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Amara Mulls Partner or Asset Sale to Fund Ivory Coast Gold Mine

Feb. 14 (Bloomberg) -- Amara Mining Plc is studying how to fund development of Ivory Coast’s Yaoure gold project including finding a partner or selling its Baomahun site in Sierra Leone.

“We’re looking at all options,” Chairman John McGloin said in an interview in London. “We would consider selling Baomahun if someone gave us a reasonable value.”

Amara slowed work on Baomahun to focus on Yaoure after gold prices sank 28 percent last year, the most since 1981, curbing funding and reducing profits for the industry. Baomahun is on the “cusp” of being economical at current market prices, McGloin said, while Yaoure is profitable at lower levels.

Yaoure, with inferred resources of 5.5 million ounces of gold, may be able to produce 250,000 to 300,000 ounces a year.

“It’s one of the best development projects in West Africa,” McGloin said. “There’s quite a bit of interest from within the industry. There are bigger companies with lots of cash that want gold projects. We have the project and need the investment.”

To contact the reporter on this story: Thomas Biesheuvel in London at tbiesheuvel@bloomberg.net

To contact the editor responsible for this story: John Viljoen at jviljoen@bloomberg.net

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