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Amara Mining (AMA)

Business description

The Kalsaka/Sega complex having reached the end of its productive life, Amara Mining is now developing the pre-feasibility stage Yaoure Gold Project in Cote d'Ivoire. It also has a development stage project in Baomahun in Sierra Leone.

Stock data

Market cap.£72.6m
Last close17.25p
High / Low (52 weeks)17.2p / 17.3p
Stock market listingLN
Forecast net debt (m)N/A
Forecast gearing ratio (%)N/A
TeamResources - Mining

Price performance

Relative *(2.1)(0.6)(7)

* % Relative to local index

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Company news

Investment summary

Yaoure's optimised PFS (by Amara with input from GeoSystems, Tetra Tech and AMEC Foster Wheeler) estimates a post-tax project NPV of US$555m (US$1.32/sh) at an 8% discount rate and US$1,200/oz Au vs its PFS NPV of US$286m (68cps) at 8% and US$1,250/oz and US$513m (US$1.22/sh) for its enhanced (albeit non-NI 43-101 compliant) MII option. Compared to the PFS, the optimised PFS is smaller (4.5Mtpa vs 6.5Mtpa) and requires less initial capex (US$334m vs US$447m) for 203koz of average annual production over 15 years. The PFS estimates total cash costs at US$618/oz (vs PFS US$739/oz and MII US$608/oz).

Last updated on 28/09/2018

Y/E Dec Revenue (US$m) EBITDA (US$m) PBT (US$m) EPS (c) P/E (x) P/CF (x)
2013A 52.4 (14.3) (22.1) (10.0) N/A 3.2
2014A 53.3 (2.5) (15.1) (3.7) N/A 68.3
2015E N/A N/A N/A N/A N/A N/A
2016E N/A N/A N/A N/A N/A N/A

Last updated on 13/09/2017

Latest research

Revised guidance/forecasts

Update | Mining | 02/12/2013

Valuation update

Institutional Update | Mining | 19/11/2013

Short-term pain/risk for long-term gain/reward

Institutional Update | Mining | 02/10/2013

Implied Q412 results confirm cost control

Update | Mining | 04/04/2013

In line on both fronts

Update | Mining | 26/03/2013

Est Yaoure resource update value

Update | Mining | 15/03/2013


Update | Mining | 23/10/2012

Grade up; costs down; re-valued

Update | Mining | 03/09/2012

1.8m additional ounces at Yaoure?

Update | Mining | 29/08/2012

Sega and exploration

Update | Mining | 04/04/2012

Q4 production report

Update | Mining | 17/01/2012

Record Q3/Q3 preview

Update | Mining | 14/12/2011

Latest video

Executive Interview - Amara Mining

Industry outlook

On 28 February, Australia's Perseus made a recommended offer for Amara (AMA) at a rate of 0.68 Perseus shares (currently priced at A$0.49 each) plus 0.34 warrants (at a strike price of A$0.44/sh) per Amara share, valuing AMA at 16.3p per share at the time, or US$9.11 per in-situ resource ounce. Trading in Amara shares has now been suspended pending imminent finalisation of the transaction.

Last updated on 28/09/2018

Key management

John McGloin, Chairman
Pete Gardner, CFO

Company address

4th Floor
29-30 Cornhill
United Kingdom
+44 (0)20 7398 1420
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