Donate to Remove ads

Got a credit card? use our Credit Card & Finance Calculators

Thanks to johnstevens77,Anonymous,MyNameIsUrl,6Tricia,staffordian, for Donating to support the site

AXM - Axmin Inc.

CrumpetsandTea
Posts: 27
Joined: November 14th, 2020, 9:02 pm
Been thanked: 2 times

AXM - Axmin Inc.

#360655

Postby CrumpetsandTea » November 27th, 2020, 3:53 pm

Due Diligence Report On Axmin Inc. based on Q3 2020 results that were released on November 27th 2020 and are available on Sedar.

Ticker Symbols: AXM (Canada) - AXMIF (USA) - A4JN (Germany)
Price: $0.09
Common Shares: 138,437,381
Insider/Institutional Holdings: 61.1% - See November Company Presentation

More information is available on Axmin's website, again I cannot post the links here. There's a brand new company presentation as well.

Company information:

AXMIN is a Canadian-based gold exploration company with projects in the Central African Republic (“CAR”) and Senegal. AXMIN is focused on exploring gold projects on the African continent and leveraging partnerships to build shareholder value.

AXMIN’s assets include the Passendro Gold Project in the Central African Republic and the Sabodala Gold Project in Senegal. In 2019, AXMIN successfully concluded a NSR agreement with Teranga Gold and is now working closely with Teranga, the largest gold mining company operating in Senegal, in the development of the Sounkounkou permit.

Gold Assets:

Passendro - 2 million onces gold measured & indicated
Gora - 43k ounces of gold measured & indicated

The company is also looking at new acquisition targets, which is mentioned in the presentation.

Q3 2020 results today were filed and the company had two updates in it's management discussion:

Page 5: The Company has been advised that Presidential and legislative elections will be held simultaneously onDecember 26, 2020, with results to be officially announced one week after the elections. OnNovember 2, 2020, the Company has received notice from Central African State to confirm in participating in the mediation process with the company’s subsidiaries AURAFRIQUE SARL SOMIO TOUNGOU SA. Mediation between the Company and the Central African State is progressing and practical arrangements are being made to resolve the difficulties within a short period of time. The date will be further confirmed from the arbitral chamber. The Company has received notice that the Central African State will be represented by Flavien Mbata, Minister of Justice and Human Rights, and Léopold Mboli Fatran, Minister of Mines and Geology in the arbitration.

Page 7: On November 16, 2020, Endeavour Mining Corporation (TSX:EDV) and Teranga announced that they have entered into a definitive agreement whereby Endeavour will acquire all of the issued and outstanding securities of Teranga. In their joint press release, the companies stated that the combination would “leverage Endeavour’s West African operating model to extract significant financing, operating and capital synergies across all of Teranga’s assets [including] Sabodala-Massawa, in Senegal, to become a flagship asset alongside Ity and Houndé with the potential to become a top tier asset given its high grade, low cost, long mine life, large reserves and significant exploration potential.” The Company is in discussions with Teranga regarding the 5 proposed targets within Bransan Lot C on whether the Company will participate in the exploration, which will include funding 20% of proposed work costs, or elect to convert to a 1.5% net smelter royalty.

CrumpetsandTea
Posts: 27
Joined: November 14th, 2020, 9:02 pm
Been thanked: 2 times

Re: AXM - Axmin Inc.

#420504

Postby CrumpetsandTea » June 18th, 2021, 2:36 pm

Ndassima gold mine: Touadéra seeks a compromise with the Canadian company Axmin
This article came out June 8th 2021 via African Intelligence, the same site that first reported Axmin losing their mineral rights in 2020. Therefore the credibility of this website's intel has legitimacy.

Below is the paid link, and also the free link, which has been translated from French to English:

https://www.africaintelligence.com/mini ... 671815-art

https://corbeaunews-centrafrique.com/mi ... nne-axmin/

Ndassima gold mine: Touadéra seeks a compromise with the Canadian company Axmin
Through Corbeaunews Central African Republic -Posted on June 8, 2021, 8:56 AM
Bangui, Central African Republic, Wednesday, June 9, 2021 (Corbeaunews - Centrafrique). The Central African state and the Canadian mining company Axmin, headed by Chinese businesswoman Lucy Yan, have entered into discreet negotiations to end the dispute over the Ndassima gold mine and avoid costly proceedings. arbitration. A thorny issue behind which hovers the shadow of Moscow.

The Central African state will soon enter into discussions with the Canadian junior Axmin and its subsidiary in Bangui Aurafrique in the Ndassima case, in reference to the eponymous gold-rich zone in the center of the country. The deposit is one of the most important gold veins in the Central African Republic and the only one to enjoy known “industrial” potential. The Canadian junior protests against the cancellation, in July 2019, of its two exploration permits and its exploitation license for the gold of Passendro, Bambari I and Bambari II, in the area of ​​Ndassima, acquired at the beginning of the years 2000. The Central African State emphasizes the absence of exploitation, when Axmin, for his part, invokes a “case of force majeure”, the territory being occupied by armed groups since 2012.

The two parties are currently finalizing the organization of a mediation with the International Arbitral Chamber of Paris (ICC), which should take place in the coming weeks. The aim is to avoid the arbitration stage, a long and costly process.

The mediation will be led by the lawyer and property manager Laï Kamara. Axmin, headed by Chinese businesswoman Lucy Yan, is defended by Crépin Mboli-Goumba, lawyer and unsuccessful 2020 presidential candidate (3.16% of the vote, AI of 05/18/20). On the Central African side, no less than three lawyers will assist the Minister of Mines Léopold Mboli Fatran and the Keeper of the Seals Flavien Mbata (or their possible representatives): the Bâtonnier Emile Bizon, Jean-Paul Veketo and Constant Gouyomgbia Kongba-Zeze. The installation of the mediation had been delayed, the last three having not been paid since the treatment of the case by the Central African State Council in April 2020. The high court declared itself incompetent to judge the folder,

“Abuse of power” and “amicable settlement”

The cancellation of the contract in July 2019 was managed directly by the cabinet of Minister Mboli Fatran, in close collaboration with the presidential palace. But it had aroused many disapproval at the top of the Central African administration, raising concerns about the consequences of legal proceedings.

Thus, a report written in 2020 by Rufin Benam Beltoungou, the natural resources advisor to President Faustin-Archange Touadéra, advised “to favor an amicable settlement” and even to “simply reverse this decision to withdraw”. Another report, this time from the High Authority for Good Governance dated April 24, 2020, concluded that there had been an “abuse of power by the Ministry of Mines”, a “misinterpretation” of the law and advocated a “settlement to the amicable ”of the dispute. It is therefore this last avenue which is favored today by the parties.

Laï Kamara decorated by Russia in 2013

The Central African state had issued a new call for tenders, won in February 2020 by Midas Resources, a Malagasy company represented by Final Leandric Rabenatoandro and regularly presented as close to Russian interests in the country. Since its arrival in 2018, the Russian paramilitary group Wagner, which has a strong presence in the Central African Republic, has taken a keen interest in the mining sector. Two Russian mining companies active in the country, Lobaye Invest and M-Finans, were sanctioned by the US Treasury in September 2020 for their links with Yevgeny Prigozhin, a Russian oligarch close to Vladimir Putin and Wagner.


The future mediator, Laï Kamara, for his part received in 2013 the Order of Friendship from the hands of Vladimir Kozhin, ex-KGB, close collaborator of Vladimir Poutine in the Kremlin and under sanctions of the American Treasury since 2014. The French lawyer had, in 2013, won a long legal battle for the benefit of the Russian state over the Orthodox Saint-Nicolas cathedral in Nice, which pitted it against a local association.

CrumpetsandTea
Posts: 27
Joined: November 14th, 2020, 9:02 pm
Been thanked: 2 times

Re: AXM - Axmin Inc.

#444145

Postby CrumpetsandTea » September 21st, 2021, 2:10 pm

Ndassima mining case: an arbitration between the Central African Republic and Axmin will be held in Abidjan

https://www.rfi.fr/fr/afrique/20210920- ... A0-abidjan

Ndassima mining case: an arbitration between the Central African Republic and Axmin will be held in Abidjan

Published on : 09/20/2021 - 04:55

In the Central African Republic, the case concerning the mining permits of Ndassima, the only mines in the country known to be industrially exploitable, continues. The permit was withdrawn from the Canadian Axmin consortium at the end of 2019 because the authorities accused it of not having met the legal deadlines to start operations. Axmin opposes its inability to operate because of the security conditions and in particular the presence of armed men on the site.

It took several weeks for a date to be set. It is therefore on October 20 that the arbitration will be held between the Canadian junior Axmin and the Central African State. The meeting will take place in Abidjan. The mediator has been appointed but his identity is kept confidential. The objective is to find a way out of the crisis from this situation. But for the company Axmin, the goal is clear, it is to recover the two licenses withdrawn two years ago now. A withdrawal that she considers illegal.

Contacted the Minister of Mines did not wish to comment, specifying to prepare for the meeting at the end of October. Rufin Benam Beltungou, recently appointed to this post, was before that the advisor on natural resources to President Touadéra. In a note addressed to the Head of State, he advised at the time to " go back purely and simply on this decision to withdraw " considering that this decision lacks " legal basis ".


Return to “Mining & Metals”

Who is online

Users browsing this forum: No registered users and 3 guests