S12 ATR July 2022 Power in Mining_ATR - New Master Template 2016 29/06/2022 15:41 Page 46
JUNIOR MINING | INTERVIEW
Rewarding times ahead Key executives from Caracal Gold and Firering Strategic Minerals provide detail on their ongoing projects and express their faith in the future of Africa’s mining sector.
A
t the recently concluded Investing in African Mining Indaba 2022, the positivity surrounding Africa’s mining industry was palpable and, while this was no doubt buoyed by the return to live and in-person for the event, there was a strong feeling that the future of the industry is promising. This optimism perhaps burned most bright in the eyes of the junior mining companies who are breaking new ground on projects across the continent. To get a glimpse from their perspectives, and understand the opportunities and challenges facing such companies in this post-Covid world, African Review spoke to key executives from Caracal Gold and Firering Strategic Minerals at the event in Cape Town.
I am excited for the future of the mining industry. We are certainly coming into a good time.” ROBBIE MCCRAE, CEO OF CARACAL GOLD Caracal Gold
Image Credit: Caracal Gold
the return of conferences such as Mining Indaba, which provided McCrae the welcome chance to network with investors, suppliers, shareholders, solution providers and more. The decline of Covid-19, McCrae continued, has delivered a matrix of benefits for the East African gold miner. “From regulatory bodies through to junior mining companies, it is clear that everyone just wants to get on with it. Easier travel is a big plus and, operationally, it makes our lives a lot easier. Since our listing in September 2021, the Caracal management team has not been able to get to London and speak to our investors but now we have it booked meetings in for June. Now we are able to meet brokers, investors, funders faceto-face,which is, I must admit, really exciting. It’s the way we did things in the past and there is clear merit to it. “I am excited for the future of the mining industry, the exploration sector and ourselves.
Image Credit: Caracal Gold
Discussing the current operating environment for mining companies in Africa, Robbie McCrae, CEO of Caracal Gold, expressed that it was an encouraging time, especially with the ending of Covid-19 restrictions. This has meant, of course,
First gold has been produced at Kilimapesa ahead of schedule.
Caracal’s Kilimapesa Mine in Narok Country, Kenya.
46
AFRICAN REVIEW OF BUSINESS AND TECHNOLOGY | JULY 2022
The minerals industry is booming, battery metals are through the roof, base metals are doing very well, the gold price is good. We are certainly coming into a good time.” More specifically, McCrae is very optimistic about Africa’s mining industry – seeing a lot of potential, especially in East Africa. “We have seen tremendous opportunities emerge in the region. South Sudan’s potential probably matches the DRC’s 20 years ago and, in the DRC itself, there are some great projects which are emerging. In the case of the former, I think we will see some big companies end up there soon, they may need some smaller companies to get on the ground and pioneer it first, but they will be there.”
Emerging Kenya For his company, McCrae added that they need to “walk before they can run” and while they are eying opportunities in Tanzania, their continued focus is on Kenya, which the CEO believes holds significant potential. Since Mining Indaba, Caracal announced it is edging closer to finalising the acquisition of the Nyakafuru Project located in the Lake Victoria Gold Fields, northern Tanzania, which, once complete will double its total resource base to 1.3Moz and extend its asset portfolio into an exciting new gold jurisdiction. This marks a key plank of its overall strategy; to become a significant gold producer in East Africa. “Kenya’s mining industry is nowhere near as advanced as Tanzania for instance – the gold fields are probably around 20 years behind – but
www.africanreview.com
