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...

Join Seeking Alpha PRO to read this archived article and 11,574 other archived articles
FREESA PRO MEMBERS
IDEA GENERATORXExclusive access to 10 PRO ideas every day
INVESTING IDEAS LIBRARYXExclusive access to PRO library of more than 15,000 ideas
SECTOR EXPERT NETWORKXExclusive access to all sector experts for direct consultation
PERFORMANCE TRACKINGXTrack performance of all PRO stock ideas
PROFESSIONAL TOOLSXProfessional Idea Filters to zero-in based on industry, market cap and more
"In just the first month of using PRO, I used it to generate two ideas which were actionable for me. As a result of these two positions, I have earned more than 20 times the annual subscription costs for PRO."Michael Yagemann, Greenbridge Capital
"I am pleasantly surprised with the scope of small and mid-cap coverage PRO offers. You can't find that any where else."Patrick Rice, Mainstay Capital Management
You may cancel at any time for any reason, and receive a prompt refund for membership on months paid and not used (max. 6 months). Details