Tag Archives: SENET

Sunridge Increases Post-Tax Value for the Asmara Project

Good for Sunridge. The after-tax Net Present Value (“NPV”) of the Asmara Project is now $83m higher
Good for Sunridge. The after-tax Net Present Value (“NPV”) of the Asmara Project is now $83m higher

By Sunridge Gold,

SUNRIDGE Gold Corp. (the “Company” or “Sunridge”) (SGC: TSX.V/SGCNF: OTCQX) is pleased to report that it has received updated values from the financial model for the Asmara Project Feasibility Study (the “Study”) which increased the Base Case post-tax net present value (“NPV”) from $345 million to $428 million.

The increased numbers are based on the Company receiving clarity on the tax laws of Eritrea, specifically the application of historic expenditures and depreciation in the financial model. The pre-tax value of $692 million for the Study remains unchanged. The results of the Study were initially reported on May 28, 2013 and amended on August 21, 2013.  Continue reading Sunridge Increases Post-Tax Value for the Asmara Project

Eritrea – South Africa Relation Promising

Eritrea participated in the annual Diplomatic Fair in South Africa

By TesfaNews,

In a sign of growing diplomatic and economic relation with South Africa, the Eritrean embassy in Pretoria took part in the annual “Diplomatic Fair” organized by the Department of International Relations and Cooperation of South Africa on Saturday, October 26th 2013.

The fair’s main theme was to celebrate 50 years of the African Union as well as to honor the South African fallen hero Oliver Tambo.

The fair showcased dozens of diplomatic missions and embassies, all of which are represented in the city of Pretoria. Continue reading Eritrea – South Africa Relation Promising

Sunridge Start Debt Financing Due Diligence Review

Sunridge Gold plan to commence production in mid-2015

By BusinessWire,

Sunridge Gold Corp. (sgc:TSX.V/SGCNF) is pleased to announce that the international mining industry consulting company Micon International Limited (“Micon”) has been selected to complete an independent “due diligence” review of the Asmara Project, Eritrea on behalf of the potential financing providers to the project.

Endeavour Financial Limited (Cayman) (“Endeavour”) will lead this process until the lender group is formed. Endeavour provides financial consulting services to Sunridge with respect to debt financing requirements for the Asmara Project and they have unique experience in Eritrea having previously advised Nevsun Resources Limited.  Continue reading Sunridge Start Debt Financing Due Diligence Review

Sunridge Gold Announces $837m NPV Feasibility Study for the Asmara Project

Sunridge Gold will commence initial production on the four deposits (Asmara Project) in mid-2015

By Sunridge Gold,

Sunridge Gold Corp. (SGC:TSX.V/SGCNF:OTCQX) is pleased to announce the completion and positive results of an independent feasibility study (the “Study“) by lead engineer SENET (Pty) Ltd. (“SENET”) for its Asmara Project in Eritrea.

The Study demonstrates that the mining of all four advanced deposits that make up the Asmara Project (Emba Derho, Adi Nefas, Gupo Gold and Debarwa) and processing of the ore near the large Emba Derho deposit is economically robust with a Net Present Value (“NPV”) of $837 million. The Study outlines a three-phase staged start-up mining plan which would initiate production almost one year earlier than was envisaged in the prefeasibility study. Continue reading Sunridge Gold Announces $837m NPV Feasibility Study for the Asmara Project

The Impact of Eritrea-South Africa Bilateral Relation in the Horn of Africa

For Eritrea, building a strategic relationship with any country is a top foreign policy priority

By Berouk Mesfin,

Eritrea and South Africa formally established diplomatic relations in 1994. Eighteen years later, the two states seem to be strengthening their bilateral relations.

In March, Iqbal Jhazbhay, the new South African ambassador to Eritrea, presented his credentials to President Isaias Afwerki. Significantly, Jhazbhay was warmly received by the president only a week after his arrival, which is a very unusual occurrence. This demonstrates the importance that Eritrea accords to South Africa.  Continue reading The Impact of Eritrea-South Africa Bilateral Relation in the Horn of Africa