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In terms of countries where we operate, Senegal -- I would say Senegal and Côte d’Ivoire are obviously very stable, politically. You probably saw that there was some time in Q1, I think was around March, there was two days of riots in the capital city. But that was mainly a political... it happens that sometimes, you have these type of events, but I would say that Senegal and Côte d’Ivoire are extremely stable. In the case of Côte d’Ivoire in particular since the re-election of President Ouattara, which is always good when you have a strong, I would say liberal President, which has been successful so far.
Côte d’Ivoire had between 7% to 9% GDP growth over the last five to six years. It's one of the fastest growing country in Africa and having the same president running the country for another five years, I think is going to be very good in terms of stability.
Burkina, obviously, we are the largest gold producer also Burkina. It's a key country for us. A bit more tricky on a security standpoint with regular attacks in one particular area of the country, which is the north part of the country and the three-border region... But, as you know, we've been operating in this countries for years. We believe that we have the right relationship with the government and the right protocols with our security team to ensure we are able to protect the assets and the people. Hence the fact that we were comfortable at the time to acquire SEMAFO assets...
So, I would say that from a security standpoint, in Burkina things are not improving, neither worsening. There is a big push right now with the Burkina army being extremely active in the north with the French. And hopefully in the next few weeks, we should see some improvements on that front.
In terms of M&A, as you said, I think we've done our share of the job in acquiring the right assets for our portfolio... We're now really focusing on organic growth. We've got amazing projects coming up with Phase 1 and 2 of Sabodala Massawa and then with Fetekro and Kalana.
It's funny to see, I would say, a Latin-American silver company [Fortuna buying Roxgold*] going right into Burkina but let's see. It's going to be interesting to watch. And for other assets unless Clive Johnson wants to sell Fekola, which I don't think he intends to, we don't have any particular interest for external growth.
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And a closing note from former Centamin COO Mark Morcombe
"Thank you, Joanna, and hello to everyone on the call. I've just returned from visiting a number of our mines and we will happily trade the 40 degree heat at Sabodala for the current English weather any day..."
My Thoughts: Endeavour is sure getting some performance out of Mark - not like his time at Centamin under Pardey!
I wouldn't be picking Cote I'Voire as the most stable of places! Gbagbao is now back in country, and has some scores to settle. Outtara at 79 years old, was mentored by Houphouët-Boigny, the latter making so much money (lets not ask too many questions how he made it), he could build the largest church in the world, in what was his ancestral village (Yamasoukro) having surpassed the previous record holder, St. Peter's Basilica, upon completion!!??? No one uses it much, but that's not the point.
https://en.wikipedia.org/wiki/Basilica_of_Our_Lady_of_Peace
The beginnings of their political clash (Gbagbao v Outtara) date back to the early 1990s. Ouattara, then prime minister under Félix Houphouët-Boigny, and Bédié, the leader of the country’s lower house of parliament, the National Assembly, banded together for the first time to prevent Gbagbo, Houphouët-Boigny’s only formidable opponent, from winning the presidency.
In February 1992, in the wake of a brutally dispersed demonstration, Gbagbo was arrested and held in prison for eight months – an experience he would never forget.
In 1993, Houphouët-Boigny’s death spurred a new showdown, this time between Bédié and Ouattara. Bédié became president, while Ouattara was forced out of his role as prime minister, but many PDCI party members followed him out the door.
With Ouattara and Bédié barred from running in the 2000 election, Gbagbo came out the winner. His break with Ouattara, against the backdrop of a dubious controversy over the latter’s “Ivorianness”, was complete (expect to this to crop up again, as well as his allegiances tot he French - Franca-Afrique).
Then we had the breakdown of civil society in 2011 due to Gbagbao's refusal to accept the results of the election which put Ouattara in power. Then his imprisonment, and the appearance in the International Criminal court of Justice.
After vilifying Gbagbo over the years, Ouattara is now infatuated with him!? Just like Guillaume Soro, Côte d’Ivoire’s own Janus: Mahatma Gandhi by day, Machiavelli by night, Ouattara’s former apostle has become a disciple of Bédié and “comrade” Laurent, though Gbagbo is not very fond of him.
Believing to be legally able to run for the presidential election of October 2020 after his first two five-year terms, Alassane Ouattara repeatedly affirms his intention not to run for president again, conditioning however this withdrawal to the non-participation of former presidents Laurent Gbagbo and Henri Konan Bédié (??).
And they think this is the grounds for stability. Laughable analysis by Endeavour. Burkina is much more stable, the Mossi Kingdom has run the country for the last 700 years, they have clear majority.
Rule 1: Don't pretend you know what you don't in West Africa.
Rule 2. Never assume anything, constantly.
good luck
the Gnome
Rule 1 & 2 how right you are but must say I enjoyed my early postings back in the 70's but so much has changed over the years. My first ever posting Sierra Leone in 1971 and the senior guys would brag that they were having a long weekend in Abidjan where they could eat excellent French food and enjoy restaurants with outdoor seating similar to Southern France.
I never had the money to experience such an extravagance as very much a small boy back then.
My last trip to West Africa was back in 2007 and the changes over my career were quite considerable and I am sure the changes since 2007 would be equally considerable.
Security is one of the major changes as I thought nothing of driving out of Freetown and spending hours travelling up country to visit customers. Even did similar trips in Nigeria back in 1973/4 even out and about around Kano and Kaduna but certainly wouldn't recommend this these days. Back then had to be done as pretty much impossible to get hold of anyone over the phone.