Phoenix Precious Metals and Faso Mine and Services sign a win-win partnership in Burkina Faso

Phoenix Precious Metals and Faso Mine and Services sign a win-win partnership in Burkina Faso

“80% of the mines in operation in Burkina Faso were discovered by indigenous people”

On the occasion of the signing of a partnership agreement on September 18, 2020 in Ouagadougou, the representatives of Phoenix Precious Metals and Faso Mine and Services, both African companies in the field of mining, made a point of specifying that “the people of Burkina Faso, and by extend Africans, have the technical capacity to carry a mining project far enough”.

Faso Mines and Services, a company incorporated under the laws of Burkina Faso and involved in the exploration of precious metals, particularly gold, and the Phoenix Precious Metals Group, a mining company based in Dubai but managed by Africans, have signed a partnership agreement.

The protocol covers six points. The goal is to have mines in Burkina Faso. This will reassure those who do not trust African companies, according to Moussa Gabriel Dao, Vice President Exploration for the Phoenix Precious Metals Group.

It’s a win-win partnership in two phases: ”The first phase is exploration where we will work together with Faso Mine and Services until we win an economically viable deposit. When we have an economically viable deposit, we will have a second phase which would be to create a mining company, that is, a company that will exploit,” explained Mr. Dao.

For him, the agreement is historic because it is the first time that a local company has signed a partnership with an African company based abroad. “What is important is that our partner is African, and has the financial, technical and human resource capacity to do the job,” says Mr. Sanogo.

Explaining the reasons for the partnership, Moussa Gabriel Dao, of the Phoenix Precious Metals Group said this is the first time the company has arrived in Burkina Faso and signed a first partnership with a local company. “Faso Mine and Services has six permits that are very well located in areas where there is very little insecurity, with the presence of enormous geological potential, which will allow us to enter economically, to help Burkina Faso. “, he explained.

A partnership full of stakes

A mining industry needs three things: the land where the potential is, the finances and the technical means. In this partnership, all three criteria are met, according to Mr. Dao, who sees a brighter tomorrow in this collaboration. “I think we are very lucky that tomorrow, this partnership will be one of the endogenous African partnerships. “, he will say.

This agreement will have an economic impact for Burkina Faso, if the objective of achieving a mining company is achieved. “The proceeds from these operations will stay in Burkina Faso and this will create a lot of jobs. The revenues from these operations will stay in Burkina Faso and this will create a lot of jobs,” Sanogo said.

The amount of the partnership is not disclosed, but the vice president of Phoenix Precious Metal estimates that the minimum amount that can be spent from exploration to exploitation is tens of millions of dollars”. Our company has these capabilities because we have mines outside of Burkina Faso. We have a mine in Guinea, exploration permits in Mali, Niger and the Democratic Republic of Congo. And we’re looking for advanced permits in Mauritania. When it comes to finances, we are a group with a strong backbone,” he reassured.

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