{"id":1133589,"date":"2019-08-20T08:58:35","date_gmt":"2019-08-20T13:58:35","guid":{"rendered":"https:\/\/www.mining.com\/?p=999723"},"modified":"2019-08-20T08:58:35","modified_gmt":"2019-08-20T13:58:35","slug":"avesoro-resources-main-shareholder-submits-takeover-bid","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1133589","title":{"rendered":"Avesoro Resources main shareholder submits takeover bid"},"content":{"rendered":"<p>West Africa-focused gold miner Avesoro Resources (TSX, AIM:ASO) <a href=\"https:\/\/avesoro.com\/2019\/08\/20\/avesoro-announces-receipt-of-non-binding-acquisition-proposal-from-controlling-shareholder-and-operational-and-financial-update\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">said on Tuesday<\/a> it had received an expression of interest from its majority shareholder, Avesoro Jersey Limited (AJL), which wants to acquire the shares in Avesoro it doesn\u2019t already own.<\/p>\n<div class='d-flex justify-content-center'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>Avesoro Jersey, which has a 72.9% stake in the takeover target, has offered \u00a31 (about $1.20) per share of Avesoro Resources, saying that shareholders who own 12.9% of the company have already supported the move.<\/p>\n<p>The Canada-based gold producer said it had formed a special committee, comprising all of its independent directors, to conduct a detailed review and analysis of the offer. They will be helped by legal counsel and financial advisers.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>Avesoro Resources also said it&#8217;s currently assessing the long-term viability of its Burkina Faso\u2019s Youga gold mine.<\/p>\n<\/blockquote>\n<\/figure>\n<p>Avesoro Resources said it was now assessing the long-term viability of its Burkina Faso&#8217;s Youga gold mine, adding it had suspended guidance due to ongoing problems both at that mine and at New Liberty, in Liberia.<\/p>\n<p>Earlier this month, a security guard at Youga shot dead an illegal miner found on the premises, which led to a break-in by an armed group of fellow artisanal miners. <\/p>\n<p>The Toronto-based miner had to halt operations as a precautionary measure, but <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.mining.com\/avesoro-resumes-operations-at-burkina-faso-gold-mine-after-security-breach\/\" >said last week the site had been secured<\/a>, adding that it had resumed  mill and mining operations. <\/p>\n<p>A non-determined number of haul<br \/>\ntrucks, excavators and auxiliary equipment within Youga\u2019s heavy mining<br \/>\nequipment fleet were damaged beyond repair, the company noted.<\/p>\n<p>Operations at its New Liberty mine won\u2019t restart until the beginning of September due to heavy rainfall flooding the pit. Previously, the firm had expected a delay of only about 10 days. As a result, gold shipments from the mine in August will be less than 1,000 ounces, it said.<\/p>\n<p>The outlined disruptions at both<br \/>\nmines meant full-year gold output and cost guidance was under review, Avesoro<br \/>\nwarned. &#8220;Previous guidance is suspended pending that review,&#8221; it said.<\/p>\n<p>The miner had aimed to produce <a href=\"https:\/\/www.mining.com\/avesoro-resources-sticks-2019-guidance-despite-steep-gold-output-drop\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">between 180,000 and 200,000 ounces of gold<\/a> for the year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian miner also said it&#8217;s currently assessing the long-term viability of its Burkina Faso&rsquo;s Youga gold mine.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2648,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1133589"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1133589"}],"version-history":[{"count":4,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1133589\/revisions"}],"predecessor-version":[{"id":1133649,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1133589\/revisions\/1133649"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1133589"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1133589"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1133589"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}