Robex and Sycamore aim for 2Koz Au by 2024

Canada-listed Robex Resources and privately held Cyprus-based Sycamore Mining have teamed up to create a “major West African gold producer” that targets 200,000 ounces of production by 2024.

Nathan Richardson
Robex and Sycamore aim for 2Koz Au by 2024

The two have agreed to combine their respective businesses, which will create a multi-asset and multi-jurisdiction gold mining company.

"We welcome onboard the Sycamore management team and the shareholders of Sycamore in our new group," Robex executive chairman George Cohen said.

"Kiniero is a world class asset with 3.4 million ounces of historical resources and one of the largest land packages in Guinea. Combined with our operational expertise and the synergies with Nampala we are excited for the future ahead," he added.

The deal—which is expected to close before the end of the current quarter—is for a purchase price payable through the issuance of a maximum of 403.6 million shares in the capital of Robex.

The resulting shareholding will see Robex shareholders and former Sycamore shareholders own respectively 59.78% and 40.22% of Robex, Robex said.

One of the key objectives of the transaction, Robex said, is the short-term opportunity to bring Guinea-based Kiniero online through leveraging Robex's expertise in plant development and operation and Sycamore's strength in resource delineation.

Kiniero is a former producing operation, having run from 2002 to 2014. The mine produced 436,346oz at an ave3rage recovery of 90.4% from 5.36 million tonne of ore, Robex said.

When it entered into care and maintenance in 2014, it had 271,000oz of remaining reserves at 2.27g/t and 1.284 million oz of resources at 2.43g/t, the company said noting historical internal reporting.

"All the infrastructure from the former mining operation have been refurbished and upgraded with an operational airstrip, a management camp, a village camp, and a workshop," Robex said.

Robex's share price was quoted as C$0.395 (US$0.32) on April 21, having dropped 4% day on day. The company has a market capitalisation of C$236.95 million.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.


Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.


Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.


Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.


Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.