TGR: Are there other companies that you believe are takeout...

TGR: Are there other companies that you believe are takeout targets in West Africa?

FS: West Africa overall is quite lucrative for M&A because a company can quickly build a mine and bring it to production. For example, in Côte d'Ivoire Endeavour Mining Corp. (EDV:TSX; EVR:ASX) commenced construction of the Agbaou mine in June 2012 and announced the pouring of its first gold bar in November 2013. Not only was the mine built ahead of schedule and below budget, but also the production is running well ahead of plan based on strong recoveries, high mill throughput and head grade.

For takeout names there are many companies that are getting close to a development decision, likeGryphon Minerals Ltd. (GRY:ASX). It is an Australian developer that has A$37M cash in the bank, $60M mandated debt by Macquarie bank and the fully permitted Banfora gold project in Burkina Faso, which hosts a 3.6 Moz gold resource. But that stock is trading at A$0.16/share, so it's too early to make an M&A call.

http://www.mining.com/web/mining-ju...eautiful-ma-music-aganolas-florian-siegfried/