surfer44
6 months ago
I have concerns about Mali and their current situation so I did some research. Luckily I have formed an opinion on a military-run country trying to transition to democracy from watching the movie "Badamasi" on Amazon. It could go either way imo but Mali would still be only 25% of BTG.
BADAMASI (Portrait of a General)
A powerful Army General attempts to guide Nigeria through a viciously strained era in this first of its kind authorised biopic.
Born in a small village in northerrn Nigeria called Wushishi, Ibrahim Badamasi Babangida or IBB as he is fondly called, loses both of his parents by the age of 14.
It is his charm and intelligence that would propel him from that inauspicious beginning to the pinnacle of military politics in Africa's most populous country.
But to fulfil his destiny, Babangida has to survive a brutal civil war, spearhead several successful military coups, escape a few ferocious plots on his own life and confront his deepest fears.
But when fate pitches the General against the will of 150 million tough Nigerians, something has to give. Babangida has won several battles to rule Nigeria for 8 years. However, with the country about to implode, he may have to lose the fight to bring her back from the brink.
surfer44
6 months ago
B2Gold and Sandbox Royalties Partner to Create Versamet Royalties; B2Gold Receives $90 Million Equity Interest in Versamet
June 06 2024 - 7:00AM
B2Gold Corp. (TSX: BTO, NYSE AMERICAN: BTG, NSX: B2G) (“B2Gold” or the “Company”) is pleased to announce that it has entered into a purchase and sale agreement (the “Agreement”) to sell a portfolio of 10 precious and base metals royalties (the “Royalties”) to Sandbox Royalties Corp. (“Sandbox”), a private, returns-focused metals royalty company (the “Transaction”). In connection with the Transaction, Sandbox has been renamed Versamet Royalties Corporation (“Versamet”). All dollar figures are in United States dollars unless otherwise indicated.
Under the terms of the Agreement, Versamet will acquire ownership of the Royalties and as consideration will issue 153.2 million common shares to B2Gold at a price of C$0.80 per share, representing an equity ownership interest in Versamet of 33.0% valued at approximately $90 million. The Royalties are comprised of the following:
2.7% net smelter return (“NSR”) royalty on the Kiaka Gold Project, owned by West African Resources Ltd.;
2.7% NSR royalty on the Toega Gold Deposit, owned by West African Resources Ltd.;
2.0% net profit royalty on the Quebradona Project, owned by AngloGold Ashanti Ltd.;
2.0% NSR royalty on the Mocoa Project, owned by Libero Copper & Gold Corp.;
1.5% NSR royalty on the Primavera Project, owned by Calibre Mining Corp.; and
Five additional exploration stage royalties.
B2Gold has retained ownership of the 22.5% silver royalty on Glencore’s Hackett River project (the “B2Gold Hackett River Royalty”). Separately, Versamet owns a 2.0% NSR royalty on Glencore’s Hackett River project. B2Gold will continue to explore value maximizing alternatives for the B2Gold Hackett River Royalty.
“This strategic partnership provides B2Gold with an attractive opportunity to unlock the value of our royalties which have gone largely unrecognized by the market and were not a core part of our business,” said Clive Johnson, President and CEO of B2Gold. “As a significant shareholder, B2Gold is pleased to retain meaningful upside exposure and leverage to Versamet as its experienced management team stewards its strengthened asset base and continues executing on its growth strategy to create future shareholder value.”
The closing of the first phase of the Transaction occurred on June 5, 2024, and included the royalties on the Kiaka Gold Project, the Toega Gold Deposit, the Primavera Project, and two exploration stage royalties. In connection with the first phase closing, B2Gold received 122.0 million shares of Versamet valued at approximately $72 million. The remaining royalties are subject to various right of first refusal or right of first offer provisions, which are expected to lapse or be exercised within the next 60 days, at which time the closing of the second phase of the Transaction is expected to occur.
In connection with the closing of the first phase of the Transaction, the parties have entered into an Investor Rights Agreement which, among other customary terms and conditions, entitles B2Gold to nominate one member to Versamet’s Board of Directors and pro rata participation rights with respect to future capital raises. B2Gold’s strategic partnership will provide ongoing exposure to Versamet’s royalty portfolio, which now includes 28 royalties, two of which are currently cash flowing, and several of which are expected to be cash flowing in the near term.
B2Gold’s financial advisor in connection with the Transaction is RBC Capital Markets, and its legal counsel is McCarthy Tétrault LLP.
About B2Gold
B2Gold is a low-cost international senior gold producer headquartered in Vancouver, Canada. Founded in 2007, today, B2Gold has operating gold mines in Mali, Namibia and the Philippines, the Goose Project under construction in northern Canada, and numerous development and exploration projects in various countries including Mali, Colombia and Finland. B2Gold forecasts total consolidated gold production of between 860,000 and 940,000 ounces in 2024.
ON BEHALF OF B2GOLD CORP.
“Clive T. Johnson”
President and Chief Executive Officer
surfer44
6 months ago
Zimbabwe launches new gold-backed currency - ZiG
5 April 2024
By Shingai Nyoka,
BBC News, Harare
The new banknotes come in denominations from 1 to 200
Zimbabwe has introduced a new gold-backed currency called ZiG - the name stands for "Zimbabwe Gold".
It is the latest attempt to stabilise an economy that has lurched from crisis to crisis for the past 25 years. Unveiling the new notes, central bank governor John Mushayavanhu said the ZiG would be structured, and set at a market-determined exchange rate. The ZiG replaces a Zimbabwean dollar, the RTGS, that had lost three-quarters of its value so far this year.
Annual inflation in March reached 55% - a seven-month high.
Zimbabweans have 21 days to exchange old, inflation-hit notes for the new currency.
However, the US dollar, which accounts for 85% of transactions, will remain legal tender and most people are likely to continue to prefer this.
The new ZiG banknotes come in denominations of between 1 and 200. Coins will also be introduced to overcome the shortage of US coins, which has seen people receive change in sweets, small chocolates and pens. Mr Mushayavanhu said the new currency was being rolled out with immediate effect and banks must convert current Zimbabwe dollar balances to the ZiG. He committed to ensuring that the amount of local currency in circulation was backed by equivalent value in precious minerals - mainly gold - or foreign exchange, in order to prevent the currency losing value like its predecessors.
Zimbabweans have a historic mistrust of the central bank, dating back to 2008, when it was printing Z$10tn notes while inflation had run out of control. It then abolished its own currency and for many years only used foreign banknotes such as the US dollar and the South African rand. In late 2016, the body introduced a new currency called the bond note that was backed by the US dollar loan facility. The then-central bank governor John Mangudya vowed it would remain on a par with the US dollar. But the bond note crashed when the government began printing excess money.
Promises have now been made by the central bank's new governor that overprinting will not be allowed to happen again. But public reaction on Friday to the latest currency reveal has been subdued. "We now end up in the same place where we started - where assurances are being given to the market that the government will live within its means," economist Godfrey Kanyenze told the BBC.
"The political culture has not changed - the critical point is discipline on the part of the authorities. "The announcement of the new currency comes as the country is grappling with the effects of a serious drought, which has destroyed half of the country's crop of the staple food, maize.