Papillon takes flight in Mali

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Papillon takes flight in Mali
COVER

                                 Papillon takes
                                  flight in Mali
P   apillon Resources Ltd has floated above a
    depressed gold market, investor malaise
over the future of West African gold projects
                                                    the Explorer of the Year Award from Paydirt’s
                                                    sister publication Gold Mining Journal.
                                                       Papillon’s continued progress at Fekola
                                                                                                      site visits in November.
                                                                                                         Post-site visit commentary indicated inves-
                                                                                                      tors and market watchers were comfortable
and conflict in the north of the country to offer   made it a stand out in the junior sector and      with the security situation in Mali and Papil-
something out of the ordinary with its Fekola       further justified the gong. In September 2013     lon’s promise to deliver a DFS by mid-2014.
project in south-western Mali.                      the company released a positive PFS outlin-          GMP mining research analyst Filipe Mar-
   The Perth-based explorer is sprinting to-        ing a 4 mtpa operation producing 300,000          tins wrote that when he visited the site, “excel-
wards production after discovering the multi-       ozpa for nine years and then followed that        lent progress was being made on all fronts”
million ounce deposit in the Francophone            swiftly with a resource increase to 5.15 moz      including permitting, optimisation work and
country’s south-west in only late 2010.             @ 2.35 g/t gold.                                  feasibility studies”.
   Assay results from its early exploration pro-       Since then, the company has continued to          “We remain impressed with the pace at
gramme – including 33m @ 3.79 g/t gold from         outpace its rivals in the junior West African     which Papillon continues to advance Fekola
15m – quickly showed Fekola could be akin           gold space. Many of its peers’ developments       towards build decision,” he said.
to the neighbouring Loulo (12 moz @ 3 g/t+),        have stalled, while Papillon has soared to a         Immediately after the Fekola tour the com-
Gounkoto (5 moz @ 4 g/t+) and Boto (1 moz           $358 million market cap and share price well      pany’s share price rose almost 10% to $1.14
@ 2 g/t) projects.                                  above $1.                                         at the time of print. While still below its 52-
   Encouraged by further drilling success,             Bolstering the company’s prospects further     week high of $1.88, this appreciation in the
Papillon managed to deliver a 3 moz-plus            was the positive market reaction following a      market has come despite slumping gold pric-
maiden resource in mid-2012 that earned it          series of analyst, investor and shareholder       es and uncertainty around the stability of Mali

                    Papillon chief executive Mark Connelly with         Connelly, with Mali Mines Minister M. Boubou Cisse and Prime Minister Oumar
                             country manager Guy de Grandpré                                       Tatam Ly at the JMP Mining Conference in Bamako

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Papillon takes flight in Mali
“
       The Fekola project; a promising operation with resources estimated at 5.6
       moz and a real potential for further development provides the opportunity
  for Papillon to show exemplary leadership in implementing a code of conduct
   we would like all investors to follow. It will be the first mining operation to be
         brought on stream under the new mining code enacted in 2012.”
                       – Mali Mines Minister M. Boubou Cisse.

since ethnic Tuaregs launched a rebellion in       ment about the country fuelled by the Tuareg         km Medinandi Research Permit, which hosts
the country’s north.                               uprising.                                            Fekola, is “close” to being granted.
   Tuareg and Islamist forces took control of         Papillon’s campaign at Fekola, in the Kenie-         The delivery of these approvals will further
northern Mali after the fall of Libyan dictator    ba district of south-western Mali, was un-           de-risk the project and despite an incoming
Muammar Gaddafi in 2012 and there were             touched by the conflict and the company con-         government finding its way around a new
fears that their influence would stretch to the    tinues to work toward production by 2015/16.         Mining Act, Papillon managing director Mark
capital, Bamako.                                      The company has received an environmen-           Connelly said he did not expect any regulato-
   International military, including French        tal permit and a mining licence over the 75sq        ry issues to impede the company’s progress.
troops, managed to rebuff                                                                                                     “The Minister (Hon Bou-
the Tuareg and reclaimed                                                                                                   bou Cisse) has been quite
parts of the north to restore                                                                                              positive with our submis-
some stability in the region                                                                                               sion and we have had
in 2013.                                                                                                                   meetings of clarification.
   By mid-2013 a UN peace                                                                                                  There have been question
keeping mission entered                                                                                                    and answer sessions with
the country, which was                                                                                                     the DNGM (administrator
shortly followed by na-                                                                                                    of the Mines Department)
tional elections. Ibrahima                                                                                                 and all the other ministries.
Boubaka Keita was elect-                                                                                                   We have gone through that
ed president and the new                                                                                                   and the response has been
Government inaugurated in                                                                                                  really positive and it is now
September 2013.                                                                                                            a matter of addressing any
   In the early days of its                                                                                                more questions before get-
term the new Government                                                                                                    ting the decree signed,” he
is faced with the task of                                                                                                  said.
finding a solution to rebel                                                                                                   Mali Minister for Minis-
activity and eliminating the                                                                                               try of Industry and Mining
negative international senti- Papillon geoscience manager Andrew Boyd        Papillon corporate executive Hayden Locke M. Boubou Cisse said the

                                                                                        AUSTRALIA’S PAYDIRT DECEMBER 2013 - JANUARY 2014 PAGE 19
Papillon takes flight in Mali
COVER

                                Papillon delivered a maiden resource of more than 3 moz at Fekola quickly after the discovery hole was drilled in late 2010

                                                     Papillon team had made a good impression              tors to follow. The Fekola project will be the
                                                     to date and the company’s vision was in-line          first mining operation to be brought on stream
                                                     with the country’s hopes for the mining indus-        under the new mining code enacted in 2012.”
                                                     try.                                                     Cisse dismissed any suggestion there
                                                        “We are both committed to develop the use          would be significant changes made to the new
                                                     of local content through local procurement            mining act however the door is ajar for further
                                                     and training,” Cisse told Paydirt.                    negotiations around fiscal terms.
                                                        “Papillon has expressed interest in getting           Currently the Government has a 10% free-
                                                     involved in community development and it is           carried interest in Fekola through to the con-
                                                     committed to assume its role in corporate so-         struction development period and has the op-
                                                     cial responsibility. The Fekola project a prom-       tion of increasing its stake to 20%.
                                                     ising operation with resources estimated at              “That is still to be determined but there
                                                     5.6 moz and a real potential for further devel-       aren’t any other changes that we can see,”
                                                     opment, provides the opportunity for Papillon         Connelly told Paydirt in Bamako.
                                                     to show exemplary leadership in implement-               “The feedback that we have been getting

                                                                                 “
                                                     ing a code of conduct we would like all inves-        is that we can certainly negotiate some really

                                                                                         There is always a sharing of
                                                                                           information as it is a pretty
                                                                                     open industry with site visits and
                                                                                   technical information shared across
                                                                                    the companies. To this point there
                                                                                   has been some exploratory interest
                                                                                     corporately but we’ll have to wait
                                                                                          and see what happens.

An environment certificate has been received on the Medinandi resource permit

                                                                Papillon will target open pit prospects close to the Fekola plant over the next 12 months

  PAGE 20 DECEMBER 2013 - JANUARY 2014 AUSTRALIA’S PAYDIRT
Papillon takes flight in Mali
good terms around other exemptions – import
taxes, customs, excises, etc. We have been
asked to present our case and it will be con-
sidered. A five-year tax holiday is still con-
sented plus a royalty of 6% and corporate tax
of 25%. The Minister has made it known to us
that there is no intention from the Government
to change these fiscal terms.”
    Agreeable terms will benefit country and
company, and potential suitors are no doubt
taking great interest in Fekola and Papillon as
the project moves towards development.
    “I think they (majors) are now aware of us,”
Connelly said.
    “There is always a sharing of information
as it is a pretty open industry with site visits
and technical information shared across the
companies. To this point there has been some
exploratory interest corporately but we’ll have
to wait and see what happens. I think as we
continue to de-risk it by getting mining licenc-                                                             Papillon plans to complete a BFS by mid-2014
es and working our way through the BFS and
if the gold price behaves itself, clearly this is    prospects on its own. And with market condi-           is subject to market conditions, share price
an asset that a lot of companies would like to       tions as they are – availability of labour, com-       and what’s available. We are in a really good
have. To me if I was running a major this is         petitive pricing in the contractors and services       position and we are in no rush, so we can look
what I’d be looking at.”                             sphere and banks prepared to lend money –              at all the options and scenarios. We are well
    Randgold Resources Ltd and AngloGold             Papillon is in a favourable position to build a        funded to continue our work with net $45 mil-
Ashanti Ltd are established players in Mali          cost effective project.                                lion (cash). Our planned spend in the next 12
with projects within 50km of the Medinandi              “The timing for us is like a perfect storm,”        months is $10 million so we are in really good
permit, and any M&A activity targeted to-            Connelly said.                                         shape.
wards Papillon would logically come from                “There is plenty of interest from the banks            “We are seeing all the things line up, we
companies who understand the region and              to provide debt (financing for the project). We        are getting good support in country from the
the asset.                                           haven’t really landed on the spot or ratio. That       Government about the development, there is

                                          “
    However, any suitor prepared                                                                                         good capacity available and en-
to bid for the company needs to                                                                                          gineers are cutting back on their
be cashed up. Papillon is valued
at $358 million, while capex for
                                                   The timing for us is like a                                           rates. So, in terms of pricing you
                                                                                                                         can afford to pick the A-team.”
Fekola has been estimated at                       perfect storm. There is plenty                                           Having steered Adamus Re-
$US300 million.
    The company is well-placed to
                                            of interest from the banks to provide                                        sources Ltd into production at
                                                                                                                         Nzema in Ghana, then negotiated
develop Fekola and expand its                  debt (financing for the project).                                         a merger of equals deal between

                                Field technicians Abdoulaye Djurie and Salif Issobé, and senior geologist Badora Alioe Diallo have been kept busy with an
                                                                                       influx of analysts, investors and shareholders visiting site recently

                                                                                           AUSTRALIA’S PAYDIRT DECEMBER 2013 - JANUARY 2014 PAGE 21
Papillon takes flight in Mali
COVER

    Fekola has attracted plenty of attention from the mining world. On a visit to site in November were: Papillon corporate executive Hayden Locke, GMP
   Securities mining research Filipe Martins, Macquarie Bank division director metals and energy capital division Abe Anand, Macquarie Bank executive
director metals and energy capital division Mark Thomas, Papillon manager geoscience Andrew Boyd, Macquarie Bank’s Andrew Blair, Allison Fedorkiw,
        Haywood Securities Inc. co-head mining research Geordie Mark, Macquarie Bank research analyst Mitch Ryan and Papillon logistics and people
                                                                                                                          support manager Moussa Diallo

Adamus and TSX-listed Endeavour Mining                 Power requirements will also be assessed         project manager and in-country personnel to
Corp (now dual listed on the ASX), Connelly         and there is scope for significant savings in       start site clearance is on the horizon.
is a proven performer in the West African gold      this area, subject to the grind size options in        The establishment of a community train-
space.                                              the Fekola mill.                                    ing centre is also a priority in Papillon’s early

                                 “
   “There are lots of peo-                                                                                                  work programme, Con-
ple that have worked for                                                                                                    nelly said.
me before that have ex-
pressed an interest in do-
                                         We don’t have to move anyone but it’s                                                 “The key thing for us is
                                                                                                                            picking a programme that
ing this job, so everything               an isolated place and we are going to                                             will create value for in the
is lining up well,” he said.                                                                                                long-term. Even with Ada-
   Specialist consultants             have to be self sufficient on everything.                                             mus I have always been
are reviewing the PFS to                                                                                                    about training and voca-
deliver improvements in                                                                                                     tional skills. It is very trans-
capital and operating costs, mine design and          An EPCM contractor, preferably Austral-           ferrable, people can be trained and then work
scheduling, the tailings storage facility and       ian, will be chosen to carry out the DFS and        for contractors and other companies. We are
contracting strategy.                               construction activities, while the addition of a    going to be involved in trying to maximise lo-

                                                    Papillon plans to establish a community training and education centre to boost skills competencies
     Papillon senior geologist Mike Moss                                         in the area. Training and education is a major focus for the Government

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Papillon takes flight in Mali
Fadougou is about 45km from the Kenieba airstrip

cal content and upgrading the unskilled work-       have to bring in people as well as goods. The              Active ASX-listed companies in Mali, Af-
er base. You have to put into context what the      project area is sparsely populated and we are           rica’s third largest gold producer, include
individual is being selected for. They will prob-   looking for benefits directed to the community          Resolute Mining Ltd, AngloGold Ashanti,
ably have a lower level of education but there      and that is always the challenge,” he said.             Oklo Resources Ltd, Endeavour Mining Corp,
is an opportunity to tap into that unskilled            “Often the consolidated revenue from build-         Birimian Gold Ltd and Taruga Gold Ltd.
work base and we’d like to target the locals,       ing these types of projects doesn’t get invest-            However during the West African gold
especially the youth.”                              ed back into the local community where the              boom of the last decade, Australian compa-
   Connelly excelled at community engage-           mineral wealth comes from. This is something            nies have preferred other West African desti-
ment during the successful implementation           we have to work through and is a reason why             nations such as Burkina Faso (which currently
of Adamus’ Nzema project. This included the         I like education; if you can train the local youth      has 24 ASX-listed companies in country) and
relocation of a village of over 2,000 people.       maybe the chances of them being useful and              Ghana.
Papillon is not faced with such a task in Mali,     migrate that skill is a better outcome.”                   “I think it has always been challenging
but social engagement is still crucial.                 Connelly said Malians were hard workers             working in French West Africa. It has always
   “We don’t have to move anyone but it’s an        and entrepreneurial which made life some-               been in isolation, it is very under explored but
isolated place and we are going to have to be       what easier for Australian companies enter-             there is lots of opportunity. The companies
self sufficient on everything. We are going to      ing the country.                                        that come here I think will find it well worth

                                                                                             Papillon has completed almost 130,000m of drilling at Fekola

                                                                                          AUSTRALIA’S PAYDIRT DECEMBER 2013 - JANUARY 2014 PAGE 23
Papillon takes flight in Mali
COVER

                                                                       “
                                                                              It’s good to see other companies
                                                                                  (in the region) have success
                                                                        and that’s what you want to see – guys
                                                                         build and develop assets – because
                                                                          that all bodes well for investor and
                                                                                shareholder confidence.

                                                                their while but you have to go         good grade truck-able resources to be pro-
                                                                and make the investment. You           cessed at the Fekola facility that we build.
                                                                have to spend some time here           From that point of view it is about adding more
                                                                and work it up,” Connelly said.        to a resource base and growing the life of the
                                                                   Papillon has set an example         asset,” Connelly said.
                                                                for other explorers to follow. It         The company has defined its 5.15 moz gold
                                                                has drilled almost 130,000m and        resource to about 400m below surface, with
                                                                proven measured and indicated          mineralisation open at depth and along strike.
                                                                resources of 4.64 moz @ 2.4 g/t        Papillon is buoyed by the potential at depth
                                                                gold since 2010.                       considering Randgold has drilled to about
                                                                   Although focused on feasibil-       750m below surface at its nearby 5.4 moz @
                                                                ity studies, Papillon has also         4 g/t resource at Gounkoto.
                                                                lined up prospects along the              Beyond Papillon’s current resource esti-
                                                                14km strike Fekola corridor for        mate there is potential for high-grade ounc-
                                                                further exploration in 2014.           es to extend the Fekola mine life beyond 12
                                                                   “There are about five or six        years, along with an increased feed grade in
                                                                prospects we want to target with       the early years of production. The company is
                                                                the strategy of finding open pit,      also exploring underground mining.

         Improving road infrastructure will reduce travelling
               time from the Kenieba airstrip to 30 minutes

                                                                               Exploration along strike of the Fekola corridor will be the focus in 2014

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Papillon takes flight in Mali
The Faleme River that backs onto the Fadougou camp
                                                             site marks the border between Mali and Senegal

    At a gold price of $US1,300-$1,500/oz
Fekola will make very strong margins, with
estimated life-of-mine all-in cash costs of
$US725/oz.
    “If it is open pit it has to be plus 2 g/t (gold)
to make it work with a $US1,200-$1,300/oz
gold price,” Connelly said.
    “It’s about the geology and I have always
said, even when I was working with Adamus,
that it always looks easy from the outside but
it takes a lot of work on the ground, a lot of
investment and you have to physically be on
the ground a lot.”
    Connelly made six trips to Mali in 2013
and as the company ramps up development
he expects to entertain visitors to site more
regularly.
    Putting in “face time” in-country, quickly fix-
ing mistakes and building a team that is in-
sync are the secrets to Connelly’s success in
West Africa to date.
    Taking Fekola into production will be an-
other notch on Connelly’s belt but his future
beyond that achievement is open.
    “That is a good question,” Connelly said
about his plans after Fekola becomes opera-
tional.
    “Papillon is the focus at the moment and I
                                                        PAPILLON RESOURCES LTD ASX: PIR
like my other role as a non-executive director
at Ausdrill and over time I’d hope to get a few         Address: Level 11, BGC Centre, 28 The Esplanade, Perth, Western Australia 6000
more of those opportunities. But Fekola is a            Phone: +61 8 9222 5400
really outstanding project and we want to get it
                                                        Fax: +61 8 9322 6558
to the next stage and see where it goes.
    “There are some exciting stories (in West           Email: info@papillonresources.com.au
Africa), with Orbis Gold Ltd and Roxgold Inc            52 week share price range: 56c-$1.88
but in our opinion ours is the standout. It’s           Key people: Ian Middlemas (non-executive chairman), Mark Connelly (chief executive)
good to see other companies in the region
                                                        Comment: Papillon Resources Ltd is on track to deliver a BFS at the Fekola project, about
have success and that’s what you want to see
                                                        300km west of Mali’s capital Bamako. With a resource of over 5 moz, Fekola has been touted
– guys build and develop assets – because
                                                        as one of the best emerging gold projects in the world. A PFS released in 2013 was based on a
that all bodes well for investor and sharehold-
                                                        300,000 ozpa project with a life of nine years. Capital costs were estimated at $US300 million
er confidence.”
                                                        which the company hopes to improve in the BFS. The BFS is scheduled to be completed by
                              – Mark Andrews            mid-2014, in the meantime, Papillon was hoping to receive a mining licence from the incoming
                                                        Malian Government under the 2012 Mining Act by the end of 2013/early 2014.

                                                                                           AUSTRALIA’S PAYDIRT DECEMBER 2013 - JANUARY 2014 PAGE 25
Papillon takes flight in Mali
COVER

                Foreign investment
                   key for Mali
                                                                 Mali’s Minister of Industry and Mining M. Boubou Cisse at the ministry offices in Bamako

L    uring foreign investment is the Malian Gov-
     ernment’s priority as it emerges from con-
flict, Minister of Industry and Mining M. Boubou
                                                        Timbuktu, Kidal and Gao were captured by
                                                     Islamists groups in mid-2012 and there were
                                                     fears their influence could extend to Mali’s
                                                                                                          ous, gaining over 77% of the vote. IBK’s gov-
                                                                                                          ernment, led by Prime Minister Oumar Tatam
                                                                                                          Ly, was inaugurated in September and legis-
Cisse told Paydirt.                                  capital, Bamako.                                     lative elections were being held at the time of
    “The Government will be forceful in its drive       These advances were curtailed and a UN            print.
to attract foreign direct investment. It will im-    peace force was deployed to help stabilise the          Cabinet ministers were appointed in Sep-
plement a transparent and efficient regulatory       country in 2013.                                     tember however outcomes from the legislative
regime and take a proactive approach to fa-             International newswire services on the            elections serve to influence the final make-up
cilitate the conduct of business in the mining       ground report that conditions are improving          of IBK’s cabinet.
sector and across all sectors of the economy,”       however there are concerns the battle is not            There has been widespread support for
Cisse said.                                          over.                                                Cisse to retain his position, with his popularity
    For almost two years, Mali has had to deal          Nevertheless, France intends to reduce its        evident among the resources fraternity at the
with socio-political conflict across the coun-       personnel from 3,200 to 1,000 sometime in            JMP Mining Conference 2013.
try’s north, as Islamist militants have surged       2014, while the UN peacekeeping mission is              On a recent site tour with Papillon Resourc-
to claim the region.                                 operating at half its capacity.                      es Ltd, Cisse also impressed a contingent of
    Military forces from neighbouring West Af-          The withdrawal of armed forces will be an-        analysts, investors and shareholders from
rican countries and troops from France have          other step in the recovery process that started      Australia during a meeting at Mali’s ministerial
had relative success in calming rebel activity       with national elections in July.                     offices in Bamako.
and reclaiming parts of the north.                      Ibrahima Boubaka Keita (IBK) was victori-            Cisse’s ability to engage with foreign inves-

        Mali’s ministerial offices are all located in one block in Bamako       Minister Cisse was a popular figure at this year’s JMP Mining Conference

PAGE 26 DECEMBER 2013 - JANUARY 2014 AUSTRALIA’S PAYDIRT
Papillon takes flight in Mali
The Government hopes to see Resolute
                                                                                                                          Mining’s success in Mali emulated

                                                                                                           and we will address issues that emerge both
                                                                                                           comprehensively and in a timely manner.
                                                                                                              “Secondly, we will enforce our mining code
                                                                                                           to stabilise the business climate. We will make
                                                                                                           sure that the health and safety standards are
                                                                                                           followed and the environmental aspects re-
                                                                                                           spected. Once a convention is agreed upon,
                                                                                                           the Government will fulfil its obligation. We
                           Forming legislation around artisanal mining is on the Government’s agenda       expect the mining companies to do the same.”
                                                                                                              In respect to companies’ environmental
tors will be critical for the Government as it          Essentially, the Government wants to cre-          and corporate social responsibility require-
aims to diversify its mineral wealth away from       ate conditions whereby investors can en-              ments, Cisse said he was disappointed that
the dominant gold sector.                            hance the viability of existing mines and as-         some companies had met less than 50% of
   Cisse, formerly a World Bank economist for        sess the potential production of new minerals         their obligations.
10 years, said the Government would create           without any unnecessary delays.                          A big effort will be made to change this cul-
a business platform conducive to foreign in-            With an estimated 100,000 artisanals in the        ture and, while Mali welcomes investors from
vestment.                                            country, dealing with illegal miners has the          all horizons, only those that comply with its

                                 “
   “In the immediate fu-                                                                                                          rules and regulations will
ture we would like to                                                                                                             prosper.
                                                                                                                                     Cisse said investors
clearly see what is hap-
pening in the sector
                                           The socio-political crisis from which                                                  that have demonstrated
through a comprehensive                    Mali is emerging provides a compelling                                                 the capacity to initiate
inventory of the existing                                                                                                         and develop mining pro-
permits and authorisa-               justification for vigorous actions to restore                                                jects, with potential for
tions. This work will allow
us to know what is avail-
                                      investors’ trust in Mali. Mining should play                                                high domestic value-
                                                                                                                                  add capabilities, will be
able and where we stand.               a catalytic role and generate a “snow ball                                                 looked upon favourably.
                                                                                                                                     The success of compa-
The inventory taking ex-
ercise will help us refine
                                          effect” on the rest of the economy.                                                     nies like Resolute Mining
our investment promotion                                                                                                          Ltd bodes well for Aus-
strategy in the resources                                                                                                         tralians considering en-
sector,” he said.                                    potential to cause disruptions and it is an is-       try to Mali, while Papillon’s progress towards
   “Our vision is similar to that followed by the    sue the Government plans to address.                  development at Fekola will be a benchmark
majority of mineral producing countries. We             Regulating artisanal activity is a considera-      for others to follow under the 2012 Mining Act.
are enforcing transparency and would like            tion for the Government and could allow it to            “Our vision is to significantly increase the
to increase our share of foreign investment          benefit from additional royalties.                    mining sector contribution to GDP by creating
flowing to the ECOWAS (Economic Commu-                  “I can guarantee two things,” Cisse said.          poles around mining sites (industry, agribusi-
nity of West African States) region. We have         “We will engage in proactive actions to cre-          ness, services). Increasing the contribution
improved our ranking in the World Bank’s             ate strong support for the sector’s operators.        of the mining sector to the GDP will require,
Doing Business survey for two successive             We will be attentive to issues and concerns           among other things, relying on local procure-
years, owing to the implementation of reforms        expressed by the operators and communities            ment for goods and services. I believe that
geared to facilitate doing business in                                                                                Australia has a proven track record
Mali.                                                                                                                 in this area and could thus play an
   “The socio-political crisis from                                                                                   important role in the realisation of
which Mali is emerging provides a                                                                                     our vision. We would like to see
compelling justification for vigorous                                                                                 some more success stories in Mali
actions to restore investors’ trust in                                                                                like Resolute,” Cisse said.
Mali. Mining should play a catalytic
                                                                                                                                        – Mark Andrews
role and generate a “snow ball ef-
fect” on the rest of the economy,”
Cisse said.
   The Government has proposed
to streamline and simplify licensing
processes and offer incentives to
financial and technical partners that
commit to boosting Mali’s extractive         UN peacekeeping forces have had success in calming rebel activity in
industry.                                                           northern Mali however there is still work to do

                                                                                           AUSTRALIA’S PAYDIRT DECEMBER 2013 - JANUARY 2014 PAGE 27
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