Gold News

Gold Mining Project Facing Shareholder Withdrawal

A GOLD MINING operation in Niger has been threatened with shareholder withdrawal by the local government if they don’t start making money soon.

Started in 2004, Samira Hill produced 56,900 ounces of gold last year – about a quarter of Semafo's West African Gold Mining production. It has been estimated as containing some 2.4 million ounces of gold.

The state of Niger owns a 20 percent stake Samira Hill.

"Since this company started its activities, Niger has not seen a single franc despite its being a shareholder," committee president Abdoulkarim Mossi told a news conference.

According to current law, if a shareholder of a commercial corporation wishes to withdraw, then no other shareholders can stop them. The withdrawing shareholder is entitled to the corresponding restitution of his equity interests from the company.

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Roy Peel is working as a research assistant at BullionVault, the world's No.1 gold and silver ownership service for private investors.

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