belts in Western Africa where approximately 52 million ounces of gold resources have been discovered to date. The Kodieran mine is an open pit mining operation using a gravity plant that operates at a capacity of 11,000 tons per day.

Desert Gold and Sodinaf will form a strategic partnership to develop Desert Gold’s exploration licenses in Western Mali. The two companies will combine operational and financial resources to undertake exploration programs this year at all three of the Company’s properties in Western Mali.

Mr Keita is a senior geologist with over 14 years of experience in exploration and mining production. The majority of Mr Keita’s regional experience is in the Birimian Green Stone Belt in West Africa where he held senior positions with Anglo Gold Ashanti, Gold Fields and Great Quest Metals.

He holds a B.Sc. Geology (Honours) from the National School of Engineering, Bamako, Mali and will work with Desert Gold’s technical directors to oversee the Company’s exploration efforts in Western Mali.

Exploration will begin at the company’s highly prospective Farabantourou prospect where an indicated and inferred resource of 69,600 oz Au exists known as Barani East (969,000 tons at 2.25 g/t oz Au with a 0.5 g/t cutoff grade)1.

Farabantourou is located on the Senegal-Mali Fault Zone (“SMFZ”) 40km south of the AngloGold Ashanti Sadiola/Yatela Mine and 50km north of Randgold’s Loulou Mine. Both these mines are on the SMFZ.

In addition to the Barani East deposit, Farabantourou hosts 6 other mineralized zones that are largely underexplored and which combine to form nearly 5 km of strike.

Phase 1 of the exploration program will consist of a core-drilling program to reduce drill spacing on the current resource, as well as step out to drill new targets along strike to the south and west known as Kousilli and Dambamba.

In addition to this, the company will undertake to drill several deep holes at Barani East to depths up to depths of 400 meters. Phase 1 plans for a total of 6,000 meters of core drilling with work scheduled to begin immediately.

Economy

NASD OTC Exchange Performance Dips 0.61% in Trading Week 25

Published

52 minutes ago

23/06/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange recorded a decline of 0.61 per cent in the 25th trading week of 2025, with the benchmark index, the NASD Unlisted Security Index (NSI), going down by 20.31 points to 3,320.91 points from the 3,341.22 points posted in Week 24.

In the same vein, the market capitalisation, which captures the total value of stocks on the platform, went down by N20 billion to N1.94 trillion from the N1.96 trillion recorded in the preceding week.

Business Post reports that there were eight price gainers and three price losers in the five-day trading week, led by Okitipupa Oil Palm Plc, which fell by 9.50 per cent to close at N219.00 per unit versus the preceding week’s N242.00 per unit, Central Securities Clearing System (CSCS) Plc lost 2.78 per cent to trade at N29.00 per share versus N29.43 per cent share of the earlier week, and Friesland Campina Wamco Nigeria Plc shed 2.06 per cent to trade at N69.38 per unit compared with the preceding week’s N70.84 per unit.

On the flip side, Geo-Fluids Plc gained 9.87 per cent to finish at N4.23 per share versus N3.85 per share. Air Liquide Plc appreciated by 9.80 per cent to N9.97 per unit versus N9.08, AG Mortgage Bank Plc rose by 9.21 per cent to N83 Kobo per share from 76 Kobo per share, FirstTrust Mortgage Bank Plc improved by 8.62 per cent to 63 Kobo per unit from 58 Kobo per unit, Food Concepts Plc expanded by 7.27 per cent N1.77 per share from N1.65 per share, Acorn Petroleum Plc grew by 6.36 per cent to N1.17 per unit from N1.10 per unit, Industrial and General Insurance Plc chalked up 2.86 per cent to quote at N36 Kobo per share versus N35 Kobo per share, UBN Property Plc increased by 2.75 per cent to N2.34 per unit from N2.18 per unit, and Afriland Properties Plc jumped by 0.78 per cent to N29.40 per share from N19.25 per share.

In the week, the total value of trades went up by 255.2 per cent to N113.13 million from N39.1 million, while the total volume of transactions went down by 35.6 to 2.44 million units from 3.80 million units.

FrieslandCampina Wamco Nigeria Plc was the busiest stock by value with N90.3 million, CSCS Plc recorded N13.2 million, Okitipupa Plc posted N5.2 billion, Afriland Properties Plc sold N1.6 million, and 11 Plc achieved N1.1 million.

Also, FrieslandCampina Wamco Nigeria Plc was the most active by volume with 1.3 million units, CSCS Plc traded 0.43 million units, UBN Property Plc exchanged 0.27 million units, Lagos Building Investment Company (LBIC) Plc reported 0.15 million units, and Afriland Plc transacted 0.08 million units.

Economy

Nigerian Exchange Lifts Suspension on Thomas Wyatt

Published

1 hour ago

23/06/2025

Aduragbemi Omiyale

By Aduragbemi Omiyale

The suspension earlier placed on Thomas Wyatt Nigeria Plc by the Nigerian Exchange (NGX) Limited has been lifted.

This action was taken on Wednesday, allowing investors to resume trading in the shares of the company, a pioneer paper conversion and printing firm in Nigeria.

Recall that on February 11, 2025, the stock market regulator suspended trading in the equities of Thomas Wyatt because of its inability to publish its financial statements for the year ended March 31, 2024.

The embargo on the organisation, according to the NGX, was in line with the provisions of Rule 3.1: Rules for Filing of Accounts and Treatment of Default Filing (Default Filing Rules).

Business Post reports that the rule requires the regulator to prohibit the buying and selling of the company’s securities on its platform “If an issuer fails to file the relevant accounts by the expiration of the cure period.”

However, before the suspension if effected, the NGX must have sent the defaulting firm “a second filing deficiency notification” within two business days after the end of the cure period.

After the suspension of trading in the issuer’s securities, the NGX must “notify the Securities and Exchange Commission (SEC) and the market within 24 hours.”

In a statement last Wednesday, the stock exchange informed the market that “Thomas Wyatt Nigeria has now filed its audited financial statements for the year ended March 31, 2024, and other outstanding unaudited financial statements for 2024.”

“In view of the company’s submission of its 2024 AFS, and pursuant to Rule 3.3 of the default filing rules, which states that the suspension of trading in the issuer’s securities shall be lifted upon submission of the relevant accounts provided the exchange is satisfied that the accounts comply with all applicable rules of the exchange. the exchange shall thereafter also announce through the medium by which the public and the sec was initially notified of the suspension, that the suspension has been lifted, trading license holders and the investing public are hereby notified that the suspension placed on trading on the shares of Thomas Wyatt Nigeria Plc was lifted on Wednesday, June 18, 2025,” the notice stated.

Economy

Investors Exchange 3.566 billion Stocks Worth N115.4bn in Five Days

Published

11 hours ago

23/06/2025

Dipo Olowookere

By Dipo Olowookere

There was an improvement in the level of activity at the Nigerian Exchange (NGX) Limited last week, with 3.566 billion stocks worth N115.403 billion exchanging hands in 99,960 deals compared with the 2.057 billion stocks valued at N51.015 billion traded a week earlier in 65,016 deals.

It was observed that the financial services sector was the most active with 2.166 billion shares sold for N62.046 billion in 45,851 deals, contributing 60.73 per cent and 53.76 per cent to the total trading volume and value, respectively.

The consumer goods industry traded 580.893 million equities valued at N10.896 billion in 10,909 deals, and the services counter exchanged 193.300 million shares worth N2.449 billion in 6,306 deals.

The trio of Zenith Bank, Champion Breweries, and Access Holdings accounted for 1.003 billion stocks valued at N26.076 billion in 14,232 deals, contributing 28.14 per cent and 22.60 per cent to the total trading volume and value, respectively.

In the five-day trading week, 55 equities appreciated like the preceding week, 42 shares depreciated versus 39 shares of the previous week, and 51 stocks closed flat, in contrast to 54 stocks of the previous week.

Ellah Lakes gained 23.09 per cent to sell for N5.33, Beta Glass appreciated by 19.43 per cent to N276.00, LivingTrust Mortgage Bank improved by 18.88 per cent to N6.80, GTCO advanced by 18.81 per cent to N84.95, and Meyer rose by 13.61 per cent to N9.60.

Conversely, Northern Nigeria Flour Mills lost 17.19 per cent to trade at N93.20, Sunu Assurances depleted by 12.81 per cent to N4.56, Oando tumbled by 11.59 per cent to N61.00, International Energy Insurance crashed by 9.55 per cent to N1.61, and Omatek deflated by 7.59 per cent to 73 Kobo.

Business Post reports that the All-Share Index (ASI) and the market capitalisation appreciated by 2.35 per cent and 2.40 per cent to close the week at 118,138.22 points and N74.534 trillion, respectively.

Similarly, all other indices finished higher except the industrial goods and sovereign bond indices, which fell by 0.36 per cent and 0.78 per cent apiece, while the AseM index closed flat.