AMA AMARA MINING

Trades on a forward P/E of just over
8.5 to 2013 ...Derd cheap imo.

Amara Mining PLC

FORECASTS 2012 2013
Date Rec Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

GMP Securities
01-10-12 BUY 1.80 7.76
Edison Investment Research
28-09-12 None 10.95 2.97 38.92 14.47
Westhouse Securities
13-09-12 SBUY 10.00 2.40 13.70 4.50
Seymour Pierce
03-09-12 BUY 9.07 2.64 25.25 7.56
W H Ireland Ltd
28-08-12 BUY 13.76 8.76 21.34 10.33

2012 2013
Pre-tax (£) EPS (p) DPS (p) Pre-tax (£) EPS (p) DPS (p)

Consensus 10.91 3.62 24.88 8.90
1 Month Change -1.29 -0.48 1.37 0.32
3 Month Change -2.37 -0.03 24.88 0.26


GROWTH
2011 (A) 2012 (E) 2013 (E)
Norm. EPS % -39.36% 146.20%
DPS % % %

INVESTMENT RATIOS
2011 (A) 2012 (E) 2013 (E)

EBITDA £22.95m £21.77m £33.70m
EBIT £13.32m £8.94m £25.12m
Dividend Yield % % %
Dividend Cover x x x
PER 12.75x 21.02x 8.54x
PEG f -0.53f 0.06f
Net Asset Value PS 18.76p p p

(Kitco News) - Gold prices ended the U.S. day session with good gains Tuesday, as bargain hunters stepped in to buy the early dip in prices. There was also safe-haven buying that surfaced during the day as it appears the U.S. Congress will support President Obama’s effort to use military force against Syria. December Comex gold was last up $18.30 at $1,414.40 an ounce. Spot gold was last quoted up $18.00 at $1415.00. December Comex silver last traded up $0.897 at $24.41 an ounce.

The gold market started to reverse modest early losses in late-morning dealings—about the same time that news reports said U.S. congressional leaders are falling in line with Obama and his notion that Syria needs to be punished with U.S. firepower for its alleged use of chemical weapons against its population. Russian news agencies reported overnight that two missiles were launched in the Mediterranean Sea, possibly a test from Israel. Those reports caused European stock markets to shudder and gold prices to briefly rally. If this situation escalates, stronger safe-haven demand for gold will likely surface.

Technically, December gold futures prices closed near the session high Tuesday and scored a bullish “outside day” up on the daily bar chart. The gold market bulls have the overall near-term technical advantage. A nine-week-old uptrend is in place on the daily bar chart. The gold bulls’ next upside near-term price breakout objective is to produce a close above solid technical resistance at last week’s high of $1,434.00. Bears’ next near-term downside breakout price objective is closing prices below solid technical support at $1,350.00. First resistance is seen at $1,418.60 and then at $1,425.00. First support is seen at $1,400.00 and then at $1,384.00.

"As we pointed out last week, the month of September tends to be a seasonally positive month for gold. With the fundamentals and technicals positively aligned as the month commences, potential is to the upside. Certainly any new shooting in the middle east is going to tend to bolster the yellow metal."

USAGOLD.com

Update from the USA.

"The near and medium term trends are bullish for gold. The market has stalled out at the $1,434 level short-term. The market sees a large amount of event risk over the next several weeks, including potential action over Syria, this Friday’s U.S. jobs report, the September 17-18 Federal Open Market Committee (FOMC) meeting and potential news on when the central bank may decide to begin tapering its monthly asset purchases. The burden is on the bulls to maintain the uptrend. Near term, as long as $1,351 remains intact, the trend pattern will remain positive."

Share price gone blue - price of gold going up and the dollar dropping ...............

Sierra Leone News: Cluff Gold feasibility study confirms robust financial returns at Baomahun

Alusine JallohAmara Mining plc, the dual AIM and TSX-listed West African focused gold mining company has announced the results of its Feasibility Study (“FS”) for its 100% owned Baomahun Gold Project in Sierra Leone which outlines a robust and economically viable project. According to the study the Baomahun Project is expected to generate a post-tax Internal Rate of Return (“IRR”) of 22% and a post-tax NPV of US$127 million at a discount rate of 8% and a gold price of US$1,350/oz whilst the Life of mine (“LOM”) average total cash costs of US$799 per ounce (inc. royalty and refining)
The Maiden Mineral Reserve defined for Baomahun of 1.21 million ounces (23.3Mt at 1.62g/t) at a gold price of US$1,100oz. Amara Mining intends to immediately investigate the recommendations generated by the FS to optimize capital intensity, initial capital outlay and payback period.
The FS is based upon an open pit operation with a mine life of 11.5 years and a processing capacity of 2 million tonnes per annum (“Mtpa”) through a conventional carbon-in-leach (“CIL”) plant.
Average production is expected to be 148,550 ounces per annum over the first six years at 2.53g/t head grade, with production of 203,970 ounces at 3.90g/t in the first year generating strong cash flow.
Peter Spivey, Chief Executive Officer of Amara, commented that “the Feasibility Study has demonstrated the economic strength of the Baomahun Gold Project. We intend to maximize the opportunity for further upside through optimisation which, in light of the current poor equity valuation environment and uncertainty over the outlook for the gold price, is a prudent strategy and in keeping with our approach of lowering risk.
This work he said will focus on opportunities highlighted by the FS including enhancing capital intensity, reducing initial capital outlay and shortening the payback period for Baomahun through exploring scenarios for a smaller plant and higher grade open pit, an earlier underground phase and hydro-electric power. We expect this to demonstrate an even more robust and deliverable project. He added
“Having proven the viability and value of Baomahun, we will now begin discussions with our partner, Samsung, and other interested parties with regards to funding the development in a non-dilutive fashion. The delivery of the Baomahun FS is an important step in demonstrating the intrinsic value in the Company’s portfolio of assets.”
It is estimated that Average gold production of 148,550 ounces per annum over the first six years at an average grade of 2.53g/t, with production of 203,970 ounces in the first year at 3.90g/t. Probable Reserves of 1.21 million ounces (23.3Mt at 1.62g/t) at a gold price of US$1,100 per ounce and Average recovery of 93.4% through a 2 Mtpa processing plant incorporating single stage crushing, SAG milling and a CIL circuit
The Project is fully permitted with a Mining Lease granted on 11 July 2008 for a period of 25 years and an Environmental Permit granted on 19 April 2012 with a financial Post-tax IRR of 22% and NPV of US$127 million at an 8% discount rate and a US$1,350 per ounce gold price.
A Strategic alliance with Samsung C&T Corporation (“Samsung”) with the potential to provide cornerstone financing for Baomahun project, capable of satisfying a significant portion of the total Baomahun financing needs
When contacted the Country Manager of Cluff Gold Sierra Leone Alusine Jalloh said that the company has completed exploration operations within the Baomahun Concession area after several years and believes there is huge gold potential for mining operations.
He said according to the feasibility study of the exploration there is maximum deposit of gold within the Cluff Gold concession area and the company is determined to commence mining after the completion of negotiations with the government for a mining lease agreement.
He said two major events occurred this year that resulted in staff reduction. The first was the completion of exploration work within the Baomahun concession area and the second was the sharp decline of the price of gold world-wide. Those two happened almost at the same time and hence the company was forced to reduce its workforce.
The Country Manager of Cluff Gold also said that despite the slump in the price of gold around the world, which seriously affected the company’s operations in Burkina Faso, “we remain committed and determined to start mining gold at Baomahun.”
He expressed gratitude to the local community for supporting Cluff Gold operations over the years within the Valunia Chiefdom and assured them of continuous collaboration for a successful investment that will create foreign direct investment for economic growth and sustainable development of the country.

From the Telegraph today:

Gold Aim stocks best sellers in August

Gold mining minnows have been one of the most popular areas of London’s alternative Aim stock market since rules were relaxed last month allowing private investors to hold Aim-listed shares inside their Isas.

The number of trades in Aim-listed shares doubled following the change, according to Interactive Investor, the online trading platform. Four of the 20 most bought Aim stocks in August were gold miners, it said.

The most popular gold stocks bought for Isa portfolios in August were Condor Gold, Amara Mining, SolGold and Red Rock Resources. All four stocks have leapt over the past month, with Red Rock Resources rising by 205pc from 0.4p to 1.22p.

Other commodity-focused Aim investments also proved popular in August, particularly oil exploration companies. Popular stocks included Xcite Energy and Range Resources. Top of the pile was Gulf Keystone, the small oil company, which was the top-selling Aim stock in August, during which its price climbed by 3pc to around 178p.

Outside commodities, more recognisable Aim names such as Asos, the online boutique, also proved popular.

Rebecca O’Keeffe of Interactive Investor said: “Many of our more engaged investors have a bias toward commodity stocks, and these exploration stocks are highly correlated with the underlying commodity prices.

“Earlier in the year gold and miners’ prices were driven sharply lower by the prospect of higher US interest rates in light of the likely tapering of quantitative easing. However, recent events in Syria have seen gold prices rise again as increased tensions in the Middle East have prompted the market to introduce a 'geopolitical risk premium’ into the price.”

The Isa rule change is attractive to certain investors because it allows them to benefit from the inheritance tax breaks attached to Aim investments as well as the other tax advantages associated with Isas.

Half year results due tomorrow and ticking up a bit on increased volumes.

10 September 2013 AIM:AMA / TSX:AMZ





Amara Mining plc

("Amara" or "the Company")



H1/Q2 2013 RESULTS



Amara Mining plc, the dual AIM and TSX-listed West African focused gold mining company, is pleased to announce its results for the quarter ended 30 June 2013 ("Q2 2013").



HIGHLIGHTS

Operational

· Feasibility Study ("FS") for Baomahun Gold Project ("Baomahun") delivered confirming robust financial returns with further optimisation work expected to be completed in Q4 2013

· Integration of Sega Gold Project ("Sega") in progress following receipt of Mining Licence - project is now fully permitted

· Sega mine plan re-optimised at a gold price of US$1,100 per ounce to generate strong cash flow in the near term - blast hole drilling has commenced and production is on track to begin in Q3 2013

· Metallurgical results from Yaoure Gold Project ("Yaoure") confirm simple, non-refractory nature of mineralisation and identify three potential processing routes - further resource update and Preliminary Economic Assessment ("PEA") expected in Q4 2013

· Gold production from Kalsaka Gold Mine ("Kalsaka") of 9,933 ounces, 5% increase on Q1 2013

· Production guidance for 2013 of 50-60,000 ounces is maintained



Financial

· Significant cost cutting measures and operating efficiencies implemented including:

o Rationalising of workforce - targeting a 25% decrease in headcount with an annualised saving of over US$1.5 million by year end compared to 31 December 2012

o Total package cuts for Board and senior/middle management with an annualised saving of over US$650,000

o Further savings targeted to reduce annual G&A cash costs by 25% compared to FY2012

o Drilling programme completed - exploration focused on low cost target generation work only

· Cash and liquid assets of US$18.1 million at 30 June 2013 - significant investment made in Sega integration, Baomahun FS and Yaoure exploration during the quarter



Peter Spivey, Chief Executive Officer of Amara, commented:



"In challenging market conditions it is easy to lose sight of the bigger picture. At the halfway point in the year, Amara has delivered two of its three objectives for 2013, with the completion of the Baomahun Feasibility Study and updated Mineral Resource at Yaoure, and we are well on track to successfully integrate Kalsaka and Sega in Q3. We have also implemented measures to enhance efficiency and reduce costs across the Company, examining every aspect of our business from Board salaries to transport costs at site. The re-optimisation of the Sega mine plan is an important step, generating stronger production and robust cash flow for Amara in the near term at a US$1,100 gold price. We are making strong progress towards our two further targets for H2, completing the optimisation work for a smaller pit and plant at Baomahun and delivering the PEA for Yaoure, and we maintain our full year production guidance. We remain well-positioned to deliver value for our shareholders."



The Company will host an analyst conference call at 9:30am UK with a simultaneous webcast. Dial in details are as follows:



Telephone number (toll free from UK):
0800 368 0649

Other parts of the world:
+44 (0) 203 059 8125

Passcode:
Amara




To log into the webcast, which will be aired simultaneously, please go to the homepage of the Company's website: www.amaramining.com. The webcast will subsequently be available for playback on this link.

Tried the "Presentation" and all I got was a PDF of slides. Oh dear, and I was hoping to hear/see Directors in full voice.

Seems to be difficult to find their website "AMARA MINING dot COM, although I didn't see any link on several RNS . . . . ASKjeeves was amazingly quiet when asked, but wanted me to buy .... at low cost, along with Toms thoughts on MINING in general.

I wonder why this site doesn't make the LINK much easier to find...?


This isn't a Webcast in my opinion, as it's a lot of work reading small slides....

hangon - it's www.amaramining.com and you just click on the Investor Relations, then Presentations - simples!

Reiterated buy with a target price of 30p.

10 Sep 2013 Amara Mining AMA Canaccord Genuity Buy 17.88 19.50 30.00 30.00 Reiterates

Amara starts trucking from Sega
StockMarketWire.com
Amara Mining has begun trucking material from its Sega gold project in Burkina Faso to the neighbouring processing plant at its Kalsaka gold mine.

Sega is approximately 20km from Kalsaka and was acquired by Amara from Orezone Gold Corporation in the second quarter of 2012.

Since then, Amara has successfully permitted the project, receiving the mining licence on 18 July 2013.

The first material from Sega reached Kalsaka yesterday (16 September).

The average head grade of the Sega material is 2.41g/t, a 113% increase on the head grade achieved from the Kalsaka ore in H1 2013 (1.13g/t.

Chief executive Peter Spivey said: "With the commencement of trucking, we are just days away from processing the first Sega material and stacking it on the heap leach pads at Kalsaka.

"We are firmly on track to deliver on our promise of successfully integrating the two projects and this is expected to strengthen production and reduce costs, as a result of the higher head grade of the Sega material.

"Production will continue in Burkina Faso in the near term and we remain focused on our strategy of using our cash flow to underpin our growth assets."

17 Sep 2013 Amara Mining AMA Westhouse Securities Buy 18.25 18.25 50.00 50.00 Retains

Target 50p

Price of gold starting to go up again now.

That was a huge announcement by the Fed yesterday (18th) to keep monetary policy the same and the effect on the markets was immediate and dramatic. To say that this announcement was gold friendly would have to be one of the understatements of the year. Gold soared making its biggest one-day gain for 15-months, silver rose sharply and Precious Metals stocks took off like a rocket. This action marks the start of a major sectorwide uptrend. The dollar tanked as the Fed’s ongoing policy amounts to a continuation of its long-term policy to destroy the currency that has actually been in force with great effect since 1913 – just ask an old timer how much coffee he could buy for a dollar.

On gold’s chart we can see that the dramatic rise yesterday on the Fed’s surprise announcement means that it is at last about to haul itself up out of the long and tedious Head-and-Shoulders bottom pattern that has been forming for many months. Breakout from this pattern will be signaled by its breaking out above the black “neckline” shown and then above the resistance level a little above that near to the late August highs centered on $1425. Once it breaks out from the base pattern it will be free to advance, but still has to contend with the strong resistance level in the $1550 area at the lower boundary of the large intermediate top area that it broke down from back in April. Volume was good on yesterday’s rally which is another positive sign.


The 13-year chart for gold shown below is an ongoing source of good cheer for gold bulls, as it shows that gold remains in an unbroken long-term uptrend despite the decline of the past 2 years that has had so many rattled and turned into bears. From this chart it is very clear to see that gold is at an excellent to turn up and start a major new uptrend that should take it comfortably to new highs, although it will have to contend with resistance from the earlier intermediate top area on the way up.




Gold COTs (not shown) are still quite strongly bullish, although they have now moderated somewhat following their extremely bullish readings of late June.

The gold Public Opinion chart shown below makes plain that the public hold gold in low esteem at this time, which is of course bullish, as the majority are always wrong.




The Rydex Traders have a very low weighting in the Precious Metals now, which is another big positive, as they are a renowned contrary indicator.




The latest revelations by the Fed are of course very dollar bearish, and yesterday it plunged. They don’t care about that of course as they have been working assiduously to destroy the currency since they started in 1913, and have been spectacularly successful. Our 9-month dollar index chart shows that it crashed a support level yesterday and is headed towards the lower boundary of a bearish “bullhorn” pattern.




The longer-term 6-year chart shows the dollar index descending from a large bearish Dome pattern, and while there some support in the 78 – 79 area, it will probably breach that in fairly short order and head lower towards the 73 – 74 area. This is of course good news for gold and silver.




Finally, Precious Metals stock indices look mega-bullish. The GDX took off like a rocket yesterday (18th) on huge record volume. This is viewed as marking the start of a major sector uptrend. The first hurdle on the way up is the strong resistance level in the 31 area, but yesterday’s action suggests that it will have little trouble vaulting this, and once it gets above that and its still falling 200-day moving average, it will be on its way. There are many who will be put off buying today and in the near future because they missed yesterday’s big jump and consider the sector short-term overbought. They will wait for a pullback, but there is unlikely to be one of significance after the sort of action we saw yesterday. Instead the way to look at it is that this major sector uptrend is still in its infancy, so the fact that prices were lower before Wednesday’s jump is irrelevant.




The Fed’s refusal to change course makes plain that all the talk of tapering is just that – talk. The fact of the matter is that they have passed the point of no return long ago, and given the current debt structure any attempt to wind down market support will result in a systemic implosion, and they know it. This is why they are carrying on as before. While Hot Money obviously likes this state of affairs, someone is going to pick up the tab for all this, and that someone is the guy at the bottom of the food chain, the man in the street. The Fed’s maintenance of its current course will result in the dollar continuing to bleed and this will feed through into accelerating inflation in the US. This is bad news for the ordinary Joe, but good news for Precious Metals sector investors.

-- Posted Thursday, 19 September 2013 | Digg This Article | Source: GoldSeek.com

PRESENTING AT THE LONDON INVESTOR SHOW
RNS
RNS Number : 0340R
Amara Mining PLC
22 October 2013



22 October 2013 AIM: AMA / TSX: AMZ





Amara Mining plc
("Amara" or "the Company")



PRESENTING AT THE LONDON INVESTOR SHOW



Amara Mining plc, the AIM-listed West African focused gold mining company, is pleased to announce that it will be presenting at the London Investor Show at London Olympia on Friday 25 October 2013 at 10:00am.



Amara's Executive Chairman, John McGloin, will provide an overview of the Company's strategy of using the cash flow generated from its Kalsaka/Sega gold mine in Burkina Faso to underpin the development of its growth assets, Baomahun in Sierra Leone and Yaoure in Côte d'Ivoire. He will also discuss the key targets achieved by Amara during the year to date and the milestones the Company expects to reach during Q4 2013, namely the delivery of the Yaoure Mineral Resource update and the results of the Baomahun optimisation work.



The management looks forward to meeting existing and prospective investors. For further information on the schedule for the event, and to register, please visit http://www.londoninvestorshow.com.

Share Purchase Agreement with Amlib Holdings Plc
RNS
RNS Number : 4104S
Amara Mining PLC
07 November 2013



7 November 2013 AIM:AMA















Amara Mining plc

("Amara" or "the Company")



LONG TERM STRATEGIC INVESTOR, RDV CORPORATION, TO BOLSTER AMARA VIA SHARE PURCHASE AGREEMENT WITH AMLIB HOLDINGS PLC



Amara Mining plc, the AIM listed West African focused gold mining company, is pleased to announce that it has entered into a legally binding, conditional share purchase agreement (the "Agreement") with Amlib Holdings plc ("Amlib") pursuant to which the Company will acquire US$10 million cash, a drilling operation and three Liberian exploration licences (the "Transaction") for an aggregate value of US$11.0 million.



Amlib is a privately held gold exploration company with RDV Corporation ("RDV") as majority shareholder. RDV has invested in Amlib since 1999 and regards the Transaction as the optimal path to pursue its West African gold investment strategy. The experience of Amara's exploration team can assist to deliver maximum value from the Liberian assets, whilst Amlib's shareholders will benefit from exposure to Amara's broader growth portfolio. In addition to the three exploration licences, Amara will benefit from lower costs for its ongoing exploration across the region by utilising the drilling assets of Amlib (which have a net book value of US$1.6 million), together with the support of a new strategic shareholder in RDV.



HIGHLIGHTS:



· Partnership with long-term strategic investor, RDV, to underpin the development projects within the enlarged group

· Strongly capitalised with cash from Amlib of US$10 million, providing funds for the ongoing advancement of Amara's Baomahun Gold Project in Sierra Leone ("Baomahun") and the on-going exploration of Amara's Yaoure Gold Project in Côte d'Ivoire ("Yaoure")

· Acquisition of Amlib Drilling Services Liberia ("ADSL"), a wholly-owned subsidiary of Amlib, which has the potential to reduce the cost of drilling across Amara's portfolio of assets

· Acquisition of three prospective exploration licences in an emerging gold producing nation

· Purchase price to be satisfied through the issuance to Amlib of 51,846,782 ordinary shares of the Company ("Consideration Shares") with an aggregate value of US$11.0 million



Amara remains focused on delivering its targets for H2 2013 including the successful integration of the Kalsaka and Sega Gold Projects in Burkina Faso ("Kalsaka/Sega"), the results of the optimisation work for the smaller plant and pit scenario for Baomahun and the completion of the mineral resource update for Yaoure.



Peter Spivey, Chief Executive Officer of Amara, commented:



"Combining Amara's experience in exploring, developing and operating gold mines with RDV's financial support will allow us to realise the growth opportunities within the enlarged group. The acquisition of three grassroots properties in Liberia provides additional exploration potential for the future, while our core focus remains on delivering our key targets for H2 2013 at Baomahun, Yaoure and Kalsaka/Sega. Through Amara's partnership with RDV, we will be able to progress both Amara and Amlib's assets to benefit all shareholders."



Jerry Tubergen, President and Chief Executive Officer of RDV, commented:



"RDV has invested in West African mining for over a decade and we have close ties to the Amara management team through Amara and Amlib's mutual non-executive director, Geoff Stanley. We have been impressed with Amara's ability to bring profitable mines into production and progress its growth projects along the development pipeline and we believe that moving Amlib's assets into the Amara portfolio is the best way to deliver returns on our investment. We look forward to strengthening the relationship with Amara as the Company grows into a larger, more sustainable producer."



Management Conference Call



The Company will host a conference call for analysts and investors at 9:30am UK time today. Dial in details are as follows:



Telephone number (toll free from UK): 0808 237 0030

Other parts of the world: +44 (0)203 139 4830

Passcode: 22430179#



A second conference call will be hosted at 9:30am EDT/2:30pm UK time today for North American analysts and investors. Dial-in details are as follows:



Canada 1866 404 5783

USA 1866 928 7517

Other parts of the world +44 (0)203 139 4830

Participant PIN Code: 22430179#



A presentation to accompany the conference calls is available at www.amaramining.com

Cantor Fitzgerald retains buy with 63p target.

07 Nov 2013 Amara Mining AMA Cantor Fitzgerald Buy 14.50 13.25 63.00 - Retains

Westhouse Securities target - 50p

13 Nov 2013 Amara Mining AMA Westhouse Securities Buy 14.63 14.50 50.00 50.00 Retains

Amara Mining positioned 'very strongly'
StockMarketWire.com
West African focused gold miner Amara Mining believes its long-term strategic partnership with RDV Corporation positions the company very strongly for the future.

The group says the partnership with the US-based wealth management company aims to bolster Amara through a share purchase agreement with Amlib Holdings plc and underpin the development projects within the enlarged group. Completion is expected on or around 26 November.

The group says other highlights during the three months to the end of September include:

· Optimisation work for Baomahun Gold Project ("Baomahun") continues to progress - update expected to be delivered in January 2014

· Metallurgical testwork confirms Yaoure Gold Project ("Yaoure") mineralisation is simple, non-refractory and amenable to a variety of processing methods - results received in Q3 2013 demonstrate robust recoveries for low grade samples

· Further Yaoure Mineral Resource update expected in Q4 2013, with preliminary economic assessment in Q1 2014

· Successful integration of Kalsaka gold mine and Sega gold project completed - ramp up continues with 56,000 ounces annualised production rate achieved since the start of November 2013

· Q3 2013 gold production from Kalsaka of 8,008 ounces reflecting cessation of operations - full year 2013 production is expected to be approximately 40,000 ounces

· Production is anticipated to strengthen significantly in 2014 due to the impact of the higher grade Sega ore - 2014 production from Kalsaka/Sega is expected to be 60,000-70,000 ounces

· Cost cutting measures taking effect, with a 29% decrease in corporate G&A in 9M 2013 on 9M 2012 and a 28% decrease in exploration expenditure in 9M 2013 on 9M 2012

Chief executive Peter Spivey said: "The formation of a long-term strategic partnership with RDV positions Amara very strongly for the future.

"Whilst it has been challenging delivering the Sega project to a tight timeline, I am proud that our team in Burkina Faso has successfully completed the integration of Kalsaka/Sega, achieving our final key milestone for 2013, and I look forward to production ramping up further.

"Our growth assets continue to progress along the development pipeline, underpinned by stronger cash flow from Kalsaka/Sega in 2014 and the financial support of RDV and Samsung.

"I anticipate the further Yaoure mineral resource update and the results of the Baomahun optimisation work will continue to demonstrate the optionality available to Amara within our growth portfolio."