|Between Russia, MINUSCA(UN), CAR Government, and other powers in the Central African Republic, rebels will be dealt with sooner than later.|
President of Russia Vladimir Putin: Mr President,
It is a pleasure to welcome you to St Petersburg.
I would like to thank you for coming to the St Petersburg International Economic Forum.
At the outset, I would like to recall that our country was one of the first to recognise the independence of the Central African Republic.
In the 1960s and 70s, specialists from our country worked in many spheres in your country, dozens of highly qualified specialists in many fields. Over 500 people were trained in Russia and managed to apply the knowledge and skills they received to develop their homeland.
Later, for many reasons our cooperation was, if not completely curtailed, stuck at a rather low level. We will be happy to consider various plans to boost our relations, first of all in the economic and humanitarian fields, including personnel training.
I am happy to see you, Mr President, and hope that today we will manage to find areas where we can work together to advance our relations.
President of the Central African Republic Faustin Archange Touadera (retranslated): Thank you very much, Mr President.
I am most grateful to you personally and the Government of the Russian Federation for the invitation. It is a great honour for me to take part in the St Petersburg Economic Forum.
You mentioned the very important historical cooperation between our country and the Russian Federation in the 1960s and 1970s. In these periods, our contacts were much closer.
You spoke about personnel training. Some students received education in the Soviet Union, while others studied in our country. For example, I studied at home but my teachers were Russian, which illustrates the very high level our relations were at.
I am very happy to be here at your invitation. I think this is a wonderful opportunity to enhance our cooperation in many areas. I believe we can map out ways, areas and means for more active cooperation. You mentioned the economy and humanitarian contacts and I agree with you.
Today our country is among the least developed but we have huge potential. I think participation in the economic forum will allow us to tell its participants about this potential and the business and economic opportunities opening up in our country.
I went to Sochi on October 7 and saw that there is an opportunity for large-scale partnership based on trust between our countries.
I would like to once again thank you, Mr President, the entire Government and the people of the Russian Federation for your support in the process of consolidation and reconciliation in our country.
Incidentally, recently a Russian convoy covered a very difficult route from the East to the West in the framework of such partnership. Its goal was to set up mobile hospitals that will render simply invaluable support to our population that is currently in a very difficult humanitarian situation.
We have big expectations for potential economic and humanitarian exchanges. We will discuss ways of promoting our cooperation.
| Reply to Jimjones1972 - Msg #6164 - 05/23/2018 14:35|
Based on the recent news from Axmin Inc, the government, UN, and other global support will help the company get this project back hopefully sometime this year. Right now AXM stock value is based solely on the royalty payment earnings multiple and has not given any value towards the CAR asset, or future Senegal royalty targets. Thus making AXM severly undervalued.
Project Link: http://www.axmininc.com/Corporatenbsp.php
AXMIN Inc. (AXM-TSX Venture) is a gold exploration company with a track record of finding and developing mines in Africa. AXMIN's strategy is to focus on newly democratic countries where it has the opportunity to acquire highly prospective ground as an early entrant.
In June 2010, AXMIN announced the completion of the acquisition of AfNat Resources Limited, at the same time the Company announced a restructuring of management and the Board, George Roach was appointed President and CEO. Shortly thereafter, in August 2010, AXMIN was awarded a 25 year Mining Licence (ML) for its Passendro Gold Project and two 3-year renewable exclusive Exploration Permits that ring-fence the ML and cover 90 sq km of strike along the prolific Bambari greenstone belt.
The Passendro Gold Project is located in the centre of its 90 km long Bambari permits, located in north-central Central African Republic (CAR). Passendro has as of June 2009, a NI 43-101 Indicated mineral resource of 2.03 million ounces Au (31.5 Mt grading 2.0 g/t Au) and Inferred mineral resource of 1.10 million ounces Au (21.7 Mt grading 1.6 g/t Au). In January 2011, AXMIN announced the results of its revalidated Feasibility Study, which indicated a robust project with a NPV at 5% discount of US$340 million, an IRR of 32% and a low cash cost of US$484/oz over a mine life of 8.3 years. In addition, the first three years provide an average annual production of 205,000 ounces with a cash cost of US$437/oz resulting in a rapid project payback of 2.2 years. With the feasibility study in hand, AXMIN has all the documentation it needs t secure the debt financing to develop Passendro project.
Highlight of the 2011 FS is detailed below:
Assumed Gold Price
Assumed Oil Price
Development & Construction
Average Annual Production years 1-3
Average Annual Production (LOM)
Initial Capital Costs (excluding contingency)
Total Cash Costs (including royalties) (LOM)
Average Metallurgical Recovery
IRR (after tax & royalties)
NPV (after tax, 5% discount)
Operating Cash Flows
On December 24, 2012, the Company officially notified the CAR Minister of Mines and Defence, as per its 2006 Mining Convention, of the existence of Force Majeure due to the escalating rebel activity in the country, providing the Company full protection under the circumstances and in the event there is a change of administration in CAR. Under these circumstances all in country operations other than administrative, as well as all negotiations with the Company’s debt lenders have been suspended pending the lifting of the Force Majeure. The Force Majeure is an unexpected event that crucially affects our ability to carry out our activities under the terms of various agreements and represents a lawful reason for failure to have done so.
Subsequently, on April 2, 2013, AXMIN referenced the COMMUNIQUE GOUVERNEMENTAL NUMERO 01 of the CAR Transitional Governmentthat confirmed that all lawfully and legitimately concluded contracts with the State will be honoured, further confirming the validity of AXMIN’s legally binding contractual agreements with the State.
During 2012, the Company’s main focus was securing the financing required to build the mine. By the first quarter of 2012, AXMIN had successfully, with the assistance of its financial advisor Endeavour Financial (“Endeavour”), executed Mandate Letters for a total of $235 million in debt facility that is a mix of senior and subordinate convertible debt with a number of development agencies and commercial banks from Europe and South Africa. The debt providers’ Mandate Letters are commitments to arrange financing on a best efforts basis and are subject to legal, technical and environmental due diligence, execution of acceptable terms and documentation and obtaining final credit and board approvals. As indicated above, all lenders’ due diligence activities and negotiations with debt providers have been suspended until the lifting of the Force Majeure. On April 15, 2013, one of the four financial institutions terminated its debt Mandate Letter pursuant to a decision of certain European States to withdraw recognition of the Central African Republic as a result of the current political situation. This financial institution has indicated that it is willing to reconsider the project if the relevant circumstances change.
In May 2013, AXMIN's shareholders voted overwhelmingly in support of the Dickson Resources Change of Control, at which time the two-stage Offering closed and AXMIN issued a total of 45,000,000 Units for gross proceeds of approximately C$6.8 million. Under the terms of the Offering AXMIN announced the appointment of three Dickson Resources represetatives to the AXMIN Board.