Sama resources, the Canadian-based mineral exploration and development business, hopes to develop and operate the first nickel-copper-palladium district in West Africa which has the potential to become “a new world class base metal district”. The project, which is hosted in the large Yacouba layered complex, will cover 1,487 square kilometres of exploratory ground in Cote d’Ivoire and Guinea. Sama also boasts 78% of combined large and jumbo sized graphite flakes on its Lola Graphite project with the possibility for strong synergies with regional contractors and suppliers.
Some key shareholders for the project include China Minmetals (14.2%), the IFC (world bank Group (12.1%), African Lion (3.6%) and management and insiders (8%). According to information from the company’s website, total shareholder equity is approximately CAD 20 million but with zero debt (as at September 2015). However, given the its cash flow requirements, debt may be needed for operations to continue. Sama’s condensed interim consolidated half year statements for 2016 showed a deficit of around CAD 10 million.
Sama hopes to leverage its strong partnership with the governments of Cote d’Ivoire and Guinea and the investor friendly mining code to meet its business development objectives.