LIPTAKO MINES CORPORATION (SML)
The Societe des Mines du Liptako (SML SA) is a public limited company (société anonyme) under Nigerian law with a capital of 600,000,000 CFA francs, leading since 2004, gold production activities on the site of Samira. It was 80% owned by AGMDC (which is 100% owned by Semafo.inc) and 20% by the State of Niger.
SML and its subcontractors (BCM and local companies) have more than 600 employees working on the site, including about 30 expatriates (18 for SML and 12 for BCM) as of December 31, 2012.
From 2004 to December 31, 2012, SML produced and sold 517,638 ounces of gold, for a total turnover of approximately 204 billion CFA francs.
The production on 22 August 2013 amounts to 30,942 ounces.
Acquisition by SOPAMIN
In March 2013, Semafo Inc. announced to the Nigerian authorities its decision to withdraw from the capital of AGMDC, which holds 80% of the shares of SML.
On July 17, 2013, SEMAFO announced that it had entered into a Memorandum of Understanding with Middle Island Resource Limited for the sale of a 100% interest in AGMDC (80% owned by SAMIRA HILL).
05 August 2013 SOPAMIN announced its interest in the redemption of the shares of Semafo and presented a bid modeled on that of Middle Island.
A Painstaking Process
¤ Several pre-diagnostic missions were carried out by SOPAMIN
¤ Carrying out due diligence conducted by SRK
¤ Recruitment of two law firms for legal assistance in negotiations
¤ Curtis Cabinet
¤ Cabinet Marc Lebihan
This process resulted in the signature of the purchase agreement on December 02, 2013 at the SOPAMIN headquarters in Goudel.