Ben Kramer-Miller
Gold & precious metals, macro, research analyst, deep value

Semafo: The Key Is Exploration At Mana

This article is about Semafo (OTCPK:SEMFF). Semafo has a market capitalization of just under $500 million. It currently owns the Mana gold mine in Burkina Faso. It also owns two smaller gold mines--Samira Hill in Niger, and Kiniero in Guinea--which are not profitable at the current gold price, and are in the process of being discontinued, and potentially sold. In addition to owning these properties the company has $116 million in cash (as of the end of June), and no debt.

Thus Semafo essentially has one property, but it is a valuable one. The Mana property in Burkina Faso is a large gold mine with over 150,000 ounces of annual production. The property is profitable at the current...

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